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Rehabbing an investment home can be managed from out of state. Many real estate investment properties are purchased for cash or on a low offer. Wholesale properties often need to stay within a certain rehab budget to ensure a quick profit is gained. Here are some tips on how to rehab an investment home.

Kitchen

The kitchen is the one of the most important rooms of the home. If the cabinets are original to the home, but are in good condition keep them. Simply have the cabinets painted and new modern hardware added to each cabinet. If the flooring is stained or outdated replace it. Counter tops can easily be updated with cost in mind. There are low cost faux versions that duplicate the look of expensive granite counter tops. Upgrade the appliances, newer black appliances may go over well with buyers if stainless steel is not in the budget. Remember that this is not your home, everything does not need to be top of the line for a rental property. However, it does need to be newer and functional to help the property be marketable.

Paint

Paint the entire house one neutral color. Paint of ugly outdated dark wood paneling. If possible try to work around wall paper, try to only remove if the pattern is not modern or recent. A professional may be able to remove the wall paper without creating major damage to the walls. If there are any theme based rooms, completely make the room neutral.

Bathrooms

Change the bathroom fixtures. Put in new faucets and change the mirrors. Update the lighting and take steps to improve the floor. Many older bathrooms have carpet that needs to be pulled up, or ancient vinyl sheets that must be removed.

Bedrooms

Since each bedroom will have a nice neutral coat of paint, simply upgrade the flooring. This could be by removing old carpeting, and cleaning the hard wood floors underneath. New carpet may be needed for the bedrooms, inexpensive wood floors may work if they are within the rehab budget.

Landscaping

Make sure that the property has grass that you would let your children, grand children, or friends children run and play in. Fill any holes that are in the grass, add grass to any exposed patches, and trim down all over grown shrubs or landscaping. If there is a fence ensure that it is repaired and in working order. Families with pets or children will pay top market rents to ensure an outdoor play area.

Always remember when rehabing an investment home that it is not for you. The goal is to make the home attractive to potential renters or buyers. If you are selling the home, rent a home full of furniture from a home stager. This is a great inexpensive option to have a home professionally decorated for scheduled open houses.

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Article Source: How to Rehab an Investment Home

Anytime is a good time to invest in real estate. Anytime that you can get a good deal. So, what’s a good deal in real estate? When you can get the price you are willing to pay for the property, or you can get the terms that are beneficial to your situation, then it becomes a good deal for you. The state of the economy does affect the price of real properties as we are currently well aware, however, other factors involved can help to create a good deal.

Real estate prices are currently 30 to 40 percent off their highs from several years ago. In a normal market, these discounts would be fodder for real estate investors. The key word is “normal.” The prices that were being asked several years ago were at the very top of the real estate cycle. That bubble top burst a little over a year ago. What this means to an investor is that maybe the reduced prices don’t represent that much of a deal, yet. Depending on the location of the property, there may still be room for the prices to drop. Southern California and Miami properties were at their zenith in the price cycle a few years ago, so a 40 percent reduction just brings prices down to a more “affordable” level, only. What the investor has to look for today, is a property that can be purchased for a 20 percent discount off the current asking price. Bank owned, foreclosed properties are a good source for these types of deals, or pre-foreclosure and short sale properties that are on the market.

Cash is always king in real estate. It of course, doesn’t always have to be your own cash. Other people’s money is desirable, either in the form of equity partners, hard money loans, personal loans or institutional loans. There are many real estate investing clubs or networks that will have their own sources of partners, loans and lenders. These networks are excellent for investing in properties located throughout the United States. It’s what one network called, “armchair investing.” The larger networks have all of the infrastructure established in various locations where real estate investments are best found. Local real estate agencies, local property management services, and fellow network investors in the area create a comforting environment within which to begin investing.

So, once an investor has determined how he is to fund his investment in real estate, he can begin to search for the right investment property as to price and terms. Either funding the purchase solely, with a partner(s), or with a loan, the investor can concentrate on negotiating the best deal.

Good deals always exist for the investor.

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