If you’re thinking about doing property rehabs, this blog post will reveal 6 things to consider when executing an investment property rehab in Long Island – these could determine whether you succeed or struggle!
Rehabbing a property is a lot of fun. But there are pitfalls you’ll face as you acquire, rehab, and sell the property. If you’re not careful, these pitfalls could hurt your chances of a successful and profitable rehab! But we are here to help with 6 things to consider when executing an investment property rehab in Long Island…
6 things to consider when executing an investment property rehab in Long Island
#1. What Do Your Buyers Want?
It’s easy to get caught up in choosing colors and selecting countertops but the most important thing to remember is that you’re ultimately rehabbing to sell, so make sure you select colors and decorations that buyers want to pay for.
#2. Speed To Sale
Where a lot of rehabbers get off track is taking their time in different areas, perhaps only working a 6 hour day and then going home, or deciding to take the weekend to think about which countertop is the best one for the house. The sooner you sell, the sooner you make money. Period.
Rehabbers need to work quickly to make money but municipal governments, who grant permits, do not tend to move very quickly. Should you keep working anyway? Should you wait until a permit comes through? We always advise that you remain compliant with local laws but this can be a challenge at times since cities can take a while to issue permits.
Your budget, once realistically set, should be set in stone and every decision should be made with the budget in mind. One area that rehabbers get off track is in making many small decisions outside of the budget. Each decision on its own might not seem like a lot but those costs add up fast!
Some rehabbers choose to rehab properties themselves and others choose to use a team. A team adds costs to your budget but can get the rehab done quicker. But it’s more complicated than that because a team can also add scheduling challenges. If you want to have a successful rehab with a team, you need to master the skill of leadership.
The sooner you sell your rehabbed property, the better. Therefore, plan to do a lot of marketing regularly to get the most eyeballs possible on your property!
Planning to rehab a property? These are 6 things to consider when executing an investment property rehab in Long Island to ensure you stay on track and increase the likelihood of success.