Invest Success Mentor Class – Fix

This class covers the execution phase of your rehab project—from contractor selection and contracts to managing the renovation process and tracking progress. Students will learn how to turn a detailed Scope of Work (SOW) into a successful, on-time, and on-budget rehab that’s ready to sell or rent.

What You’ll Learn:

• The Process So Far:

  • You acquired the property

  • You funded the purchase

  • You prepared with your Pre-Fix strategy

    ➜ Now it’s time to FIX it!

• Creating and Finalizing the Scope of Work (SOW):

  • Develop a detailed SOW before closing

  • Break down into categories: Exterior, Interior, Mechanical

  • Define finishes, brands, owner-supplied items, and room dimensions

  • Use photos and sketches to support your vision

• Working with Contractors:

  • Pros & cons of hiring a GC vs managing subs yourself

  • Conduct interviews and walkthroughs before selecting a contractor

  • Do not sign contracts or pay before closing

  • Require licenses, insurance, and a clear payment structure

  • Set expectations for communication, progress tracking, and timelines

  • Include penalty clauses for delays ($100/day is common)

  • Discuss permits and inspection procedures clearly

• The Contractor Contract:

  • Must be in writing and signed by both parties

  • Include W-9s, liability proof, draw schedules, change order process, and lien waivers

  • Your SOW becomes a contract addendum

• Rehab Management:

  • Visit the site 2+ times weekly

  • Use a Project Tracker to monitor progress and determine draw releases

  • Communicate early about any issues or deviations from SOW

  • Address Change Orders in writing and update timeline and costs accordingly

• Maintain a Productive Job Site:

  • Foster respect and cooperation with contractors and subs

  • Recognize hard work (e.g., “Pizza Friday” tradition to reward crews)

• Project Wrap-Up:

  • Conduct a final walkthrough with a punch list (blue tape method)

  • Schedule professional cleaning

  • Hold back final payment until work is fully completed and lien waivers are received

  • Use a Financial Tracker to organize all costs and assess profit

  • Provide final documentation to your accountant

Key Takeaways:

• A successful rehab depends on clarity, communication, and systems.

• Use contracts and trackers to stay organized and in control.

• Respect and reward your crew—it pays off in quality work.

• Keep your eye on the exit: every decision should support your overall investment goals.