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Offers clear instructions on how to buy, rehabilitate, and sell a house without losing money on contractors and bad investing decisions.
List of contents
Introduction: The Decision 1
An Overview of the Seven-Stage Rehab System Described in This Book 3
P A R T I G e t t i n g t h e R e h a b 5
1 How to Make a Profit On Your First Deal 7
Master Rehabbing Now 7
Our Biggest Obstacle 8
My Story 9
The Opportunity 12
Think Like an Investor--Not a Contractor 12
2 Never Lift a Paintbrush: Why Doing It Yourself Is the Biggest Mistake Most Rehab Investors Make 15
Where Most Investors Fail 15
The Story of How to Do Everything Wrong 15
Think Like a Business Owner, Not a Consumer 17
Value Your Time by Outsourcing MWA Activities 19
Defining a Residential Redeveloper 19
3 Finding Properties to Rehab, Professionals to Work With, and Opportunities to Explore via Network Marketing 21
The Power of Networking 22
Working with Other Investors 23
Becoming an Effective Networker 29
Perfecting the Process 31
4 Use a Stamp to Find Properties to Rehab: Direct Mail Marketing 37
Direct Mail Simplified in Three Parts 37
Send Your Mailings Consistently 38
Step 1 to a Successful Direct Mail Campaign: Determine Your Budget and Plan 39
Step 2: Identify Your Target Market and Obtain Your Lists 39
Step 3: Set Up Your Multi-Letter, Drip Marketing Campaign 44
Step 4: Set Up Your Inbound System 48
Step 5: Fulfilling Your Campaigns 49
Step 6: Track Your Mailings and Stay Organized 49
5 Finding Properties to Rehab: Online Marketing Secrets 53
Developing a Company Website 53
Create an Online Presence 57
Social Media and Online Communities 62
Craigslist Marketing 64
6 The Three-Step Rehab Deal Evaluation Process 69
Step 1: Phone Analysis 69
Step 2: Desktop Analysis 73
Step 3: In-Person Analysis 80
7 Financing Rehabs: How to Leverage Systems and Other People's Money (OPM) to Fund Your Deals 83
Funding Deals with Private Money 84
How to Find Private Moneylenders 87
Funding Deals with Hard Money 89
Seller/Owner Financing 92
Subject-To Financing 93
Self-Directed Retirement Accounts 95
Wraparound Mortgages 96
8 Writing and Making Offers 99
Know Your Offer 99
Master the Art of Successful Negotiations 100
Determining the Seller's Needs 101
The Property Walkthrough 104
Present a Strong Offer 104
Handle Objections Effectively 105
The Purchase and Sale Agreement 106
9 Estimating Repairs on Properties 119
The Goal of Your Property Walkthrough 120
Our System: The Repair Estimate Sheet 120
Exterior 122
Interior 129
Quick Tips to Look for That Add Value to a Residential Home 138
Common Mistakes When Estimating Repairs 139
P A R T II M a n a g i n g t h e R e h a b 141
10 Stage 1: Take Pictures, Measure Everything, and Decide What Needs to Be Done 143
Prepare for Your Rehab 144
Property Walkthrough 145
11 Stage 2: Your Most Important Job--Creating a Detailed Scope of Work 147
How to Develop a Scope of Work 148
SOW Kitchen Example 149
SOW Bathroom Example 153
The SOW Layout 158
Create Your Bid Package 160
Do Your Comparables Match Your After-Repair Value? Double-Check Your SOW 162
12 Stage 3: A System for Hiring the Perfect Contractor 163
Contractor Credibility Packet 163
Finding Quality Contr
