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Welcome! Maximize Rehab Profits With Successful Contractor Relationships!
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Rehabbing a property is not as easy as redoing your bathroom over a long weekend: no-show contractors and the infamous "oops!" can leave you with thinning hair and an ulcer. In this issue, our experts tell you how to navigate the contractor-client relationship and the rehabbing game - follow their advice and watch your business grow.
Communicating with your contractor when it comes to job estimates is the single most important step you can take to maximizing profits from a rehab. In his article, "Talk Like a Contractor to Explode Your Rehabbing Profits," rehab expert and A&E "Flip This House" TV star Paul Esajian lays out his three-step process for helping you become an expert communicator at Contracting 101.
To find the good contractors, you also have to think outside the box. Says contractor Michael Burgess, "Establishing a relationship with a contractor before you get into the market is key." In his article, "Five Tips for Building Successful Contractor Relationships," he explains what it takes to find and build relationships with the types of contractors you'll use forever.
What's the biggest mistake investors make when it comes to rehabbing properties? No, it's not buying distressed properties that need infusions of cash. Instead, it's paying too much for a property in the first place. In our Interview with the Expert, veteran rehabber Kevin Lacasse explains how to remain in the black when the unforeseen happens - such as having to rebuild three levels of railings. Oops!
* Next 37 17 investors only!
In this month's Mortgage Minute, Debbie Siegel gives you the skinny on the three types of home equity programs - and the benefits and disadvantages of each. Whether you want a HELOC or a traditional home equity loan with a fixed interest rate, choosing the right program for your situation is key.
Best Regards,
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Jeremy B. Shapiro
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Sheila Farragher-Gemma
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Co-Founders, ForeclosuresMass.com
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