5 Steps to Rehab Profits • 1.Find a great dealInterview contractors, find a great oneInterview selling agents, who is best in the area of your rehab?Driving for dollars – resource?Direct marketing – resource?Working with wholesalersFinding leads at REIA’sGetting referrals • Interview contractors, find a great one • Interview selling agents, who is best in the area of your rehab? • Driving for dollars – resource? • Direct marketing – resource? • Working with wholesalers • Finding leads at REIA’s • Getting referrals • 2.Prepare to make offerChecking local regulationsRental or retail areaDays on marketHow nice should it be (trim level)?Know the ARVKnow the max offerIdentify funding sourceHow to write a purchase contractMaking the offerRun the Make Offer checklist • Checking local regulations • Rental or retail area • Days on market • How nice should it be (trim level)? • Know the ARV • Know the max offer • Identify funding source • How to write a purchase contract • Making the offer • Run the Make Offer checklist • 3.Close and PurchaseHome inspection, termite inspectionTitle and hazard insuranceSettlement statementRun the closing checklist • Home inspection, termite inspection • Title and hazard insurance • Settlement statement • Run the closing checklist • 4.Manage the ProjectSet a completion date that everyone is committed toPut the rehab steps in orderNote the week by week work on a project calendarCalculate the project cost per dayBe onsite daily or get daily update from contractor (keeping on schedule) • Set a completion date that everyone is committed to • Put the rehab steps in order • Note the week by week work on a project calendar • Calculate the project cost per day • Be onsite daily or get daily update from contractor (keeping on schedule) • 5.Sell for a ProfitDecide on need for stagingSet list price. Best looking house at the best price!Copy of post-rehab inspection summary at propertyGet feedback from your agent after each showing. Require them to get feedback from other agents that show.Negotiate sales price and terms • Decide on need for staging • Set list price. Best looking house at the best price! • Copy of post-rehab inspection summary at property • Get feedback from your agent after each showing. Require them to get feedback from other agents that show. • Negotiate sales price and terms • Interview contractors, find a great one • Interview selling agents, who is best in the area of your rehab? • Driving for dollars – resource? • Direct marketing – resource? • Working with wholesalers • Finding leads at REIA’s • Getting referrals • Checking local regulations • Rental or retail area • Days on market • How nice should it be (trim level)? • Know the ARV • Know the max offer • Identify funding source • How to write a purchase contract • Making the offer • Run the Make Offer checklist • Home inspection, termite inspection • Title and hazard insurance • Settlement statement • Run the closing checklist • Set a completion date that everyone is committed to • Put the rehab steps in order • Note the week by week work on a project calendar • Calculate the project cost per day • Be onsite daily or get daily update from contractor (keeping on schedule) • Decide on need for staging • Set list price. Best looking house at the best price! • Copy of post-rehab inspection summary at property • Get feedback from your agent after each showing. Require them to get feedback from other agents that show. • Negotiate sales price and terms

Julia JordanPoster

What's Your Checklist for Success?

Julia JordanPoster

Posted April 24, 2023 09:58

5 Steps to Rehab Profits

1.Find a great deal
1. Interview contractors, find a great one
2. Interview selling agents, who is best in the area of your rehab?
3. Driving for dollars – resource?
4. Direct marketing – resource?
5. Working with wholesalers
6. Finding leads at REIA's
7. Getting referrals
2.Prepare to make offer
1. Checking local regulations
2. Rental or retail area
3. Days on market
4. How nice should it be (trim level)?
5. Know the ARV
6. Know the max offer
7. Identify funding source
8. How to write a purchase contract
9. Making the offer
10. Run the Make Offer checklist
3.Close and Purchase
1. Home inspection, termite inspection
2. Title and hazard insurance
3. Settlement statement
4. Run the closing checklist
4.Manage the Project
1. Set a completion date that everyone is committed to
2. Put the rehab steps in order
3. Note the week by week work on a project calendar
4. Calculate the project cost per day
5. Be onsite daily or get daily update from contractor (keeping on schedule)
5.Sell for a Profit
1. Decide on need for staging
2. Set list price. Best looking house at the best price!
3. Copy of post-rehab inspection summary at property
4. Get feedback from your agent after each showing. Require them to get feedback from other agents that show.
5. Negotiate sales price and terms