subject: Rehabbing Homes Made Easy For The Newbies [print this page] Many people are venturing into the real estate today. REIWired.com is the perfect site to browse on if you want to find out about how to get into the rehabbing houses. In this article, REIwired.com shares with a few tried-and-tested tips on how one can get started in rehabbing.
1. First and foremost, know the property that you are about to buy. Avoid looking for a lot of potential houses all over town, instead, focus only in one specific area and get yourself familiar with its real estate value. Know which properties will sell fast. It is also important that you find out which features are very important to buyers. Getting to know the average costs for the homes in the neighborhood is highly advised as well. For newbies, note that it is totally okay to buy houses even if they smell bad. This problem can be remedied.
2. Major remodeling problems should also be avoided. Replacing an entire roof will be very difficult and costly. Any problem involving foundation, electricity and plumbing may also be laborious. As you move forward and as you gain more experience in rehabbing houses, these type of problems may be easily avoided and even profitably handled. Just keep in mind that as early as now, avoids tacking something too ambitious for you to handle.
3. Always maintain a good credit score. REIwired.com considers this as a very important factor if you want to have a successful rehabbing business. While yes its true that real estate investment properties may be purchased even with poor credit, you will need to pay higher interest rates and miscellaneous fees which may eat up your profit margins. Given this, always keep your credit score in good standing so you wont have a hard time applying and qualifying for the best loan rates whenever needed.
4. You will learn the most important lessons in the rehabbing business the moment that you start rehabbing houses. Every property that you sell for a good profit helps gain your confidence in yourself and in your support team.
5. Marketing is a stage. One needs tu put on her PR expertise when looking for the best buyer. Be pleasant and sensitive enough when dealing with your potential buyers.
To find out more about how to start up a real estate business, check out REIwired.com and learn a lot of useful tips from the first-hand experience of resource persons themselves.
by: Daniel Mc Grey
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