"I started with very little capital, some basic construction skills, a few tools and a willingness to learn and take chances. That was 12 years ago. Since then I've fixed up and sold a lot of homes. In most years the profit on homes I sell is over $100,000. And I own several homes that aren't going to be sold -- at least not yet. The rent from these homes gives me a good monthly income, enough to cover living expenses for my family. If I can't work (or just don't want to), I have plenty of income to pay my bills, even if I never remodel another house. That's a nice feeling. But it didn't happen overnight. In my case, it took 12 years. Will you do as well in your present job over the next 12 years? If not, consider trying what I suggest."
Profits in Buying & Renovating Homes guides you through every step in the spec rehab process: selecting, repairing, improving and selling fixer-uppers. You'll learn which price ranges offer the highest return on your investment, which neighborhoods to consider and which to avoid, what interior and exterior repairs to make, and how to select and deal with buyers, sellers, lenders and real estate agents.
There's even a chapter on when -- and how -- you should keep the renovated house as a rental, to provide steady monthly income.
This book shows you how to make a good living with something every community has -- plenty of distressed residential property:
- How to determine your cost and profit before you buy
- Bargains to avoid and opportunities that can't miss
- Repairs and improvements you have to make an any job
- Upgrades that charm buyers and guarantee your profit
This isn't a book about real estate finance. It's about when and how to repair structural and mechanical problems, add a room, and correct the defects every old home has in abundance: bad floors, bad ceilings, water damage, a leaking roof and unsightly tile. It's an invaluable guide to the spec rehab business.
Draw on the practical knowledge in this manual to build your own part-time or full-time career as a builder-entrepreneur!