Budget: You’ll need to create a budget for the rehab work and stick to it as closely as possible. Be sure to factor in all of the costs associated with the rehab, including materials, labor, permits, and any other expenses.

Scope of work: You’ll need to determine the scope of work that needs to be done on the property. This can range from minor cosmetic repairs to major renovations, depending on the condition of the property. Be sure to prioritize the work that needs to be done, focusing on the most important repairs first.

Timing: Timing is important when rehabbing a property. The quicker you can complete the work, the sooner you can start generating rental income. It’s also important to consider the timing of the rehab in relation to the rental market, so that you can rent the property out as soon as possible.

Quality of work: The quality of the work done during the rehab is also important. You’ll want to use quality materials and hire skilled contractors, to ensure that the property is in good condition and will last for a long time.

Design and decoration: Keep in mind that the design and decoration of the property is also important, as it can affect the rental income. You want to make sure that the property is attractive to potential tenants, and that the design is in line with the local market.

Rent price: The rent price is one of the most important factors to consider when renting out a property. You’ll want to set the rent at a price that is competitive with similar properties in the area, while still allowing you to generate a positive cash flow.

Tenant screening: Tenant screening is an important step in the process of renting out a property. You’ll want to thoroughly check the backgrounds and credit of potential tenants to ensure that they will be able to pay the rent on time and take good care of the property.

Lease agreement: A lease agreement is a legally binding document that outlines the terms and conditions of the rental. It’s important to have a well-written lease agreement in place, to protect your interests and ensure that the tenants understand their responsibilities.

Maintenance and repairs: As a landlord, you are responsible for maintaining and repairing the property. You’ll need to have a plan in place for handling maintenance and repair requests from tenants, and be prepared to handle any emergency repairs that may arise.

Communication and management: Good communication and management are essential when renting out a property. You’ll need to be able to communicate effectively with tenants, and be able to handle any issues that may arise.

Equity: One of the most important factors to consider when refinancing a property is the amount of equity that you have in the property. You’ll need to have enough equity in the property to qualify for a refinance, and the amount of cash you can pull out will depend on the equity you have.

Appraisal: An appraisal will be conducted on the property to determine its current market value. The appraisal will be used to determine the loan-to-value (LTV) ratio, which is the ratio of the loan amount to the property’s value. The lower the LTV, the more favorable the terms of the refinance will be.

Credit score: Your credit score is also an important factor when refinancing a property. A higher credit score will generally result in more favorable terms and a lower interest rate.

Debt-to-income ratio: Lenders will also look at your debt-to-income ratio, which is the amount of debt you have compared to your income. A lower debt-to-income ratio will be more favorable to the lender and will increase the chances of being approved for a refinance.

Purpose of refinance: The purpose of the refinance is also important to consider. A cash-out refinance allows you to pull out cash, while a rate and term refinance is used to lower the interest rate or shorten the loan term.

Finding the next property: Finding the next property to invest in can be a challenging task. It’s important to continue to be selective and focus on properties that meet your criteria, such as being in a good location, having the potential for positive cash flow, and being at a good price.

Financing: Financing the next property can be a challenge, especially if you are using a conventional mortgage. You will need to make sure that you have enough cash reserve to go through the process, and that you have a good credit score to qualify for a loan.

Managing the properties: As you acquire more properties, managing them can become increasingly complex. It’s important to have a plan in place for managing the properties, including handling tenant screening, rent collection, and maintenance.

Scaling: Scaling up your real estate portfolio can be challenging as well. It’s important to have a plan in place for scaling up and to be prepared for the increased responsibilities that come with owning more properties.

Long term strategy: Repeat the process of BRRRR is a long-term strategy, and it’s important to have a long-term plan in place for how you want to continue to grow your real estate portfolio. This may include acquiring more properties, or diversifying into other types of real estate such as commercial properties.