Some Truths About Rehabbing Houses
Share: Many people would not believe that rehabbing houses is a high-paying job
. They think that there is nothing rewarding with fixing dilapidated homes, nothing glamorous. All they see is a rehabber doing odd jobs to a home in disrepair to sell that property. But heres the truth:
rehabbing houses indeed is an excellent source of income, especially today, while the market is still recovering from the recession.
Also known as
fix and flip, this business has made a lot of millionaires. Thats a fact. Heres another truth: you too can build a fortune just by repairing and selling these homes. If there are truths, there are also some lies about rehabbing houses that most of us believe today. Here are some of them.
This business is totally and solely dependent on overall performance of the economy. This is a truth you must never believe. In times of crisis, the need for a home never ceases. Some people defer major investments as buying houses and cars during harsher times but there will always be buyers who have long saved for the property. As long as the American Dream of ownership is alive, you will never run out of buyers.
You will run out of properties to rehab. This is a myth. If you have buyers, you also have products to sell, especially today when property prices are still down. As mentioned earlier, the real estate market has yet to recover from the recession. This means that property prices are still low. This gives you, as an investor, the perfect opportunity to snap up properties and use them to profit. On the part of rehabbers, the availability of cheap properties allows them to buy more houses and turn these into new homes. There are literally hundreds of thousands of cheap properties available in the market today. All of these are selling for under-the-market prices. REOs (real estate owned properties), for example, are very cheap nowadays. These are properties that have already undergone foreclosure so all liens and claims against them are already cleared.
Share: You need a PhD for this. This is not true. A lot of successful real investors who are rehabbing houses did not even go to college. They didnt need to. In
rehabbing houses, what you need is proper education from those who are really into the business. Get a mentor, someone who is determined to see you succeed. You can also learn more about the basics at
rehab-real-estate.com. The website provides videos and articles about
real estate investing.
by: Daniel Mc Grey
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2024-12-4 16:16
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