CW Blogcast 38 - Don't miss these 4 areas when rehabbing foreclosures.

The Creating Wealth Show Blogcast

Until recently, Platinum Properties Investor Network didn’t like to recommend foreclosures to our network. With the generally low quality of the selection, it was just too much of a risk to our reputation for finding excellent properties. But, for reasons you’re probably aware of, things have changed a little bit.

Much of our track record for success can be traced to our ability to quickly react to changing market conditions. We now take foreclosures into consideration and even recommend buying them to our clients in many of the 41 local markets around the country we specialize in. With newer model homes, ridiculously low prices, and the high quality brought about the national foreclosure meltdown, it would have been silly to stubbornly refuse to consider them.

But, even with newer foreclosure homes, some rehabbing is normally needed. Think of it like this - even if you spend $5,000 or $10,000 to bring your foreclosure property up to rental standards, it’s still a great deal.

The four critical areas to pay attention to when you’re during the walk-through research stage are:

1. Roof2. Structure3. Plumbing4. Electrical

These will be your biggest expenses and all require permits. You need accurate estimates! Next time, we’ll talk about each in more detail.