Exhale – Time to reflect after a rehab

You did it! The rehab is done, the rental listing is up and now you are waiting for your first tenant. The last few weeks (maybe months) have been stressful and at times exhausting. Go ahead, exhale. It is time to rest and reflect. Grab your electronic note app or a notebook and pen. You’ve learned a lot during the rehab. Write it all down.

Don’t wait until the next rehab. Time has a way of stealing memories – both good and bad. So write it down. You want to repeat the good things and avoid the oopsies. The corporate world and project managers call it the lessons learned document.

Love the paint at the rehab? Write down the brand and color. Hate the faucets, but not enough to change them out at this point? Write it down – don’t buy that type or brand again. Found a great plumber who showed up on time and kept the costs to his/her original quote – write that down!

You may think this all such basic information. But we would all be surprised to know how many real estate investors don’t take the time to document the good, bad and ugly of their rehabs. Writing it down, puts you that much further ahead in the planning process for your next rehab.

I just finished my second rehab. It took 3.5 month. That is 1.5 months longer than I had hoped. But now I know to push the painter off until after all electrical and plaster is completely done. I also know to put off the cleaner until the VERY end. Yes, I knew that before. But I got so frustrated with not seeing progress that I rushed things that I should have postponed. So I ended up touching up paint and cleaning way more than I ever want to do again.

My next rehab won’t start until July 1st. But I’m already making the rehab project plan in Excel. I’m noting which contractors to schedule. I’m setting time aside in February to start looking a for a new electrician and general contractor. There is also some reminders to watch for Lowes and Home Depot sales on big ticket items I know I will need for the next rehab. And most important lesson from the most recent rehab, don’t skip ahead. That just means doing some things twice – once out of order and again in the correct order.

I’ve heard some motivational speakers say if you fail to plan, then you may be planning to fail. Plan for success and learn from every project. Make success intentional - write it down!