Ask Cornerstone: Where can I find a standardized list of rehab supplies for my flips?
I’m in the process of adding rehab projects to my real estate skills and portfolio. I have a background in REI, a good understanding of finance and property management, and experience in buying and holding income properties.
The part that overwhelms me is putting together a standard list of supplies for my properties. Is there a good list of rehab supplies that I can pick and choose my expenses from? I’m looking for things like bathroom and kitchen fixtures, tiling, cabinets, paint….etc. I’ll customize it to my market, but if I had a list, it would help tremendously.
You are on the right track by focusing on planning in learning how to fix and flip properties. Having a list is a great idea, but as you’ve seen, generating it can be a daunting task. Plus, without an interior decorator, the items might not be well coordinated and take hours of research to select by flipping through home decorating books. I too have a strong real estate background and have a general contractor license with experience in building and rehabbing apartments, homes, and condos… yet with this experience, selecting rehab supplies has been my Achilles heel so I can empathize with your situation.
I have a personal recommendation for you. I attended a three-day “Fortune Builders” seminar. It was a introduction course packed with a lot of information for rehabbers. Much of the information was not new to an experienced flipper but beginner to intermediate flippers learned a lot. Even then, I was very impressed by the systems and supply lists they have in place which they offered for sale at the end of the course. They have three levels of quality for renovations: Basic, Mid-level, and High End Quality. All the products come from Home Depot so just about everybody has access to them check it out. Interior decorators designed all the lists so the final result is very elegant looking even for a most basic remodel. There were complete photographs with all the recommended items for each room. It had the flexibility to only select paint and carpet all the way to a complete remodel. It was extremely helpful in making even simple things like matching wall and carpet colors.
The system saves you money, time, headaches, and most of all, the project is completed looking extremely professional. The upgraded program is costly, but not compared to having an interior decorator and in consideration of the time you could be spending on another project instead of lamenting over bathroom fixtures.
I definitely recommend their three day seminar so you can add to your flipping knowledge and to decide if you want to upgrade to their program.
Also, our flip calculator, a free download to our newsletter subscribers, has a basic list for roughly estimating expenses from fixtures to labor. It allows side by side comparison of variables in purchasing a rehab property so you can determine the highest price you should be paying for an investment. You can get it here: http://cornerstone-company.com/free-flip-calculator/