How do you get involved with retailing or rehabbing a house that needs work, especially if you haven’t done it before?
Well first thing you need to do before you buy a rehab property is to find a good Builder that enjoys doing rehab work.
Once you find a good builder then you can research the best schools perhaps and find a property that needs work in that area. I’m a firm believer that if you find a nice three or four bedroom property in a good school district even if it needs work, you’ll be able to make money with that house.
Then you need to study where can you get hard money lender? Hard money will help you get the financing that you need to buy it and fix it.
It’s not easy to get a private lender to do fund a rehab house, especially if you’ve never done it before.
The cheapest education you can possibly get for a retailing or rehabbing properties is a book by J Scott.
I encourage you to buy all of his books because I’ve read them all and I wish I had had those books when I did my first rehab 40 years ago.
I bought my first rehab property with hard money and I made about $18,000 after I resold it and paid all the costs. There was a lot of money for me when I was 25 years old.
I have done many rehabs since then.