Your Rehabbing Houses Checklist

Published: 04th November 2009
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So you want to quit your job and try your luck in rehabbing or flipping houses. After all, you're tired of seeing the same office everyday and listening to your boss every minute of the day. Television shows also made it look like a piece of cake. But before you tender that resignation letter to officially start rehabbing, here are some factors you must consider:

Having a handyman sense. If you have the knack and the skills to do things on your own, then rehabbing houses might be for you. Shortly defined, rehabbing is buying a property, making some repairs, and selling it fast. If you have the skills set for various house jobs, then you'll save on labor costs. If you can paint a wall, replace doorknobs, and clear clogged water pipes, you wouldn't need professionals for these jobs and your repair budget will be smaller.

Having a team of pros. Let's say you are not a handyman. Then you must assemble a team of professionals who will help you flip a property. Apart from contractors and workers who will be directly involved with the repair and renovations, you will need experts in other aspects of the project. Among them are a real estate agent, a home inspector, and an accountant. Again, if these are jobs that are within your range of skills, you can take over them instead of hiring a professional. Just make sure you don't take in more responsibilities that you can handle.

Having an experienced estimator. We must put emphasis on this job as it is probably the most important in your team of pros. How much you buy the property and how much it will be worth after repairs will depend on this position. A professional and experienced estimator will help you avoid massive losses due wrong estimates. Once you get the hang of it, you can start estimating houses on your own. But in your first few rehabbing projects, be sure to tag in a good estimator.

Having the knowledge. If you think what you've learned from television programs is enough to keep you alive in the world of flipping houses, you're wrong. Flipping houses is a much complicated form of real estate investing that it appears. Be sure to educate yourself first on its basics and then on the latest methods used by seasoned investors. Go to REIwired.com and click videos, articles, and sound files that can help you start right in flipping houses and other forms of real estate investing.



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