To review, after we ran the numbers, negotiated with the bank, put a sign in the yard to advertise the property immediately, and interviewed several contractors we set up a closing with the title company (it would be wise to get a check off sheet from your lender prior to closing they always seem to require a few extra documents a the last minute which can really gunk up your closing). At the closing make sure all the numbers on the hud1 match all the numbers from the hud1 that you should have received 24-48hrs before closing. Next we switched all the utility bills into our name. We went to the property that day and hauled everything out that was left in the house so our contractors wouldn’t be delayed, if you don’t have the means to do this yourself you need to hire a cleanup crew to do it. If the house was a foreclosure there’s a good chance they will leave behind a lot of junk.

The day after closing we had the contractors in there ripping everything out that needed to be. The landscapers did the outside part while our contractor worked on the inside. This rehab project is pretty easy and did not require a lot of coordinated effort. You will need to make sure the water, electric and heat is on before your contractors start work.

The landscapers, painters, and carpet contractors we paid upon completion and inspection of the work. The general contractor doing all the rest of the rehab we paid in draws. I had schedule times to check the progress of our work schedule that we had laid out for the contractor. We also had penalties in place if the contractor ran over the time line.

Finally make sure your real estate agent has the property on the market immediately, starting at the end of the rehab.

Page 2 of 2 :: First | Last :: Prev | 1 2 | Next