Hey all! I'm nearing the latter part of my 1984 renovation. It's a split level that I bought in original condition, including a 1984 ancient-looking air conditioner and all the things that come with a house of this nature.
The plan was to do a full cosmetic + replace HVAC and Roof + prune back 60ft tall pine trees AND turn it into a house hack bnb.
What I've learned so far....
- Trust but VERIFY everything on the buy side. Roof was supposed to be 3-5 years old and was covered in pine needles at time of inspection. Inspector had to use drone and from what he saw it checked out - no clear reason to pay for an additional roof inspection. Had we dug into the "3-5 years old" disclosure better we would have found that the older folks who sold the home were most likely remembering things wrong because after the sale we got up there and found it to be near the end of its lifetime. We replaced it and got the sellers and listing agent to each pay $1,000 toward that cost.
- You'll save A LOT by talking to 3-5 contractors for any big item. Their quotes will vary dramatically and often the right answer is somewhere in the middle. Ask them the same questions and see how their confidence, approach, process, and solutions vary. That will reveal who's full of it and who's not. And use those quotes to get them bidding down against each other.
- Our PITI is 2777 so every month is a holding cost. If it's going to cost us an extra month to do the work ourselves and save 5000 then it's worth it. But don't delay getting it rented or sold over small stuff or things that can be done WAY WAY faster by a contractor vs you.
- With that said, double the timeframe the contractor gives you AND at least triple it if you do it yourself. I estimated 2 months but we are looking to be at 3 months because my expertise and availability is more limited than if I hired it all out.
- Document everything (receipts for taxes, all the work that you did yourself via photos and video, and your expenses in an excel sheet to make sure you're on track. Keep a solid worksheet with timeline so you don't get behind. Understand where the bottleneck in your renovation is and hammer it out.
- It's cheaper to fly friends and family in who know what they are doing, pay for their food and flight, and get help then hire it out. Worked well for me.
- YOUTUBE is your BEST FRIEND. Don't overpay contractors for simple stuff unless your time is THAT valuable.
- Focus on the highest ROI stuff. Paint, flooring might be all you need to get it rent ready. Use market data, a realtor, and other resources to figure out what's worth your time and money. If it's just a pure flip than going a little extra on rehab may be more warranted for resale, but that depends on your market and what spread you are working with.
- Remember to not make enemies with the neighborhood. One time I had 4 different contractors (roof, drywall, trees, and gas) all at once with more than a dozen work trucks and cranes. Not cool - don't be like me. And don't run the miter saw at 11p and make everyone mad. You're better than that.
- If possible line up all your quotes and or work BEFORE you close so you're not wasting time.
- This is MOSTLY a joke but only buy a home if it's 5 minutes or less from a Home Depot or Lowes. After 50 trips and counting, you'll be grateful. Just know no matter how much planning you do, you will be making endless runs back and forth, almost every day, and it is what it is my friend
- BUY MORE THAN YOU NEED and then return all the excess all at once using the card(s) you bought it on at the end of the rehab. SO much easier, and reduces trips, just trust me. Make sure you don't wait too long to return of course.
I could probably think of so much more but this is what I got for now. Hope it helps.
