Our first trip down rehab street left us shell shocked. We made a TON of mistakes, looking back. Of course, hindsight is 20/20, but there were a lot of mistakes that were just completely and easily avoidable.
First of all, we didn’t take the time to get our own estimates for the rehab before we actually purchased the property. We went with the seller’s rehab bid – what were we thinking?
Second, we trusted in vendors that ended up doing some pretty awful work. We were burned by not one, not two, but THREE of the vendors on that list. Foundation left rotten piers and beams under the house. Electricians stole the wiring from a commercial construction site and wired the house completely wrong, taking three months, all without a permit. Finally, the general contractor was in over his head, I think. He was more of a multifamily contractor, so he wasn’t really around to check on things at this house – leading to the electrician issues.
Third, we tried to do some of the work we were less experienced in ourselves. We were able to handle the demolition, roofing and exterior siding ourselves, no problem. However, when it came to framing – it was another story.
Lessons learned! We did not have a trusted team going into this big of a project, and that is one of the most important things you can have in the real estate world, in my opinion. Once you have weeded through the not so great vendors, a team you can really trust and operate like you expect are invaluable.
We were rescued by a friend of my family, who through this process became my friend. We share the same entrepreneurial spirit and after some success as a wine expert in Europe, she happened to have gotten into historical renovations and construction. We would not have been able to finish this project without her and her team. They brought us through to the finish line and we have had this little gem rented out for over a year now!
This one was a fun one, though, and I will always have the memories we made – good ones and awful ones. Best of all, we came away with invaluable experience and are hopefully coming out on the other side of that learning curve!
What are some of your nightmare rehab stories?
What is the craziest thing you have found in an abandoned house?
Do you prefer cosmetic rehabs or full blown fix it all up ones?
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