Steps to my first deal...time for action
I am about to go from the initial research/education phase of my Rehabbing career into the take action phase but want to get some feedback from the experienced folks on here. I wrote down my steps to begin so that I can visualize the process. I have already found a couple homes I am interested in that meet my requirements. Also I will be using a Fannie Mae Homestyle Renovation Loan if that is pertinent as I am not at a point to pay cash just yet.
1. Compare comps to get ~ARV
2. Do my walk through/rough estimate of rehab cost
3. Run numbers to see if my desired margin is possible
4. Make offer with inspection contingency (attempting to leave myself an out if my rough estimate is
WAY off)
5. Have home inspection done
6. Have GCs give quote on rehab (use home inspection as a base for SOW)
7. Run the numbers to verify this should be a profitable venture
8. Make decision - Go or No Go?!