| oal in real estate investing should be to make the | | | | pass inspection and conform to local building codes. |
| most profit in the least amount of time using as | | | | Are you sure enough about your skills to meet |
| little of your money as possible. Buying | | | | these requirements? You're usually better off to |
| fixer-uppers and renovating them for resale is an | | | | start with a professional subcontractor rather |
| excellent way to increase your profits. But how | | | | than trying it yourself and then paying to have it |
| do you avoid becoming a renovator and losing | | | | done over. |
| sight of your investment goals? | | | | Hire Qualified Contractors |
| You must focus on becoming a project manager. | | | | When hiring the pros to do your renovation work, |
| Project management puts you in the position of | | | | ask for references and check them out. Ask |
| making sure the renovation gets done instead of | | | | yourself if you can develop a good working |
| doing it yourself. Project management for | | | | relationship with the contractor. Don't rely on a |
| fixer-uppers will include finding subcontractors, | | | | handshake for your business agreement. Draw up |
| getting quotes and scheduling the work. | | | | a document that spells out what's expected from |
| Know What You're Getting Into | | | | both parties. |
| Your agreement with the seller should include | | | | Create a Work Schedule |
| access to the property so you can complete | | | | To renovate your fixer-upper most efficiently, |
| inspections and uncover any hidden problems. It's | | | | you'll need to put together a work schedule for |
| best if your agreement allows you to re-negotiate | | | | the subcontractors. Keep in mind that some jobs |
| the price or even nix the deal if major problems | | | | need to be done before others. Remember, |
| are discovered. | | | | subcontractors don't always show up at the time |
| Be Flexible | | | | or date you've scheduled. Make sure you allow for |
| When starting any fixer-upper renovation project, | | | | this so that one late worker doesn't wreck the |
| realize that the process may not go as smoothly | | | | entire project. |
| as you expect. There will always be unplanned | | | | Don't enter into a renovation project without a |
| delays and unanticipated obstacles. Keep your | | | | budget and a set of priorities. Hire qualified |
| schedule flexible, allow for some extra time, but | | | | subcontractors and let them do their job. Make |
| work to minimize any delays that do occur. | | | | sure the work proceeds according to schedule, |
| Let the Professionals Work | | | | but expect the unexpected. Efficient project |
| It may seem like doing the work yourself will | | | | management of your fixer-upper renovation will |
| save money. This may be true if you're working | | | | pay off in extra profits when you get ready to |
| on your own home. But when you are renovating | | | | sell. |
| a fixer-upper for resale, everything you do must | | | | |