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How to Rehab Homes Successfully

If you’ve ever considered rehabbing a home for an income stream, you’ve come to the right place! Here’s an overview of what steps you’ll need to take in order to successfully rehab a home and generate a profit.

The first step is super important; it’s something I do myself and my clients do as well. It may not seem exciting, but it’s crucial to lay out your plan. What’s your price range for purchasing a property? Once you do purchase, what’s your budget you’re willing to spend on rehabbing it? How much profit would you like to make, and for how much does the rehabbed home need to sell to make that happen? By creating a game plan for price and budget, you’re setting yourself up for success from the get-go!

With your plan in place, it’s time to look at properties. Our team can help you find the right property for you, get it under contract, and purchased smoothly. 

Now you own the property – yay! I recommend going through the home to determine if anything is salvageable. If the cabinets are in super good shape in the kitchen, keep them and paint them! It’s way more cost-effective to paint cabinets than it is to buy new ones from the hardware store. If there’s one room that’s in great condition and doesn’t require any work, make notes about that. Perhaps you can arrange your budget to spend more on another area that needs extra work.

Time for the fun part.. get to work! If you’re hiring contractors to do some or all of the work for you, get them set up and on the same timeline as you. If you plan on doing the work yourself, make sure you hold yourself accountable to a timeline, with wiggle room for unexpected events. 

Once the home is rehabbed to your liking, you can put the property on the market and get it sold! Again, our team is here to help you sell your property and negotiate top dollar for it. Make that money back, generate a profit, and make our community a little bit brighter!

If there’s anything I can do to help, I have a lot of experience in rehabbing homes and I’d be happy to answer any questions you have. Give me a call at (217) 520-0830!

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