Profits in Buying & Renovating Homes
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"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
$150,000. 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."
This book 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:
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How to determine your cost and
profit before you buy.
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Bargains to avoid and
opportunities that can't miss.
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Repairs and improvements you
have to make an any job.
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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.
The Author
Lawrence Dworin has been buying and renovating houses since 1978.
Over that time he's bought and sold nearly 100 homes, usually - but not
always - making a good profit on the sale. Before getting into the spec
rehab business, he was a construction tradesman, working for wages on a
contractor's payroll. He got tired of doing seemingly pointless tasks
because his boss wanted them done. He got discouraged when his best ideas
and suggestions were rejected. He discovered that as his own boss he
didn't have to put up with that. And he discovered that his hourly and
annual income multiplied several times when working for himself, on his
own homes and following his own instincts. He wrote this book to help you
make the same discovery.
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