Before you enter the rehab business, you must decide if its for you. Some people like being hands-on. Others are all about sub-contracting the work…
Determine whether getting involve in the rehab business is the most effective use of our time. I am the type of investor who enjoys the all ahns-on approach. It allows me to break my work between office and construction work. I also enjoy the craftmanship that comes with it.
You might be the investor who likes to hire a sub-contractor and not have to deal with the rehab part of it. Which does free up more time, to look for more deals…
You may decide to take on a partner who will handle the rehab business side while you take care of financing, searching and selling. Whichever way you choose, always be involved in managing the process. Trust on something, you cannot afford to fall behind your schedule or budget.
Most of your best deals, require intense rehab work. Rarely would you find a great deals, which requires no work. Many investors have had great success without having or getting involve in the rehab side of the business. However, I seen alot of them who have suffered great lost, because they didnt. Whether you intent to participate in the rehab or not, it is good practice to have at least basic knowledge in this area.
Dont be afraid to get your hands durty, sinc sometimes this can get you bigger profits.