It gives families extra income for activities like vacations they would otherwise not be able to do.
They earn extra money to buy the things that are too expensive for those who only have regular day jobs.
Others however ask: is rehabbing rewarding enough to be a full-time job? Ask successful rehabbers and surely, they will give you a resounding "Yes!" But if it really pays that much then everybody should have been a rehabber.
Perhaps the right question to ask is "who will be rich in this business?" Here are some characteristics you must have if you plan to make rehabbing your full-time job.
The handyman's hands.
Most people who venture in this business are those who are either compelled to repair houses for a profit or those who simply love improving homes.
The latter are called handymen, or those who are able to do odd jobs on their own.
These people usually have a background on carpentry, construction, or engineering.
Some just learned how to replace light bulbs, door knobs, and windows on sheer interest.
Even if you will hire a contractor, it will be better to at least have a slight interest on improving homes so you'll know what needs to be done on a property to raise its value.
Access to money.
Real estate investing requires a lot of money.
The cash, however, doesn't have to be yours.
You just need access to money.
A good credit score will help you get money from banks easier.
If your credit score is low, you can always seek funding from hard money lenders.
These private lenders offer loans fast but with a higher interest rate.
A lot of rehabbers use this kind of financing as it is more important for them to get funding fast and easy than pay a higher interest.
Right and timely knowledge.
A common characteristic of successful rehabbers is the insatiable appetite for knowledge about the business.
Despite being seasoned rehabbers, they continue to attend seminars and read books.
This is because they know that information should not only be right, it must also be timely.
They update themselves on the developments in the real estate market so they know what strategies to use.