Joe Locklear
Jacksonville Florida's #1 Source for BELOW Wholesale Real Estate
Rehabber: a person or entity that purchases, rehabs and disposes of distressed properties
The most important consideration when anticipating purchase of rehab and/or investment property is disposition or what you will do with the property to recoup your investment. Following are a few of my preferred disposition methods:
Buy/Rehab/Retail - Houses to be sold retail must be in saleable (not rental) neighborhoods. Bring the property up to standards while changing as little as possible. Learn to sell to qualified families utilizing no down payment programs and an aggressive mortgage broker. Fund the deal with cash, bank line of credit or hard money loans. Expect to net a cash profit 20-25K on a typical 100K property.
Buy/Rehab/Sell at a Discount to a Landlord - You must buy houses in a rental neighborhood at deeply discounted prices. Rehab should be targeted at low maintenance. Install hard tile, dark carpets and when your budget permits - vinyl over wood sidings. Updated electrical and central heat and air is a must. Fund the deal same as the above example and expect to profit 10-15K on a typical 80-85K house.
Remember, when you buy one of my wholesale properties, I will mentor you through the entire process, from initial analysis to disposition. You can benefit from my many years of experience (I have already made the mistakes, so you don't have to). Most importantly, buy each property to fit the disposition profile that you have selected! Don't make the mistake of buying a good deal and deciding how you will dispose of it later. This is a recipe for disaster!
If you need financing, I can refer you to a private lender. If you need rehab help, I can refer you to my subcontractors. When it is time to sell, I can guide you to discounted advertising and a good mortgage broker, appraiser and down payment assistance program. Why struggle it out alone, duplicating all the same mistakes that I have already made and overcome in the past?
If rehabbing sounds like your cup of tea, visit my "Properties "page.
If you would like to be notifies when wholesale house deals become available, simply click here.
I will NEVER give your contact information to anyone else.
Best Wishes,
Your friend and fellow entrepreneur,