Hudson Valley REIA’s August In-Person Meeting brought investors and local industry professionals together for a different kind of conversation—one focused on what happens after an investor purchases the property and the renovation begins.
Our August meeting, The PROS Roundtable: From Scope to Completion, focused on the inner workings of planning and managing a renovation for a rental property or fix-and-flip.
Rather than having one traditional guest speaker, we brought together experienced local professionals from several important areas of the renovation process.
The goal was simple:
Put investors and the professionals who perform the work in the same room and have a real conversation about how renovation projects actually come together.
A Real Property. A Real Exercise.
One of the highlights of the evening was our interactive Scope of Work exercise.
We selected an actual Hudson Valley property currently on the market and used it as our case study for the night.
For the purpose of the exercise, we assumed that the property had already been walked and that the major conditions had been identified. That allowed the group to move beyond the inspection stage and tackle a question every investor eventually faces:
Now that we know what the property needs, how do we organize the renovation?
Each attendee received a simplified Scope of Work worksheet.
Together, the investors and PROS discussed:
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What work should be completed first
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How to separate necessary repairs from cosmetic improvements
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How to organize work by trade
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When the electrician, contractor, painter, and cabinet supplier should become involved
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What decisions need to be made before work begins
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How one trade can affect another
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Where investors commonly experience delays or unexpected costs
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What should be handled differently on a rental versus a flip
The Investors Became Part of the Conversation
The Scope of Work exercise quickly became one of the most interactive and well-received portions of the meeting.
Instead of simply listening to a presentation, investors were able to participate in the scenario, ask the PROS questions, compare their own experiences, and discuss how they would approach the property.
That interaction was exactly what we hoped to accomplish with the roundtable format.
Experienced investors were able to share situations they had encountered on previous projects, while newer investors were able to hear directly from professionals about how a project should be approached before demolition or construction begins.
The discussion also demonstrated something extremely important:
A renovation is not simply a collection of individual contractors. It is a sequence of decisions, trades, materials, scheduling, and communication.
Understanding how those pieces work together can make an enormous difference in the success of an investment project.
Meet the PROS
We were grateful to have the following professionals join us and share their real-world experience with our investor community.
Bill Byrne
Bill B's Painting Services Inc.
6 Natchu Ct.
Salisbury Mills, NY 12577
Bill shared insight into the importance of proper preparation, timing, finish work, and how painting fits into the overall renovation schedule.
GOElectric
Email: service@goelectricny.com
Phone: (845) 713-0070
1824 Rt 52
Walden, NY 12586
GOElectric helped investors better understand electrical planning, sequencing, safety considerations, and why electrical decisions should be made early in the renovation process.
Mr. Steve Louisma
Louisma Maintenance Services Inc.
6 Terpak Ct.
Garnerville, NY 10923
Website: www.lmsgcs.com
Steve contributed the contractor and project-management perspective, including how to organize a renovation, coordinate trades, identify priorities, and keep a project moving from scope to completion.
Wayne Burgess
Wayne’s Way Wholesale Cabinets
1829 South Road
Wappingers Falls, NY 12590
Call/Text: 978-304-7527
Email: wayneswaycabinets@gmail.com
Wayne shared valuable insight into cabinet planning, measurements, ordering, lead times, kitchen layout considerations, and the importance of making the right decisions before materials are ordered.
Learning From the PROS
Throughout the evening, our professionals shared practical observations from the field.
The conversation covered subjects such as developing a clear Scope of Work, ordering materials at the correct time, coordinating the different trades, avoiding unnecessary changes once construction begins, and understanding the difference between improving a property and over-improving it.
Investors were also encouraged to ask questions based on their own renovations and experiences.
The result was an open, collaborative discussion rather than a traditional classroom-style presentation.
More Than Networking
Our monthly meetings are always an opportunity to meet other Hudson Valley investors and build relationships with professionals who can become part of an investing team.
But this meeting demonstrated another important benefit of bringing the investor community together:
We can learn from one another’s experiences.
The investor may understand the numbers and the investment strategy.
The contractor understands construction and sequencing.
The electrician sees issues that other trades may not.
The painter understands preparation and finishes.
The cabinet professional understands measurements, ordering, and lead times.
When everyone participates in the same conversation, the entire room benefits.
Thank You to Our PROS and Investor Community
Hudson Valley REIA would like to thank all of the professionals who participated in our August roundtable and generously shared their experience with the group.
We also want to thank all of the investors who attended, asked questions, participated in the Scope of Work exercise, and helped make the evening such an engaging discussion.
The success of the meeting reinforced exactly what HV-REIA is about:
Network. Learn. Connect. Grow.
We look forward to continuing to create monthly meetings where Hudson Valley investors can build relationships, learn practical real estate skills, and connect directly with the professionals who help make successful projects possible.
We hope to see you at our next Hudson Valley REIA In-Person Meeting!