Renovation Gurus

Real Estate Investor Rehab and Residential Renovation and Remodeling

Category: Real Estate Investing

Real Estate IQ – Residential Rehab Budget How-To

 

WHY RENOVATION GURUS?

“Just like a home, businesses also need a solid foundation in order to produce quality work. With honesty, consistency, affordability and integrity as the pillars of this company, we pride ourselves on offering clients superior renovation services. We are honored that you are considering us for handling your invaluable assets and will strive to uphold an unmatched level of work.”

– Renovation Gurus

 

 

2020 REI Group – DFW Investors meeting Tool Belt Session

Great place to learn and network…
2020 REI Group – DFW Investors meeting Tool Belt Session hosted by Renovation Guru’s Ron Carlson…
https://www.2020rei.com/ron-carlson-to-host-tool-belt-session-at-april-dfw-investors-meeting/

 

Ron Carlson, an experienced real estate investor and general contractor, will host the tool belt session at the April 9th DFW Investors monthly meeting.  This free session is just part of the three free sessions that are included at every monthly DFW Investors meeting along side free food and an open bar!    The tool belt session starts at 7:00 PM sharp!

What will you learn from Ron?

Have you ever wondered about the right process on how to remodel a home? Most investors do not know that if you remodel a property in the wrong order that both time and expenses will increase. This class is designed for investors who want to be more efficient while managing a rehab. You will learn what you should fix before you put that new roof on! Should you fix the interior first or the exterior first? Ron will be revealing some tips to working with the city or keeping the city from giving you a hard time will fixing your property. Are you pulling the right permits? Do you even know what permits to pull? As a BONUS there will be a teaching on the remodeling of Historic Homes. What should you look for when you are looking to buy a Historic House? Do you know the additional expenses of purchasing a Historic House?

Ron Carlson is the owner of Renovation Gurus, a turnkey solution for investors. As an investor himself he will be teaching this class from both the eyes of a Contractor and an Investor.

WHY RENOVATION GURUS?

“Just like a home, businesses also need a solid foundation in order to produce quality work. With honesty, consistency, affordability and integrity as the pillars of this company, we pride ourselves on offering clients superior renovation services. We are honored that you are considering us for handling your invaluable assets and will strive to uphold an unmatched level of work.”  Renovation Gurus

The founders of Renovation Gurus grew tired of contractors over pricing construction materials and not completing quality work in a timely manner. So, with over a decade of experience in home remodeling and investment real estate, they felt it time to bring all their resources together and open it to the public.  Renovation Gurus was founded to challenge the current “status quo” of other home remodeling companies. How? By offering a more affordable option for home owners to receive the highest quality of both property renovations and customer service.

So whether it is your personal home or investment property, let us here at Renovation Gurus bring our years of experience and discounts to help deliver an unbelievable finished product!

 

Real Estate IQ Seminar: Residential Rehab Budget

Real Estate IQ Seminar: Residential Rehab Budget, featuring Renovation Guru’s very own Ron Carlson.

Last chance for tickets, register here:

https://www.eventbrite.com/e/residential-rehab-budget-tickets-42205878920

Photograph of Ron Carlson

DESCRIPTION

Residential Rehab Budget is a course that aims to teach students how to create accurate rehab estimates so they will gain the confidence to negotiate with contractors, compare bids, and place accurate offers before competitors. Licensed Real Estate Agents and Experienced Investors lead students through a series of classes and key topics.

What should be included in a rehab project and how to price it

A critical part of the due diligence process is coming up with the repair budget. Contractors seldom help investors come up with a repair budget before an offer is placed. This class gives investors the basic knowledge in remodeling and pricing of residential rehabs. Students learn to determine the ‘After Repair Value of homes and how to accurately calculate repair costs.

Life happens in the bathroom and kitchen. A well-designed bathroom and kitchen will generously increase profits. This class also covers the basic cosmetics for interior and exterior such as painting and texture.

