@Christian Norman
Thanks Mike! That's a great question! Here's how I would answer that in order of importance...
10) Rapport with surrounding neighbors goes a long way. If they are excited about the project, they become some of the project's biggest advocates.
9) Get a thorough inspection before the work begins. I don't have much construction experience, so hearing the perspective from a quality inspector gave me a blueprint for what needed to be done for a quality rehab.
8) Don't be afraid to work. Whether it's sweat equity, keeping the books, managing subs, etc...at some point you have to be willing put the hours in. The good news is that the amount of work is certainly worth it.
7) Establish a construction schedule. Having a timeline gave me a clear game plan for finishing the project in a timely manner. Without a schedule it would have been hard to stay on track.
6) Don't forget the technical stuff. I'm a passionate guy, but I also try to be wise. So before we jumped in we connected with real estate attorneys, tax professionals, and other investors to make sure that our systems were correct.
5) Have a vision. Times will get challenging. Something is going to go wrong. But our commitment to the long term goals we established gave us the ingredients needed to persevere.
4) Don't let fear freeze you. As someone who has a tendency to overthink things, it would have been easy for me to keep reading books and listening to podcasts without actually doing something. Eventually you will have to take the knowledge you've gained, and apply it.
3) Find good labor. In my opinion, it is always better to hire good workers who might cost a bit more, but who get the job done stress free. The extra dollar is worth the efficiency, quality, and sanity.
2) Fire bad labor. One bad contractor can compromise an entire project. It may be nerve-racking to let someone go. But in the end, it's a benefit to everyone- you, other workers, the future homeowner, and the contractor himself.
1) Be motivated by more than just the bottom line. Don't get me wrong, profitability is very important. But if that were the only reason my wife and I did real estate it wouldn't be as fulfilling. Our goal isn't just to make money, but to love our neighbor, and help rebuild communities. That drives us to keep going, and that drives us to be committed to excellence!
Christian that is an excellent breakdown and I learned a ton from that as im sure you did as well reflecting your thoughts and experiences from that rehab and condensing it to a top 10 list. Very descriptive and I really like #4. I seem to get wrapped up in that and I am trying my best to break out of it. really good stuff, good for you and your wife.
The only question now remains, who will rebuild Detroit faster, you and your wife with homes, or Matt Patricia with the Lions lol!!!
