Rehab

[Raj Parwani]

I am thinking about rehabbing properties, but I not sure what would be harder : wholesaling or rehabbing . I work fill time and seems that rehabbing and keeping an eye on the contractors might be a tough job .Any advise?

[Daniel Francis]

Why limit yourself to a single strategy?  If you plan to do any kind of marketing for this property, you'll find that you get sellers of all flavors, and the solution or exit strategy can be just as varied.

Not too long about, we had six seller appointments in one day.  Because we could offer anything and were flexible, we came out with six contracts.  I did a rehab on one, wholesaled another, listed 2 traditionally and listed 2 as short sales.

We closed them all... but not the way we thought.  One of the traditional listings canceled.  But after about 8 months called back.  When we went back out there, the neighborhood had seen a boom, and we ended up putting it under contract and wholesaling that one as well.

Why did we rehab one and end up wholesaling two?  Time, money, location, many reasons.  If you don't DECIDE on an exit strategy, market for motivated sellers, then take it case by case (and it helps if you can also offer to list the property), making money becomes so much easier.