How to understand & control “The Big 5 Items”

The Big 5 Items in a rehab are: Foundation, Roof, Plumbing, HVAC and Electric. This class teaches students how to correctly inspect and analyze a home so they can determine repair budgets accurately and effectively. By understanding and having control over the “The Big 5”, investors will know enough to feel confident and secure with their offers.

How to compare bids & how they should be written

This class increases the Investor’s ability to do a rough rehab estimate while learning the basics of what to look for in a remodeling project. Students learn what should be included in a rehab project and how to price as well as comparing bids. They learn how to increase profit margins by having more control over the budget; and they will also learn how to create a budget that survives execution (Labor & Material + Mark Up).

Deal Flow System™
This class is part of the RIS Deal Flow System™. The system offers students the advantage to have exclusive tools in their investment business. “The 5 Minute Rehab Calculator” can increase productivity by consistently doing quality rehab budgets on homes, in less than 20 minutes. Instructors give in-depth tutorials on how to use the calculator so they can create accurate rehab budgets.

“The 5 Minute Rehab Calculator” is easy to use and understand. It includes an instructional video. This calculator is an excellent complement to this class. By learning how to correctly use the calculator, students can start creating repair budgets right away.

Class Agenda

6:00 PM – Students arrive, sign-in, and networking.

6:15 PM – Class starts. The class is designed in 2 segments of 50 minutes with a 10-minute break in the middle and a 10-minute Q&A at the end.

7:05 – 7:15 PM – Break

8:05 – 8:15 PM – Q&A with Instructor

8:15 PM – Product Demonstration & Networking

Product Demonstration or Networking

Classes are followed by a 10-20 min product demonstration of our proprietary technology used in The Deal Flow Process or you can select to participate in the networking event instead. This is our cutting edge tool that helps investors find discounted houses and rental income properties quicker than their competitors. Having the most accurate, up-to-date results, investors can hone in on exciting investment opportunities faster than anyone in the market. We believe business is get done through the right teams. We also provide alternative networking with instructors, vendors, investors and agents.

The 5 Minute Rehab Calculator

It allows you to do a rehab budget for a residential property in less than 20 minutes. The calculator is easy to use and understand.

This calculator includes several quick rule-of-thumb calculations. It quickly calculates The Big 5 Items: roof, foundation, HVAC, electric, and plumbing.

It includes all interior and exterior remodeling costing and all necessary formulas to calculate each line such as windows, doors, floors, walls, ceilings and appliances. It includes easy and detailed instructions after requiring a quick SF measurement on your part.

The calculator is easy to use and includes an instructional video.

RECEIVE FREE THE “5 MINUTE REHAB CALCULATOR”.

A $49.00 Value, FREE for attending this class

 

Items That Are Easily Missed on a Rehab Bid – Part 2

Ron Carlson continues this two part series over items that are easily missed when a bid is being created. The majority of theses items are smaller but they can add up quickly.  A few items Ron talks about are the prep work that goes into a painting project, driveway repairs, sprinkler systems, etc. Listen in to hear the full list of items that are most commonly missed!

Watch the video here: https://flipnerd.com/show/rei-classrooms/items-easily-missed-rehab-bid-part-2/ 

 

FULL TRANSCRIPT:

