Want help in knowing how to rehab your new real estate investment quickly and inexpensively?
Keep a cooler full of soda and bottled water in the back of your truck or trunk of your car. When you are canvassing a neighborhood or driving to look at a property, and you spy a service truck (electrical, plumbing, air conditioning) pull over and offer the guy something to drink. Then tell him what you do, where you’re going, and ask for his card.
Once you’ve looked at the property, and if you need work done, call the guy and ask if he does any work on the side. Most do. Get him to drop by and give you an estimate.
Ask him the question: WHAT WOULD YOU DO IF YOU WERE ME?
This puts him in a position of thinking about spending his money instead of yours. Now, the two of you are working together to solve a problem.
Of course, as a smart REI, you’re going to get more than one quote, but by giving the service guy a drink, he’s going to feel obligated to give you a deal. Not always, and some may refuse. After all, you are some crazy investor stopping on the side of the road while he’s working, but if you develop a relationship with a specialization guy, like an electrician, or plumber, they can come to your rescue later on down the road if an emergency pops up. Just try it.
10 STEP HOME REHAB
Okay, you’ve found the house, the offer is accepted, and it’s time to get to work. Here’s a simple checklist for every house you are rehabbing.
1. Check the roof. Not just the shingles but the decking. Replace as needed. (this should always be calculated in your offer)
2. Check the foundation. Shore it up if needed.
3. Check the Heating and Air. If you don’t have Central Heat and Air, now is a good time to add the ductwork.
4. PAINT. Use a high quality paint, and have your guy blast it inside and out.
5. FLOORS- tile now, and set up hardwood or carpet.
6. KITCHEN- Install cabinets and appliances
7. BATH- tile wall and fixtures
8. LANDSCAPE- sod, mulch and prepare
9. TOUCH UP- add new hardware, light plates, fixtures, all of the little touches
10. CLEAN UP – spit shine and polish everything and make it look brand new. You can also stage now, to prepare to sell.
That’s it. A simple ten step checklist you can use over and over again to get in, fix up, and get out of your real estate investments fast. The faster you move, the more profit you can make.
Keep a cooler full of soda and bottled water in the back of your truck or trunk of your car. When you are canvassing a neighborhood or driving to look at a property, and you spy a service truck (electrical, plumbing, air conditioning) pull over and offer the guy something to drink. Then tell him what you do, where you’re going, and ask for his card.
Once you’ve looked at the property, and if you need work done, call the guy and ask if he does any work on the side. Most do. Get him to drop by and give you an estimate.
Ask him the question: WHAT WOULD YOU DO IF YOU WERE ME?
This puts him in a position of thinking about spending his money instead of yours. Now, the two of you are working together to solve a problem.
Of course, as a smart REI, you’re going to get more than one quote, but by giving the service guy a drink, he’s going to feel obligated to give you a deal. Not always, and some may refuse. After all, you are some crazy investor stopping on the side of the road while he’s working, but if you develop a relationship with a specialization guy, like an electrician, or plumber, they can come to your rescue later on down the road if an emergency pops up. Just try it.
10 STEP HOME REHAB
Okay, you’ve found the house, the offer is accepted, and it’s time to get to work. Here’s a simple checklist for every house you are rehabbing.
1. Check the roof. Not just the shingles but the decking. Replace as needed. (this should always be calculated in your offer)
2. Check the foundation. Shore it up if needed.
3. Check the Heating and Air. If you don’t have Central Heat and Air, now is a good time to add the ductwork.
4. PAINT. Use a high quality paint, and have your guy blast it inside and out.
5. FLOORS- tile now, and set up hardwood or carpet.
6. KITCHEN- Install cabinets and appliances
7. BATH- tile wall and fixtures
8. LANDSCAPE- sod, mulch and prepare
9. TOUCH UP- add new hardware, light plates, fixtures, all of the little touches
10. CLEAN UP – spit shine and polish everything and make it look brand new. You can also stage now, to prepare to sell.
That’s it. A simple ten step checklist you can use over and over again to get in, fix up, and get out of your real estate investments fast. The faster you move, the more profit you can make.
1 comment:
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