#RenovationRecall: 10 tips to crush your first renovation!

What's your biggest weakness? What's your biggest strength? Two great questions to consider when beginning to invest in real estate. One of my biggest weaknesses is sometimes just going with the flow and not plan too much ahead. On the other hand, one of my biggest strengths is learning and understanding by doing. What do I mean? I mean that I learn best by taking action and learning from my mistakes, as a result of me weakness for not wanting to plan every single detail.

Well, my weaknesses in planning in my first rehab is clearly showing. I think we are on time, but because I don't have the items all picked out and ready to go, it's causing some delay with my contractor. Not terribly delayed, nevertheless a delay!  But, I'm learning! Here are my 10 tips to crush your first renovation!

1. Request in advance from the contractor the dimensions the rooms your renovating, so you could start buying materials for your renovation.

2. Engineer the room you are renovating, even if you can't draw, and write the dimensions.

3. Visualize the room you are sketching to help you design and identify spacial issues.

4. Ask the contractor what their plans are, and ask them about a past renovation similar in scope.

5. Timelines are essential, even if they aren't exact. Prepare a project calendar detailing the renovation rehab with dates. Update the project calendar based on what was actually completed, in order to have a better idea of the renovation timeline on your next deal.

6. Negotiate the hardware stores online and purchase the materials in advance for in-store pick up or delivery. Some items you may want may not be available in store right away and hold your renovation up.

7. End game of finishing the renovation should always be in focus. Be flexible with the hardware based on what's available in stock at the hardware stores, so you could complete your renovation quickly .

8. Refresh your memory of the deal analysis, so you maintain confidence in the renovation, while you are putting all this money into a rental property. Print out your #BPcalculator of your deal as an easy way to refresh your memory.

9. Online project management tools is a must for renovation projects. I am currently using Asana, but there are several to choose from.

10. Stick to your budget as best as possible. It's very easy to get carried away, so be sure to stick to the budget you used when analyzing the deal!

Has I followed this list in the beginning, I would have been ahead of schedule! #RenovationRecall.

How was your first #rehab #renovation?