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A thorough inspection of the subject property will serve as a basis from which to begin the rehabilitation. Until you are experienced enough to perform this inspection yourself, it is wise to seek the services of a competent professional. Most contractors will give you a free estimate of repairs when they know they stand a chance of getting the job.
You may consider exercising your option to do the work yourself. In the beginning, it might be worth while to spend your time working on your properties, but as the number of properties you own increases, you’ ll be better served to delegate your fix up work to some one else, while you focus on finding more deals. If you are going to do a fair amount of work on your properties, always keep in mind that if you’ re not a plumber, electrician, roofer, carpenter or such, don’ t try to tackle jobs that are beyond your skill level. Leave those jobs for the professionals.
Another word of caution. Many times you’ ll find that a little cosmetic repair will bring a property back to life, thus saving you lots of money. It is important not to overrehabilitate your project. If the property is in a low to moderate income neighborhood, the amount of money you spend on such items as flooring, plumbing fixtures, door hardware, etc. would probably be lower than that of a property in a high dollar neighborhood.
Do a little shopping around for the best prices on materials. While your local hardware store may fill your needs when it comes to small items, rarely can they compete with the large contractor warehouse type stores. If you are planning to do some or all the work yourself, I recommend that you purchase good quality tools. Much money is wasted on cheap tools that have to be repurchased over and over again. If you’ re performing a small job and have no desire to do your own contracting work, then it doesn’ t matter as much.
Be aware that you can rent almost any tool you’ ll ever need from an equipment rental yard. 24
Look in the local telephone directory under“ Rental”. While rehabbing the property, pay particular attention to the following:
• Curb appeal: Exterior paint and landscaping are the first and the last thing a buyer or renter sees. Don’ t skimp – make a good impression. More than likely they’ ll drive by at different times of the day and night. Give them something pleasant to think about.
• If you’ re remodeling( moving interior walls around), try to create a design that will give the property an open feeling.
REHABBING FOR BIGGER PROFITS