Thinking about rehabbing a house in Lubbock? Rehabbing can be a lot of fun and a great way to make money but it can also be a huge hassle and expense if you don’t know what you’re doing. In this blog post, we’re sharing the 7 basic steps to take when investing in a rehab in Lubbock to help you get on track and stay on track for a successful rehab!
Property renovation. TV shows make it look like an easy path to profits. But what those glossy programs don’t show is the extensive work, unexpected challenges, and financial pitfalls that occur when your budget and timeline start slipping. At Electrum Properties, we’ve seen it all. To help you succeed, we’ve compiled these 7 essential steps for investing in a rehab property in Lubbock that will keep your project moving forward profitably.
7 Basic Steps To Take When Investing In A Rehab In Lubbock
Note: These steps aren’t strictly sequential and often overlap with one another. In most situations, you’ll likely begin the next phase before completely finishing the previous one.
Step #1. Find
Begin your journey by identifying a property that truly aligns with your needs and goals. At Electrum Properties, we recommend exploring multiple options, creating a focused short-list of promising candidates, and then submitting offers on your top choices to secure the perfect property. Our cash buying process helps you move quickly once you’ve found that ideal match.
Step #2. Plan
After identifying a promising property, develop a comprehensive strategy and financial plan to ensure you have adequate resources, timeline, and support team to successfully complete your real estate investment – just as we do at Electrum Properties when helping homeowners find win-win solutions.
Step #3. Acquire
Secure the property. At Electrum Properties, we offer flexible acquisition options tailored to your specific situation. Our goal is to gain control of the property quickly so we can begin our transformation process, providing you with a stress-free cash sale while we focus on revitalizing the home.
Step #4. Demo
Begin the property transformation by safely removing unwanted elements. This typically includes clearing out old carpets, damaged cabinets, and accumulated debris – preparing the space for its new beginning while preserving valuable architectural features.
Step #5. Fix
Renovate your property with speed and precision. While coordinating multiple teams simultaneously can be demanding, completing renovations promptly maximizes your investment. At Electrum Properties, we understand the importance of efficient turnarounds while maintaining quality and safety standards throughout the process.
Step #6. Prep
After completing your property renovations, it’s essential to prepare it for a successful sale. This preparation includes: performing a detailed cleaning throughout, conducting a comprehensive walkthrough to verify all repairs are complete (even small details like missing lightswitches can affect buyer decisions), and enhancing curb appeal with fresh flowers and landscaping to create an inviting first impression.
Step #7. Sell
Showcase your property through our aggressive marketing strategies designed to attract maximum interest from qualified buyers. With more potential purchasers touring your home, you’ll benefit from both a quicker sale and a better price – exactly what we at Electrum Properties deliver when solving your real estate challenges.
Summary
There you have it! A straightforward checklist outlining 7 essential steps for successful rehab investing in Lubbock. Follow these guidelines to efficiently complete your renovation project and maximize returns while contributing to community revitalization—exactly what we at Electrum Properties strive to achieve with every property.
If you want additional insight about rehabbing, or if you’re looking for some great introductions to rehab experts, or even if you want to find a rehab property, click here now and fill out form or call our office at 806-630-0875