Rehab-real-estate: Rehabbing Houses For Fast Income
Whoever said that you need to wait for years before you can earn the fruits of yourinvestments in real estate probably has yet to hear of rehabbing houses. This business can earn you tens of thousands of dollars in just a matter of months. Imagine if you are able to rehab four homes in a year and earn $30,000 from each of them. Will an additional $120,000 help you settle debt and those bills?
If you plan to venture into rehabbing houses, what you must primarily consider are two things: the first is proper grasp of the business and second is the right marketing strategy. In a business like this, being informed is better than having money. You will eventually lose that money if you dont fully understand how the system works.
Heres the basic definition of rehabbing houses: It is buying distressed properties, making some repairs and improvements to increase their value, and then selling them for a profit. As for more information, you must read books and articles about it. Attend seminars and hire a mentor if possible. If you have no idea about it, start by checking it out online. Go to websites like rehab-real-estate.com. They have good articles for beginners.
The second primary thing you must focus on is the marketing. Provided you find and rehab houses fast, will you be able to sell them fast as well? A property cannot stay with you for a long period of time. You must sell it quickly because they have a tendency to lose value if they are unsold for months. It can also lose curb appeal and that new house feel. Apart from that, keeping the property will force you spend on its maintenance. So be sure to have the right marketing strategy in place before even deciding a property to rehab.
With those two primary concerns settled, you must look into minor details that will matter when rehabbing houses. One is learning when to say no to a project. When you find a property for sale, check whether that house will require structural repairs, or corrections on its structure. If so, say no to that house because structural repairs are very costly. But if the property only requires minor repairs, go get it. Examples of minor repairs are applying a new coat of paint, replacing bathroom fixtures, and carpeting.
Rehabbing houses indeed can bring you fast income. Just be sure youre prepared when take on this road. Learn more about it at rehab-real-estate.com today.
by: Daniel Mc GreyAbout the Author:REI Wired is the pinnacle of real estate education by serving high-quality content through high-quality videos. Sign up only takes a minute and you can start right away! Learn More