If you are about to start house rehabbing as your real estate investment method then you have to learn the procedures clearly. DC Fawcett one of the renowned real estate expert offers the step by step approach of rehabbing a house in an easy way.DC Fawcett Virtual Wholesaling
According to DC Fawcett reviews, before proceeding with the rehab process, the initial research on the property is necessary. Make sure you buy the rehab property in a desirable location first. Be it a house or any other real estate property, location is an important factor which determines the success rate of resale process. Once the location is fixed, the next step is to evaluate the property thoroughly. You can hire an inspector to check the house and verify whether it is structurally good enough to start rehabbing.
A house which is structurally sound in condition can be easily rehabbed as you need to only change the old things into a new one. But if the structure is bad, you have no other go but to destroy the building and start everything from scratch. This is not easy to do and its equivalent to buying a new home.
Do a thorough inspection on the property! What does it need? A simple make over is enough or it needs a massive renovation? You can know these details only if you walk through the property and check everything. DC Fawcett complaints on some sellers who are smart enough to hide the flaws which you cannot easily identify. At such instances, you need to hire an experienced inspector who can tell you the defects clearly and also estimate the value of repairs and renovation needed. This inspection will cover electrical, plumbing, painting, roofing and other works too.
Once the inspection is over, now it is time to create a plan and budget required for the rehabbing process. As per the DC Fawcett reviews, the more extensive the job is, the more money it cost you. Based on your financial situation, you can opt to hire a contractor or individual workers. If some renovation works like painting and fix ups can be done by you, then you can hire workers for electrical, plumbing and other jobs. If the repairs and renovations are extensive and cannot be done on your own, then the contractor can ease the job.
Start working as soon as possible once the budget is ready! Do not wait to start the rehab process so that you can put up your house for sale in the market quickly. Make sure that you fix the deadline for the job and work on it. Tell the contractor to work fast on the rehab process as the work may get stagnated for long time if they are not acting fast.
Keep track of all the expenses of rehab process, the ultimate goal of house rehabbing is to earn profit, that is, you must get the higher selling price. The selling price should exceed the acquisition and rehab cost. Do not encourage the contractor to do unwanted decorations as it may charge you more. DC Fawcett complaints that sellers are not aware of the appreciation value of the property often. You contact some appraiser who can help you with that. You can decide to spend on rehab process accordingly.
DC Fawcett, a real estate professional has started virtual real estate investing club so that investors can get an idea about it. Entrepreneurs who are interested in real estate can make use of these blogs which will also help you out to stay scam free. The aspiring entrepreneurs can make use of DC Fawcett virtual wholesaling methods as it involves no risk and cash.