Play by play steps to rehabbing

Rehabbing, Fix and Flip, Rental Properties
1

Soooo,

Lets say you find a house hat looks like it has the potential to be a fixer upper. What are the step by step things you would go about, to negoiate with the seller/realtor, what are you saying to the lender to obtain financing (obivious you are re-selling it within 2-3 months), how do you obtain the numbers for the lender, once you obtain financing, then what, how do you remarket the house for sale (use a realtor?), once you close, how are taxes into play.

Basically step 1, step 2, step 3, I tell them this, I tell them that, and any good/bad experiences.

I have a long term rental, but looking at ways to branch out and make additional $ for more rentals.

Thank you all in advance.

AKwldlndfirefghtr

2

Well the first step is to think about getting out of the deal. An EXIT Strategy is the most important part of the deal. Start at the end first to see if you can make any money.

Step One
Would be to find out the ARV (After Repaired Value). This is what it will probably sell for also. ask the realtor to give you some comps in a 1/2 mile radius.

RJ

3

I suggest you go through the articles on Steve’s link first. Most all of your questions are answered here:
http://www.flippinghomes.com/articles/

4

or here, 8)
http://www.reiclub.com/authors/Steve%20Cook.html