Dreaming about rehabbing a house in Idaho Falls? 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 Idaho Falls to help you get on track and stay on track for a successful rehab!
According to the TV shows, rehabbing is a great way to get rich quick. 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 Idaho Falls to ensure you stay on track.
7 Basic Steps To Take When Investing In A Rehab In Idaho Falls
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 a Property
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. Create a Written Plan & Budget
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. Acquisition
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. Demolition
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. Don’t go crazy! The success or failure of a rehab project starts with the demo. Tear out too much and your budget may be blown. Tear out too little and you may cause your project to take way longer as you work around areas that you’ll end up tearing out later.
Step 5. Construction
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. Clean, Prep & Stage
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 light switch can impact the sale) and planting flowers to make the house look nice on the outside. Don’t underestimate the power of decorations and furnishings when trying to sell a home for top dollar.
Step 7. Disposition
Disposition is a fancy word for sales. 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.
Summary
That’s rehabbing in a nutshell! A simple checklist of the 7 basic steps to take when investing in a rehab in Idaho Falls to ensure that you quickly and efficiently complete your rehab and make money off of it.