DC Fawcett reviews various methods on real estate investment.Rehabbing is one of the easiest and profitable strategies for the investors. It is not advisable for beginners who may not be aware of rehabbing as they don’t have any experience. Instead they can try virtual rehabbing which doesn’t involve much risk which can be done with the help of your rehab partner ensuring that you approve the right property to rehab. The rehab work should be done with utmost care and high quality work is required in order to attract buyers. The advantage of virtual rehabbing is that you need not shell out any money from your pocket and need not visit the property unless required and you can work in multiple markets at a time and virtual investments will fetch you great saving.
DC Fawcett reviews the strategies to be followed while rehabbing
Calculate the budget
Find a home which has to be rehabbed, calculate the cost for renovation work and amount to be spent on buying it. In case you run out of money, apply for mortgage which should not be too high as it is a bad strategy and ensure that you get good returns on the end ultimately. Keep in mind that you should bear the cost for plumbing, electrical, roofing and other structures in the house.
To know the current trends, do research on the market value and prepare comparative assessment before finalizing the deal. You can check the price with the real estate professionals who have profound knowledge in this art.
At the time of selling, do not overprice since you have rehabbed and under pricing is also not advisable since you have spent on repair work. Fix up 5 to 10% more than market value to gain profit.
Use MLS (multiple listing services) where all properties are advertised and looked upon by the real estate agents. This service will also provide information and statistics about the property like how long it’s been on sale etc. It is an authentic service since only licensed realtors can access your information, so make sure that your agents are part of MLS.
These investment groups offer seminars and it is a way to gain the experience in real estate marketing. If you part of this group, you will be first to know about new rehab homes that are on sale.
Wholesalers get to know about rehab properties and help in seeking buyers by putting them under the contract.
You can visit the home to be rehabbed before investing to know about the location and surroundings.
How to find a home to rehab?
Search through the listing which shows distressed properties, properties for short sale, fore closured properties.
Scams are very common in rehabbing. There are chances of real estate agents to access MLS and obtain information and copy on other rental sites.
Interested investors can make use of the blogs of DC Fawcett virtual real investing club which provides more information about virtual wholesaling and virtual rehabbing.