What’s In A Rehab?.
Viking Capital Investments works with non-performing notes and the goal is to work with the mortgage holder to keep them in the property. Some times we have to take a property back through a deed in lieu, or foreclosure. We have been doing foreclosure rehabs also since 2001. Today I thought I would share what we do in a rehab and the process.
1. After acquiring a property it’s important to have all your measurements done so you can place your order for new materials in the house like doors, windows, cabinets, trim, etc. The permits for any changes to the structure of the house and to start any clean out and interior demo needed. Dumpster on property day one if needed.
2. After the demo is finished and framework is completed, the roughed in plumbing and electrical needs to be finishes and inspected. Doors,Trim and drywall needs to be in and completed.
3. Next step is interior paint, putting in vanities, mirrors, cabinets and countertops, and finish plumbing and electrical and all wall plates and outlets.
4. We usually have the outside landscaping, plants, trees, mulch, repave driveway, fence if needed and removal of dumpster at the near end.
5. Refinish flooring, install appliances, put in carpeting. The house is then profesionally cleaned.
6. Market and sell the property.
Those are the basic steps we follow through a rehab. There is more that goes into it than that but these are the steps that should be done in that order. Don’t be afraid of getting at least 3 quotes from each of the areas of work that need to be done and references are important too. Taking the time to get those from painters, plumbers and electricians can save you alot of money! You can see some of our rehabs and note deals on our Youtube channel.