subject: What Are The Basic Steps To Rehabbing Houses? [print this page] What is the best thing that you can do if you have lots of free time but have limited cash? Give up? The answer is to rehab houses. If you have passion for real estate and a knack for renovating ugly properties, then a fix and flip project might just be the thing that you need.
Contrary to popular belief, you really dont have to leave your day job in order to start a rehab project. You can do the rehab work during your free time. If you want, you can team up with your significant other or your close friends when doing the renovations. Many husband and wives, domestic partners, or groups of college friends were able to gain financial freedom by working as a team when fixing and flipping properties.
The first step towards financial independence through a home rehab is by finding a handyman special. As the name implies, handyman specials are properties that are in need of repairs and renovations. To find such houses, you should conduct a thorough market research and look for houses that look a little worn out. Handyman specials are usually underpriced or undervalued, which make them ideal real estate investments for rehabbers with limited budget.
After identifying your target fix and flip project, the next thing you need to do is, of course, to purchase the property from its original owner. As much as possible, avoid paying too much for the handyman special because it will beat the purpose of investing in an undervalued property.
Now here comes the fun part: doing the rehab work. If you have a regular day job, the best time to do the repairs and renovations on your fix and flip project is during weekends or during you days off. You can enlist the help of your friends or hire contractors so you can finish the renovations faster. Just make sure that the repairs comply with the local building code and will satisfy your intended buyer.
When youre done, you can now start finding buyers for the rehabbed property. If you want to make the process of selling the house easier, you can hire a real estate agent who will help you market and advertise the property.
Want to learn more about rehabbing homes? Just go to www.Rehab-Real-Estate.com. The website has various learning resources that you can use to start and finish a successful home rehab.
