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REHABBING

REHABBING. STEP 1- Find the Property. What to look for. Motivated Sellers & No War Zones MLS REO’s Estate Sales Fire Damaged Corporate Owned Fell out of Contract Unique Homes. What to stay away from. Disqualified Small Bedrooms with no potential

Thomas
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REHABBING

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  1. REHABBING

  2. STEP 1- Find the Property What to look for • Motivated Sellers & No War Zones • MLS • REO’s • Estate Sales • Fire Damaged • Corporate Owned • Fell out of Contract • Unique Homes

  3. What to stay away from • Disqualified • Small Bedrooms with no potential • Small Kitchen with no potential (open layout) • No potential for ½ bath on 1st floor • No master bathroom potential • 2 bedrooms or less w no potential • U/G Oil Tank • Major Structural Damage

  4. Getting your offer accepted • Contractor Bids • Go Direct or Waive Commission • Credibility Packet • Proof of Funds • Quick Closing

  5. Contractor Qualifications • Licensed and Insured • Pulls Permits • Keep the job clean- (less liability) • Give you a detailed scope of work with a breakdown • Must have workers comp (proof) • Willing to sign W9 and get paid with a check

  6. Independent Contractor Agreement Scope of Work (DETAILS) Payment Schedule Insurance Indemnification Form W-9 Final Lien Waiver Change Orders POI and Workers Comp information Contract Signing“8 Critical Documents”

  7. LEAD BASED PAINT • njworkforce.org/epa.html • Make sure contractor is reg. w county

  8. Document every Stage of the Rehab • Systems- Improve every time • Social Proof- Facebook, Blog, Newsletter (Pictures, Videos, Docs) • Raising Private Money • Portfolio/Resume (JV’s, wholesalers) • Show bidding contractors • Get testimonials from Private Investors, Contractors, Agents, Buyers, Attorney • Adds a lot of credibility

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