Newbie Rehab Advice for First Renovation

[Brian Tran]

Hello BPers,

I've been working on getting my first property and I am looking on how to educate and prepare myself for the rehab side of things. I'm getting an idea of what to be aware of while repairing, but I am unaware of the aesthetic side of things such as bathroom fixtures, flooring (style/color), counter tops, etc. I'm sure many investors have been in this position before, how did you happen to learn or work your way through this? Are there any sources to learn more about this? The only way I could figure is copying other comparable properties in the area but at the same time there's a lack of knowing the other countless options to choose from due to the variety of styles. 

If anyone has been in this position and could provide me their story or any advice it would be much appreciated! 

[Matt Crusinberry]

@Brian Tran, I think you're moving in the right direction in regards to looking into the comp's that sold in your targeted area. View their pictures on Zillow, Trulia, or any other website that suit's your fancy with easy access. We typically check out our competitor's properties and will either be on par or a step above (you're looking at days on market ((DOM)), pricing, etc.). We do these assessments prior to purchasing the property, but usually during the running of the numbers phase with our contractors. Your strategy will also play a role in this, whether you intend to flip or hold long term (i.e. you should be thinking durable, as well as aesthetically pleasing); also, it's true about the kitchen's and bath's, along with curb appeal. Realtors in your area will typically know as well, due to the vast amount of properties they have walked and their feedback from their customers (contact them). I hope this helps, and good luck!