The question that Zack Childress poses in every podcast is how do real estate investors build real wealth and freedom without access to millions of dollars in capital? His mission is to help you find the answer.
Today we’re talking about the 3 stages of rehabbing. Stage 1 is your primary responsibility. During stage 1, you stay busy finding deals, finding funding and building a team. It’s your full-time job.
You already know you need lots of leads/deals. You also need lots of types of funding, including a local bank. One size does not fit all deals.
And you need LOTS of people on your team, such as your funders, realtors, title companies, closing attorneys, contractors, etc.
Notice ‘contractors’ is plural in the line above. You might have more than one active rehab at a time, which is why you need more than one contractor.
A trusted, skillful contractor is your most important colleague. If you try to be your own contractor, you lose time you should be spending looking for and building the next deal.
Your real estate agent handles stage 3 once the rehab is complete. The agent lists the property, stages it, sells it and handles the closing.
Do not think that you can save money by handling stages 2 and 3 yourself. That’s a lie that will stall the growth of your business.
You cannot do the rehab or the sale as well as the professionals on your team. Instead of saving money, you’d be frozen in time with just one deal and its plentiful details.
You’ve decided to be an entrepreneur and, to be successful, you must stick to that. Find the next deal, add to and manage your team, identify additional funding sources. Build your business!!
Watch and learn:
Listen and enjoy:
- You, the entrepreneur, handle Stage 1
- Your trusted contractor handles Stage 2
- Stage 3 is your agent’s job
Mentioned in this episode:
- Reach Zack by phone: 707.247.4248
- Follow Zack on Facebook: REI Success Academy Facebook
- Zack’s Book: My First Deal Playbook