subject: Rehabbing A Home For Bigger Profitsrehabbing A Home For Bigger Profits [print this page] Rehabbing houses is one of the hottest trends in real estate today. As compared to other real estate venture, rehabbing a home requires a relatively lower capital. The idea is very simple. You purchase a home sold at a good value, you rehab the property and then sell it at a much profitable price. In this article, we will share with you tips on how to rehab houses and maximize your profits.
Find the right property Finding the perfect property to rehab is very important in determining how much profits you will get in the end. The financial meltdown has resulted to hundreds of houses on foreclosure. Take advantage of this situation and find one sold at the best value.
Choose a property, which requires minimal remodelling. A lot of experienced rehabbers say that a good property for rehab is one which needs minimal renovation. If you can find one which merely requires cosmetic rehabbing, the better. Cosmetic rehabbing includes repainting, flooring repair, quick ceiling fixes and the like. If you plan to rehab a home which involves structural repairs, be ready for the risks that come with it. Such repair can be very costly thus, reducing your profit potential for the project.
Find the perfect timing. Rehabbing a home is also about finding the right time for everything the right time to purchase the property and the right time to sell it. Timing is very important. While there are a lot of homes facing foreclosure, take this as the perfect timing to scout for properties which may be a good candidate for rehabbing. Some investors buy properties one at a time. Others buy by bunch. This will depend on how much money you have for capital.
Be the best sales person you can be. To be a good sales person, you need to have a huge network. If you are a beginner, join REI clubs. Your contacts will be able to coach you based on their first-hand experience. Aside from expanding your network, you also need to have a witty knack for advertising and marketing. How do you advertise your property? Or, will you hold an open house instead?
Rehabbing a home becomes easier as you go along. As you progress from one project to another, the more that management becomes lighter. If you want to know more tips on rehabbing houses or on real estate in general, go to www.rehab-real-estate.com.
by: Daniel Mc Grey
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