REIWIRED: Smart Tips on Rehabbing a House

Author: Clifford Mc Fayden @ Lansing Reos

Rehabbing a house is the in thing this new year so if you want to fulfill your dream of a better life this 2010, you should get going and start finding the perfect property you can fix and flip. As we all know, renovating old homes for profit is one of the best ways to make money in the real estate market. You get to be your own boss and you dont have to spend an entire day trapped in a small cubicle. And most of all, you dont have to wait decades to rake in huge profits. For the uninitiated, the job of a rehabber can be summed up in three main tasks. First, he buys a property. Second, he renovates the property. And finally, he sells the rehabbed home, preferably at a higher price. However, there is more to rehabbing a house than refurbishing and selling a fixer upper home. Youve got to learn how to do your numbers to ensure your success in your chosen business. Before buying a property that you want to fix and flip, you have to find out its after repair value or ARV first. As the name implies, ARV is the cost of a house after all the repairs, as well as the renovation and restructuring work have been carried out. You can ask a professional appraiser to help you determine a fixer upper homes after repair cost. You can also look around the neighborhood where the property is located and ask for the selling price of similar homes. This way youll get an idea on how much your target projects ARV would be. But if you think that the property wont bring you a good deal, then you should move on and look elsewhere. Another important tip on fixing and flipping houses is that you shouldnt throw away old fixtures and appliances that can still be used. For instance, if you think the old kitchen cabinets are still in good condition and dont need to be replaced, then dont pull them down. Instead, paint them with glossy paint and replace broken knobs to make them look new. By using such a strategy, you can minimize your expenses and save a lot of money when rehabbing a house. To become a successful rehabber of properties, you have to think smart. So if youre looking for more smart tips on rehabbing a house, visit www.REIWired.com. The website has all the resources you need to boost your knowledge on rehabbing and real estate investing.About the Author:

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