Solutions to Four Major Rehabbers’ Problems that Kill Careers

I was at a meeting of a new REIA last week and I was listening to the lamenting of a few rehabbers about
the issue of low appraisals. Ever since the banks have their own pool of appraisers, most of the
appraisals have been coming in low. Of the five deals I overheard being discussed, four were appraised
very low and barely marginal in terms of net profits. Naturally, one rehabber got his appraisal expectation
but he seemed to be the exception.

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I have often said that holding deals together is tougher than finding them. Following is a sample of
“issues” that arose with one deal that could have been deal killers but weren’t.

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I guess I get tired of hearing complaints about a few realtors® never answering their phone or
emails or returning calls, never emptying their voice mail boxes, making sarcastic comments to
investors, not showing investors’ offers to asset managers and bragging about this in their emails,
trying to justify why even though the investor’s offer was higher than the price the property sold
for by using explanations from a Ouija Board and generally doing their very best not to do
business.

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