Our most recent project involves a total house rehab and believe me, this work is not for wimps.
There is one major lesson taught by any good mentor to a young and eager real estate investor; you will make your money when you buy cheap and upgrade a deteriorating house!
Now if you’re ready to take on the major work yourself, I wish you the best of luck, because you’ve got some guts to tackle a project of this size!
First you need tp get the right permits for all the necessary projects, by hiring the right professionals should take care of this obstacle, and they always should have a written contract with a date of completion, and a written estimate of the total cost of the entire project, before starting any work on the home.
Also, if you’re the foreman or real estate investor, you better make sure you pay on time because good contractors and investors who do what they say are always worth their weight in gold. Most contractors and subcontractors know each other and will refer only the reputable contractors and foremen to work for and also work with. Plus paying on time will insure your good business name as well as guarantee repeat business with them, and anyone else for that matter. Word of mouth goes a long way no matter what profession you’re in.
Make sure that you have a solid plan, know where to start and finish, and always do one thing at a time.
It all might sound easy as you read this, all until you run into your first bump, but eventually the more jobs you do the faster you can complete the work, list the house on the Real Estate market, and the faster you can get your check at the closing table.
So get out there and buy a “fixer-upper”, fix it up, and make sure you turn a profit by itemizing the cost of labor and material to the final value of the upgraded home. If you don’t follow this advice you’ll end up flipping hamburgers instead of houses.
I can see a lot of you guys and gals out there, so keep on going, never quit and always smile, and the world will smile back.
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