So, you have conquered your fears, stepped out and bought your 1st investment property.
You are so excited to learn the process, tackle the challenge and experience the adventure of turning something ugly into something beautiful.
The feeling of hope you get being a part of rebuilding something is exciting! You get to breathe new life into a property and be proud to put it back on the market, as a place someone would be proud to live in and call home.
...But as the project drags on, it becomes evident you may have hired the wrong person to handle the job, worse yet, they never finish and have taken your money. Unfortunately, we hear this story all too often.
Fortunately, this story does have a happy ending.
This sweet couple requested a bid from Fast Track Remodeling last year to do a rehab on their 1st investment flip property. They were persuaded to use someone else, which I have to say after seeing their work, I would not even say they were qualified to be considered a contractor.
The house was red-tagged by the city because no permits were pulled, all the brand new windows had to be replaced because the previous crew botched the installation so bad it ruined the windows, all electrical lighting had to be redone including a lot of re-work of wiring, including the panel box, the HVAC system had a lot of re-work needed, the plumbing had a lot of re-work including repairing all the drains in the walls behind the brand new cabinets, the master shower pan had to be ripped out not only because it was not inspected, but also because it was leaking, the house had to be completely repainted inside and outside, all the new cabinets had to be re-faced (doors and drawer fronts), the kitchen counter-top had to be replaced, we installed new “REAL” tile at the kitchen backsplash (previous crew--used peel and stick tile--who knew they made this stuff?), all exterior fascia and soffit had to be re-done, the brand new (20yr-why?) roof had a lot of repairs that needed to be done, all new ceiling fans, all new closet shelving, we even had to tear down a wall that the customer had not even requested to be built, the tankless water heater had to be re-installed correctly, garage doors had to be completed, the attic stairs had to be re-framed/installed (previous crew just cut ceiling joists-to make a scuttle hole—it’s lucky someone didn’t fall out of the ceiling). I could go on and on.
These are just some things that had to be re-done, repaired, replaced, etc.
The stress this situation created for the owners, I’m sure seemed overwhelming at times, but Fast Track Remodeling was able to come alongside this couple and walk with them through this situation, so they could finish well and keep their head held high. They have completed a property that they can be proud to sell.
Fast Track Remodeling first had to help identify what the true accurate situation was with the house, then we created a very detailed estimate which identified all items which needed to be addressed. Once the scope was finalized, we secured the proper trade permits, and tackled the project head on and knocked it out.
We finished the project today, and the permits have all passed. OH! WHAT A FEELING!
The peace of mind knowing that the project has finished well is exciting and we are grateful to be a part of it with them. Remember: If it sounds too good to be true, trust your gut…it probably is too good!
Whether you choose to use Fast Track or someone else: It’s imperative that you do the following:
1. Enlist the experience and advice of some seasoned investors about the reputation of the contractor you are considering.
2. Make sure the contractor gives you a detailed line item bid, with as much detail as necessary.
3. Ask for repeat customer references (make sure you call references. It does no good to get references, and not call them...make sure they are legitimate)
GET OUT THERE AND INVEST AND GOD BLESS!
- Jeff Perry