subject: Rehab-real-estate: Flip And Fix: Doing Your Rehab Project Right [print this page] Believe it or not, there is big money to be made in the real estate business despite all the negative hype about investing your hard-earned savings on investment properties. In fact, now is a good time to invest in real estate because you can buy houses at relatively lower prices. And if you flip and fix properties, you can make an even bigger income.
One of the quickest ways to earn money amid the ongoing financial downturn is to rehab houses. In the language of real estate investors, to flip and fix a property basically translates to the renovation and the consequent sales of an old home at a higher price. Most rehabbers prefer investment properties that are still in good condition since it requires only small repairs, allowing them to save more money and minimize their expenses.
When doing a rehab project, you have to apply the so-called three to one return on improvements strategy to prevent incurring big losses. This technique means that all the repairs and renovations you will put on the property should raise its market value by three times. For instance, if you will spend $2,000 to upgrade the kitchen, it should raise the value of the property by $6,000.
First impressions are also important when it comes to flip and fix projects. Therefore, you have to make sure that a potential buyer will be hooked on the propertys looks the moment he lays his eyes on the rehabbed home. But if you think that it will cost you a fortune to transform an ugly fixer upper house to a nice abode, think again because there are number of ways to spruce up a propertys looks without having the need to spend more money.
You can start by removing the weeds, especially those that slither on the walkway and the sidewalk, on the yard. Planting flowers near the front door can also boost the houses looks since it gives the property a warm and welcoming appeal. But if you cant set up a flowerbed, you can always place a flowerpot on the porch.
Adding a unique mailbox can add individuality to your home since most neighborhoods have the same letterboxes. For less than $75, you can buy a new and colorful mailbox from your local supplies store.
Meanwhile, if you want to learn more tips on how to start your flip and fix business right, log on to Rehab-Real-Estate.com. The website is home to quality articles and videos on rehabbing houses and renovating fixer upper homes.
