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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.
After the inspection, you should take your photos and notes, sit down, and make a comprehensive list of every repair that must be made. You can make separate lists of the things you would like to do, and what might be added if you end up under budget. You need a line item for the unexpected problems that always arise. You can set aside a small percentage for these issues.
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.
The actual work on your property starts with demolishing everything that can't be salvaged. Inside you may have to remove ceilings, floors, and walls. Outside rotting porches, dead shrubbery and trees, and dilapidated fencing will all have to go. All trash must be cleared following the demolition process. Foundation work and framing, if necessary, are done next.
Depending on the condition of the plumbing and electrical systems, your contractor will begin the process of repairing the old wiring or installing complete new systems. Before the insulation can be put in, the local building inspector has to come out and approve the job. Installing the insulation prior to an inspection is often a waste of time. It might have to be removed so the inspector can assess the work underneath. '
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.
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.
After the inspection, you should take your photos and notes, sit down, and make a comprehensive list of every repair that must be made. You can make separate lists of the things you would like to do, and what might be added if you end up under budget. You need a line item for the unexpected problems that always arise. You can set aside a small percentage for these issues.
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.
The actual work on your property starts with demolishing everything that can't be salvaged. Inside you may have to remove ceilings, floors, and walls. Outside rotting porches, dead shrubbery and trees, and dilapidated fencing will all have to go. All trash must be cleared following the demolition process. Foundation work and framing, if necessary, are done next.
Depending on the condition of the plumbing and electrical systems, your contractor will begin the process of repairing the old wiring or installing complete new systems. Before the insulation can be put in, the local building inspector has to come out and approve the job. Installing the insulation prior to an inspection is often a waste of time. It might have to be removed so the inspector can assess the work underneath. '
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.
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