What's Your Checklist for Success?

[Julia Jordan]

5 Steps to Rehab Profits

1. 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. 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. 3.Close and Purchase
   1. Home inspection, termite inspection
   2. Title and hazard insurance
   3. Settlement statement
   4. Run the closing checklist
4. 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. 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