Mike: Welcome back to the flipnerd.com REI Classroom, where experts from across the real estate investing industry teach you quick lessons to take your business to the next level. And now, let’s meet today’s expert host.
Ron: Hey everybody, my name is Ron Carlson and I’m with Renovation Gurus, and I am a general contractor in the Dallas/Fort Worth area, and today I will be your host in the REI Classroom. I want to talk to you today about items that are easily missed on a rehab bid. This is part two of the one of two series of items that are easily missed.
Mike: This REI Classroom real estate lesson is sponsored by theinvestormachine.com, FlipNerd’s private investor coaching program and your blueprint to investing success.
Ron: So, continuing on from my prior discussion, items that are missed, trash and debris haul off. It is unbelievable how much trash and debris you’re going to have at a property. It’s one of those things that’s almost impossible to calculate, but rather, you’re just doing a small little paint job or you’re doing a full rehab, you have trash. Trash will be at the house. Calculate for it, and probably calculate extra for it, because you will have way more trash on a rehab than you could possibly think or imagine.
Landscaping, a lot of people miss, especially the major items when they’re doing, let’s say landscaping lights or the trim. Some people will put mulch on there, but then miss say, the landscaping trim bed or stones or rocks, bushes, things like that.
A lot of people will put to paint a property, but they forget that before you paint a property, you have to paint prep. So, a lot of times you need plastic. You need masking tape. You’re going to be taping off some of the wood, maybe taping off the trim, depending upon if you’re doing the doors and trim a different color. You have a lot of masking tape and a lot of plastic, and with the paint prep also comes the texture, the hole patches, that type of thing. That is an additional expense on top of actually painting the house itself.
Broken rafters, a lot of times, especially in Texas where we are, it looks like the property has foundation problems, and it might, but sometimes that causes broken rafters. Broken rafters typically look in a house as if it’s just need some sheetrock damage, or it looks like somebody might have fallen through the roof, something along those lines. But the rafters are actually broken. It’s a structural problem most of the time and very easily missed because the rafters are typically covered up by insulation inside of the attic.
Mailbox, whether it’s at the front of the house or it’s at the street corner, it seems that people walk past the mailbox, and it doesn’t even exist. It has no address on it. The mailbox is absent, but most houses need a mailbox.
Driveway repairs, you can pull into the driveway. Your car will be sitting on a bad driveway, and you don’t realize that it needs a driveway, whether concrete or asphalt or stone or whatever it is, but sometimes we just overpass the driveway because we’re so excited to look at the interior and exterior of the house.
On a final clean, a lot of contractors, when they do a final clean, they do a construction clean, and that does not include windows. If you want your windows clean, make sure that your contractor is bidding you up properly to clean both the inside and the exterior of the windows. Some contractors will only do interior or only do exterior, and you need to make sure that’s on your final bid.
Numbers on the driveway, numbers on the house, numbers on the mailbox, for some reason, the address is missed. Sometimes they cost $3, or $4, or $5 per number, and you know, depending on what you do, spray paint them or you get the numbers, they’re missed. And it’s one of those little things that you can add to your house that’s going to make it pop when the buyer walks up to the property.
Sprinkler systems, they’re always hidden in the garage. They’re always hidden in a closet. For some reason, we miss sprinkler systems completely, and you might want to look one, to see if a property has sprinkler systems, and two, get it tested.
Smoke alarms, every smoke alarm in the house, if it has a battery, you need to replace the battery, and we miss them. You need them in the rooms. You need them in the common area, and you need them in the hallway. If the hallway turns, you need another one.
And hardwired is the best way to go, but we always miss smoke alarms and then fire extinguisher. You should have at least one fire extinguisher if not two. Some cities require it in the garage and under the kitchen sink. Those are just a couple of items that are easily missed that you might want to budget for in your rehab.
My name is Ron Carlson. I’m with Renovation Gurus. You can reach us at 855-99-GURUS or email at admin@renovationgurus.com.
Mike: Are you looking to change your life through real estate investing? If you’re interested in either getting started or taking your business to the next level, please check out FlipNerd’s private program at theinvestormachine.com. This is the most robust real estate investor coaching, networking, and mastermind on the planet and designed for your success.
If you’re ready to roll up your sleeves, ready to take personal responsibility for your own success, and ready to dive into a world-class instructional coaching program that provides you step-by-step instruction to help you achieve financial freedom, then you should apply today. Spaces are limited and candidates are only considered after an application and interview process. Our 12-month investor program is unparalleled. Think you might be a fit? Learn more today at theinvestormachine.com.
Please note, the views and opinions expressed by the individuals in this program do not necessarily reflect those of flipnerd.com or any of its partners, advertisers, or affiliates. Please consult professionals before making any investment or tax decisions as real estate investing can be risky.
Are you a member yet of flipnerd.com, the hottest real estate investing social community online? If not, you can join for free in less than 30 seconds and get access to hundreds of off-market deals, vendors in your market to help you in your business, and you can start networking with thousands of other investors just like you. Get your free account now at flipnerd.com.
Please check out the FlipNerd family of real estate investing shows, where you can access hundreds of expert interviews, quick tips, and lessons from leaders across the real estate investing industry. They’re available at flipnerd.com/shows or simply search for FlipNerd in the iTunes store.

