Potential rehabber seeks advice
I am interested in getting into rehabbing in the Atlanta area. Specifically, buying from a wholesaler using hard money, rehabbing and re-financing and then holding and renting out. I would appreciate any advice about this type of investing. Good books or courses, horror or success stories.
Thanks in advance for any help!
Find It, Buy It, Fix It is pretty good by Robert Irwin.
Yes, I have that book. It gives you some good ideas on rehabbing. I would look for a course to make you aware of potential pittfalls in regards to the financing aspects of it and contracts.
In my area, we have tons of landlord clubs and some of them are flippers. Give a call to your local clubs, you may find someone to take you under their wing like I did when learning the landlord ropes.
I'm just thinking of flipping myself. Just worried about the dealer status issue.
you can also call some of the newpaper ads that says "We buy ugly homes for cash". Call them and see if they can mentor you. Yoiu work for free and you learn. Do that for a month and start your own path.
Hello Homeguard, you can ckeck to see if the neighborhood is part the "Community Revitialization Area". If it is, then Fannie Mae has money set aside for investments that will improve the city. If you set the thing up right you could possible have a no-money-down deal. Go back and look at the rehab form that will show you how I was able to purchase a rehab fourplex at N-M-D. Good luck
How do you find out if a neighborhood is a "Community Revitialization Area?"
make sure your numbers are acurate, make sure you know what your looking at in the property and what it costs to repair, most important rehab items are roof, hvac, foundation. if you missed one of these it could hurt bad. later, ron(lv)
Before gettting into real estate investing I was a contractor, and many of my clients were real estate investors who would have me do preliminary inspections.
It's a very small expense relative to the potential disasters waiting if you don't know where to look for serious problems.
My advice is to develop a relationship with a local contractor or handyman. Oftentimes, handymen are jacks of all trades who know about many different areas and systems and can offer a more comprehensive inspection than a traditional home buyers inspection service. Maybe even partner up with one. That is how I got started.
If you can find the true "cosmetic" fixers, then the battle is halfway won. So look to the professionals to do their job. You can not equal their years of experience in the real world by reading any amount of books. lol.