Hello everybody,
I am new to the industry and have been researching the topic diligently. Being in S. Florida, the market is kicked up quite a bit, and the average home is going for $300k in Broward County. So far a newbie, the prices may be somewhat prohibitive. I have good credit and want to get into this on a part time basis until I build up to replace my current income. I find this and a couple of other websites very informative and rewarding.
My question: if I have never been mechanically inclined in my life is the work involved in rehabbing too advanced for me? What typically is done during rehabs? What are the highest ROI rehab projects, i.e. the kitchen, bath, painting, etc.
Any help you can provide will be greatly appreciated.
Mechanical Systems such as foundation, roofs, plumbing,electrical so on as well as the typical Kitchen and Bath upgrades. These are your big $ concerns. The rest isn’t too bad. Providing the mechanical systems are ok, Kitchen and Baths do wonders for faster sales in general. I’ve done a couple of condo rehabs and the kitchen/bath redone sold the place to my first buyers in both cases. This was in NJ.
KEC
If you’re not too inclined in the hands on, see if you can partner up with another investor who is, and put both your time and money together.
That way you can learn how easy most of the rehab projects are, learn from them, and work together on building a business. Then after you’ve got the hang of it, working nights and weekends, on developing your skills, then you can branch off on your own.
Some investors, aren’t too financially savvy, maybe their the hands on types, they see the diamond in the rough, have the money, and know they made a good return on the last deal, so they’re going on to the next. But they could have made more. Maybe you’re that person to help them make more. Put your money together, go for the bigger projects, and still clear the same amount.
Or
Get in good with some contractors, and set up the deals for them to be paid after the home sells.
Use your imagination, that is the only thing limiting your abilities in this business.
Good Luck!
Thanks Kbrandau and IWINUWIN for your advice…