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The top 10 rehab mistakes to avoid are covered in this episode, and will help you determine if rehabbing is indeed for you. In fact, Dwan encourages you to try wholesaling a few properties before venturing into rehabbing. Next, she shares a “rule of thumb” formula to help you budget for rehabbing. Also, she shares several more recommendations to ensure a successful rehab experience. After listening, you will understand the importance of a rehab budget, an exit strategy, realistic expectations regarding decorating vs. rehabbing, knowing your numbers, which options to pick, where to put most of your budget and which concepts to use.
In closing, Dwan thanks you for listening and encourages you to have fun rehabbing. She hopes you enjoy it as much as she does!
1:10 Dwan laughs about how easy the rehabbers on TV make rehabbing look.
1:33 Dwan introduces today’s topic to help you see if you are cut out for rehabbing at this current point in your life.
1:38 Dwan encourages you to wholesale some things before you try to rehab.
1:58 Dwan shares a “rule of thumb” formula to figure out what rehabbing is going to cost you.
3:00 Dwan highlights why you don’t want to be a weekend warrior rehabber and that you should hire some help.
3:41 Dwan gives tips to determining your exit strategy.
4:30 Dwan explains that rehabbing and decorating are not the same thing.
5:45 Dwan encourages you to take classes at a local Lowe’s or Home Depot so that you understand what things cost and how to do some of the things. Know your numbers!
7:09 Dwan emphasizes that it is not your home, and you won’t live there, so do not pick the most expensive fixtures. Pick the middle of the road options that are nice but not the most expensive.
7:58 Dwan emphasizes that when you’re deciding where to put the budget, put it into the bathrooms and the kitchen.
8:52 Dwan talks about the open concept. She shares that you need to embrace the concept that people want to buy yet keep in mind what could become cool again.
9:39 Dwan encourages you to have fun rehabbing!
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