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Rehabbing Homes for Resale
Saturday, January 5, 2013
Home rehabilitation for resale, commonly called house flipping, can be an effective way to make some extra money. There are even popular television shows about this specific topic because it is a way to make money that not only works but is also an exciting adventure every time you start on a new project or home. In order to get started in this business there are a few things you need to learn so that you can complete each task the correct way and save yourself from any extra harassment's later on down the line.
When you are looking to find and purchase a home you plan on “flipping” or rehabilitating for resale, the first place you should look is the local foreclosure market. Not only will these homes be cheaper (after all, you are looking for ways to make money and in this business, the less you spend upfront, the more you can profit in the end). When you are searching through foreclosures, make sure the homes you are seriously looking at purchasing are in an area where homes are selling rather quickly and are located in a part of town that is considered “safe or successful.”
You might find the best deals on homes that have not even been placed on the market. The best way to do that is to check with the local courthouse in the area that you are looking to purchase in and see when cases involving foreclosures occur. On those dates there are people who literally sell the foreclosures on the courthouse steps. You can save even more this way by purchasing the home before any mark-ups occur. The goal is to make money, but be prepared to spend some too. You cannot expect to get each property by spending almost nothing, but if you search for the property in the right way you can save a lot of money.
Once you have purchased the home that you are looking to rehabilitate you can assess what repairs need to be done to the property before it can be “flipped” or sold. If you do not plan on doing all of the repairs yourself, you will want to shop around for the best price on a contractor to complete all of the work for the best price and the best results. You want to save money but you also want the property to look its best when all of the repairs have been completed. If you are thinking to yourself, “I want to sell my house quick
,” then all of these careful steps should be carefully considered and followed.
“Sell my house quick
,” is a common goal for anyone looking to get in the business of rehabilitating homes for resale. As long as you have the start-up money and a good contractor, the hardest part will be the waiting for someone to purchase your home. The better it looks, the better results you will have. Good luck on your new venture!