flipping a property

Performance Property Real Estate Question

Big Mistake Contractors Make When They Rehab Homes

Q: Gerald, my husband and I recently bought our first rehab property.  My husband is a carpenter and general contractor so I’m not worried about the renovation.  Do you have any tips for us so we avoid making mistakes?  Janice, Wyckoff, NJ A: Hi Janice. Congratulations on starting your first rehab deal! In general, having a background as a contractor gives your husband a perspective on renovating that other new investors probably lack, however, the big mistake contractors often make when they buy and renovate properties themselves is over improving property–by that I mean, for example, installing custom, high-end cabinets and granite countertops in a home in a moderately priced working class neighborhood. Just because you can do something doesn’t […]

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