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Updated over 3 years ago on . Most recent reply

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Will Barnard
  • Developer
  • Santa Clarita, CA
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Will Barnard
  • Developer
  • Santa Clarita, CA
ModeratorReplied

#1 - Get educated on your local real estate market conditions which will involve looking into past data on inventory levels for last 6, 12, 24, and 36 months so you can see where your market is heading. Inventory level data should include closed sales, pending, and actives for comparisons.

#2 - Get educated on rehab numbers - learn how to properly evaluate rehab numbers which takes time and lots of practice along with a nice spreadsheet.

#3 - Get funding - You will need hard money or private money (or a combo of both). You will need to speak with a RE attorney on contracts and loan docs to ensure you protect any private money lenders you borrow from.

#4 - Get out that in the real world and take action once you have completed steps 1-3. Step 4 is completing your team - escrow, title, RE agents, contractors and sub contractors, accountant, etc.

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