Are you flipping a house or taking on a project using the BRRRR (Buy, Rehab, Rent, Refinance, Repeat) Method? According to your host Andresa Guidelli, there are several things that you need to consider in order to do this successfully. In today’s minisode, Andresa shares her top 4 tips for running successful and profitable projects.
First and foremost, vetting your contractors is essential. In today’s hot market, it is crucial to build and maintain relationships with contractors at all times, not just when you need work completed. Once you have decided which contractors you intend to work with, make sure that you have the proper documentation including: scope of work, finishes list, scheduling, and a payment plan.
Completing a project successfully doesn’t just require reliable contractors; it includes you, too! It is vital that you manage your projects thoroughly. Andresa reminds listeners that this is a learning process. Reflect on your past mistakes and use them to inform and increase your future earning potential.
Tune into this week’s minisode to learn more about how your projects can yield profit!
• “It's always been important to build relationships with general contractors at all times, not just when you need it.” (03:04- 03:12)
• “Meet the contractors at their job sites, not yours. Because at their job site you will know exactly how they will run your project.” (03:39- 03:49)
• “You or somebody on the team needs to be able to manage the project. Do not expect your general contractor to manage the project for you, it can only be you. You are the owner so you need to take responsibility.” (09:05-09:20)
• “Learn your lessons, otherwise they are going to come back.” (10:38-10:41)
• “All experiences are lessons. There is no such thing as failure or bad or good, it's all lessons and it is up to you to learn it.” (10:58- 11:06)
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