When you’re renovating a property—whether it’s to flip, rent out long-term, or offer as a short-term rental, such as through Airbnb—the goal is to achieve a high-quality finish, secure the relevant government permits and ensure the work is finished on time and on budget.
But getting a property finished on time, on budget and at a high caliber all depends on your renovation partners. Unless you can and want to do most of the project yourself, the providers you work with can make or break your renovation project.
It’s a hard lesson of the business that Kimo Quance, CEO of YourHomeOffer, recently learned firsthand. He is an agent and REALTOR®, real estate investor and owner of a portfolio of rental and Airbnb properties. Quance is also a proud veteran—very organized and detail-oriented.
When he lived in San Diego, he had a solid working system and partners he could rely on.
“My guys could renovate a whole property in a few short weeks or months. For big jobs, where a lot of work was needed, it would take up to two months. In most cases, it was under a month,” Quance says.
When he moved to Middle Tennessee to be with family, he confidently assumed he’d find reliable contractors to create a team similar to the one he relied on in California.
Keen to invest in properties in Tennessee, Quance bought his first renovation property to flip.
“I bought this 3-bedroom in Thompson’s Station, and I knew a lot of work was needed. I was under no illusions. It might have cost less to just knock it down and build a brand new home,” Quance says, laughing at the thought of getting permission for that from the local government.
Not knowing the area very well, he asked for a referral from a client and brought the independent contractor in to get started on the project.
Cost Overruns and Local Permit Headaches
Six long, difficult months after Quance had signed off on the renovation project, the structural essentials—HVAC, plumbing, windows, doors, electrical—weren’t even completed. Most were half or almost done, but not without issues. On top of it all, the house only had a partial roof.
“I’d already paid tens of thousands (of dollars). I was fed up. [The contractor] was constantly running behind, saying I’ll sort this out or that out,” Quance says.
Out of desperation, he asked for another referral. This person seemed more trustworthy to carry on the project, as he was recommended by a few clients and had good reviews.
Things started out well and moved forward at a better pace, but the project soon stalled and stumbled. Yet again, tomorrow became next week, and next week became next month.
“What should have been a charming 3-bedroom in Thompson’s Station on the market, long-since sold, with a healthy profit, was now a money pit. It was swallowing more and more of my time and resources,” Quance says, “And worse of all, I still couldn’t do anything with the place. It wasn’t ready to sell or rent.”
Permits still needed approving, so there was no way he could move forward. It was an overwhelming and expensive, unfinished mess of a project in which costs had spiraled out of control. Quance was worried it would never be finished. What’s more, he worried he wouldn’t recoup his investment.
Fortunately, as a REALTOR®, Quance had access to NAR REALTOR Benefits®— a perk of membership that offers a wide range of services, discounts and resources through NAR partners. One of those partnership services is through BOSSCAT Home Services for Renovations, which includes 5% off BOSSCAT’s turnkey repair and renovation services.
NAR Benefits Fill in Where Contractors Fell Short
Though deadlines lapsed and necessary permits had not been acquired, the second contractor Quance hired did finish all of the structural essentials—HVAC, plumbing, windows, doors, electrical and roof.
“But I still needed someone to do all the cosmetic stuff—kitchens, baths, flooring, paint, drywall, insulation, etc.—and that’s where BOSSCAT’s contractors in the area were able to help me,” Quance says.
BOSSCAT is the first company to digitize home inspection data for service orders, and it has a reliable network of more than 5,000 skilled tradespeople covering eight markets across the United States (so far).
Because Nashville, Tenn., is one of BOSSCAT’s service areas, the company was able to provide reliable, vetted contractors to help Quance finally get the Thompson’s Station project finished.
“I never had to worry about what stage anything was at. The team kept me updated, uploading pictures of their progress through the BOSSCAT platform,” Quance says. “Even if I couldn’t see the place on a particular day, I knew work was progressing because I was getting pictures every day.”
Quance says the difference was palpable. Before bringing BOSSCAT in on the project, he had show up to check in on progress, and nothing was moving forward. Now, he had tangible evidence that things were moving forward—a welcome change of pace.
After a few months of hard and consistent work, the Thompson's Station house was finished to a high standard and all of the permits were secured. Instead of selling, Quance listed it on Airbnb to recoup his investment dollars and the excess that was spent on the first two contractors. Short-term leasing was expected to bring in approximately $60K in annual revenues, instead of $30K on a long-term lease.
“If I’d put it up for long-term lease, I knew it would’ve taken me longer to get my money back. Selling would’ve been at a loss, so that wasn’t an option this time,” he says.
Below are the key figures on both properties he’s renovated so far in Tennessee:
| Pre-renovation purchase price | Cost of repairs and renovation using Bosscat Home Services | Post-renovation market value | Return on investment | |
| 1st property: 3-bedroom in Thompson’s Station | $240K | $106K | $525K | + 169% |
| 2nd property: School Street | $366K | $36K | $800K | + 1,106% |
Quance was so happy with BOSSCAT’s work that he enlisted the company’s help on another property, which was ready to sell soon after they’d started.
“I’m going to keep using them for every renovation from now on. It’s like having my old team back. I can trust them to get the job done, so I can get on with identifying the best properties to buy and flip, look after my property portfolio and close deals.”
