Before
entering in to rehabbing, you must evaluate and understand a few things. For a
house, rehabbing is similar to a process of anti aging. You simply take a house
that looks like it has spent its life. But when you take the house in your
custody, you completely change its inner and outer look. Nevertheless, all this
is not as easy as it might sound. You need to have knowledge and right kind of
attitude towards your business.
Dean
suggests a rehab must evaluate three things. The evaluation process includes an
in-depth evaluation of property, an in-depth evaluation of the neighborhood
property and an in-depth evaluation of self. In-depth evaluation of self stays
as a priority. After all, it all depends on the individual how he is going to
carry on his plan. Dean explains one must evaluate whether he is ready to enter
such a fast changing world or he is still not sure about the deal.
Dean Graziosi
is a millionaire. He is a successful entrepreneur
and rules the world of real estate for more than two decades. He is teaching
people how to deal with different aspects of real estate. For this purpose, he
has written bestselling books and has conducted seminars and infomercial
series. Many people believe that what Dean teaches is actually helping them in
building their career in real estate.
In this
post, we have collected basic information regarding rehabbing. All the
information is extracted from teachings of Dean Graziosi.
Evaluate Yourself:
Although
there a few things that must be evaluated before entering in the business of
rehab, one must evaluate self. There are few points that you must notice:
- Are you ready to enter into the business
- What are your weaknesses and strengths
- What do you do well and where you need help
- Are you optimist by nature or are you an opportunist
- Do you analyze things before taking decisions?
Understand Procedure of Rehab
Categories:
Rehab
falls in three categories.
- Personal use
- Rental Purpose
- Flip
It is
recommended that you must start with the personal use. This is considered as
first step of rehabbing. It is less risky as compare to other categories. There
will be fewer expenses associated with the deal. You can renovate the house
while you are living in it. Later on, you can sell the house and enjoy profit
on it.
Flipping:
The
moment when you thought of reselling your house,
you are actually making strategy for flipping your house. When you are
rehabbing the housing, you must do the changes that are acceptable to most of the
clients. Demands of all of the clients are not same; you need to understand
there are different natured people that will look for your houses. Instead of
renovating your house according to a single theme, make it universally
acceptable. Make sure that the house is presentable to a vast spectrum of
people.
Take the Time:
No
matter how carefully you plan your deal there are chances of mistakes for beginners.
In order to make your deals run successfully, never plan flipping in haste. Keep
everything simple and tidy. Do not confuse things. Keep the house for a while
and wait for the best deal.
Estimate Cost:
When you
purchase a house for rehabbing, always keep in mind the ratio of expenses and
profit. When planning for renovations, keep in mind that there are four basic structures
that need to be renovated as swiftly and accurately as possible. Roof,
structure, Plumbing and electricity are four basic pillars of any rehabbing
process. You must remember that these four categories of renovation usually
decide about the overall condition of the rehabbed house.
If you
kept all these basic principles of rehabbing in mind, there are fewer chances
of failure.
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