Rehabs: The waiting game

We are in week 4 of the Kenwood house! Similar to week 3, the house is still empty. No clanging, hammers, body odor, crude jokes, or cigarette butts. I’ll tell you what’s not empty – the mailbox. It’s filled with bills! A month of holding costs and seemingly no progress. This is, of course, not true. We’re progressing – our designer is working on the new layouts and our architect is working on the as-built drawings. We got behind on this property because we had a relatively quick closing after a prior deal that was lined up fell through. So, while we would typically be having the design work completed through the closing period to hand to GC’s the day we own the property, this time around we hired the architects after closing. So, it seems very quiet – as if we’re not doing something. A primary source of stress when rehabbing is not the organized chaos of renovation, it’s the anxiety of downtime. So, here is what I do to manage the stress:

1. I check-in on the designers. Once a week. It makes me feel better to hear them say “Yep, we’re working on it and excited to show you the drawings on time.”

2. I update spreadsheets. I have a rehab analysis spreadsheet with anticipated and actual costs that is linked to specific construction costs for specific items. I have an expense spreadsheet that is categorized for tax purposes.

3. I call my bookkeeper to make sure everything is up to date. This person is also my mom which means there is automatic encouragement and family gossip following my questions.

4. I call my partner to see how his day is going.

5. Pedicures. Lots of pedicures.

6. I go sailing.

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7. I clean my desk.

8. I go to broker’s offices. I drop off breakfast treats to keep them interested in my current properties (Broker’s Open House!)

9. I do continuing education. After all, I have an appraisal and broker license to maintain and hate when I have to clear an entire week to sit in class.

10. I scroll Pinterest. Lots of property, lots of design ideas needed.

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