#52 Where To Spend Rehabbing Dollars

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The topic of this episode of The Most Dwanderful Real Estate Podcast Ever is where to spend rehabbing dollars. Unless you have done more than 5 rehabs, you do not have enough experience to guess how much your rehab will cost. Take your budget and double it because things will come up and the rehab most likely will cost more than you are expecting. If it doesn’t, then you have planned for the worst and now you are making extra profit.

Dwan provides listeners with some great money saving tips when it comes to paint and carpet, but the most important thing to remember is not to be cheap. There is a line between saving money and being cheap, and you should be careful to never cross that line. Dwan is very loyal to Home Depot because of their consistent quality and the classes that they offer. One of her money saving tips is to choose a designer paint color that you like and take the paint chip to the Home Depot paint counter and ask them to match that color but use the type of paint that is on sale. Her second tip is to make sure the carpet you are looking at is FHA approved, then choose the medium quality carpet but purchase a thicker carpet pad to make it feel more luxurious.

Finally, Dwan coaches listeners to put aside your personal preferences and think about what is trendy right now as well as what would best serve your buyers in the future. Don’t make drastic changes to the floorplan or unique design elements that are original to the home. Even if you don’t like it, someone else might fall in the love with the house simply because of that thing.

Time Stamps:

  • 1:14 – Dwan wants to help you find success by focusing on people before profits.
  • 3:46 – This episode marks one year since the podcast started!
  • 5:15 – If you haven’t yet, go to Dwanderful.com and download the documents, watch training videos, and take advantage of the chat box.
  • 7:42 – Whatever you have budgeted for your rehab, double it.
  • 10:46 – Money saving tips for buying paint.
  • 14:32 – Money saving tips for buying carpet.
  • 19:07 – Repeat to yourself “I’m not gonna live there.”
  • 20:29 – Think past today when making design decisions.
  • 22:49 – Don’t take things out or move walls around dramatically if it could negatively impact resale value down the road.
  • 26:56 – Using elastomeric paint to change the color of your roof.
  • 29:51 – Take classes at Home Depot and learn how to do things for yourself.
  • 32:26 – Download the real estate contract from Dwanderful.com as a guide to filling this contract out, but find the one for your state online and use that one in real transactions.

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