All Forum Posts by: Rob Westerman

I believe you should always take care of your people. With that said, would he lower his pay from you if you found yourself upside down in a house? 

Thanks for the reply. I have a great team of folks to get the jobs completed. My biggest hardships are when I'm running around paying for material and contractors. I need a good process to make sure the funds are coming and going out the right buckets. 

Make sure your costs are real and not estimated. They seem low. 

We gut the houses down to the studs. We usually have 3-5 per project. The big question that you need to make sure is what they will/will not take in the dumpsters. 

Example: some companies will take building debris but not landscaping also

Before we managed all our rehabs in house we paid a flat fee. Most of our rehabs varied between 90k - 150k. We paid our CG 10k per project. There are pros and cons to this. 

I have done that several times. A first floor laundry is more desirable than a full bath. This applies if the bedrooms are on the second floor. 

I will mirror some of the responses above and add some... 

1. If it's a hot market and you feel that you will miss out if you do not put in an offer, put in an offer. However, make sure you put in an inspection addendum that gives you the opportunity to walk if needed. 

2. It depends on what size of a rehab you are doing. In my market, I know that I will take the house down to the studs and replace with new everything. That gives me freedom to not worry about the mechanicals, roof, windows ... when I put in an offer. 

Help! My company (LifeHomes) has been building and flipping properties for several years. We are scaling up to have a record year. I have a question for my flipping colleagues. What program(s) or process do you use to manage several projects? Such as budget (line items), contractors and material? 

Thank you in advance... 

I'm a little late to the party, however I would be interested in a meet up during the day 

Thanks for all the help