However, the wait is finally over, and it just got
real. Investing in a major rehab project is exciting, but this moment of
transition might make you anxious. The thing is, it’s too late, and you have
too much work to do to have a panic attack.
If the plumbing and electrical systems are in
working order, now is the time to get those utilities turned on. Some may
prefer to make these arrangements before closing day, but even when this has
been an option, I’ve waited until after the deal’s been done.
Also, with ownership comes access to the
interior. Take your pictures and video of the inside before you forget.
As the owner, you’re now entitled to anything remaining
from previous inhabitants. If something good has been left behind on the
outside, you can now move it indoors.
Along with your rights, you now have
responsibilities. For example, if you leave the place wide open and something
were to happen, this could fall back on you, which is why you need to make the
place secure.
You
can also start getting to work, and that means bringing in tools and equipment.
It's obvious, but still worth pointing out, that if someone wants to get in
badly enough, they will. That's why I don't recommend stocking the house
with a lot of pricy tools and material on day one. I usually feel alright leaving
behind equipment needed for interior cleanup and demolition, things like
shovels, my sledgehammer, a wheelbarrow, ladders, and basic hand tools.
As far as materials in the first few days, I won’t have
many until I’m through with demolition.
Congratulations! You’re no longer going to
buy a house to fix-up or flip. It’s done. You’re the owner. You’re a rehabber.
But if you’re an aspiring flipper, you’ll have to wait on that tag until
you finish and sit on the other side of the table on closing day as a seller.
Time to get to work.
