Newb to Rehab

4 Replies

I'm looking to start doing rehabs but not in my area, as my current market is well I doubt it's worth it. I'm looking into a growing area about 2 hours away from me. I don't have my real estate license, but I'm looking into acquiring them. I have access to good investors, myself included. My question is how is the best way to get started? How can I find foreclosures without a real estate agent? Being 2 hours away how do I find good trust worthy contractors? Also any other advice is acceptable.

As a recent newbie to rehabs, I'd be going crazy if I had to drive 2h to go the property.

If I could go back in time, I would say three things to myself:

- more than 30min is too far for a first rehab

- read J Scott rehab book BEFORE you buy the property

- dont take on a big project, maybe paint, carpet and 1 problem (i.e. roof, bathroom or kitchen)

I wouldnt try to find a team from far away. My successes have all been thru connections with another seasoned investors. All my contractors came from referrals, and I really tried to reach out to other ways and get new contractors.

To find properties, I'd find a wholesaler. I'd say you can either start wholesaling or rehabbing, being new and doing both is really hard. Starting with wholesaling is a bit safer, but starting with rehab is a bit easier and way riskier.

@Aaron Tackett

Welcome. Use below to find out about the local area. @Rafael Floresta is right on the mark. Fill in the foundation below.

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Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers.

Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

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Good Luck

Paul

Thanks for the info Rafael and Paul. The area I'm looking into is 2 hours away but my family has another home thats 20 minutes from the area, making it extremely easy for me to commute. I understand more of the construction side, and can do most of the construction myself, but it hurts me on my turn around time. I would like to get my realtor license as I do sale land for a company (I just don't and can't sign anything) and I would like to learn more about the real-estate side, and be eventually market and list my property myself.

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