Would you like to start rehabbing properties, but have no idea how to use a spirit level? As ridiculous as it might seem, you do not have to be a DIY expert to become a rehabber. Of course, it doesn’t hurt if you are practically minded, however this is not necessary to get going. Throughout the country, there are lots of rehabbers who took the plunge, without knowing anything about home improvement. Instead, they learned everything on a ‘need to know’ basis, as they took on subsequent projects. They kept on doing this until they were skilled and experienced enough to complete projects independently. On the other side of the fence are DIYers, who believe that they understand everything sufficiently to rush head first into the rehab arena. Invariably, what they discover is that they need more than their practical skills to succeed. Irrespective of whether you can work a chainsaw, or whether you have never changed a plug socket in your life, rehabbing properties is something that anyone can do. Here’s some things that you ought to do to achieve your rehabbing goals, without construction experience.
Understand how Everything Fits Together
Rather than trying to master all the technical aspects of rehabbing properties, you should begin by familiarising yourself with the procedure. There is no need to have any pre existing knowledge about DIY to learn how rehabbing works. Although all rehabs have their own distinctive characteristics, there are some common processes with every home. You need to know what large issues to check for — so you can avoid problems that are expensive and hard to cope with. Structural problems and faults with the roof, electrical wiring and windows will require much more work than straightforward aesthetics. You do not have to learn how to fix these issues, however you need some concept of the expenses involved. One simple method to learn about this is to visit a major retail store. This will educate you about the price of materials and – if you ask the staff some questions – what they can be used for. You will get to know about labor costs as you work on more projects and have the chance to speak to various project managers and contractors. Your expertise will increase gradually, however understanding the overall process is one thing that you should learn prior to starting.
Recruit a Good Team of People to Work With
If you are an inexperienced rehabber, there’s a good chance that you will make a loss on your initial projects. Rather than delaying until you learn every step of the procedure, you can begin by recruiting a capable team. Firstly, you should do some research to locate the best possible contractor to work with. This might be a challenge, because lots of contractors prefer to limit themselves to working with seasoned investors. Nonetheless, if you contact a large number of people, you are bound to find someone who is well suited to you and your circumstances. Although you want to avoid giving away the house keys to a contractor you barely know, you ought to allow them to work in a manner of their choosing. Of course, there’s no harm in shopping around and getting some other quotes, however allow your contractor to take charge of the project. As well as a contractor, you also need to find a reputable electrician, painter, project manager, drywall expert and plumber. As a general rule, it is best to get a minimum of a few quotes for each aspect of the house. Needless to say, the rehab property belongs to you – however you can make your life much easier by surrounding yourself with a high quality team.
Think About Working With a Business Partner
You might find the idea of speaking to tradesmen quite daunting, particularly if you are unfamiliar with the terminology. If so, enlisting the help of a partner could be the ideal solution. Once you have an experienced partner on board, that frees you to concentrate on the financial aspects of the project. Your partner can deal with the day to day management of the rehab. The advantage of this is that your partner will know how to get the most out of a handyman or contractor. Obviously, the drawback is that you will be sharing your profit on every deal with someone else. Notwithstanding, because you are a novice, this is often an excellent way of learning the process without the hassle of doing everything yourself. When you have some spare time, you can visit the property to see how everything is done, without being accosted by contractors to solve problems or answer questions. Your business partner will bear this burden and address any problems that occur. While your partner limits the money you can make per deal, going this route can be the most painless way of finding your feet and breaking into the industry.
Don’t Try to Run Before You Can Walk
With property investing, knowledge is power. Lots of new investors try to blag their way through the process, and pretend to be knowledgeable about certain things, only to find that it comes back to bite them at a later date. This is why it is far better to admit that you are unfamiliar with certain aspects of the process. When it comes to rehabbing properties, if you lack key knowledge in certain areas you will pay the price in the end. Do yourself a favor and defer to your team members, while you are learning the ropes. As already stated, you ought to assemble a capable team (and possibly a business partner) to assist you, until you know the whole process like the back of your hand. Taking this approach will be financially rewarding, albeit to a lesser extent, however the experience you gain will be worth its’ weight in gold. During your first few rehabs therefore, it is advisable to defer to those in your team who know what they are doing.
Many people who made a fortune from rehabbing properties got started without knowing one end of a spanner from another. It might feel like a baptism of fire during your initial projects, however ultimately you will reap the benefits.