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The Real Estate Rehab Investing Bible: A Proven-Profit System for Finding, Funding, Fixing, and Flipping Houses...Without Lifting a Paintbrush

ISBN: 978-1-118-83538-8
288 pages
September 2014
The Real Estate Rehab Investing Bible: A Proven-Profit System for Finding, Funding, Fixing, and Flipping Houses...Without Lifting a Paintbrush (1118835387) cover image

THE HOUSE-FLIPPING HOW-TO THAT TURNS EVERYDAY PEOPLE INTO ENTREPRENEURS

Everyone likes the idea of turning the ugliest house on the block to the best house on the block and making a profit. Until now a system has not been shared on how to successfully complete this task on time and budget without getting your hands dirty. This book not only cracks the code but shares the proven path and system to have a systems based rehab business that makes consistent profits for ordinary everyday people.

The Real Estate Rehab Investing Bible reveals the lucrative seven-stage system that allows author Paul Esajian, and his students all across North America, to manage multiple rehab projects at once, while staying on time and under budget to build and grow their wealth. No experience? No problem. You'll learn strategies to find the right properties, negotiate the right offer, identify the right licensed and insured contractor for the job, and get the property sold to a happy homeowner for a profit.

No capital? No problem. You'll learn how you can use other people’s money to fund your deals and the IRS guidelines that help you keep more of the money you make. By learning and leveraging the principals of rehabbing and real estate, you'll start thinking like a business owner rather than a consumer.

Breaking into residential real estate provides an amazing opportunity for those with little, or no experience, and using other people's money. This book gives you the information, education, and systems every investor needs to start flipping and rehabbing houses without doing the work yourself, and withoutlosing your shirt to contractors and bad investing decisions.

Find Deals:where and how to find deals, analyzing deals, and estimating repairs in minutes to acquire a rehab

Fund Deals:where and how to borrow money, creative financing, and the finance request template to present to asset based lenders and private lenders to fund your deal

Fix Deals:how to run a rehab with a proven system without lifting a hammer, identify A+ licensed and insured contractors at wholesale pricing, and what to focus on to maximize your profit

Flip Deals:how to properly price, stage, and add the sizzle features to get properties sold within weeks of listing the property by properly analyzing comparables and staging the rehab properly

The proven techniques Paul shares work in any location, in any market. If you're ready to get in the game, The Real Estate Rehab Investing Bible teaches you how to play.

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Introduction: The Decision 1

