If you’re new to the world of rehabbing and real estate investing in Silver Spring, MD there are some precautions you should take in order to protect your investment. These precautions will tack a little extra time onto your renovation project, but they will also save you money (and headaches).
Contact all utilities companies 2-3 days before your first walk through. Not only will you want to see what you are purchasing, you will also need electricity – among other things – in order to have work completed on the home. This may seem like a no-brainer, but sometimes even the most obvious things get missed in the chaos prior to closing.
If you procured the property with a home loan, then you can probably skip to number three since your lender would have required you to get insurance. However, if you paid cash, you will need to get insurance independently. Premiums for vacant-home policies are usually short-term and expensive, but they are absolutely instrumental in protecting your investment in the unfortunate event that something happens…which leads me to the next step:
Thieves and squatters love vacant homes. For this reason, it’s critical that you immediately secure your property. Hire a professional locksmith to secure all entrances/exits. Place a combination lockbox on or near the door, and only give the combination to professionals that will be completing work inside the house.
If you have considered investing in real estate in Silver Spring, MD, contact Emcee Arah of DeeCee Real Estate online or call 301.452.5252. Emcee is both a Certified Investor Agent Specialist (CIAS) and a Certified Distressed Property Expert (CDPE).
A CIAS is uniquely qualified to find, create, and close with residential real estate investors using the knowledge and innovative tools earned through comprehensive education and experience. CIAS-designated agents can streamline the process of real estate investment to increase returns for investor clients by helping real estate investors navigate:
- Investment Strategies
- Self-directed IRAs
- 1031 Exchange
- Leverage Options
- Key Calculations
- Capitalization Rate
- Average Returns
- Cash Flow
- And much more
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