 

Making Sure Your Contractor Writes a Bid That Protects You

Ron Carlson explains how having a contractor write a bid correctly can protect you if things go south. By being detailed in the work that’s being done, there’s transparency for both parties.

Click below to watch the video and learn more about why the bid writing process is so important, especially if you run into issues with the contractor. By having everything detailed out in the bid, it’s clear of what’s owed by both parties.

 

Picture of a chalk board and Ron Carlson with a lesson on real estate investing with contractors

 

 

Tricks Contractors Use To Get Your Business – REI Classroom with Ron Carlson

REI Classroom lesson #480 features Renovation Guru’s founder Ron Carlson.  As Ron Carlson explains, there are some tricks that some contractors use in order to get your business. Ron shares what they are so that you can be aware when looking for your next contractor.

It’s important to protect yourself from contractors who may not be up front with you. They might tell you they’ve done jobs as big as yours (but haven’t) or underbid the job (and ask for more money later). There are numerous ways they can trick you and Ron shares them with us today.

  • The general contractor’s business model.
  • How many crews the contractor has?
  • How staffed is the general contractor?
  • How good is their communication with you?
  • How far away from the project are they located?

Ron Carlson discusses why this information should be important and what red flags should warn you in the beginning.

Watch the full lesson here: https://flipnerd.com/show/tricks-contractors-use-get-business/

 

Change Orders in a Rehab Job

Synopsis:

Ron Carlson talks to us today about the need for change orders in a rehab job, but how to do them the right way.

From making sure everything is on paper to having a buffer in your budget for changes, there are strategies to help changes so more smoothly and help the project stay on track.

Brought to you by Coaching Labs at FlipNerd.

 

How to Decide Your Exit Strategy in a Deal

Listen to our latest Podcast from Joe Fairless, Best Ever Real Estate Investing Advice show.

 

Synopsis:

There may be many ways to enter a deal, but what do you do once you sign? Are the terms you negotiated favorable enough to allow a creative exit? This episode is for you! Learn the number of ways to exit a deal like “wholetail”, wholesale, or retail, it will save you thousands!

Ron Carlson Real Estate Background:

– Owner & General Contractor at Renovation Gurus
– Began as a wholesaler and built up enough capital to start flipping houses
– Speaker at REI Groups around the country
– Rehabs 15 to 20 properties a month
– Done over 200 transactions
– Based in Dallas, Texas

 

Source: http://joefairless.com/podcast/jf796-how-to-decide-your-exit-strategy-in-a-deal-skillsetsunday/ 

Your Hard Money Company & Contractor Working Together

By having the general contractor work with you so that when an inspector comes to see if the work has been done from the draw schedule, it makes getting paid a lot easier and keeps the job on track.

REI Classroom Lesson #382 features Ron Carlson of Renovation Gurus.  In this lesson Ron discusses why it is important to find a general contractor who understands how to work with hard money loans.  This lesson will help you keep a good draw schedule on your loan and get paid easier – all of which will keep your home renovation project on time and on budget.

The full lesson can be viewed here: https://flipnerd.com/show/hard-money-company-contractor-working-together/ 

382

Be Careful of Contractors (Part 1)…

REI Classroom lesson #394 features Renovation Guru’s founder Ron Carlson.  In it, Ron discusses how to find and work with general contractors including:

  • The general contractor’s business model.
  • How many crews the contractor has?
  • How staffed is the general contractor?
  • How good is their communication with you?
  • How far away from the project are they located?

Ron Carlson discusses why this information should be important and what red flags should warn you in the beginning.

Watch the full lesson here: https://flipnerd.com/show/careful-contractors-part-1/

 

 

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