It can indeed take a long time to get to the profit side of rehabbing. If you ONLy work with properties that will produce at least $10,000 profit that makes the waiting a little easier to swallow.
However, beginners are often overly optomistic about how much the house will sell for and tend to under bid the repairs - the two combined can kill a deal real fast!
I suggest that “newbies” start with flipping contracts. This allows you to get a better feel for the market and get more experience at estimating repairs. The best part is you get paid much faster; maybe not as much - but faster! I call it earning while you are learning.
Or should I simply resort to those lame “do-it-yourself” Bob Vila home improvement books?
I am interested in anything related to MH rehabbing (the usual plumbing, electrical, caprpentary, paint stripping type stuff as it pertains specifically to this area of real estate). While I am not the most astute handyman, I am willing to learn and quite capable (sounds like a resume)…
Thanks
Okay- here it is.
IMBO, Spend your time learning about the business of rehabbing instead of learning how to rehab. Using your hands may feel like the right first step and granted it can be a good way to learn what to look out for but if you have aspirations of much more, I would spend my time learning HOW one manages the business of rehabbing.
How do we hire contractors?
How do we finalize a bid?
etc, ad nauseum.
So my answer to you is to learn more about running the show than being merely an actor…
Re: Any decent rehabbing books around? - Posted by John (KS)
Posted by John (KS) on November 10, 1998 at 14:20:10:
I am in the process of reading his book “Buy it, Fix it, Sell it, Profit!” I have heard that it is a must for any rehaber. I am just a beginner (done a few MH deals) reading everything I can get my hands on. In my opinion, Rehabbing seems like too much trouble. Money is the problem, I have yet to see an easy way finance the properties even if you have a private investor. I don’t like the hassle of waiting for 1-3 months for the home you bought to get in the market, then you only hope you make a profit. I am sure people are making good money at rehabbing, but it scares me. This is only my opinion, and I bought the book thinking it would change my mind. It does have alot of useful info for rehabbers, guess rehabbing is not for me. Good Luck and don’t let my opinions influence you negatively.