Stuck with a fixer-upper? 4 Chicago Rehabbing Tips
Have you been thinking about starting your own business of flipping houses for a profit? There is a lot of advice out there to help get you started, but, it’s what you don’t know that you don’t know. For starters, have you considered whether you are looking for a cosmetic fixer-upper or a complicated rehab? Flipping houses for profit in Chicago is only profitable if you know what you are doing and can buy a cheap distressed house for sale while keeping your investment costs low.
Windy City Cash Buyers is the most trusted company in Cook County who sells houses in need of rehab. Our low prices on distressed houses for sale and owner-financing options are perfect for homebuyers with no credit or bad credit and low income. With a low down payment and affordable monthly payments, we give you the opportunity to flip houses for profit by not burdening you with a huge monthly mortgage payment.
Windy City Cash Buyers has nearly forty years of experience selling houses that need rehabbing in Chicago. Here are four tips to consider when buying houses for sale that need rehabbing in Chicago’s southside and westside neighborhoods like Austin, Englewood, Roseland, and Back of the Yards.
Be selective with your crew
If you are looking for a handyman special and are the handyman working on your project then don’t forget to read the last tip on this list. If you are hiring a contractor or crew to complete your renovation it is important that you take your time interviewing and reviewing the work of the tradesmen and contractors you hire. It is not uncommon to lose an entire work crew part way through your rehab project. Nor is it uncommon for bad contractors to skimp on the quality you requested to save some money. Hiring the right contractors and crew will save you money in the long run rather than cost you money.
Don’t forget about holding costs
Windy City Cash Buyers offers cheap owner financing options for all buyers regardless of your credit or income. When shopping for houses that need rehabbing in Chicago, buying a distressed house or property from us can be one of the smartest things you do. Holding costs are one of those often forgotten aspects of rehab projects. Remember, if you don’t pay cash for your house, you will be paying off that house throughout your renovation and as long as it takes to sell the property. So, if you can complete the final touches of your rehab project in early Spring you have a much better opportunity of selling your house than if you finish in November or December.
Have an exit plan if your rehab falls through
The last thing you are thinking about when shopping for houses in need of rehab is, “what happens if I can’t finish the project?” There are a lot of reasons why you can’t complete your house renovation from a falling out with your contractor to a lack of money. Understanding and having a plan to recover your costs if you don’t finish your rehab is important. For example, if you are gutting your distressed property a good time to evaluate your ability to complete the rehab could be after you’ve gutted the house. This is because a lot of rehabbers flipping houses for profit prefer to buy a gutted house over a semi-rehabbed single-family home for sale. Understanding your plan, your breaking point, and how to exit without losing a ton of money should be done in the beginning rather than at the end.
Stick to your comfort zone
We all have delusions of grandeur, but how far are you willing to take them into your rehab investment property for sale. Buying rehab properties in Chicago means it is important to stick to your current skill level and then grow as you become more comfortable in rehabbing. Rehab houses in Chicago are often 100+ years old. That means there may have been a few rehabs invested in that house already (not all of them good) and things such as foundation and heating systems may not be in the best condition. If you can only slap paint on a wall and handle minor repairs, a comprehensive rehab may not be for you just yet.
Windy City Cash Buyers has houses that need rehabbing in Chicago. We have single-family homes, 2-flat, 3-flat, and 4-flat properties for sale, multi-unit apartment buildings for sale, multi-use properties for sale, and commercial property for sale. Whether you are new to fix and flip Chicago real estate, or a seasoned rehabber, we have what you are looking for. Contact Windy City Cash Buyers today!
Windy City Cash Buyers is paying for fixer-uppers! Call today!
Windy City Cash Buyers is aggressively buying houses in any condition in Chicago’s Southside and Chicago’s Westside Neighborhoods. Do you have a home you need to sell fast? Fill out the Windy City Cash Buyers convenient contact form or give us a call at 847-673-7575 to speak with one of our experienced real estate professionals.