3 More Challenges and Opportunities When Renovating a Property

Recently, we discussed whether or not restoring or renovating a property is difficult. And as we reviewed the possibilities, I hope that you’ve been getting the sense that with each challenge, comes an opportunity. Plus, with some planning and foresight, your rehab can go much more smoothly!

When it comes to investment properties, I can attest that the right rehab might be well worth it. After all, I’ve personally acquired and rehabbed more than 350 properties in the course of my investing career. And whether you’re a new investor or a longtime real estate agent, we’re looking at 3 more challenges and opportunities that await you when you choose to restore a property for even more value.

Challenge: No one can predict what the future holds

In our last article, we saw how a rehab of an investment property might not always go as planned. And this is why learning patience and flexibility, along with having a sound plan, can go a long way. At the same time, it’s important to remember that no one can predict the future in whole. When you understand this fact, you can better account for the risks and the rewards in your planning.

Opportunity: You can connect with an experienced investor who has a tested model

To help you on this journey there are many tools and models that you can use to manage those risks and rewards. After personally buying and selling over 350 investment properties, I’ve learned the power these can have, as well as the importance of having a real estate mentor, so you can avoid the pitfalls that many new investors encounter.

Challenge: A property renovation can be a big undertaking

Bottom-line: is renovating a property for investment a challenge? Sure, it can be. And of course, some properties are easier than others. It’s important to recognize this reality. But if it was so easy that anyone could do it, would you expect there to be much reward in it?

Opportunity: You get to enjoy the rewards

On that note, let’s talk about the rewards. This is where there’s a huge opportunity. Because many new investors and real estate agents forget to plan, manage, and reach their goals, they might not get to enjoy those rewards. However, when you put a well-considered plan into action, the rewards can be in the millions, literally!

Challenge: Navigating the world of permits, taxes, and more

How many people do you know that like to talk about permits? Or taxes? And that’s only the start. When you rehab a house for investment value, you’re talking about many different skills and areas of knowledge. This can be a challenge for many.

Opportunity: Developing your skill and knowing who you can trust

But the story is so much bigger here. Sure, knowing all those factors can be a challenge. However, the opportunity is that you get to grow deeper in your own skills, while developing a network of trusted professionals that are with you every step of the way.

Terry Records