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.
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
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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