An Overview of the Seven-Stage Rehab System Described in This Book 3

P A R T I G e t t i n g t h e R e h a b 5

1 How to Make a Profit On Your First Deal 7

Master Rehabbing Now 7

Our Biggest Obstacle 8

My Story 9

The Opportunity 12

Think Like an Investor—Not a Contractor 12

2 Never Lift a Paintbrush: Why Doing It Yourself Is the Biggest Mistake Most Rehab Investors Make 15

Where Most Investors Fail 15

The Story of How to Do Everything Wrong 15

Think Like a Business Owner, Not a Consumer 17

Value Your Time by Outsourcing MWA Activities 19

Defining a Residential Redeveloper 19

3 Finding Properties to Rehab, Professionals to Work With, and Opportunities to Explore via Network Marketing 21

The Power of Networking 22

Working with Other Investors 23

Becoming an Effective Networker 29

Perfecting the Process 31

4 Use a Stamp to Find Properties to Rehab: Direct Mail Marketing 37

Direct Mail Simplified in Three Parts 37

Send Your Mailings Consistently 38

Step 1 to a Successful Direct Mail Campaign: Determine Your Budget and Plan 39

Step 2: Identify Your Target Market and Obtain Your Lists 39

Step 3: Set Up Your Multi-Letter, Drip Marketing Campaign 44

Step 4: Set Up Your Inbound System 48

Step 5: Fulfilling Your Campaigns 49

Step 6: Track Your Mailings and Stay Organized 49

5 Finding Properties to Rehab: Online Marketing Secrets 53

Developing a Company Website 53

Create an Online Presence 57

Social Media and Online Communities 62

Craigslist Marketing 64

6 The Three-Step Rehab Deal Evaluation Process 69

Step 1: Phone Analysis 69

Step 2: Desktop Analysis 73

Step 3: In-Person Analysis 80

7 Financing Rehabs: How to Leverage Systems and Other People’s Money (OPM) to Fund Your Deals 83

Funding Deals with Private Money 84

How to Find Private Moneylenders 87

Funding Deals with Hard Money 89

Seller/Owner Financing 92

Subject-To Financing 93

Self-Directed Retirement Accounts 95

Wraparound Mortgages 96

8 Writing and Making Offers 99

Know Your Offer 99

Master the Art of Successful Negotiations 100

Determining the Seller’s Needs 101

The Property Walkthrough 104

Present a Strong Offer 104

Handle Objections Effectively 105

The Purchase and Sale Agreement 106

9 Estimating Repairs on Properties 119

The Goal of Your Property Walkthrough 120

Our System: The Repair Estimate Sheet 120

Exterior 122

Interior 129

Quick Tips to Look for That Add Value to a Residential Home 138

Common Mistakes When Estimating Repairs 139

P A R T II M a n a g i n g t h e R e h a b 141

10 Stage 1: Take Pictures, Measure Everything, and Decide What Needs to Be Done 143

Prepare for Your Rehab 144

Property Walkthrough 145

11 Stage 2: Your Most Important Job—Creating a Detailed Scope of Work 147

How to Develop a Scope of Work 148

SOW Kitchen Example 149

SOW Bathroom Example 153

The SOW Layout 158

Create Your Bid Package 160

Do Your Comparables Match Your After-Repair Value? Double-Check Your SOW 162

12 Stage 3: A System for Hiring the Perfect Contractor 163

Contractor Credibility Packet 163

Finding Quality Contractors 164

13 Stage 4: The Six Critical Documents: Must-Haves for Your Rehab 175

Verify Contractor License and Insurance 175

The Six Critical Documents to Provide and Execute 175

The Timeline and Order of Executing the Six Critical Documents 182

How to Get Painless Permits: Why You Will Love the Building Department 183

14 Stage 5: Managing the Rehab: Getting the Work Done On Time and On Budget 187

Contractor Kickoff Meeting and Communication 187

Rehab Milestones That Help You Stay Organized 188

15 Stage 6: Contract Closeout and Final Payment 191

Final Certificate of Occupancy 191

Final Punch List 192

Final Lien Waiver Executed 192

Final Payment to Contractor 192

16 Stage 7: Final Touches and Home Staging: The Secret to Getting Your House under Contract and Sold 193

Get the House Professionally Cleaned 193

The Art of Staging 194

The Power of Professional Pictures 196

Your Final Walkthrough with Your Buyer Hat On to Prepare for Sale 197

The Three Buying Criteria of Every Potential Buyer 198

P A R T III S e l l i n g t h e Re h a b 201

17 The Selling System 203

Preselling Your Rehab 203

Marketing Your Property Online 205

Building a Buyers List 206

Listing Your Property 209

Working with Agents 210

How Much Does It Cost? 212

Having an Open House 212

18 Common Selling Mistakes 217

Mistake 1—Leaving the Property Unsecured 218

Mistake 2—Skimping on Landscaping 219

Mistake 3—Failing to Maintain the Property 220

Mistake 4—Forgetting About Outdoor and Landscape Lighting 221

Mistake 5—Failing to Incorporate Sizzle Features 222

19 Postgame Analysis: How to Make Even More Money On Your Next Rehab 225

Postgame Analysis 225

Post-Rehab Accounting 228

Three Major Areas of Accounting for a Rehab 230

Financial Closeout System 232

A Step-by-Step Review of Accounting for a Rehab 235

P A R T IV O w n i n g a n d G r o w i n g a B u s i n e s s o f R e h a b s 241

20 How to Fire Yourself: What Every Entrepreneur Must Learn 243

The Training Process 243

Building a Team 244

Outsourcing and Automating 245

21 A Roadmap to Keeping and Growing Your Wealth 247

Entity Structure 247

Money Allocation Strategies for Your Rehab Profits 248

Investment and Retirement Strategies 249

Conclusion The Secret to Sustainable Success: Living and Giving with Passionate Purpose 259

Your Impact as a Real Estate Investor 260

Paying It Forward 260

Follow Your Why 261

Index 263

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PAUL ESAJIAN (La Jolla, CA; www.fortunebuilders.com) is the founder and owner of multiple successful real estate companies, including the largest and most successful real estate educational and coaching company across North America. FortuneBuilders has been featured in Inc. magazine's "Inc. 500 List" three years in a row. Paul has successfully managed and executed over a thousand residential real estate transactions, some of his projects which have been featured in 20+ episodes and three seasons of A&E's hit TV show Flip This House. As a national speaker, educator, coach, and real estate investor Paul shares his experience and knowledge over a decade's worth of successful business building and real estate investing.

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