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Updated about 11 years ago on . Most recent reply
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where do i learn how to renovate a house?!
How does one go about acquiring the skills needed to renovate a property. Things such as knocking down walls, raising ceilings, framing, installing carpet/hardwoods/tiles, ect.? I am a 21 year old college student and plan to get involved with real estate investing within the near future. However, i feel that before i jump into a project (or even hire out subcontractors to do the work for me) i should get a basic understanding on how to do the renovations myself.
Should i shadow carpenters/plumbers/HVAC/electricians? Do i get an apprenticeship? Do i just read books? Should i find a real estate flipper and ask to shadow them? Any help would be much appreciated!
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- Rental Property Investor
- Clarkston, GA
- 1,918
- Votes |
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@Ryan McElroy Join your local REIA and hook up with the rehabbers. My REIAs here in Atlanta have evening rehab classes free apart of the REIA membership. I get contractor referals from GA REIA members and that's how I got started. So I developed a contractor list from the REIA referals that I go to when I need a trade. I used a GC just once when I had a bank rehab loan and found you'll pay 30-50% more for your rehab and I'm pretty handy and smart so finding and managing the contractors has not been too much of a problem. There have been all the usual problems; I walked 1 fellow off a job site for using drugs, walked another off for being dumb and screwing up the last step in a project etc etc. Contractors have an odd habit of telling my wife some pretty crazy personal stories that give us a good laugh over dinner. Some poor work too but generally my rehabs have turned out very nice.
Always know what a job is worth and negotiate with every contractor. They are expecting you to negotiate! Then write it up in a simple contract and get them to sign. Don't loose this piece of paper!! LOL I've scratched my head over what I owe guys a few times. It did work out though.
Dealing with people and their needs is the nature of the real estate business. I can't tell you how many times I've had to run out later at night to swap out a check I gave a contractor with cash because they were in a cash crunch. Yes I should move up scale in the level of contractor,,, but in today's economic situation that's easier said than done AND get a $15k rental rehab done for just $15k and not $30k... I spilled these stories to prime you that what ever you get yourself into in your rehab that this business is not a clean and easy business, it can get messy.
Give before you expect to receive! Treat your workers well. Bring them lunch un-announced before 12, a nice lunch and you'll get better work in the afternoon. Give them a small bonus at the end when they did good work. These guys are living on the edge and a crew chief who treats them nice is rare. You'll feel good about yourself after you see the looks on their faces in appreciation. Happy learning about people first and about the trades second.