Paul Kazanofski, owner of Revision Homes, LLC, of Nashville, Tennessee, has completed over 300 fix and flips, not only in and around Nashville but in other places like Illinois and Florida too. Make no mistake, buying distressed properties, rehabilitating them and selling them is one of the most exciting and profitable forms of real estate investing, but it is certainly not for the faint of heart! It requires a diverse set of skills that require common sense, resourcefulness, and organization.
As part of his weekly course for GREEN, Fix and Flip Mastermind (offered each and every Thursday at 6:30-7:30pm Central), Paul systematically discusses the process of home rehabilitation. Not only does Paul sketch out the big picture issues related to such things as demolition, dry wall installations, kitchen and bathroom upgrades, and roofing, but Paul LOVES to highlight the little things (tricks and tips) that can save the inexperienced fix and flipper thousands in wasted dollars and countless hours of worry and stress!
The following series of audio files present Paul’s essential ideas working about with an electrician on a fix and flip process.
As Paul begins, he stresses the importance of working with experienced, licensed and bonded professionals. This is NOT a part of the home rehabilitation project to try to do on the cheap. Too much is riding on this decision (e.g., your customer’s safety and the integrity of your company’s brand)! Make no mistake, at the end of the day, it is the responsibility of the fix and flipper to do things right!
Paul states that the electrician you hire needs to be licensed and experienced in YOUR state because rules and standards differ state to state. Also, Paul explains the necessity of making sure that the electrician pulls the necessary permits, even to the point of going behind the electrician to verify that the proper permits have been pulled.
Next, Paul addresses the questions related to timing: When exactly should you bring in an electrician in on your home rehabilitation project and why?
Paul discusses the importance of interviewing the electrician, of walking the property and having a detailed discussion of the entire project and then creating the best possible work environment for the electrician.
There are a number of technical points to remember about the process of doing the electrical work on a home rehabilitation project. Knowing the basic terminology and function of each of the component parts of an electrical system is vital so you can communicate clearly and effectively with your electrician.
Paul concludes his remarks by outlining in detail what is involved in the two key stages in the electrical work (i.e., the “Trim Out” and the “Final”).
Once again, Paul demonstrates just how important it is to pay attention to the little things because it is often the little things that can cost you money or save you money in your work!