“For a beginner who wants to invest in real estate, rehabbing houses can be a challenging task! Buying a property, rehabbing it by spending your time, work and money and reselling it for full market value can be a long and tedious process. Rehabbing is not so easy task but with little experience and money it can act as a great investment option”. DC Fawcett Reviews
Many realtors who have thorough knowledge on real estate business have turned into rehabber, since it is one of the most lucrative jobs. Learn it for few years and you can have more profit than other investment methods.
Things every investor should know before investing in real estate rehab process!
Location is a very important criterion which has to be analyzed before buying the rehab property. Many realtors often concentrate more on purchasing the property in good location to sell it faster. You can easily identify such location by looking at their prices. If you are not interested in buying a property for higher prices, find properties which are developing rapidly. Such properties will be affordable and also attracts more prospective buyers. Rehabbing and selling such houses can earn you great money quickly!
DC Fawcett reviews on how should I buy the house?
Once the location is decided, make sure you buy the house which has a sound structure. If you are going to buy a house which is not in good structure, then it is going to charge you more. It takes lot of repairs and renovation and empties your pocket easily. While searching the house for rehabbing, you can hire an appraiser who can clearly estimate the cost of home and the renovations needed.
Do not start rehabbing the house until and unless the budget and plan is ready for the job. DC Fawcett complaints that many investors have regretted their decision to buy the house which drains out their money easily. Rehabbing process requires lot of money and you need to have a sufficient capital for that.
Purpose of rehabbing the home
House rehabbing is done for 3 major purposes, which are, personal, rental and flip. Some buyers may purchase a house at a lower market value to rehab it for their personal usage. Its up to the buyers decision to renovate the house with more facilities. The more extensive the job is, the more money it will cost you. But there will be no time restrictions and work pressure while rehabbing the house for personal use
If you are rehabbing the house to rent, then avoid lavish renovations and do what is necessary for the home. You have to do the basic repair and renovations like fixing the faucets, door knobs and painting the roof etc. For flipping the homes, it depends upon your budget and the target buyers.
DC Fawcett complaints on hiring a inefficient contractor
Hiring a contractor to fix up and renovate the house can be extremely time consuming if you have a very short deadline. Do not hire one without analyzing his past work since there are many fraudsters. Refer to the well known real estate agents in the city and the hire an experienced one. Instead of paying the individual workers, you can hire contractor who can take care of all the repair works.
Check whether they have adequate time on their schedule to complete your project since many contractor are always busy with their jobs. You cannot make your house sit in the market for so long and sell it faster.
Rehabbing is not task that can be handled by a single person, so it requires the perfect team work and you are the one who is going to lead the team. Time consumption, unnecessary expense avoidance and speeding up the work are really important when it comes to rehabbing the house. Marketing the rehabbed house is equally important to fine rehabbing and doing it right will sell the house faster.