Rehabbing a house is not an easy task and if you have decided to do it on your own then you need a guidance of an expert! Here is a set of guidelines by DC Fawcett VREIC, a real estate expert and a successful rehabber!
You can rehab a house either by yourself or by hiring a contractor. Before starting the rehabbing process, set a reasonable goal and know why you are doing the job and whether it is under your budget. House rehabbing is little bit tedious job to do but with proper guidance of rehab and real estate expert it is not going to be a great deal.
DC Fawcett, being a real estate guru, he has flipped hundreds of houses and dealt with lot of house rehabbing. He has done rehabbing himself and also by hiring contractor, hence he knows the pros and cons of both the ways.
Possible reason behind house rehabbing:
There are many reasons for house rehabbing process.
Flipping a house which needs rehabbing
Buying a rental property and rehabbing it for proper accommodation
Rehabbing the house for your personal accommodation
While doing house flipping, if you have bought an old house to flip, then you need an expert’s assistance to repair it. At such instances, you can hire a contractor to rehab the house which saves your time and money.
If you buying a rental property for cash flow income then analyse the financial issues and decide whether to do a partial or full rehab. If the property is in bad condition and structurally not good then it needs a full rehabbing. Whereas if the house is in good structural condition then it may need only basic repairs and renovations like painting, carpentering etc. At such cases, you can opt for partial rehabbing.
If you are rehabbing the house for personal accommodation then you can either do it by yourself. Not all the complex repairs related to water lines, electric wires can be done but you can give a fresh coat of paint to your house and do some minor repairs. Based on your financial position, budget and management skills you can either do the rehabbing by yourself or hire an efficient contractor who can complete the task within your budget and on time.
What if i have to do the rehabbing by myself?
If you have decided to do the job all by yourself, then plan accordingly. The contractor would create a neat plan before starting the rehab job. Likewise before starting the rehab process take a note which tools are required and materials needed and also have a calculated timing. Do not drag the process for so long and complete it within the timeline.
Another important factor is to keep track whether the process gets completed within your budget. Following these guidelines you can easily get the job done completely.
Hiring a contractor can turn out to be a great hassle if you are not finding a good one. Though it saves lot of time by hiring a contractor, finding the reliable one and getting a bid might take long time. So if you are about to start the process then immediately start bidding the contractor soon.
Generally, a pre planned rehab process never goes out of your budget, but sometimes due to your miscalculations it may go over budget and take longer time than expected. So you need to keep buffer timing before starting the process. With the hectic timeline, you can’t finish the process quickly.
DC Fawcett VREIC is far and wide familiar as the leading creative thinker on real estate trends; impacting the real estate entrepreneurial dealing. The virtual real estate investing club is its hub where so many have benefited as a successful realtor. He has held a number of seminars which throw light on demanding real estate concepts. For more details, stay updated to his blog and read his articles to know how to get into a realty dealing which is scam-free.