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I’m intrested in buying houses in need of some basic upgrades such as new kitchens and baths, changing the electrical service, small general repairs, paint,new carpeting, if necessary exterior work such as siding and or roofing, put into marketable condition and resell. I have years of experince in most of the trades and have been a remodeler for more than 25 years, yet when it comes to how to get property with the least cash output and possible government programs that encourage the remodeling of homes I have no experince and I am looking for advice and or direction as to how to go about starting a business rehabing without just jumping in and learning by making costly mistakes somewhere out there there must be someone who can point me towards information. Thank You
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"I have learned so much thanks to the searchable articles on the FHB website. I can confidently say that I expect to be a life-long subscriber." - M.K.
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Read how to do this in either FHB or Journal of Light Construction in the last 4 months. I really think it was JLC. The author really laid out a good plan. Check http://www.jlconline.com
*Robert,You might also want to check out this websitewww.rehabwiz.com. This site is dedicated to nothing but the how to's of buying, fixing-up,and selling properties.Good Luck,Mike Merisko
*Yikes!Infomercial Time!......Beware, spend your money on your honey!...If you want to buy a home, fix it up, and sell it, then just go do it...The only way you will learn.Jack : )
*Yikes...yikes...yikes!
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Thank You J D, Mike, & Jack for your response's I'll look in to your suggestions,I appreciate you taking the time to respond. Jack I've been told that before and I just feel better doing a little research first,old habits are hard to break.
Thanks Again
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Mike, JD,
Do you both know an Infomercial gone Internetmercial when you see one?
FHB just doesn't seem like the place to readvertise sales "get rich quick" schemes, where the "seller" is getting rich, period.
Robert,
Real Estate buying, selling is playing poker with your money. Do you have "the killer instinct" that it takes? That's what it comes down to in the end. Holdem, foldem, and a "poker face,"...willing to lie, cheat and steal, oh then will you be a big tycoon. Really, is your wife a realtor, do you have reliable market information? Is your market turnover quick or dead? Lots to learn...Like I said if you just go do it, then you'll think you know it, just remember it's always changing, it's a market, it's unpredictable, it's dice throwing where a little knowledge gets lots of people in big trouble, but a few get lucky, and a few actually do have what it takes to make their own success happen.
When planning, remember your back up plans may be more important than the main plan.
Good Luck,
Jack : )
*I'm just now selling a house where I did this. I doubt I will make any money, but here are three things to watch for:1. Study the local market very carefully. Good buys will go really fast (a few days at most) so you have to know instanly when you see a good buy and be ready to act.2. Transactions costs are killers. That's where all my profit will end up.3. See #1. And wait for the right house IN THE RIGHT LOCATION. Avoid high traffic streets.
*Have you considered skipping a listing agent? I've wondered about this -- is it a terrible idea? If your house is "priced to sell" it seems a shame that the agent gets such a huge commission for an easy sale. At least the transaction costs are deductible. I've wondered how one could make money at this.
*I have done this as a hobby, and no I am not spending all my time in Haiwaii or elsewhere, nor am I getting rich. But, for what it is worth, I will give you my last experience, remember you paid nothnig for this advice. First, why buy from an agent? Find a neighborhood you like and some properties that you think you would interested in. Go to the court house, find the assessed value (is is some fraction of market value and should be more accurate than most), and write to the owner tellling same that if they are interested in selling you would like to make an offer. The first person to mention price loses, so don't. My last and current project was a Wausau duplex on a water lot. Bought it for 126,000 two years back, to day the assessor says the lot is worht 96,000. The guy who sold it wanted to tour the U.S. in has pickup camper. Takes all kinds. Every genius in the world is in the stock market, impossible to beat, realestate is not yet an efficient market, possible, but difficult to beat.
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I'm intrested in buying houses in need of some basic upgrades such as new kitchens and baths, changing the electrical service, small general repairs, paint,new carpeting, if necessary exterior work such as siding and or roofing, put into marketable condition and resell. I have years of experince in most of the trades and have been a remodeler for more than 25 years, yet when it comes to how to get property with the least cash output and possible government programs that encourage the remodeling of homes I have no experince and I am looking for advice and or direction as to how to go about starting a business rehabing without just jumping in and learning by making costly mistakes somewhere out there there must be someone who can point me towards information. Thank You