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Real World Rehabbing vs. Late-Night TV Commercials | By: Tim Cook

 

Tim Cook

West DFW REI Group, LLC. 

Real World Rehabbing vs. Late-Night TV Commercials

Real estate investor Tim Cook sees a wave of new investors who, perhaps because of the up economy, are turning to the rehabbing real estate investing business as an opportunity.  “But many haven’t taken a hard look at how it works,” Tim says.

The late-night TV ads make it look like a simple process: find a distressed property, fix it up and sell it.  Bingo!  It’s all done and cash in the bank.

Tim, a successful investor in his own right is concerned that the newcomers to the industry will get in serious trouble.  The main problems as he sees it are: 

  • Lack of understanding of the business from A to Z
  • Lack of understanding of the cost of money 
  • Lack of knowing their own personal goals and direction for the business
Lack of planning (putting pencil to paper and calculating what the project requires –including all that could possibly go wrong) 
  • Lack of not understand what sells and what doesn’t
  • The difference in putting lipstick on a pig and proper rehabbing

If an individual is dealing in buying and selling stocks it’s fairly easy to unload stocks.  It’s different with a piece of real estate.  Once you make the purchase of a house, you are stuck with it until it sells. 

There are many investors out in today’s marketplace scooping up the many distressed properties that are available and flipping them and making a good profit.  Most would never think about doing the renovations themselves. They are wise enough to have a reputable contracting crew ready to jump in and make it happen on-time and on-budget. 

They have a long list of eager, ready buyers and never have a problem moving the property.  Some have their rehab properties sold before the project is completed. 

While the late-night infomercials lead you to believe how easy it is, they should be mixed with a strong dose of reality. 

Tim sees the key to profits in flipping / rehabbing distressed properties as the time element.  The work should be completed as quickly as possible without jeopardizing quality for speed, at the best price possible as should the resale of the property.  Only then will the business see growth and become successful.

Resource Box:

Tim Cook of TMC Property Solutions and West DFW REI Group is a Marine Corps Veteran and has owned and operated a successful Weatherford area based real estate investment company since the year 2000.  Having come through some of the beginner hard knocks, he has a desire to help guide and mentor others in the business and also organizes and manages a real estate investment group in Fort Worth called www.WestDFWREIGroup.com.  He stands ready to mentor new investors to gain this needed knowledge for working with buyers, sellers and investors in all aspects of the business to help investors meet their dreams and goals.

 

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Contact Information:

 

Tim Cook

TMC Property Solutions

West DFW REI Group, LLC.

(817) 599-8058 

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