Order a dumpster for the next ten days. Order demolition man to throw out everything including the kitchen sink. What I am out to do at this point is to clear the decks.A blank canvass is created for the painters to perform the transformation. They come in at this point and patch and paint. Let them blast the place with their airless paint-spraying arsenal inside and out. Give them 3 days and you have just added a huge improvement to your investment. This is the biggest dollar-for-dollar return you can make.One cautionary note here: Make absolutely sure that quality paint is used.
When it comes to painting, it's the labor that kills you, not the material. I insist on Sherwin Williams Super Paint. It is a miracle formula that I am convinced could cover up bullet holes without any patching compound and it lasts forever. It's worth every penny; insist on it!So my idea of finding the ideal fixer upper is to find those where the structure and systems are fine but it still needs demolition man and the paint brigade. Everything up to this point has been inspection and appraisal of the situation. Once I'm satisfied that it is a cosmetic rehab and not the expensive money pit, I send in my cosmetologists.I wouldn't call these guys that to their face but these are normally men adding residential make-up to the bricks and mortar. Once the painters leave, the flooring guys are right behind them, laying tile and carpet. These guys are out in 2-3 days and my cabinet and handyman plumber are attacking.Light fixtures, vanities, toilets, sinks, doors, switch plates and outlet covers?wham, ten days are up and this house is either held out for rent, lease-optioned or sold for a whole heck of a lot more than the ten grand I put into it, if that much.You must be somewhat of an appraiser and deal finder. It takes time to recruit your cosmetologists, but you will run across them in your travels. Friends and family usually can provide you with some serious leads. Start networking and talking to tradesmen.
Get their numbers and schedule them to descend upon your ugly duckling at certain times and watch the transformation begin.It took me years to learn these tricks. I did it all myself for years and it always took three months when I did it myself. The sad part is that I thought I was saving money that way.Can you see how much I actually lost? Here is a quick example. I bought a house for $55,000. Its deficiencies were purely cosmetic. I used other people water spray nozzles to do all the work and I pitched in to keep them organized. Ten days later, it was done. I spent a total of $5,000 on materials and labor and it appraised at $90,000 in 10 days!That's $30,000 in 10 days, not 3 months. Now marketing time would take 45 days but I know how to do that too, and I will also show you how you can do it too.There is no doubt about it.
This can be done and you can do it. In all honesty, it may take you 30 days to achieve a completed house. That's may be 3 times what it took me but I am experienced.Here's a pretty neat way I figured out how to find good cosmetologists (tradesmen). If I know relatively no one in the area, I will ask a local appraiser to suggest who he would use if he were me.This is an intelligent way to ask that question. I ask it in this form: "If you were me, who would you use?" Now that triggers a self-preservation mechanism in their brain and they give me excellent people, who are very good at what they do! Try it; it works.I went to appraisal school and learned a lot. Believe me, appraisers are underrated and treated poorly.
They truly are experts at discerning quality and value. They know whom does quality work. Make friends with a competent appraiser and the lenders that accept their appraisals. Hint: You'll get very fair evaluations and their lender approves them.Marketing, hunting, finding and capturing the "ripe for rehab houses" is another book entirely. However, don't lose faith because I have written that book for you as well. Here is an excerpt from my other book. It is called Magic Bullets In Real Estate.