Time Life Home repair and improvement books, Both The Home Depot and Lowe's have do it yourself books, and there are also CD's out there for do it yourselfers. Lots of those books, Handyman magazine, and This Old house etc.
Lots and Lots of this info available
Those are all good sources, One other thing, if you want to really rehab, find a contractor. Your time is much better spent directing contractors and moving properties faster than fixing things yourself.
Even if you do it yourself, you may wish to get a couple estimates from a couple handymen or plumbers anyway. At some point, you will probably have to turn to a plumber and getting estimates is a good way to weed out some of them that may be out of your price range. Your local hardware store might be able to give you a couple referals.
As your real estate empire grows, you won't have time to do everything yourself and it might be a good idea to find someone who is reliable now.
If you are gonna do (attempt to do) as much of the work as possible yourself without hiring professionals heres some tips..
Local Library, Bookstores, and Home Improvment Stores have many many books on every part of construction, home repair, and real estate related home improvment.. There will be a book on each aspect of home improvment as each area of improvment is too complicated to be in a single book. (i.e. Electrical wiring, plumbing, carpeting, painting, framing walls, windows, etc.)
If you know nothing of construction/home improvment and are jumping for a "rehabber" I employ you to research and beware!!
Rehabbers are alot of work (a full time job), and can be profitable (a nice pay for a few months work..
However, I have seen countless times people attempt rehabbers and fail for various reasons including but not limited to:
1) lack of time to work on it (family, work, or other obligations interrferred). You need to finish it as quick as possible and sell (if your plan is to sell) it minimizing your "holding costs" monthly mortgage payments, insurance, etc. which is ALL lost money as none of it is reducing your principal on your loan.
2) Underestimated the EXPENSES, materials, labor, and other factors needed to rehab the home. Thus the resell value of the home rehabbed was less than all your money into it, which is a loss.
3) Buyer (rehabber) unaware of some work needed which ends up being an uncalculated or planned for expense.. Examples are dry rot, foundation work, etc.
HAVE PROFESSIONAL inspections done of the home, every last damn detail and thing should be checked, down to every faucet and lightbulb!!
Get PROFESSIONAL (contractors) estimate for rehab. IF you can buy the home cheap enough, pay for a professional contractor to rehab it, and resell it and STILL make a profit, you'll make a fair penny doing the rehab on your own.
4) Over Re-Habbing the home (or whatever you want to label it)! This comes to mind as 4 months ago I looked at a nice home for sale by owner who turned out to be a General Contractor whome rehabbed the home. He did an excellent job, new everything, down to door frames, fixtures, etc.. But was going to loose money on the deal as he put too much money and too much nice things into it as he explained to me his dillema wanting to get rid of the home and stop loosing via his "carrying costs".
I'm tired, goin to bed, that's some food for thought..
A lot of really, really good advice already in this thread.
I am not trying to insult you, but, based on your question, I have to presume that you do not know anything about rehabbing. With that said, unless you are very handy, I would recommend getting professionals to do that jobs.
When dealing with "junk houses" (rehabs) even simple jobs can turn very nasty, very quickly. For example, installing a ceiling fan is a pretty standard HOW TO book subject. Turn off power, remove old light, disconnect wires, etc. etc.
BUT there are only two wires and the book says three and the damn wires just fell apart in my hands and now I have two bare copper wires!!!! You get the idea...
I am a little awake now after great amounts of caffeine.. Yeah!!
A tip for any new rehabber which I wanted to mention is this:
HIRE, for an hourly wage $7-10, an individual with alot of experience in construction..
These construction workers, are always needing work and never maintain stable employment, you can get them pretty inexpensively..
Be sure to really interview them regarding their knowledge and experience and check references, you want a competant and good worker to work alongside you and thus teach you first hand while getting the job done..
IMHO if you do not have rehab experience you better hire a contractor. I am not by any means a handy person but I can do some things, doesn't mean I should. I just contract out the rehabs to one of three contractors that work for me.
This allows me to a couple of things.
1. Focus on finding more properties.
2. Overseeing the contractors work (They need a kick from time to time).
3. Focus on finding more properties.
If you are going to make rehabbing a "Business" property flow is KING. You might save a few dollars by doing it yourself, but it will take three times as long, and you will have less of a return in the end, especially if you are trying to teach yourself how to do things.
