The negative press that real estate is currently getting has many rehabbers on edge, on the sidelines or out of business. They’re missing the boat, because they can’t seem to find the niche that will allow them a healthy profit while adding value to the market place.
The three big mistakes are:
1. Letting “foreclosure resale” comparables confuse you.
2. Not knowing the true ARV for a home in good condition.
3. Trying to make all the money on one deal (aka the greed factor).
3A. Limited thinking - don’t limit yourself to the “fix and flip” exit strategy in this market! The more you can “buy-and-hold” in a sever REO market, the better.
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