Realty411 Magazine Featuring Scott Meyers | Page 26
3. Partial Rehab. When
doing a quick “downanddirty”
rehab on a property, you’re not
transforming it into a showcase
home to sell to consumers. Instead,
your goal should be to transform
the home into a clean, investment
property that would appeal to other
investors. This means only
replacing old or damaged carpet,
painting the interior with neutral
colors, thoroughly cleaning the
entire house, sprucingup the
landscaping, and replacing light
fixtures.
Flipping before all of the
renovations are completed may
reduce your profits, but it will also
save you time and keep your
investment costs low. In fact, if
you have little cash to invest, this
might be your only strategy to profit
on the deal. Later, when you've
builtup your investment funds,
you will have more exit strategies
to choose from.
At this point, you may be asking
yourself, where do I find these
investors? You can find investors
by placing classified ads in your
local newspaper. You can also
find them by attending local real
estate investment clubs. There is
no shortage of investors looking to
buy investment properties. Often
these people don't know how to
"When doing a quick
“downanddirty” rehab on a
property, you’re not transforming
it into a showcase home to sell to
consumers. Instead, your goal
should be to transform the home
into a clean, investment property
that would appeal to other
investors."
26
find deals or aren't willing to do the
work necessary to find them.
Some are parttime investors who
hold fulltime jobs. Others are
brand new. They have cash to
invest and resources to rehab a
property. Some want to flip the
property, while others are looking
for longterm rental properties.
Regardless, these investors don't
have time to find properties,
evaluate opportunities, negotiate
deals, or rehab properties. But you
do, so take advantage of it!
The good news for you is that
there are always investors looking
to buy properties before, during,
and after renovations.