How to Take on Any Rehab, Any Phase, Any Place
Mindset plays a major role in a project manager’s success. It starts by believing in yourself and then preparing yourself for the work ahead.
A day in the life of a project manager is ever-evolving. However, there’s one thing that remains constant regardless of the situation: if a project manager is prepared, they can tackle almost anything!
Managing projects from across the country
When a newbie pictures a person who flips homes, they might think they should operate close to home. This is especially true for the “Average Joe” inspired by an HGTV show. The logic is to stick to what you know, a city or county that is familiar and that you live in. The reality of the situation is that this is a limiting belief.
A project manager who dives in deep, takes the time to learn, and makes sure that they are always prepared, can actually flip in any territory! This fact answers the probing question, “Why is it important to be able to step into any phase of a remodel, site unseen, and know where to start?”
If a project manager wants to be able to really grow in their career, be a master ( not just a Jack of all trades), it starts with preparedness. By preparing for any situation, you can become well rounded, make any area your expertise, and expand your buy box 10 fold.
The key is to learn all phases of the construction process, and recognize where they start, develop, and end. If you can do this, you won’t be limited to what you can remodel, whether it be in your normal territory, or somewhere completely new.
So the question becomes: “where do you start?”
When you walk into somewhere you’ve never been before, it can be intimidating. The best place to start is by getting organized. Before you even show up to a property that you might flip, create a catch-all scope with every line item you could possibly think of. That means absolutely anything a remodel could need. Everything from major systems to the smallest finishing details need to be accounted for.
Once you’re organized, the next step is to look up comps for your potential subject property. Right off the bat, look up your comps to see/decide what your after repair value (ARV) will be. This will give you an idea of a game plan and exit strategy before even seeing the job site. Then, once you see the job site, you can go line by line on your scope to establish necessities, and finalize your game plan.
Staying organized on site
How do you do this, you may ask? The wonderful scope that you worked so hard to prepare early on is now your magic tool. Take it with you to any job site, and begin your walk.
Your walk to decide what you need to accomplish to make this a beautiful flip. Walk around, and line by line, take note of what needs to be done to get this job done! If you see framing, but no drywall, take note of how much drywall you need. When you see a tub installed, but the rest of a bathroom gutted, add each line item needed to complete that bathroom. Count how many doors you need. Be detailed now, stay organized while you are on site, and this will allow you to be able to finish your game plan, even when you are no longer on site (if you are managing a remodel out of state).
The beauty of this method is, that no matter what you ultimately decide your game plan will be, you will already have the exact counts of what you need to complete a home. This allows you to be able to shift the strategy at any point if comps change. If prices change or if any surprises happen, you’ll be prepared because you already know the property’s needs inside and out.
Account for change
Remember those super important comps previously mentioned? Once you’ve done your initial walk through and noted every single detail that needs to be done to make the house a home, pull your comps back up. See if anything has changed.
You have your comps and an ARV already. When you know what must be done, you can decipher just how far you want to take this rehab so that the end result is profitable.
Another thing worth pointing out is that you need to account for change. Don’t overlook the things you may have missed right off the bat! Pull your inspections such as home inspections, sewer scopes, and foundation reports. This will help to establish the major systems that need work as well. After all, if you want your remodel to shine, you don’t want any surprises coming up in a buyer’s home inspection.
Preparation drives results as a project manager
The key to success in an endeavor is to come ready. A project manager is no different. In fact, this can be the difference between a successful project and a failed flip. Remember to always be prepared and stay organized!