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Why you should always over budget and plan for longer holding time when rehabbing a property.

My experience rehabbing a house built in 1940 is teaching me loads of lessons. Here’s two of them:

  1. When you dig, you are bound to find more surprises.

  2. Grandfathers are not always your friend; and I mean grandfathered into old ordinances

Thankfully, my experience as an Accountant and being overly proficient with numbers has given me much grace. Couple that with my conservative nature and I have to had an AMAZING deal for it to work in my eyes.

If I can share anything from this experience and revolving budget it has been this: over budget on top of your contingency and if the project takes 8 weeks, plan for 12. That sheetrock you replaced, showed your window frame would not pass inspection. Insert new window plus framing. But look above and you’ll see the beam that does work has termite damage from decades ago. Replace that too… see how this works?

Tip: You make your money on the buy. So buying right will afford you some wiggle room when plans don’t go EXACTLY as planned.

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