NO. 5 Match theArea
Your rehab will need to match the area where the property resides. You may be tempted to “overdo” a rehab, but overdoing it may not lead to additional rental income or a better sale price. Likewise, “under - doing” it could lead to a similar problem: Your cost to rehab will be lower, but your rehab will not show as well as other properties in the neighborhood. Although it may be nice to save on budget or to deliver a super high-quality rehab, make sure it matches the area. Some quick reconnaissance will help you under- stand the proper level of rehab. So, you have your budget in hand, your timeline, your team in place, and you’re ready to pull off the best rehab you’ve completed to date. The only thing left to consider is some- times the hardest: You must hold yourself accountable. Doing so is the key to holding everyone else who will be working on the project account- able too. Keep everything in front of you, NO. 6 Execute give yourself ample time to accom- plish all the steps, and recalibrate each time something is missed. Meet regularly with your team to discuss progress, missteps, opportunities to improve, and overall progress. Don’t miss opportunities to improve as the project is in flow. Having uncomfort - able conversations with your team about small mistakes ultimately will lead to process improvements and prevent you from making big mistakes. NO. 7 Postmortem Once you’ve completed the entire process—and sold or rented out
time—are within the grasp of every team willing to dedicate time to developing winning processes. •
the property you’ve rehabbed—it’s important to review the project to determine what worked and what didn’t. Don’t be afraid to ask tough questions, but be sure to create a safe space in which people are com- fortable sharing honest opinions that can improve future projects. Include these three important questions in your postmortem:
Rob Fuller has been investing in real estate for more than 10 years. In 2015, he formed ROI Property Group LLC, a California-based company that
develops, builds ground up, and runs a fix-and-flip operation. The company’s strategic approach includes analysis, technology, acquisitions, and field operations. Fuller is also the CEO of Housefolios, a prop-tech company based in Provo, Utah, that he created to help run his real estate business. Fuller has expanded it so other real estate professionals can use it to organize and add value to their business.
1. What went right? 2. What went wrong?
3. What should be changed? In the end, successful rehabs— those completed on budget and on
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