Does anyone currently Rehab or Do Fix and Flips in their local area, or, in a different state
all together? I have not thought it was possible before, but, i just found a video
with a group of investors who all successful Rehab houses in different cities and state.
What do you think about this, and should i take a chance at starting a virtual real estate rehabbing business?
what rehab knowledge do you suggest and is this a wise idea?
My boyfriend is and has been a contractor for 30 years. He has of reno/rehabs during the 30 years. I have been around for many of them. From my observation, there always seems to be unexpected surprises during the reno/rehab that will extend the duration and increase the cost of the reno. To make money on a flip, both staying within in budget and reno / rehab time frame are a factor. To be successful in doing reno / rehab flips, I would partner (JV)with a very experienced contractor.
Toronto & Miami /Fort Lauderdale
I highly recommend you don't try rehabbing long distance until you're VERY experienced with rehabbing locally. Even then, you're likely to find that it may be more trouble than it's worth.
If you aren't experienced estimating costs, putting together an SOW, managing contractors, handling issues, picking materials, analyzing a market, determining ARV, etc. in your own market, you're going to find it next to impossible to do in another market.
@j scott is dead on with what he said
I've been doing it for years. If you are a control freak it will kill you. Literally, the stress will kill you. If you can handle the concept of being mislead on a regular basis and a heavy dose of being lied to by everyone then it might be a path worth exploring.
I agree start out local inspect properties as well as get a good contractor to run the numbers have a good overall game plan from start to finish.
Now as time go on you could get a great listing and field agent who will know their market as well as good contractors from your state or any other state to network with too duplicate what you are currently doing in your local market.
There is a guy his name is Sean Terry who is teaching this online google his name to find him online this will help you accomplish what you're trying to do.
Hope this could be of help to you.
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