Tips for Selling an Unfinished Rehab
The average distressed and abandoned property investor has the same approach to the process of rehab and resale.
- Buying a property
- Rehabbing the property
- Placing a ‘For Sale’ sign at the front yard
- Selling the property
If you follow this approach, you are likely to succeed in real estate. However, you can make greater profits, and attain financial independence faster, by changing your approach to rehab projects. It is possible to reverse steps 2 and 4, which could result in higher earnings compare to an investor who continues to follow the traditional model.
After buying a property, the first thing you should do is place a big ‘For Sale’ sign in your front yard. You can modify the sign so as to attract calls from prospective buyers and sellers. The following is an example words you could use on your sign to get people calling:
For Sale
5RB 1RC – Currently Under Renovation
Call Now and Choose Carpet Styles,
Paint Colors and More.
Call Now! Ready to Sell!
555-4321
Before starting the inside work, clean up the property’s exterior. What you do on the outside could create instant curb appeal, leading to great interest in your property. The work done on the outside does not need to be expensive or extensive. Just think of simple landscaping measures such as planting some colorful shrubs or bushes on the sides and in front of the house.
In addition, don’t overlook the appearance of the house. For instance, replacing shutters can greatly increase the property’s appeal and make people interested in the interior. You could also give a new coat of paint to the exterior to make the house look fresh and welcoming.
Your ‘For Sale’ sign, together with some great landscaping and other improvements, is likely to attract some interest from many prospects. When potential buyers call, you could invite them to view the property as it is. By giving them a chance to choose the color of the paint or carpet, you will arouse great interest since many home buyers make minor adjustments immediately after purchasing a house.
If a prospective buyer chooses the color of the paint or carpet, they will automatically be more interested in buying. You could then place the property under contract and take an earnest money deposit. This deposit could be used to meet the cost of further renovations.
There is another way of selling before your rehab is complete. Some buyers will ask for a chance to complete the repairs themselves, on condition that you sell the property at a discounted price. This means earning cash much faster from your property, thus allowing you to move on quickly to your next real estate investment.
Thinking outside the box is the way to higher profits in real estate. This is how you get an edge over the competition. Learning more tips and tricks can turn your real estate business into one which makes you wealthy beyond your wildest imaginations.
Stephan is a freelance writer, who often writes about wholesale homes and wholesale property.
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