Rehab Faster: 3 Exclusive House Flipping Tips Pros Use

3 House Flipping Tips to Rehab Faster

House Flipping Tips to Rehab Faster

Warning: These Tips May Be Counter-Intuitive

These time-saving tips may seem a little counter-intuitive at first.

Even though each tip is focused on how to speed up the rehab phase of an investment flip, each tip actually requires you to spend time.

You might be thinking, “So what gives, Ryan? Why are you trying to tell me to save time by burning up more of it?”

The reason has to do with experience. Experienced investors have learned (usually the hard way) exactly when to spend a little more time up front to save time down the road. I’ll explain this more for each tip.

And without further ado, here are the tips.

3 House Flipping Tips to Rehab Faster

Tip #1: Itemize, Itemize, Itemize Every Repair
When you’re drawing up your list of repairs for the investment property, itemize and sub-itemize everything.

House Flipping Checklist

For example, a lot of investors will make the mistake of listing something like flooring as just “flooring” in their repair budgets and bid requests, lumping the entire repair category together.

Instead, you want to sub-itemize each repair category out as much as possible. You almost can’t over-do it. Something like “flooring” should split up into carpeting, tile, hardwood, and so forth, AND THEN further itemized room by room from there.

Do this for each repair category that your investment property needs.

How It Saves Time:
This tip saves times in tons of ways. I’ll share two of those.

First, being this thorough in your contractor bid process often uncovers hard-to-see expenses that might help you avoid a bad deal altogether. In real estate investing, there’s no better time saver than that.

The second time saver here has to do with the draw requests on your loan. Basically, you’ll be able to pay individual contractors as they complete each portion of the job. If you need to fire a lousy contractor halfway through the project, or if they bail on you, you can pay them for the portion of work completed and easily hire another.

Tip #2: Get Two Bids
Speaking of bids, I highly recommend that you get two bids from separate contractors on every repair item.

I especially recommend this for new investors because it will help them in more ways than just saving time, but this is something that I still do on my flips.

How It Saves Time:
Remember that hypothetical scenario above where you had to fire a lousy contractor? Backup contractor. Enough said.

(If you sub-itemized your repairs when you got your bids, then your backup contractor will even have a bid ready for exactly the portion of the repair that remains for that repair category.)

Tip #3: Plan the Entire Rehab
You will flip your houses faster if you plan the entire rehab phase out before your due diligence period ends and before you get the property under contract.

Before you get to those points, you should have the entire repair timetable mapped out and ready to go.

House Flipping Blueprints

How It Saves Time:
Honestly, this one is kind of a no-brainer, but new and experienced investors make this mistake all the time. New investors do it because they don’t know any better, and experienced investors mistakenly believe that their experience can compensate for unforeseen circumstances.

Diving into the repair phase of your flip without extensive planning may be a rush, but it is guaranteed to cause you setbacks.

Planning ahead won’t necessarily guarantee that you will avoid every bump in the road, but you will be far more ready to respond to unexpected events if you have a detailed plan in place.

Plan it before you fix it — every time.

One Last Thing

Why does flipping fast matter anyway? $50/day, that’s why.

That’s how much the average investor pays in interest on their loan until the property sells, and loan interest isn’t the only daily expense in the middle of the flip.

I hope that these house flipping tips help you learn to house flip  faster and bring you the success that you’re looking for. All the opportunity is there. It’s just a matter of execution.

To Your Fast Rehabs!

Ryan

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6 thoughts on “Rehab Faster: 3 Exclusive House Flipping Tips Pros Use”

  1. Ryan, are there any financial drawbacks to becoming a $277 cost for a lifetime DHM VIP Membership? (I already have excellent credit.)

    I ask because when I phoned someone at your office started upselling me on the $1500 program saying then you give cheaper loans and reduce more fees, as well as refunding $1500 on both the 1st and 2nd deals. And paying the $277 you give only the $277 back once, and no cheaper loans.

    BUT the email I got today says different, and even refers to becoming a “Fund This Flip member” when you pay the $277 now, for a limited time. Nothing about $1500 on the order form either. Am I reading right, please?

  2. As an inexperienced, want to be investor, these tips are some what intimidating & scary. Wheeling & dealing or how to find honest, ethical/moral characters of a Contractors is a territory unknown to me. Can you give referrals of Contractors you know who would get the job done in a timely manner with a reasonable price tag..

    Also, wasn’t aware that there is a membership fee involved to be part of the DO HARD MONEY support.

    Thanks.

    1. it depends on the area, we do have a few we can refer – I think your best bet is to join a local REI group and ask for recommendations there from experienced rehabbers. As far as a membership fee, we do provide support for those that join our 100% financing program. New investors tend to need more support than experienced ones. Once you’ve completed your first successful deal we return most of that enrollment amount back to you and you still have access to our support. We make money on on successful flips, but until you’ve done one we need to cover out costs. We have a great team here

  3. Hello Ryan, I’ve been pre approved subject to your team checking out my self approved application, I am wondering if there is a minimum amount on the loan you will do? and also, can I prepare several properties at one time for you and your team to examine? Thanks.

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