Don’t Fear Rehabbing a Property Today

A few years ago we didn’t recommend foreclosures at all. Most of them had been seriously abused by tenants, with some in need of a complete gut and rebuild from the ground up. It’s tough to make a deal cash flow under those conditions and with so many other income property opportunities available around the country, why bother with the dregs? But that was then and this is now and rehabbing a property in today’s market foreclosure climate usually isn’t the money pit it once was.

As a real estate agent whose mission it is to educate customers about the high profit potential of income property, you’re going to hear some resistance when it comes to the idea of rehabbing a property before putting it on the rental market. Consider a few reasons why it’s different today than it was even five years ago. A typical foreclosure in today’s world was owned by an upstanding family with decent jobs – they simply got caught in the sub-prime mortgage mess and found themselves on the street before they had a chance to see which way was up. These are people who took pride in home ownership as long as it lasted and never planned on being forced out. Consequently, most of them didn’t leave the house trashed.

With the run up in home construction prior to the mortgage industry collapse, foreclosed homes now on the market are fifteen years old at worst and many are newer, sometimes much newer. These are not structures with decades of accumulated abuse, neglect, and maintenance problems waiting for the unwary property investor to step in and find himself elbow deep in you know what.

The truth is the majority of foreclosed homes recommended via Platinum Properties Investor Network need $5,000 or less in rehab, sometimes much less. Many of them require nothing more than new carpet and a fresh coat of paint. These are incredible profit centers waiting for someone to step in and pull the trigger, so if the prospect of rehabbing a property is keeping your customers out of this amazing buyer’s market, educate them on the reasons why it shouldn’t. Take them through your Bonus Commissions website and show them the kind of deals that come across the transom every day.

If they’re still suspicious, say to heck with them and buy the thing yourself.

The Bonus Commissions Team

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