Demo To Dollars
Demo to Dollars is your go-to podcast for real-world, how-to strategies for flipping houses, delivered in fast, focused, no-fluff episodes you can actually use.
Hosted by Ed Mathews, real estate investor and President of Clark St Academy, this show cuts through the noise to give you the exact tactics Ed and his team use in their flipping business every day.
No theories. No hype. No gatekeeping.
Just practical lessons to help you find deals, estimate rehabs, raise capital, and close flips like a pro.
Whether you’re working a full-time job, starting from scratch, or scaling your operation, each episode gives you one actionable insight to move your business forward in 5 minutes or less.
Think of it as your daily blueprint for building wealth, one flip at a time.
Demo To Dollars
Stop Bleeding Money on Surprise Expenses
A comprehensive scope of work is the essential blueprint that prevents budget overruns and project delays in house flipping, functioning as your insurance policy against chaos and surprise expenses.
• Scope of work lists every component you'll fix, upgrade or replace before work begins
• Your budget and scope of work are married - without detailed scope, your budget is just a guess
• Missing critical evaluations like electrical panels can cost thousands in unexpected expenses
• Walking properties systematically forces you to examine all 25 major components
• Vague contractor instructions ("update the kitchen") can lead to $10,000+ budget overruns
• Without a scope, six-week projects drag into months while holding costs eat profits
• Create your scope before closing by using a component-by-component, room-by-room checklist
• Beginners should start with light rehabs (paint, flooring, fixtures) for simpler scopes
• Detailed scopes allow for true apples-to-apples comparison between contractor bids
• A written scope eliminates arguments about what was supposed to be done
Catch us on YouTube for more breakdowns and tools we use in our own flips. Follow us wherever you get your podcasts so you never miss a show.
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Without a scope, everything becomes a surprise. That adds time and cost Suddenly that six-week rehab drags to three months and holding costs eat you alive.
Speaker 2:Ever had a contractor send you a bill that's double what you expected and that's what happens when you skip the scope of work. No roadmap, no budget control. That's just chaos. Ever sat in your car scrolling through Zillow and thought man, if I just knew where to start, I could flip one of these. Yeah, we've been there too. Most people who want to flip houses never even start, not because they're lazy, but because they don't have the blueprint. Well, that changes today. If you give us five minutes, we'll give you real-world flipping strategies that actually work. No fluff, no theories, no gatekeeping, just real how-to information for you to apply today.
Speaker 1:And chaos is expensive. I've seen people walk into a flip thinking I'll just fix what looks bad. Six weeks later they're bleeding money and can't figure out why.
Speaker 2:Today we're breaking down exactly why not starting with a scope of work will absolutely kill your profits, your timelines and maybe your whole deal.
Speaker 1:And, more importantly, we'll show you how to avoid that trap so your flips run smooth and your budgets stay locked in. Let's start here. A scope of work is your blueprint for the entire project. It's the list of every single thing you're going to fix, upgrade or replace before anyone swings a hammer.
Speaker 2:Right on, jess. And here's the kicker your budget and your scope of work are married. You can't have one without the other. If you don't write out the work in detail, your budget, it's just a guess, and guessing doesn't make money.
Speaker 1:Exactly. I'll give you an example. A newbie I mentored bought a cosmetic flip. He walked the house and thought okay, paint flooring, new appliances, simple enough. But because he didn't scope it out, he missed the fact that the electrical panel was outdated. Boom, $4,000 gone.
Speaker 2:And here's the painful part. If he just listed out the 25 major components of a house roof, siding, hvac, plumbing, foundation, all of it he would have caught that. The scope forces you to look at everything systematically, not just what your eye notices. I learned that the hard way. On my second flip, I told the contractor update the kitchen. No scope, just those words. He installed custom cabinets and quartz countertops. It was beautiful, but it hosed my budget by more than $10,000. My buyers would have been just as happy with stock cabinets and granite that was on me.
Speaker 1:And let's not forget change orders. Without a scope, everything becomes a surprise. That adds time and cost Suddenly, that six-week rehab drags to three months and holding costs eat you alive.
Speaker 2:Here's the shortcut Build your scope of work before you close on the house. I use what's basically a checklist Walk the property, break it down component by component, room by room, and decide keep, repair or replace. Write it all down and then price it out.
Speaker 1:And don't overcomplicate it. Especially if you're new, start with light rehabs, paint flooring, fixtures your scope for those might be one page. As you build experience you'll get more detailed and start tackling bigger projects.
Speaker 2:Let me add one thing Having a scope also makes contractors compete on the same playing field. If you hand three contractors the same detailed scope, you can compare apples to apples. If you don't, one bids high, one bids low and you're left wondering who's ripping you off.
Speaker 1:That's huge, and it's not just about money. A scope keeps everyone accountable. When you walk the property at the end you don't argue about whether something was supposed to be done. It's in writing.
Speaker 2:Think of it this way your scope of work is your insurance policy against blown budgets and endless delays. Skip it and you're gambling with your deal.
Speaker 1:The takeaway no scope, no profit. A detailed scope of work keeps your budget real, your contractors in line and your projects on track. Okay, that's all for today's episode.
Speaker 2:This is Demo to Dollars. Your no BS flipping playbook, one tip at a time.
Speaker 1:Catch us on YouTube for more breakdowns and tools we use in our own flips.
Speaker 2:And remember chaos me a favor. Follow us wherever you get your podcasts so you never miss a show. We're grateful to be part of your journey. Now get out there and get cracking Bye for now.
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