40. Renovation 101 with Van Sturgeon

Westside Investors Network

ABOUT VAN STURGEON

Van Sturgeon is an experienced entrepreneur of over 30 years who has successfully created several businesses in the real estate industry, that cover areas of land acquisition, development, construction and renovation. Van personally owns over 1,000 properties across North America, and is semi-retired from the day-to-day operations of his businesses.

THIS TOPIC IN A NUTSHELL:

[01:07] Van’s career background

[03:50] Transition from tenants to the landlord

[05:15] How he got into renovation and rehab

[06:24] External Factors that affected the vacancy rates in the late 70s

[09:50] His take on Inflation and Interest rates

[14:00] Why you should invest in real estate amidst rising interest rates

[17:30] Fundamental skillset of a successful investor

[19:05] Romanticizing DIY renovation

[20:35] Act as your own general contractor

[22:03] How to come up with the right budget

[24:20] Scope of work document: a crucial step in the rehab process

[29:12] What is inside the detailed Scope of Work?

[33:48] Biggest pains as a general contractor

[35:40] Setting milestones and scheduled payment structure

[38:10] Responsibility of contractors in handling materials

[40:50] Easy wins for novice investors

[42:06] Advice to his 25-year-old self

[45:15] First Entrepreneurial Endeavor

[45:40] Formal and Informal training that shaped his journey

[50:10] Biggest mistake and what did he learn from it

[55:20] Best way to reach out to Van

KEY QUOTES:

[19:00] Unfortunately, Hollywood romanticizes the whole DIY thing where you buy a property and 30 minutes later, you have this beautiful property that you made hundreds of thousands to profit on. We all know that it isn’t the case, it requires much more than that.

[25:18] You need to nail down the scope of work, once you have that, it's amazing how things flow beautifully from that process. It's like trying to bake a cake without a recipe. You can buy all the ingredients but if you don't have a recipe to follow, then you're not getting far from baking a good cake.

[35:35] You should always structure your payment schedules when certain milestones of that project were reached. If you were able to do that, you keep those individuals working. Money is a critical element to make sure that contractors do their job.

[43:25] Real estate is a long game. It's not a wham bam thank you, mam. It requires a lot of time, effort, and patience associated with trying to get you from where you are today to where you want to be tomorrow.

SUMMARY OF BUSINESS

VAN STURGEON One-on-one Coaching & Mentorship Program provides expert and up to date renovation advice and information for all house renovations across North America. You will have access to experts in design and renovation, and you will gain the confidence and knowledge to handle your very own house renovation.

ABOUT THE WESTSIDE INVESTORS NETWORK

The Westside Investors Network, is your community for investing knowledge for growth. For real estate professionals by real estate professionals. This show is focused on the next step in your career... investing, for those starting with nothing to multifamily syndication.

The Westside Investors Network strives to bring knowledge and education to the real estate professional that is seeking to gain more freedom in their life. The host's AJ and Chris Shepard, are committed to sharing the wealth of knowledge that they have gained throughout the years to allow others the opportunity to learn and grow in their investing. They own Uptown Properties, a successful Property Management and Brokerage Company. If you are interested in Property Management in the Portland Metro or Bend Metro Areas, please visit www.uptownpm.com. If you are interested in investing in multifamily syndication, please visit www.uptownsyndication.com.

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CONNECT WITH VAN:

Email: [e-mail]

Website: https://vansturgeon.com/

Socials:

LinkedIn: https://www.linkedin.com/in/van-sturgeon-029018200/

Facebook: https://www.facebook.com/RealVanSturgeon

Instagram: https://www.instagram.com/vansturgeon/

CONNECT WITH US

For more information about investing with AJ and Chris:

· Uptown Syndication | https://www.uptownsyndication.com/

· LinkedIn | https://www.linkedin.com/company/71673294/admin/

For information on Portland Property Management:

· Uptown Properties | http://www.uptownpm.com

· Youtube | @UptownProperties

Westside Investors Network

· Website | https://www.westsideinvestorsnetwork.com/

· Twitter | https://twitter.com/WIN_pdx

· Instagram | @westsideinvestorsnetwork

· LinkedIn | https://www.linkedin.com/groups/13949165/

· Facebook |