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Investing Strategies

Your Rehab Scope of Work: Can a Five Year Old Understand It?

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einsteinWhat happens if you fail to provide a “scope of work” statement to the contractors who are bidding on one of your rehab jobs?

Or, worse yet, what happens if you provide a scope of work statement that is poorly crafted and unclear to its intended audience?

I’ll tell you what happens: Madness. Sheer madness.

For starters, when you are soliciting bids for a rehab job, you need a way to standardize the process from one potential contractor to the next.  That way, you can compare the various bids you receive on a true “apples-to-apples” basis (rather than dealing with unnecessary headaches from “special case” mathematics).

Additionally, once you have determined which contractor to hire, you need a way to sleep peacefully at night, knowing that your new partner understands exactly what you have in mind for the renovation project in question.  (This peace of mind usually requires more than friendly banter and a handshake!)

For these reasons, it is vital for every rehabber to familiarize himself with the ins-and-outs of crafting a thorough yet efficient “scope of work” statement for each renovation project in his portfolio.

bobBob McIntosh Is “The Man With The Plan”

Red-headed rehabber Bob McIntosh has more experience with broken homes than Oprah Winfrey and Jerry Springer combined, and fortunately for you, he’s got some great advice regarding your “scope of work” statements.

In fact, Bob has been providing Real Estate Mogul with helpful rehabbing advice for quite a while now, and you might also enjoy some of his other related lessons, including:

But without further adieu, lend your ear to Bob the Builder as he explains exactly how to craft your “scope of work” statements in a way that minimizes the madness at your rehab sites!

Bob McIntosh explains how to build an awesome “scope of work” statement…

{Mogul Elite: Download a transcript and MP3 of this lesson in the Power Pack tools for this lesson.}


Do It To It! Immediate Action Steps

Get Pricing – Get pricing for low-, mid- and high-priced properties.

Print & Leave – Define and print your scope of work, and leave copies at the property in question.

Check-Out the Sample – Check-out Bob’s sample scope of work, attached to this lesson (Mogul Elite members only).

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