During this segment of HyperFast Wealth, hosts Dan Lesniak and Sunil Saxena provide a status update on their current investment renovation, live from the property. Learn how the process is going, and why you should always be anticipating the next steps to minimize delays.
Episode Highlights:
- Dan and Sunil are onsite of their current renovation project, and provide updates on the status.
- Sunil details the permitting and inspection process of the renovation, as well as the remaining sitework that needs to be done.
- Sunil explains where delays may come from, and how they can impact renovation projects.
- Sunil breaks out his projects into five phases. You should be anticipating, and preparing for, the needs of the next 2-3 phases.
- Ordering windows is a step that often holds a project up. Ordering them in advance of when they will be installed, can minimize any disruption.
- Taking occupancy is another step that can increase the project timeline. Sunil suggests making an occupancy checklist as far in advance as possible, in order to prepare for any issues or time delays.
- Anticipating the next steps helps to minimize delays, and complete your project faster.
3 Key Points:
1. Site inspections and permitting happen throughout the renovation process; they aren’t just limited to the beginning stages.
2. Delays can be a common occurrence in renovation projects.
3. Anticipating, and preparing for, the next steps of the project can minimize delays.
Tweetable Quotes:
- “It’s a lot more involved, because of the planning side, than most people might think” - Dan Lesniak
- “Usually the delays are some sort of governmental agency slowing you down.” - Sunil Saxena
- “It’s just checks and balances along the way that we have to make sure things are being done properly.” - Sunil Saxena
- “Even though we’re in phase one now, let’s look at phase two and three, at least a couple phases ahead, and see what’s going to be needed.” - Sunil Saxena
- “I’m looking forward to the final product, which is getting closer and closer.” - Sunil Saxena
Resources Mentioned:
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