Rehabbing Houses: Having Fun While Driving For Dollars

Rehabbing houses is profitable – it is a given fact but it’s not the only reason why I choose to stay in the business. This niche of real estate investing comes with a wide range of fun “freebies” that I can share with the rest of my family. We don’t only get the chance to eat meals three times a day. More than that, we get to have fun while enjoying each other’s company – something that many of my fellow property investors also enjoy. This is how my typical Saturday goes.

I treasure my weekends because these are the only days of the week when all my kids are home. I wake up early in the morning to cook breakfast and to help my wife do some household chores. After we finish breakfast, it’s time to give the kids a little treat – while working (take note.) I tag my two boys along with me while I drive for dollars.

“Driving for dollars” is the term used by investors to refer to the process of driving around an area to hunt for potential properties to rehab. At the start of the month, I list down potential areas that I would want to visit. I usually allot 1 weekend for 2-3 nearby areas. If you are just about to start rehabbing houses, one tip that I have learned from experienced rehabbers is to look for ugly houses in nice villages. I make it a point to talk to as many people as I can. Neighbors are the best sources of information. Ask them where to find distressed properties in the area (if any.) I also take this chance to learn more about the neighborhood. How long do properties usually sit in the market? What type of houses sell fast? What specific factors do buyers usually look for?

When I spot a potential property, I check it thoroughly for repair needs. Houses that need structural repairs are automatically scratched off my list. Plumbing and electrical repairs can be very costly. When looking for a house to rehab, consider properties that require only cosmetic repairs – repainting, carpeting, landscaping, and other minor repairs.

Of course to make this drive fun for the kids, we have games inside the car. I also ask them to spot the ugly properties in the neighborhood for me. I get to do everything that I need to do as a rehabber but at the same time, I also get the chance to assume the role that I enjoy the most – being daddy! So the next time that you drive for dollars, tag the kids along and have a wonderful time.

For more tips on rehabbing houses, go to www.rehab-real-estate.com.