Skip to content
×
Pro Members Get Full Access
Succeed in real estate investing with proven toolkits that have helped thousands of aspiring and existing investors achieve financial freedom.
$0 TODAY
$32.50/month, billed annually after your 7-day trial.
Cancel anytime
Find the right properties and ace your analysis
Market Finder with key investor metrics for all US markets, plus a list of recommended markets.
Deal Finder with investor-focused filters and notifications for new properties
Unlimited access to 9+ rental analysis calculators and rent estimator tools
Off-market deal finding software from Invelo ($638 value)
Supercharge your network
Pro profile badge
Pro exclusive community forums and threads
Build your landlord command center
All-in-one property management software from RentRedi ($240 value)
Portfolio monitoring and accounting from Stessa
Lawyer-approved lease agreement packages for all 50-states ($4,950 value) *annual subscribers only
Shortcut the learning curve
Live Q&A sessions with experts
Webinar replay archive
50% off investing courses ($290 value)
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x

Posted over 11 years ago

So you think you can dance?

 Anyone who has seen the TV show "So you think you can dance?" sees that the end result is spectacular and that the people involved needed to do some work to get to the end result.


The same thing is true for those "flip that house" shows that focus on someone buying a house, rehabbing it, and turning it into something spectacular.


But the people of both shows need to realize that just because you can see someone else do something, doesn't mean that this is suited for everyone.  Rehabbing houses takes a lot of key skills:


  • Project management - you have to be able to manage due dates and other people (unless you are a one-man or one-woman show, which isn't feasible)

  • Stress management - likely, not everything is going to go 100% the way you want, so you have to be able to handle the stress involved with that.


People management - you are going to be dealing with contractors, inspectors, neighbors, and possibly lenders/investors, realtors, buyers, etc.  You need to be able to deal with people.  If you're a hot-head or too shy, you will have a hard time.


Money management - if you can spend money faster than you can make it, this job might not be for you.  During a rehab you need to control costs and ensure that you don't overspend on your budget.  If you can't stick to a budget in your personal life, it will be hard to stick to a budget in your rehab life.


Overall, doing rehabs can be a worthwhile adventure.  But you need to be able to have the skills necessary to "dance".


Comments