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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