Things to do before you begin rehabbing a house

10 tips for rehabbing a house

Judd and Lynn of the Get Real Real-estate podcasts
The episode starts with some general info about getting the podcasts and how to keep up with the most recent episode. Then they continue with answering question from their listeners. Some of the questions are things like what types of laws are there for advertising properties in the newspaper, finding tax liens, what they consider a good profit to expense ratio on flipping a house, and etc…
The guest for this show is Janie Coffee who is a licensed contractor and a real estate broker. She is on the program to give ten top tips, no certain order, for rehabbing houses and the reasons for them.
The reasons are as follows:
1)Have a contingency clause that includes time and money, scheduling and costs
2)Find out about the sequence of inspections that will take place
3)Work with licensed and insured contractors, get proof
4)Don’t give too much of a deposit
5)Get all contracts and make payment terms up front, hold last 10 percent, if not more, until all work is complete
6)Put in deadline including penalties for late and possibly bonus for finishing early
7)Figure out your finishes before you start, floors, cabinets, paint.
8)Find out what you need permits for or make sure sub-contractors do
9)Get proof of payment for ALL payments, get receipts
10)Create a “close-out” book for buyers with all paint colors, warranties for appliances, and maybe a touch up kit for walls
These are all just basic key points of the episode, if you would like to hear the episode yourself look them up on I-tunes or check out www.getrealrei.com . They have plenty of episodes about many real estate topics.