Sawubona!
I know that two posts in a few hours are many, tomorrow will mean that I will rest.
I'm discovering how hive and its communities work; I could not fail to publish one of my posts with LeoFinance.io which moreover from now on for the posts regarding my book, finances and various investments I will always do!
I leave you now to the second chapter of my book, happy reading.

Chapter 2: Steps in Rehabbing Houses

The business of rehabbing real estate can offer you a lot of profit and help you take charge of your finances. However, this venture can sometimes be a complex one. Nonetheless, if you have a deep understanding of the house flipping process and what a rehabber has to do from start to finish, you will be one step closer to achieving considerable returns from your investment. Also, you will have knowledge of real estate investment that will prove vital later down the road.
In this chapter, we will be taking a more in-depth look into the steps involved in a property rehab, which will ensure your investment journey is a less complex one. As with most things you need to do, the very first step is to make preparations.

Make Preparations

To be a successful rehabber, you need to learn about numerous areas of expertise. Some of these range from:
● The costs and process involved in a real estate rehab
● Transfer of Title
● How to evaluate properties
● Marketing real estate
● Partnership tax law among a host of others
Learning all the legal, physical, and financial aspects involved in a home rehab will be of positive impact to you down the road. Knowing all of these will help you enhance profits and curb any unneeded expenditure that may arise.
You will need to learn how to do proper diligence on a property before purchase, determine all of the costs that may come up and what you will spend on the actual property rehab itself. You need to plan by understanding all of these before you need them, so you know what to expect when the time comes. This is why it is vital to learn and make all your preparations before anything else. Even if you cover this, without proper knowledge of your market before you purchase a home, you can still end up taking a loss.

Understand Your Market

You need to know and understand your market. This means understanding the enhancements that are vital for a specific neighborhood and those that will make it more distinct and appealing even before you make a purchase. By researching the market, you will understand the core areas to invest your money in, which will draw in the most prospects specific to your chosen neighborhood. Modern bathrooms and kitchens are a trendy attraction in most real estate markets. In addition, buyers are attracted when these parts of the home are well organized and fitted with the most modern finishes. Understand what works for your market, so you know where to invest when the time comes.

Develop the Scope of Work

Your scope of work is where you list out every aspect of your project, down to the minor repairs. Doing this will ensure everyone involved will know what he/she is meant to do. To successfully achieve this, you need to:
● Make a detailed budget. Categorize your renovations as Vital or Optional
● Make a cost estimate for every project. Remember that you can let go of those that are optional if it goes past your set budget
● Outline everything you have to do for the property. This includes every renovation and repair down to the smallest pieces of furniture or fixtures. Here, you can also determine those materials you can use again as opposed to purchasing new ones.
● Add a projected cost of every project. Don’t forget to plan for unforeseen expenses.
When you are through with your scope of work, make a final version which you will offer to your prospective contractors, so they know exactly what you want. After putting together your scope of work, you need to determine where your funding is going to come from.

Look for Investors or Finance

Locating funds is a major factor that stops many investors from becoming successful. For this reason, you need to determine where you will get the funds to finance your first house flip deal. So where can you locate individuals that will go on this journey with you? You can find many investors in networking events and REIA meetings, among others. Better still, you can try a hard money lender or a private lender. No matter the option you decide to go with, having a group of investors willing to finance your deal is vital to your success. Once you have sorted out your financing, the next thing you need to do is gather a team of professionals for your deal.

Get Your Team Together

To attain success, you need to keep a team of reliable professionals close by. A professional can aid in minimizing your expenses by connecting you with their networks. When you work alongside a team of professionals who know what they are doing, the house flip will be less complicated and will go more smoothly.
A general contractor is a vital addition to your team. He/she will play a considerable role during the renovation process. Next, you need an excellent realtor with the appropriate license. His access to Real Estate Owned inventory lists will be of great help to you in the long run. You will also need title agents or real estate attorneys to ensure the transfer of titles is as seamless as possible.
A rehab lending contact is also essential, particularly one who can deal with credit issues. Lastly, an accountant that can keep track of expenses and deal with taxes is also crucial.
Developing a team that can help with the process of rehab and marketing is of great significance for the short and long term success of your venture. Adding the right professionals in your network can ensure you remain on route to profit and success. After putting together a team, the next step is to find the right property to fix or rehab.

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Since the chapter is very long and having written two posts in a few hours I decided to divide it into two; even if it is practically all material taken from my manuscript as I publish it here by arranging it .... at the end of the series maybe I will also post a link where you can find the book both in paper and kindle format ... but only if I will be asked in the comments, I am not here to advertise myself but simply for the pleasure and pleasure of writing.

I hope these articles of mine can be pleasant and useful.
To the next chapter!

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