All Forum Posts by: Julia Jordan

Yes indeed!

We enjoyed being at Jonathan (J.) Benoit’s meet up in Birmingham last night! Have a drink, talk real estate, and grow your net work! Networking is so great…learn, share and grow!

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

Your relationships are everything! Whether it be with other investors, contractors or lenders, the key to success in real estate is to acquire and maintain long-term relationships with other people in the industry doing business. If you are known as a person of integrity and have a strong network of successful people on your team, success will follow!  

Your relationships are everything! Whether it be with other investors, contractors or lenders, the key to success in real estate is to acquire and maintain long-term relationships with other people in the industry doing business. If you are known as a person of integrity and have a strong network of successful people on your team, success will follow!

True!

Thank you for the replies y'all!  The purpose of my post was to open a discussion and also a thought idea that some investors might not have thought of as an option.  When I first became a real estate investor, I did not have a "bank of cash" to take down a deal quickly that would provide great revenue for my business.  Sure, it might cost more, but I always figured the cost of the money into the offer so it was a win for all! Keep it going!