Great content! Questions: Since this was not your property (I think), and this was another Investor's home, how did you set up your contract ... was the Renovation Budget set up in an Escrow account? And, how did you calculate / negotiate how much you would be paid for handling the Renovation payout to your contractors, and your business' payout?
Lots of great questions!...I'm the real estate agent for this house, so my management of the renovation was written into the Listing Agreement. The owner of the house had a separate agreement with the construction company, however I set that up so it was seamless to the owner. The renovation budget was held in my company Escrow Account. My management fee is typically 10% of the total budget. Thanks so much for watching. I much more coming up in the near future. My flip this time!
Love it Stephanie!
Thanks Joe!!
Great content! Questions: Since this was not your property (I think), and this was another Investor's home, how did you set up your contract ... was the Renovation Budget set up in an Escrow account? And, how did you calculate / negotiate how much you would be paid for handling the Renovation payout to your contractors, and your business' payout?
Lots of great questions!...I'm the real estate agent for this house, so my management of the renovation was written into the Listing Agreement. The owner of the house had a separate agreement with the construction company, however I set that up so it was seamless to the owner. The renovation budget was held in my company Escrow Account. My management fee is typically 10% of the total budget. Thanks so much for watching. I much more coming up in the near future. My flip this time!