Thinking about rehabbing a property in Milwaukee? Rehabbing can be tons of fun and a great way to make some serious cash, but it can also be an enormous hassle and excessive expenses if you don’t know what you’re doing. In this blog post, we share the 7 basic steps to take when investing in a rehab in Milwaukee….. to help you get on track and stay on track for a successful rehab!
Rehabbing a property is a great way to make money. Every day millions of people watch those popular TV shows for more ideas to use in their own projects….. But what those TV shows don’t reveal is just how much work and challenge it can be, as well as how badly things can go if you move off your plan and budget. To assist you, here’s a checklist of 7 basic steps to take when investing in a rehab in Milwaukee to ensure you stay on track.
7 Basic Steps To Take When Investing In A Rehab In Milwaukee
Note: The following steps are not sequential but they tend to overlap sometimes. That means, in most cases, you’ll probably start the next step before the finish he last step.
Step #1. Find A Great Deal
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 Each Step
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 The Property
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 The Property
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 and Remodel
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 the Property
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 To Homeowner or Investor
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 Milwaukee to ensure that you quickly and efficiently complete your rehab and make money off of it.