Buying my first Rehab...is there a Rehab checklist?

[Parker Shoaf]

Hi, I am buying my first Rehab to flip.  I have a General Contractor in place, but as I am working on getting my first deal and looking at properties to evaluate the numbers.  Is there a Rehab checklist that I should use or what is the process to document quickly what each property will need more or less?  Thank you!

[Richardd Barran]

Quote from @J Scott:

BiggerPockets has an entire book on that topic:

https://store.biggerpockets.co...

 PREACH, this is a flipper's bible, lol

It's crazy how relevant it is in almost any market and how well it's aged. 

One thing I would suggest is to create a great relationship with an inspector. 

Let them do their best to find the red flags of the distressed properties and things that need to be up to code and inspected, and use THAT as your punch list for your contractor. Create a timeline and SOW with the budget you have in place for that. This will empower YOU to be the leader and to tell your contractors what YOU need to be done rather than what THEY would do ( I was guilty of that in the beginning since I did not know very much about the rehab process). 

Hiring an inspector for 500$ could have possibly saved me 20k in foundation issues that I did not know about.