First Rehabb Project

[Lisa C.]

I just recently located a property that has fire, water and other damage. Its close by a college so it would be a great rental property.  However I want to know what is my next step? Do I go look at the property with an contractor to get an estimate once I received the estimates do I then go to a lender to get the funds to begin?

[Michael Volek]

@Lisa C. you're on the right track with the books. I liken reading them to having the world's best mentors teaching me invaluable lessons one-on-one. 

When it comes time to speak with the sellers, you may have to flex some negotiating muscles. I won't recommend a book here, instead you can check out episode #260(?) of the BP podcast with guest Chris Voss. He was a hostage negotiator for the FBI. This episode is chock full of relevant negotiating tactics you can use to help you acquire this deal. It's solid gold. 

Anyway, good luck and I hope to hear more about your adventure. Take care.