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The Three Rules of Renos and Repairs

You can have it cheap, good or on time. If you’re good, you can maybe have two out of three. You cannot have all three.

Cheap and Good – This will take a long time and you’ll likely end up doing most of the work yourself (assuming you’ve got some skills or like learning)

Cheap and On-time – You’ll get the suite filled, but usually for less rent or less resale, and you’ll have more complaints and more deferred maintenance.

Good and On-Time – It’ll be great, you’ll get things moving but it’ll cost a couple bucks.

I’m a fan of #1 and #3. I’ve seen to much crap and way too many management problems with #2. It’s just not worth what you save.

And don’t expect to get all three. It’s nice when it does happen, but it’s usually only one project in five or ten when you have solid relationships with your contractors and are working with quality properties.

Photo from Lenore M

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    { 1 comment… add one }
    • Andrew MacDonald August 11, 2010, 8:07 am

      In the world of motorsports I learned the saying “fast, reliable, cheap – choose 2” so its interesting to see the real estate parallel. I suppose the same 3 words work even when it comes to selecting contractors but I like the way you’ve put it better.

      Its also handy to have trades who you know fit the bill for either description #1 or #3 depending on your time-line.

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