A Quick Fix and Flip Guide for Beginners

When we were kids, many of us were fascinated with the idea of building our own playhouse, where adults wouldn’t dare tread. Some of us have even gotten into trouble because, being children, we couldn’t resist sneaking out Dad’s favorite hammer, as well as the other contents of his toolbox, to make our dream playhouse a reality.


As we got older, only a handful of adults were lucky enough to live out their dreams of using power tools and building houses from scratch. However, it is not too late to try out something that is quite related to constructing houses. If you’re sick and tired of your current job, you might want to fix and flip houses for profit.


Also known as rehabbing, the business of fixing and flipping properties is a method of investing in real estate wherein an investor repairs and renovates old houses to generate profit. The mechanics of this particular real estate investing strategy are quite simple. Here are the basic steps to rehabbing an old or undervalued home:


• The first thing you need to do is to choose the property that you’re going to fix and flip. Most real estate investors prefer rehabbing fixer upper homes and handyman specials because they cost no more than $100,000 each. But with the right amount of repairs, these “ugly” houses can bring you lots of cash.
• The second step is to identify the amount of money and time you’re going to spend on the repairs of the property. Create a budget and work schedule to ensure that your rehab project won’t take too much of your time and money.
• Next is to secure permits. Repairs on certain parts of a house, like the roof for instance, require permits from the local building inspectors. Therefore, to prevent delays, you should never start the rehab work without the approval of local regulators.
• Now here comes the fun part. You can relieve your childhood fantasy of “playing” with power tools by doing the rehab work. But if you don’t have a good knowledge on renovating houses, you better leave the rehab work to contractors because a buyer won’t pay for a fix and flip project that has been done shabbily.
• Once the repairs are completed, you can now put a “for sale” sign on the yard and find a buyer for the house so you can recoup the money you spent on buying and renovating the property.


Want to expand your knowledge on rehabbing houses? Go to www.Rehab-Real-Estate.com, where you can find nifty learning resources about investing in real estate.