Again, HIRE a professional, get three estimates, and take the contractor you are most comfortable with. Spend your time finding more properties!
do you think Telemon is getting his/her point across?
I dont have a huge amount of experience but I know that people (not investors) constantly tell me that "the way to make money is to do the work yourself".
But think about it. How many rehabs can you do at one time if are doing the work on each one? ONLY ONE.
Now I dont recommend that new investors contract out 3 rehabs at a time, But AFTER YOU FEEL YOU ARE EXPERIENCED AND COMFORTABLE, you can manage as many rehabs as you can find!
I have to admit I wasn't expecting so much great advice. You guys are great! Thanks to everyone who replied, I realize now that my time will be better spent managing and moving the properties, not working on them.
Craigthecubfan,
I just want to put in my two cents on what cky said. i am a rehab investor and have been in pretty much all phases of constuction for about 20 years. You are not going to find somebody (unless they're really desperate) with alot of experience, references, and can teach you for 7 to 10 $'s an hour, especially if you want them to have all their own tools, a truck and responsibility. Tere are a few exceptions but very few. 10 may be the minimum. As they say in the rehab business, you have to spend money to make money. Good luck
[addsig]
Having been a General Contractor aka B-1, I suggest you start looking for a good lead man, that is someone raised in the trades who can do almost all of them and has at least one C license. My preference is the guy in the low ride jeans who holds at least a C-36. You will need him for the permits and inspections. They are getting a little sticky in the great State of Calif about unlic. persons on permits. They want somebody to stick when things are wrong. Besides it is limiting. After all what you are on this site for is Transaction and it is hard to do while you are under the sink somewhere conversing with a stuffed weir which refuses to disclose why it will not drain.
All the books in the world will not help unless you have some experience with skined knuckles, bumped head and cuts from missed saw work. It is not necessary to be able to cut DoveTails freehand but you should know what they are and not look for feathers.
Time Life Home repair and improvement books, Both The Home Depot and Lowe's have do it yourself books, and there are also CD's out there for do it yourselfers. Lots of those books, Handyman magazine, and This Old house etc.
Lots and Lots of this info available
Go to Lowes or Home Depot and purchase a "How to" book.
wwww.hgtv.com is also good. try a goolge or msn search for do it yourself. Lots of info out there! Good luck
Those are all good sources, One other thing, if you want to really rehab, find a contractor. Your time is much better spent directing contractors and moving properties faster than fixing things yourself.
Just a thought
I've used "The Reader's Digest New Complete Do It Yourself Manual" Covers soup to nuts.. I keep it in my truck at all times..
The DIY website also has great information.
Even if you do it yourself, you may wish to get a couple estimates from a couple handymen or plumbers anyway. At some point, you will probably have to turn to a plumber and getting estimates is a good way to weed out some of them that may be out of your price range. Your local hardware store might be able to give you a couple referals.
As your real estate empire grows, you won't have time to do everything yourself and it might be a good idea to find someone who is reliable now.
Good luck with your rehab.
Beginner Rehabbers:
If you are gonna do (attempt to do) as much of the work as possible yourself without hiring professionals heres some tips..
Local Library, Bookstores, and Home Improvment Stores have many many books on every part of construction, home repair, and real estate related home improvment.. There will be a book on each aspect of home improvment as each area of improvment is too complicated to be in a single book. (i.e. Electrical wiring, plumbing, carpeting, painting, framing walls, windows, etc.)
If you know nothing of construction/home improvment and are jumping for a "rehabber" I employ you to research and beware!!
Rehabbers are alot of work (a full time job), and can be profitable (a nice pay for a few months work..
However, I have seen countless times people attempt rehabbers and fail for various reasons including but not limited to:
1) lack of time to work on it (family, work, or other obligations interrferred). You need to finish it as quick as possible and sell (if your plan is to sell) it minimizing your "holding costs" monthly mortgage payments, insurance, etc. which is ALL lost money as none of it is reducing your principal on your loan.
2) Underestimated the EXPENSES, materials, labor, and other factors needed to rehab the home. Thus the resell value of the home rehabbed was less than all your money into it, which is a loss.
3) Buyer (rehabber) unaware of some work needed which ends up being an uncalculated or planned for expense.. Examples are dry rot, foundation work, etc.
HAVE PROFESSIONAL inspections done of the home, every last damn detail and thing should be checked, down to every faucet and lightbulb!!
Get PROFESSIONAL (contractors) estimate for rehab. IF you can buy the home cheap enough, pay for a professional contractor to rehab it, and resell it and STILL make a profit, you'll make a fair penny doing the rehab on your own.
4) Over Re-Habbing the home (or whatever you want to label it)! This comes to mind as 4 months ago I looked at a nice home for sale by owner who turned out to be a General Contractor whome rehabbed the home. He did an excellent job, new everything, down to door frames, fixtures, etc.. But was going to loose money on the deal as he put too much money and too much nice things into it as he explained to me his dillema wanting to get rid of the home and stop loosing via his "carrying costs".
I'm tired, goin to bed, that's some food for thought..
Chris
Hey,
A lot of really, really good advice already in this thread.
I am not trying to insult you, but, based on your question, I have to presume that you do not know anything about rehabbing. With that said, unless you are very handy, I would recommend getting professionals to do that jobs.
When dealing with "junk houses" (rehabs) even simple jobs can turn very nasty, very quickly. For example, installing a ceiling fan is a pretty standard HOW TO book subject. Turn off power, remove old light, disconnect wires, etc. etc.
BUT there are only two wires and the book says three and the damn wires just fell apart in my hands and now I have two bare copper wires!!!! You get the idea...
The books only scratch the surface.
Just my two cents.
I am a little awake now after great amounts of caffeine.. Yeah!!
A tip for any new rehabber which I wanted to mention is this:
HIRE, for an hourly wage $7-10, an individual with alot of experience in construction..
These construction workers, are always needing work and never maintain stable employment, you can get them pretty inexpensively..
Be sure to really interview them regarding their knowledge and experience and check references, you want a competant and good worker to work alongside you and thus teach you first hand while getting the job done..
Chris
IMHO if you do not have rehab experience you better hire a contractor. I am not by any means a handy person but I can do some things, doesn't mean I should. I just contract out the rehabs to one of three contractors that work for me.
This allows me to a couple of things.
1. Focus on finding more properties.
2. Overseeing the contractors work (They need a kick from time to time).
3. Focus on finding more properties.
If you are going to make rehabbing a "Business" property flow is KING. You might save a few dollars by doing it yourself, but it will take three times as long, and you will have less of a return in the end, especially if you are trying to teach yourself how to do things.
Again, HIRE a professional, get three estimates, and take the contractor you are most comfortable with. Spend your time finding more properties!
Goodluck!
Hey,
do you think Telemon is getting his/her point across?
I dont have a huge amount of experience but I know that people (not investors) constantly tell me that "the way to make money is to do the work yourself".
But think about it. How many rehabs can you do at one time if are doing the work on each one? ONLY ONE.
Now I dont recommend that new investors contract out 3 rehabs at a time, But AFTER YOU FEEL YOU ARE EXPERIENCED AND COMFORTABLE, you can manage as many rehabs as you can find!
Think Big Picture.
Good Luck,
N.
I have to admit I wasn't expecting so much great advice. You guys are great! Thanks to everyone who replied, I realize now that my time will be better spent managing and moving the properties, not working on them.
Craigthecubfan,
I just want to put in my two cents on what cky said. i am a rehab investor and have been in pretty much all phases of constuction for about 20 years. You are not going to find somebody (unless they're really desperate) with alot of experience, references, and can teach you for 7 to 10 $'s an hour, especially if you want them to have all their own tools, a truck and responsibility. Tere are a few exceptions but very few. 10 may be the minimum. As they say in the rehab business, you have to spend money to make money. Good luck
[addsig]
Having been a General Contractor aka B-1, I suggest you start looking for a good lead man, that is someone raised in the trades who can do almost all of them and has at least one C license. My preference is the guy in the low ride jeans who holds at least a C-36. You will need him for the permits and inspections. They are getting a little sticky in the great State of Calif about unlic. persons on permits. They want somebody to stick when things are wrong. Besides it is limiting. After all what you are on this site for is Transaction and it is hard to do while you are under the sink somewhere conversing with a stuffed weir which refuses to disclose why it will not drain.
All the books in the world will not help unless you have some experience with skined knuckles, bumped head and cuts from missed saw work. It is not necessary to be able to cut DoveTails freehand but you should know what they are and not look for feathers.
Enjoy Lucius