Lessons Learned

[Don Hines]

This subject has probably been discussed many times before. But, for the newbies or other less experienced rehabbers (than myself) here is my most recent experience.....
Lesson 1.
I depended upon the disclosed square footage when I aquired my most recent rehab. After almost 1 year of DYI rehabbing (and working full time 60 or more hours a week), I learned it was a little over 300 sq ft less. This cost me about $10,000 and some embarrassment. Specially since I worked with 3 full price offers thinking I was already discounting the property. I will still clear $7500. So, I didn't have to pay for this lesson completely out of my pocket or hide.
Lesson 2.
This project was 6 months over budget. I paid around $5000 in holding cost more than I planned. Looking back over the last year, I would have gladly given that $5000 to a contractor to get this project done in time. I would have hugged his neck too.
Lesson 3.
When something "offends my eye" take care of it. I made so many mistakes with this one that were snagged in the inspections. A lot of the items could have been avoided with about 15 minuets the first time I did them. Other items could have been addressed before hand with a 3 dollar can of spray paint.
I made money on this one. So, my wife likes me this time unlike my first one. I have 3 offers out looking for the next one. Plus I have some contractors lined up too.
Don