Always Have a ‘Scope of Work’ for Each of the Trades - 101 Street Smart Cash Flow Accelerators #75

Lou Brown

Nov 16 2019

I'm Lou Brown and I'm back with another my 101 cash flow accelerators. Weird talking about renovations in this segment and one of the things that's always very, very [inaudible] [inaudible]. Okay. Your homework in advance of bringing in any contractors goes through the property yourself. Make a list of the items that need to be done room by room and trade by trade. Now trade by trade. So one of the things that I've created in my system call renovations is that separated what's called scope of work by trade. So you should have a separate scope of work for plumbing, heating and air conditioning, electrical roofing, carpentry general and painting. So those six different trades typically done by different people, you're giving them a different list of [inaudible] things to do. Now what I did is break it down room by room so that you're actually walking through the room, walking through the project, determining bye tip offs that I have on [inaudible], each one of the different rooms of things to look at.

And then when you Mark those things down, you'd be as specific as [inaudible] possible. I remember this one time on the scope of work for carpentry general. I had this contractor [inaudible], he decided he was going to put up three and a half inch crown molding in the living room and I had right on the scope of work, five and a quarter inch crown molding, and he called me for the inspection so that I would Hey him. And I looked immediately walked in and I went, okay, this does not impress me. And he says, what's wrong? And I said, a crown molding. And he said, yeah, I put it up. I said, I know you put up [inaudible] half inch and this is [inaudible] [inaudible] water in. And he says, well that's too bad for you. This is what I've put up. I said, no, hold on, let's take a look at the contract.

And sure enough, right there on [inaudible] attracted six, five and a quarter inch Brown molding. Well, he had to rip out all that ground molding, install new ground molding on his own, take it before I would, Hey, it's so important [inaudible] these things nailed down. [inaudible] trade [inaudible] room. I've got that all broken down for you in my renovation system. Volume 11 renovations. You can go to street smart investors.com and look, click on tools and then click on renovations. It'll give you all the answers [inaudible] and hopefully this has been of help to you. That's what I want to do. I want to help you be successful and highly profitable in this great business. Oh, real estate investing. If you liked this, love this. Share this and do subscribe. Thanks so much for joining me. My name's Lou Brown. See you soon. Yeah, baby.

Lou Brown has been buying, selling and holding property for 40 years and you are about to discover what a lot of so called gurus are missing.

* How to buy all the property you want without ever visiting a single bank or needing to qualify for a loan…

* How to have a buyer or renter before you even buy property…

* How to have them already pay you money before you sold them anything…

These are exactly the kinds of deals he does day in and day out. Most 'investors' are getting it wrong. It's not about the property, it's about the buyer. Buying right and buying cheap is what you'll do after you have the buyer.

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Real Estate investors in all fifty states across Canada and fifteen foreign countries including as far away as Australia and New Zealand, have long regarded the training, systems and forms created by Louis Brown as the best in the industry, Quoted as an expert by many publications and authors, “Lou” draws from a wide and varied background as a real estate investor having been buying property since 1976.

He's invested in single-family homes, apartments, hotels, developed subdivisions and built and renovated homes and apartments. Each of these experiences has given him a proving ground for the most cutting edge concepts in real estate today. He's widely known as a creative financing genius with his deal structuring concepts.

Being a teacher at heart he enjoys sharing his discoveries with others. He has served the industry in many volunteer positions such as past President and designated lifetime member of the Georgia Real Estate Investors Association, the world's largest real estate investor group.

He is also founding President of the National Real Estate Investors Association, which serves as the umbrella association of local investor groups.