Home Buyers

Buying a house to rehab and flip for money can be a great way to make some money but be prepared, it is a lot of work.  Remember the old adage, “If it were easy everyone would be doing it.”

The best advice I can offer is this, you make your money when you buy the house.  If you overpay for the house it makes it very difficult to make a good profit or any profit for that matter.  By buying the house at the right price it allows you to make all the needed repairs and still turn a profit.

A real estate agent can help you find a good property in a good neighborhood and give you a good idea of what you estimate the rehabbed house can sell for.  The real estate agent can help you get the home for the lowest price and favorable terms.

You will need to estimate the rehab costs and holding costs.  Be prepared for the unexpected to come up and add this cost in when estimating your rehab costs, there will always be something.  Inspections by quality professionals can greatly aid you in estimating your rehab costs and help you avoid unexpected costs.  Time for inspections need to be included in any real estate contract you put on a house.  

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Buying a rehab house can be a big decision.  First you must decide if this is for you to live in or are you rehabbing the house for a profit.  Your approach for an investment is vastly different than rehabbing a house to live in.  Today I will be discussing rehabbing a house to live in, the blog on rehabbing a house for profit will come at a later date.  By buying a house that needs work you can save a lot of money upfront, but be prepared to put in the work.

The next thing to decide when rehabbing a house is whether to live in the house during the renovation or not.  Rehabbing the house without living there is obviously easier, and renovations can be completed quicker.  If you decide to live in the house during rehab, be prepared to live in a mess.

Like all rehab projects, information is key to accurately estimating costs and a budget. Before you purchase the home, it is a good idea to have the home inspected by a professional home inspector, electrician, and a plumber.  This can help you in the long run to avoid

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I get asked by first time home buyers all the time, “How do I get started?”   Buying your first home can be confusing and seem overly complicated.  With a little help from qualified professionals the process is a lot easier.  A qualified Realtor can be a big help in this sometimes long and confusing process.

I usually ask buyers to start by talking to a couple of different loan officers to see what you qualify for, and which bank will give you the best deal.  Loan programs and underwriting standards vary from bank to bank, so don’t be afraid to see who is the best fit for you.  If you do not have a loan officer, your agent should have a list of quality loan officers they have worked with in the past.

Once you have an idea of your budget, you need to sit down and prioritize what is most home features are most important to you.  Do you want something to fix up or move in ready?

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