Thinking about rehabbing a house in Long Island? Rehabbing can be a lot of fun and a great way to make money but it can also be a huge hassle and expense if you don’t know what you’re doing. In this blog post, we’re sharing the 7 basic steps to take when investing in a rehab in Long Island to help you get on track and stay on track for a successful rehab!
Rehabbing. According to the TV shows, it’s a great way to make money. But what those TV shows don’t reveal is just how much work and challenge it can be, and how badly things can go if you move off your plan and budget. To help you, here’s a checklist of 7 basic steps to take when investing in a rehab in Long Island to ensure you stay on track.
7 Basic Steps To Take When Investing In A Rehab In Long Island
Note: The following steps are not sequential but they tend to overlap. That means, in most cases, you’ll probably start the next step before the finish he last step.
Step #1. Find
Start by finding a great property that makes sense for you. Expect to look at many properties, to create a short-list of a several, and then to make offers on a few in order to get one.
Step #2. Plan
Once you’ve found a property that seems to make sense, build a plan and a budget to make sure you have the time, money, and team to help you.
Step #3. Acquire
Acquire the property. This can happen in a few different ways, depending on how you want to structure your deal. Ultimately you need to get the property under your control so you can go in and start to work.
Step #4. Demo
Safely demo the property by tearing out anything that you don’t want in the property. This often includes removing old carpets, damaged cabinets, and trash.
Step #5. Fix
Quickly and efficiently fix up the property. This can be a challenging step if you have a lot of teams working at the same time but the sooner you get this done, the better. Stay safe, though!
Step #6. Prep
Once the property is fixed up, you need to get ready to sell it but to help you sell it you need to get it ready. That means: give it a thorough cleaning, walk through the house to make sure everything is done (even a missing lightswitch can impact the sale) and planting flowers to make the house look nice on the outside.
Step #7. Sell
Market the property aggressively to get as many potential buyers as possible to look at your house. The more buyers walking through your property, the faster you can sell at a higher price.
There you have it! A simple checklist of the 7 basic steps to take when investing in a rehab in Long Island to ensure that you quickly and efficiently complete your rehab and make money off of it.