Whether you're flipping a single-family home or managing thousands of units, renovations are often the most chaotic part of the process. Investors face repeated frustrations:
The speaker behind this system shares a key principle:
“You can’t control the market, but you can control your renovation.”
In this episode of the DealMachine Real Estate Investing Podcast, Bobby Triplett breaks down real-world strategies for managing renovations faster and smarter. Want the full interview? Watch the episode below:
Bobby Triplett outlines three primary renovation management models, each with benefits and risks.
This DIY model is often the cheapest option upfront, but it comes at a steep cost in time, stress, and scalability.
Owners must juggle:
Best for small portfolios or learning the ropes. Risk of burnout, disorganization, and slow project cycles.
Bringing on a dedicated Project Manager can bring order and consistency, but only if deal flow supports the cost.
Challenges include:
Frees up owner time and improves coordination. Not cost-effective if volume is inconsistent.
Bobby advocates for building true partnerships with renovation firms, especially when scaling.
A real partner:
This model creates consistency, protects timelines, and allows investors to focus on acquisitions and dispositions without micromanaging crews.
One of the biggest mistakes in real estate renovation is chasing the wrong metric, like staying under budget at all costs.
"If your goal is to be under budget, you'll hit it, and sacrifice quality, value, and even timelines."
Bobby shares a story about choosing laminate over quartz countertops to save money. It backfired, lowering resale value and frustrating the dispositions team.
What to define before work begins:
“If it’s a mist in the pulpit, it’s a fog in the pews.” "If leaders aren’t clear, the team will make their own guesses, and that creates friction, delays, and mismatched outcomes."
Every renovation project pulls on three levers:
Bobby is clear: you only get two.
Want it Fast + Quality? Expect higher costs.
Want it Cheap + Fast? Quality will drop.
Want it Cheap + Quality? The timeline will stretch.
His focus? Speed.
"Speed is what I can control. It protects cash flow, reduces holding costs, and limits mid-project surprises."
Bobby’s team uses a proprietary KPI: DPT — Days Per Thousand (dollars spent).
This metric helps standardize expectations and bonus structures.
DPT Formula:
Project Budget ($) × DPT Target = Ideal Renovation Days
Example:
Why DPT works:
“If you don’t hit your DPT target, you don’t get the bonus, no matter how many houses you finished.”
Photos can lie. Texts can mislead. Timelines slip quietly when no one’s on-site.
The speaker insists on:
Results:
“The only way for someone to have my best interest in mind, financially and in quality, is if they’re my people, on my dollar.”
Look for firms that offer:
How do I avoid delays during a property renovation?
Use a clear scope of work, track progress with a DPT metric, and partner with contractors who have on-site W-2 staff.
What’s the best renovation timeline tracking system?
Days Per Thousand (DPT) measures how many days are spent per $1,000 of scope, creating consistent and scalable targets.
What should I define before a renovation starts?
Define your “win” clearly: finish level, comps, timeline, scope, acceptable variance, and target price.
Why is a strategic renovation partner better than hiring a GC?
Partners bring transparency, consistent quality, and shared responsibility, whereas traditional GCs may only focus on task completion.
How do renovation partnerships reduce holding costs?
By prioritizing speed, reducing errors, and improving coordination, strategic partners help minimize days on market and carrying costs.
Real estate renovations can either eat your margins or fuel your growth, depending on how you manage them.
Instead of reacting to chaos:
“You can’t predict interest rates or comps. But you can control your renovation."