New investor: Rehabbing Questions

[Ashley Guerra]

Hello all,

I am reading on the real estate investing process and i plan to buy my first property with an FHA loan, however, as i am no one with any experience on rehabbing i have this concern of pricing.

So when i find a property and get to the inspection part, i understand they find issues with the house, some which can be minor and others major. Now i know things like mold, plumbing or foundation issues sound scary, but is it something i should leverage and not be afraid of and fix or not dabble in that area? Are there any issues that are complete no-go's? i plan to get a property in trenton, nj, which for those of you who may not know, their properties are very old, so finding issues with the house is no surprise.

Also, is this the time i get quotes during this inspection time and see if i have enough reserves to fix the major issues? Or should i already have an understanding of how much things will cost? Is there a generic rule anyone follows that tends to work? how would i know which issues take priority over others (i.e. replacing roofing, fixing plumbing)? If i dont have enough money for major issues, does that mean i cant afford my home? If theres a lot of major issues when do i know i need to let go of the deal?

Sorry for all the question. Just looking for more knowledge and understanding. Anything helps!