The renovations company was the most challenging to build out and there were many lessons learned through a lot of trial and error. We created the renovation company in order to put in place a team that would be going on sites and creating the scope, walking the properties, checking to make sure the work is being done, approving the pay request, and all that type of stuff.
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The main needle movers in developing this company was finding the right Project Manager for what we needed, creating a set of property standards to be followed for the rehabs, and paying contractors weekly. We pay each week and have become a reliable source of work for our contractors who in return prioritize us and reciprocate the loyalty and dependability we extend to them.
1) Risk tolerance - Probably one of the highest risks you can have.
2) Time availability - You're gonna need it. You or someone you hire will have to manage the rehabs.
3) Knowledge - Yes, you're gonna need it. Contractors are going to tell you how it should be done and often they are cutting corners or just plain wrong.
4) Inner circle - Well, yeah, you're gonna need an inner circle that can remodel the houses and help us avoid the bad guys.
5) Access to capital - With the renovations company, you're gonna need it to pay the contractors and for the unforeseen things that always pop up.
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