In your toolbox, you should have a common knowledge of certain terms. These terms are thrown around as everyday phases for those in the rehab space. It does not matter the size of the project. We will work through a lot of these terms throughout this course.  These terms include how they apply as you build your first rehab project. The course glossary will cover additional terms and definitions. 

• Walk Through – an activity in which someone walks through an area, building, etc., to inspect it.: the act of going slowly through the steps of a process, job, etc., you are expected to practice doing it or to help someone on your team learn it. 
• Site plan – is an architectural plan, landscape architecture document, and a detailed engineering drawing of proposed improvements to a lot. Site plans are often prepared by a design consultant who must be a licensed engineer, architect, landscape architect or land surveyor. 
• How to develop or preform – Value engineering – this process is used to determine if the existing floor plan and the site plan makes sense (Sq. Footage, floor plan, easements). 
• Value engineering (VE) – is a systematic method to improve the “value” of goods or products and services by using an examination of function. Value, as defined, is the ratio of function to cost. Value can therefore be manipulated by either improving the function or reducing the cost. 
• How to develop a budget before submitting an offer – Values are assigned to each task (Budget/scope of work) The construction budget is the amount of money allotted for a specific building or remodeling task. Construction budgets are used to anticipate all costs and expenses of the building process. A budget is usually tracked through a form or spreadsheet. 
• Working with contractors – a person or company that undertakes a contract to provide materials or labor to perform a service or do a job. This person or company must have a state regulated license and insurance.
• Renovation – (also called remodeling) is improving a broken, damaged, or outdated structure. Renovations are typically either commercial or residential. Additionally, renovation can refer to making something new or bringing something back to life. This can apply in social contexts. 
• Realtor – a person who acts as an agent for the sale and purchase of buildings and land, a real estate agent. 
• Partnership with vendors – Lines of credit, tradesmen, and contractors 
• Line of credit – an amount of credit extended to a borrower. 
• Hard money loans – can also be referred to as bridge loans. They are short-term lending instruments that real estate investors can use to finance an investment project. This type of loan is often a tool for house flippers or real estate developers, whose goal is to renovate or develop a property, then sell it for a profit. 

There are no guarantees, but your success can be measured by the relationships you build.