Rehabbing Real Estate | 5 Flipping Tips in 5 Minutes
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The video provides tips for saving money on rehab projects without cutting corners or compromising on quality. The first tip is to add 30 to 60 days to the rehab schedule when running numbers, as it is likely to take longer than expected. The second tip is to add 10 to 15 percent on top of the budget to cover all repairs and holding costs. The third tip is to schedule contractors efficiently and effectively, starting on the first day of closing and scheduling them in the order they will be needed on the property. The fourth tip is to buy materials directly to avoid contractors marking them up and accidentally buying the wrong thing. The fifth and most important tip is to negotiate the initial purchase price as deeply as possible, as this is where the most money can be saved. The speaker also provides a bonus tip of improving curb appeal with good landscaping and a freshly painted front door, as this can set a positive tone for potential buyers.
By following these tips, investors can save money in the long run and produce a better end product. The video emphasizes the importance of being proactive and planning ahead to avoid unexpected costs and delays. The speaker also stresses the value of negotiating the initial purchase price, as this can have a significant impact on the overall cost of the project. Overall, the video provides practical advice for investors looking to save money on rehab projects while still achieving their goals.
The video provides tips for saving money on rehab projects without cutting corners or compromising o