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FIX AND SELL YOUR UGLY HOUSE YOURSELF! PART II Are you asking yourself, "If all these other guys are making money fixing up ugly houses to resell, why can't I do the same thing with my house?" Well, maybe you can. In this series of articles, I will discuss the possibilities and how to go about fixing your "ugly house" yourself. Some of the foremost problems that arise are; money, contractors, knowledge and time. KNOWLEDGE: So, where do you start? What needs to be fixed? What will a home buyer be looking for and what kind of things will their inspector point out to them that are wrong with the property? Answer: Use other people's knowledge. a. An Inspector: Hiring an inspector to do a professional inspection on your property is a good way to find out what kind of things inspectors will be looking for. When you go to sell your house, chances are the buyers will hire their own inspector and give them a detailed report of everything that's wrong with the property. By doing your own report first, you know what to look for and fix those things. If your house is in serious disrepair, then you may want to skip the "inspector stage" and go straight to getting contractors estimates. Then once the house is looking closer to it's resell condition, you can go ahead and get the inspection done to find out what all the unfinished details are. Not every inspector is right for you. If you know your house has structural problems for example, then you'll want to get an inspector who is also an engineer. Otherwise when he makes his report, it'll just give you recommendations to have an engineer inspect the property, then you're off to another report and paying all over again. You'll also want to find out how long the inspector has been in business and how experienced he is. There are some excellent inspectors that are frequently used by investors, these inspectors can often tell you a lot more about the rehab process than your average inspector. You could search online for your local "real estate investor club location, state" then find out from then who are their commonly used inspectors. b. Realtors: Realtors can be an excellent source of information, some Realtors may be able to give you advice on what a buyer is looking for in a house, what kind of repairs need to be made and who can make them. They'll often be able to refer you to contractors, inspectors, that are experienced and may be helpful to you. Realtors will also be the people you call to find out what the ARV (After Repair Value) will be on your property, so you'll know what kind of budget you have to work with to make your project profitable. c. Investors: If you can find a helpful investor who can give you advice about your rehab, that would be a good idea. You might tell them, "Look, I'd like to give myself a chance at rehabbing this property first, what kind of advice can you give me about it. My friends, or neighbors are also considering selling their houses, I could probably get you some referrals on houses to buy if you have time to share your ideas with me." If they don't have time to give you their ideas about the house, they almost certainly know other investors, inspectors, or contractors that they could refer you to. In Conclusion: There are many professionals that you can find and approach in helping you to get the knowledge you need to rehab and sell your house yourself. There is also a wealth of knowledge that you can find in books, "investor courses about rehabbing" and on the Internet that can assist you. Another good place to learn more about rehabbing and investors, is online bulletin boards, also known BB's and Forum's. There are many investor type forums on the Internet, where you'll find investors that will answer questions related to these topics. You'll probably find that your local real estate investment club also has a bulletin board that may be used. |
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