To have a smooth and stress-free renovation project, there are important steps that you need to take or consider like identifying and validating your goal, figuring out your budget and creating a scope of work. Our guest this #TechandTacticsTuesday walks us through the process and gives some great tips on what to do in each of these steps and how to work with general contractors.
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Van Sturgeon is a real estate investor and renovations expert. He lays out many things that you need to know as an operator whether you’re remodeling a duplex or a 200-unit apartment building, these tips are going to be very helpful to you as you prepare to have a successful renovation project!
Key Points From This Episode:
- Building a successful system starts with setting out a goal.
- You need to write down the goal or what you seek to accomplish with the physical property.
- Once you’ve written it down, go out into the marketplace to validate that goal.
- Figure out what your budget is. What source of funding do you have?
- Create a scope of work.
- Make a needs and wants list.
- Preserve as much of the money as possible in terms of the duration of the contract.
- What are the daily habits that helped him achieve success?
- What’s the number one thing that has contributed to his success?
- How does he like to give back?
“It starts with setting out a goal, and you need to physically write it down the sheet of paper, what it is you’re looking to accomplish with this physical property…” [0: 09:29.9]
“I’ve literally gone through thousands of renovations from apartments all the way to office buildings, one of the things that I find that on the commercial side, there is hardly ever a project that’s ever provided that’s tendered out that doesn’t come with a scope of work.” [0:12:30.4]
“The reason why we have such difficulties out there is because we don’t have clear lines of understanding of communication. Understand what it is that you try to accomplish in this particular renovation project.” [0:14:18.2]
Links Mentioned in Today’s Episode:
About Van Sturgeon
Van Sturgeon is an experienced entrepreneur of over 30 years, who has successfully created several businesses in the real estate industry that cover areas of land acquisition, development, management, construction and renovation. Van personally owns over 1,000 properties across North America, and is semi-retired from the day to day operations of his businesses.
Van is passionate in helping homeowners and real estate investors overcome their fears of house renovations/rehabbing, and loves to be actively involved in helping people reach their goals.
Van has recently been featured in several podcasts such as: The C.A.R.E. More & Work Less podcast by Jeffery Woods, The Guy Who Knows A Guy podcast by Micheal Whitehouse, Culture Sways podcast by Antonia Moore and Relish the Journey podcast by Myles Biggs.
Subsequently, his articles have been featured on The Los Angeles Tribune, The Ritz Herald, The Hudson Weekly, Madison Graph, Lincoln Citizen, Belmont Star, Yahoo News and Yahoo Finance.
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