subject: Rehab-real-estate: Fixing And Flipping A House The Right Way [print this page] If you think that it is a bad idea to fix and flip properties amid the ongoing economic recession, you might want to change your opinion about the rehabbing business. Renovating and reselling distressed and fixer upper homes are a great way to make money amid these trying times. It is because it is easier to find affordable houses than before as dozens and dozens of motivated home sellers are more than willing to sell their properties at very low prices.
Obtaining fix and flip projects is one of the most popular ways to invest in real estate in recent years. In fact, more and more people are keen on being a rehabber of properties, with many office workers leaving their usual nine-to-five jobs to focus on their chosen career.
If you keen on pursuing a career in the rehabbing business, the first thing you should do is to obtain a good source of funds. As we all know, an investor needs a considerable amount of money to buy and renovate a fixer upper home. Therefore, it would be best for you to have a sufficient cash reserves.
You can do this by obtaining loans from traditional lenders such as banks, credit unions, and mortgage companies. You can also seek the assistance of hard money lenders in case you dont qualify for a bank loan because of your poor credit score.
When fixing and flipping properties, having a sound business plan can help you get the results you are expecting. Therefore, you should not forget to create a budget and a work schedule to ensure that your fix and flip project will run smoothly. Such a strategy will also help prevent you from wasting too much time and money on a particular fixer upper home.
Marketing is also an important aspect of rehabbing houses. Thus, you need to have a sound strategy on how you will be able to flip the property that you have just fixed. However, you shouldnt advertise the house you want to fix and flip until the repairs are at least 95% complete. Inquiring home buyers marching to and fro inside the house might distract your laborers and disrupt the rehab work.
Meanwhile, to succeed in the rehabbing business, you should never stop learning new skills after a successful rehab. You should continue to educate yourself with the latest trends in the real estate market. So for your quality real estate education needs, visit Rehab-Real-Estate.com.
by: Carrie Dawson
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