Home Inspection and Home Repair Advice

Home inspection and home repair knowledge is essential to have when investing in rental property. Even if you elect to have qualified Home Inspectors to do the actual work, it helps to know the basics of what is involved with many repairs. And if you can do some simple repairs yourself you can save the cost of specialized workers (plumbers, electricians, etc.).

Inspecting a House

Before you purchase your rental property, if you have a reasonable knowledge of what is involved in repairing problems, you can be a step ahead of other buyers. In addition, you do not want to be blindsided by unforeseen expenses after the sale closes. I was able to purchase a house for $35k under asking price because the basement had 3 inches of water in it. Neither the Realtor nor the owner knew enough to have drain tile installed and the house had sat on the market for 9 months with no offers. After having drain tile installed for $7800, painting the house and refinishing the wood floors, the house sold for $65k more than I paid.

It's easy to make money flipping real estate when house values are rising over 10% per year. I've never been in that kind of market, so I've had to rely on knowledge that gives me an edge. With the collapse of real estate prices in 2008, it's more important for serious real estate investors to have superior knowledge. How to fix problems and what it costs to fix them is one area of specialized knowledge that will help you.

Home Inspection Tips

Should you get a professional Home Inspection? Here are some home inspection tips about what to look for before you make an offer to purchase your rental property.

Rehabbing or Home Repair

After you purchase your property, you have got to add some value to it. It's pretty rare that the house you buy will be move-in ready. If it is you probably paid retail price for the house and so have limited profit potential. As a real estate investor you make your money by solving problems. And many of those problems come about because the previous homeowner had not kept up with the house maintenance.

After you purchase your investment rental property you should do something to improve its value. Fresh paint is the easiest and cheapest way to do that. What are the best "bang for the buck" type improvements to make?

These are the best home improvements to make.

Hire a General Contractor or Do It Yourself (DIY)

Another major consideration to make is who will do the work? Time is money when you are considering rental property investments. Some work is best left to professionals because it is too difficult, too time consuming or a mistake will cost you too much. What will work for you depends in part on your skills and part on your time.

General Contractor or DIY - how to chose? Many people are uncertain if they can do home repairs themselves. For flipping real estate a general contractor may be best.

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