Saturday, June 16, 2018

An Introduction To The Kind Of Real Estate Rehab Maryland Fix And Flip Experts Excel At

By Roger Roberts

You can make a lot of money in the real estate business. Fixing and flipping may not be as glamorous as the get rich quick methods seen on television, but it can provide a great income if you know what you're doing. The people who have lasted in this business don't make purchases without doing their homework. The sort of real estate rehab Maryland professionals do so successfully takes a real understanding of the process.

When you look at a property that you think has potential, you must thoroughly examine it. You should take pictures of all the defects, record measurements, and take notes. If you're not a contractor yourself, it's a good idea to bring one along. While you are noting everything that must be done, you should have in mind what might be changed or added to make the property more appealing to buyers.

Creating a comprehensive plan and a detailed budget is the next critical step. You will need to make several line item budgets. The first will detail all the repairs that must be made and what they will cost. The second list should be things you would like to see done, and the third is a list of options. Your repair list must include a line for unexpected expenses. This can be a percentage of the total.

Until you are successful and have your own dedicated crew, you are going to have to hire a contractor to do the actual work. Hopefully you already have a relationship with a reliable professional. If not you will have to interview candidates, being especially careful to document their experience, licenses, insurance, referrals, and any subcontractors.

Demolition is the first step. This is when the interior ceilings, floors, and walls, that are beyond repair, are ripped out and removed. On the exterior, rotted porches, cracked drives, old fencing, and dead shrubbery, trees, and flowering plants are all pulled up and piled into the dumpster. After removing the trash any necessary foundation or framing work can begin.

You will have to work with the contractor on the plumbing and electrical issues. Depending on the age and condition of the systems it may be possible to update. If not, a complete new installation will be necessary. Before blowing in the insulation, you must contact the building inspector. The individual will come out and approve the job up to this point or require changes.

Upon completion of the project, you will do a final walk through, settle up with the contractor, and prepare the house for prospective buyers. Staging is important, but you won't need to stage every room in the house, only the master bedroom, kitchen, bathrooms, and primary living area.

Buying real estate for resale is a great way to make a living, if you begin slow and stay conservative. It helps to have the kind of talent that sees potential in run down houses. If you buy low, prepare for the unexpected, and keep to the budget, you will have a good chance at success.

About the Author:

No comments: