Seeking Experienced Rehabber's Advice

[Justin Morris]

I've come across what I think is a great deal and I need a experienced Rehabber's advice. If someone would be wiling to chat and offer me some insight I would be grateful. This is my first rehab and I have some knowledge just needed some experienced advice. Thanks.

[Ibrahim Hughes]

Justin I see many problems with what you've posted.

1) You're obviously new - not sure that you want to jump head first into a rehab without some hand holding. Rehabbing is VERY risky. Best to minimize the risk by partnering with a trusted and experienced rehabber and pay him 50% of the deal to help you complete this one successfully.

2) You need a team (contractor, rehabber-partner or both) to analyze the repairs AND the ARV (After repair Value, NOT AVR) to see if the numbers given to you by the wholesaler are in fact accurate.

3)You may want to work a second job or start with wholesaling first so that you can come up with enough money (10% of project costs?) to have some skin in the game. No one in their right mind will lend to someone new who has no skin in the game.

My suggestion is to forget this one or forward it to your experienced rehab-partner in exchange for learning on the job as he/she gets the deal done from start to finish. Then partner with her on the next one (you pay her 50% of the deal) as she watches and makes sure you don't lose your shirt. 2 deals in and you should be ready to do one on your own. In the meantime learn as much as you can and network on and offline. I honestly don't think you're ready to take on this project.