Is Rehabbing Houses Really For You?
There is no debate on the potential of rehabbing houses to make you a millionaire.
Successful real estate investors who now work a few hours a week and buy what they want are a living testament to this.
A lot of people tend to ask them whether they are fit for the job.
"If they made it," why can't I?" they ask.
Those people became successful because they had some unique qualities.
Here's a little checklist of what you must have to make it big in this business.
- An appreciation for the ugly.
When you look at a home, do you see it from the eyes of an investor? In rehabbing, you will be dealing with distressed properties.
Some home have been neglected for years.
Others need repairs because its previous owner struggled financially.
Whatever the case, these ugly ducklings are your ticket to riches.
With proper improvement and repairs, you can turn them into a "swan.
" Just to keep the fairy tale and fable analogy make that a swan that lays golden eggs! Treat fixer upper homes and other dilapidated properties as if they are a treasure chest waiting to be opened.
- If you appreciate the ugly, you must never like the bad.
Some homes are simply not worth fixing.
These properties that are just waiting for Judgment Day.
Say "no" to properties that require major repairs.
Repairs like total roof replacement can cost a fortune.
Structural repairs, or those having to do with the house's main structure, are a major headache.
Watch out for those huge cracks on the wall.
They are a warning sign.
- Get the good.
Say "yes" to properties that need only some retouching or cosmetic repairs.
If the house needs new lighting fixtures, bathroom fixtures, and a fresh coat of paint, that's a good one.
These repairs are cheaper but can raise a house's value significantly.
Tip: replace the carpeting no matter what.
Experts also recommend an overhaul of the front yard.
Make sure that you trim the lawn before you place a "for sale" sign on the yard.
If the grass is tall enough to become a snake den, which means the property has been neglected.
That also means "all efforts wasted" for you as a rehabber.
Successful real estate investors who now work a few hours a week and buy what they want are a living testament to this.
A lot of people tend to ask them whether they are fit for the job.
"If they made it," why can't I?" they ask.
Those people became successful because they had some unique qualities.
Here's a little checklist of what you must have to make it big in this business.
- An appreciation for the ugly.
When you look at a home, do you see it from the eyes of an investor? In rehabbing, you will be dealing with distressed properties.
Some home have been neglected for years.
Others need repairs because its previous owner struggled financially.
Whatever the case, these ugly ducklings are your ticket to riches.
With proper improvement and repairs, you can turn them into a "swan.
" Just to keep the fairy tale and fable analogy make that a swan that lays golden eggs! Treat fixer upper homes and other dilapidated properties as if they are a treasure chest waiting to be opened.
- If you appreciate the ugly, you must never like the bad.
Some homes are simply not worth fixing.
These properties that are just waiting for Judgment Day.
Say "no" to properties that require major repairs.
Repairs like total roof replacement can cost a fortune.
Structural repairs, or those having to do with the house's main structure, are a major headache.
Watch out for those huge cracks on the wall.
They are a warning sign.
- Get the good.
Say "yes" to properties that need only some retouching or cosmetic repairs.
If the house needs new lighting fixtures, bathroom fixtures, and a fresh coat of paint, that's a good one.
These repairs are cheaper but can raise a house's value significantly.
Tip: replace the carpeting no matter what.
Experts also recommend an overhaul of the front yard.
Make sure that you trim the lawn before you place a "for sale" sign on the yard.
If the grass is tall enough to become a snake den, which means the property has been neglected.
That also means "all efforts wasted" for you as a rehabber.