subject: Rehabbing Homes In A Nutshell [print this page] There are many people who love to transform unattractive things into works of art. From sculptors who produce stunning statues from garbage and junk to cosmetic surgeons who transform ugly ducklings into gorgeous swans, these people earn a great deal of money while doing the job they like the most. But did you know that there are also people who make a living by rehabbing houses?
These people are called rehabbers. They are real estate investors who make money by refurbishing old homes and then selling them at a higher price. Most of them purchase undervalued and distressed houses from motivated home sellers because these properties are considerably cheaper than conventional real estate.
If you have passion for fixing things up and a knack for beautifying an ugly house, you might want to try rehabbing houses for profit. Dont worry because you dont need rocket science to complete a rehab project. To help you out, here are simple steps on fixing and flipping properties:
The first step is to find your target rehab project. When choosing a house that you want to renovate, as much as possible, make sure that it is located in a decent neighborhood since it can help you sell the property fast.
Next is to obtain financing. Having sufficient cash flow can help ensure that you would be able to finish the rehab work on time. So if you dont have enough cash on hand, head over to the nearest bank or hard money lender.
Create a budget and a time line. Having a spending and work schedule can prevent you from allocating too much time on money on the rehab work. In addition, such a strategy can ensure that your rehabbing project is on the right track.
The next step is to do the rehab work. Depending on your home improvement skills and the amount of time you have, you can either hire contractors or do the renovations on your own. Always remember that each method has its own pros and cons so choose wisely. But before you do tear the walls down and patch up the roof, make sure that you have secured the necessary permits from local building officials.
To recover the money you spent on buying and renovating an upper fixer home, you have to find a buyer for the property. Therefore, you have to use killer marketing tactics to catch the attention of home buyers.
If you want to master the art of rehabbing homes, log on to www.REIWired.com, where you can find quality articles, videos, and audio files on fixing and flipping houses and real estate investing.
by: Daniel Mc Grey
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