Rehab - Posted by BJ Stewart

Real Estate Investing
1

Posted by RichV(FL) on September 03, 2003 at 04:43:16:

BJ,

Try an archive search on this site. Just type in rehab in the subject line. You’ll see several points of view on the subject.

Best of Luck,

RichV(FL)

2

Rehab - Posted by BJ Stewart

Posted by BJ Stewart on September 03, 2003 at 01:15:31:

I see alot of bashing going on about rehab…

there is a property that i have found that needs cosmetic work… could make the house look 100% better… after reading a little scared to sink money into it… any articles or info on rehab would help so much …

Thanks in advance

3

Re: Bashing rehab - Posted by Del-Ohio

Posted by Del-Ohio on September 03, 2003 at 17:04:26:

I agree with Trapper. Let them keep bashing rehab. It will only decrease the demand and increase our opportunities.

We started doiong rehab in Janurary. We are working on our 12th project now. Just closed friday on one that we sold. Signed a purchase contract yesterday and another one today.

The one we just sold netted a little over 14,000, all we did was paint the deck and did a little landscaping. Sold the property the same day we ran our first ad.

First unit we purchased, paid 52,000, did 12,000 in rehab, increased the rents, decided to keep it. One tenants rent more than pays for the mortgage payment.

Cash flows just under 10,000 per year. Just had it reappraised. We now have over 70,000 in equity just on this property.

I spend maybe 30 hours of my time on this, helped put in a sidewalk one saturday afternoon and the rest of the time was meeting with contractors who did the rest of the rehab.

I could tell you another 10 stories similar to and some much better than this. But suffice it to say I LOVE this an by the end of this year I will have made more money than I did in the previous 10 years combined. And I wasnt doing so bad before.

Rehab is not for everyone, I dont DO most of the work myself, I hire the subcontractors.

I find and make the deals, I decide what needs done and then I hire and schedule the right people. The drywaller, the carpenter, the plumber, the electrician, the carpet installer, the cabinet maker, the painter, the landscaper, the clean upcrew, etc.

This is what I enjoy and I thionk I am pretty darn good at it. You have to find something you love and become good at it. That is where you will get paid very well.

My Viewpoints

Del-Ohio

4

Re: Rehab - Posted by Trapper

Posted by Trapper on September 03, 2003 at 13:14:59:

I do rehabs and I wish everyone would keep bashing the idea. I need less competition. I just made in seven weeks (actual work) on a rehab, what it takes me seven months to earn at my real job. If you are going to do it, make sure you know what you are doing and that you add ALL the numbers up.