Read My Articles On Rehabbing Properties
House Flipping - Make Your Money On The Buy In Frisco TX
In order to become a successful real estate investor you need to formulate a team. When I was looking into rehabbing properties, I wanted do everything myself, and I found out real fast that I did not have the money nor the experience to be successful in this industry. So, having a background in construction, I partnered up with a friend of mine and we worked together rehabbing and selling numerous properties in Washington, DC. I handled the property acquisition and construction aspects and he handle the money. Everything, works so much better with a team, a project that would have taken a single person months to do only took us weeks.
Second, have contractors or handymen you can trust do the work. As a rehabber, you need to be out finding deals and working at getting the property sold. Hire out the labor portion of the job. This was the hardest lesson for me to learn. The first project I worked on took over 3 months because I tried to do all the work myself. After that, the lesson had been learned and I hired out almost all the labor on the second project and everything was finished and we had an open house within 3 weeks.
Third, the lowest price is not always the best deal. Ask the Federal Government and you will be told the former is totally true. Our dear old government has spent trillions of our tax dollars doing the same project twice because they took the lowest bid. As a result, the government implemented a rating program that all contractors must adhere to get government contracts. If you get too hung up on the dollar aspect of project, you will definitely lose in the quality department. I have an acquaintance that will fight to the finish to save a nickel, but then is ok going back and paying more to fix substandard work. This job is stressful enough without adding unnecessary torment to the equation. Rehab is more profitable when you have long standing relationships with contractors and handymen. They will work harder and do you favors when you really need it. You can't keep your good workers by being a cheapskate. Starting over will only cost you more money.
Fourth, have an awesome realtor. Realtors are a dime a dozen, but you need to look for the diamond in the rough. The hard worker that wants to get your property sold, not just stick it on the MLS and wait for a call. A good Realtor is constantly staying on top of everything that relates to your house and getting it getting sold. Also, a good Realtor will let you know if you are going to pay too much for a house, or if you are asking too much for the property you are trying to sell. A Realtor with construction experience can save you thousands of dollars and provide you prospective and insight. These are things that can be easily lost by you when you are elbows deep in a project.
If you can put together a team that works for you I believe you will be more profitable and less stressed in the long run.
Please feel free to give me a call at 214-234-6901 or email me at Grant@GrantHowell.com. You may also visit my Web site www.BrokerMyHouse.com for additional information on the real estate services I provide. I look forward to hearing from you.