Episode Transcript
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SPEAKER_02 (00:03):
Welcome to the
Remodel Contracting Podcast,
where outdated spaces meet theirmodern makeover destiny.
Hosted by Jeff Bass, generalcontractor, home renovation
expert, and guy who firmlybelieves your avocado green
bathroom has gotta go.
Based in the DFW Metro, RemodelContracting is here to help you
(00:24):
level up your living space.
Because hey, you updated yourwardrobe.
Now it's time to update yourhome.
Expect more, live better.
Let's remodel.
SPEAKER_01 (00:36):
Whether you're
flipping a house or prepping for
markets, smart renovations canmake or break your bottom line.
So let's talk strategy.
Welcome back, everyone.
I'm Sophia Yvette, co-host andproducer, back in the studio
today with general contractorand home renovation expert Jeff
Bass.
Jeff, how's it going?
SPEAKER_00 (00:57):
Having a great day.
Thank you for uh having me heretoday.
SPEAKER_01 (01:00):
Yes, it's great to
have you back on.
Now, Jeff, let's get right intoit.
What should people know aboutremodeling for investors or to
sell a property?
SPEAKER_00 (01:10):
You know, this is a
great topic.
And one thing we have to thinkabout, it's the mindset, the
investor mindset versus thehomeowner mindset.
Homeowners want perfect and theywant unique for themselves.
Investors want profitable.
And when I say investor, thatmay be someone who buys houses
and flips them for a profit.
It may be somebody who is buyinga house and holding it as a
(01:32):
rental, or it could also be ahomeowner who is selling,
whether they're selling theirexisting home, or quite uh quite
a lot of times what we runacross on large uh remodel
projects like these are estatesituations where you have um
something through your familythat's you know, a grandmother
passed away and the whole househasn't been updated since 1964,
(01:53):
and the whole place needs to beupdated.
So with all of those in mind, weneed to think like an investor
and and not a homeowner.
Like I said, homeowners wantperfect, investors want
profitable, and that's the maindifference.
SPEAKER_01 (02:05):
Now, what are the
top renovation priorities when
prepping a home for sale?
SPEAKER_00 (02:10):
Well, so what we
need to look at is we need to
look at where we're going tospend and where we're going to
save, which is what you'retalking about there.
And examples are, you know, um,put your put your money where
it's going to have the mosteffect.
And that's going to be thingslike kitchens and bathrooms, as
opposed to picking an expensivedesigner tile or custom
(02:31):
wallpaper.
Um, we need to uh think aboutour decisions being driven by
math instead of emotion.
And your general contractor hasa responsibility to help you
with that.
And if he understands that we'relooking at profitability as the
main goal, then he's going tokeep those things in mind the
(02:52):
scope, the budget, the timeline.
You know, every day, every dayis money.
Every day somebody's losingmoney on the project.
So um we need to we need to makesure to keep that in mind as
well.
SPEAKER_01 (03:05):
Most definitely.
Now, how do investors' goalsdiffer from a homeowner's goals?
SPEAKER_00 (03:13):
So with an investor,
things need to be, there needs
to be more work done up front.
You know, we don't want changeorders because everything that
happens that costs time or moneyis going to affect our return on
investment.
You know, projects need to bevalue engineered, such as, you
know, I can get the same lookthat you want with this custom
(03:33):
thing, but we can let's look atgetting it for less.
Um, you know, no guesswork, havea bulletproof plan to begin
with.
Investor jobs move faster whenthere's communication and
materials are chosen early.
And um, and choosing materialssuch as, you know, using a LVP
product instead of uh anengineered floor or tile floor
(03:54):
that's gonna take longer to layand cost more money, uh
pre-finished cabinets instead ofcustom cabinets that are gonna
take a lot longer and cost a lotmore money, things like that,
ordering materials up front,even before the demo is
finished, those those areimportant things to think about
on investor projects.
SPEAKER_01 (04:11):
And are there
budget-friendly upgrades that
still deliver high ROI?
SPEAKER_00 (04:17):
Absolutely,
absolutely.
And you know, and I do this formy for my you know homeowner
projects as well.
I try to value engineereverything that I can.
If someone comes to me andthey're like, oh, I really like
this tile and it's$30 a foot,then you know, I'll look at some
other options that are maybe$5 afoot.
Save a lot of money that way.
Um, and and I do that with everyproject, and especially on
(04:38):
investor projects.
And unfortunately, sometimes Ifeel that I know more than the
investor, but I do try to sharethat experience and show them
how decisions they're making areaffecting their ROI.
SPEAKER_01 (04:51):
Now, let's get into
something a little bit different
now.
What mistakes do sellers oftenmake when remodeling for resale?
SPEAKER_00 (04:59):
It's a great
question.
Um, you know, uh it's a mistakea lot of people make um is
thinking the cheapest bid isgoing to be the best value.
You know, the cheapest bid mighttake longer, and time is of the
essence.
Time is money.
Changing direction mid-project,not budgeting for unexpected
repairs.
You know, if they're if their uhproject is too tight, they might
(05:22):
not have budgeted for what'sgoing on behind the drywall.
And every time I take down apiece of sheetrock, we don't
know what's behind there untilwe get back there.
Could be electrical problems,could be plumbing problems,
could be code issues, you know,trying to trying to DIY the
project themselves or managingthe GC instead of partnering
with the GC.
Even having unrealistictimelines.
(05:44):
You know, a lot of people, andespecially when they, you know,
when they first start uhflipping properties or it's
their first estate sale, um,they see the TV shows on HGTV
and they think that projectsmove that fast.
You know, uh projects don't moveas fast as they do on TV.
TV only has a half hour, youknow.
We have to get everything doneproperly.
(06:05):
Um the smart, you know, a smartinvestor uh builds a partnership
with their general contractor.
And the general contractor wantsa partnership.
They want someone they cancommunicate with, they want
somebody to understand, theywant to build a long-term
relationship.
Building that long-termrelationship is gonna get the
investor better pricing, fasterturnaround, less stress.
(06:25):
You learn their style, theylearn your systems.
Um, you know, repeat clients aredefinitely gonna get priority
scheduling.
If you treat your GC like apartner, not a vendor, you will
make more money.
SPEAKER_01 (06:37):
Any final words of
advice for us today, Jeff,
before we wrap up here?
SPEAKER_00 (06:41):
Well, you know, I
probably talk about this every
podcast.
The number one thing iscommunication.
Always communication.
Uh be clear, be decisive, berealistic.
You know, as far as choices go,pick finishes, pick choices that
sell, not ones that suit yourindividual unique taste.
Pick pick things that sell.
Um, you know, build a team youcan trust.
(07:02):
You know, have a trustedrealtor, have a trusted GC.
Um, you know, build thoserelationships.
You know, the investor who winsisn't the one who spends the
least, it's the one who plansthe best.
SPEAKER_01 (07:15):
Well, Jeff, thank
you for those great insights
today.
We'll see you next time for morerenovation wisdom.
SPEAKER_00 (07:21):
My pleasure.
It's great to be here today.
SPEAKER_02 (07:27):
That's a wrap for
this episode of Remodel
Contracting Podcast.
Ready to kick that 90s kitchento the curb?
For a free in home consultation,call 469 831 5620 or visit
Remodelcontracting.net.
Expect more because your homedeserves better.
(07:47):
And honestly, so do you.