subject: Rehab-real-estate: A Beginners Guide To Rehabbing Houses [print this page] A lot of things in life are quite difficult the first time and rehabbing could be one of them. Dont be afraid of it though as it pays good. Here are some tips that will help you survive your first rehab project:
Be on the lookout for cosmetic repairs. These are minor repairs intended to make the home more marketable to your prospective buyer. Repainting is an example of cosmetic repair. On the other hand, you should avoid structural repairs. Roof replacement is an example of structural repair. This could ruin your budget for repairs.
Be a regular hardware shop visitor. Check local hardware, wood, paint, and other shops where you might buy supplies for your rehabbing. Determine what shop sells the cheapest paint, carpet, wood, nails, among others, and buy specific supplies from that store. You must also build a good rapport with these stores so you can check the latest prices of materials just by calling them over the phone. Remember, rehabbing might take months and prices can rise anytime so be sure to double check tags before placing your order.
Be objective. Many rehabbers, especially first timers, forget that they are fixing a house to profit from it, not to make it their own home. They imagine how they would like it to be if they were to live there, and such is not a good idea. If you want to live in a house, you will naturally make that property look good and spend on it. This is where getting too personal is no longer healthy. Being emotionally attached to a property you are flipping will surely lead to excessive repairs and renovations, a busted repair budget, and lower profit.
Be an information lover. Educate yourself with the latest news and information about real estate investing. Make things more convenient and just research online. Check rehab-real-estate.com and watch videos about flipping houses and other relevant topics. The website also has articles you can read to boost your knowledge on real estate investing. This is the site for first time rehabbers like you.
