#51 Number ONE Mistake New Rehabbers Make

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On this episode of The Most Dwanderful Real Estate Podcast Ever, Dwan talks about the misconception that people have that “rehabbing” and “flipping” a house are the same thing as well as describing the main mistake that rehabbers make with a property. If you listen to this podcast every week, you should be prepared to go out there and be successful in real estate investing because Dwan provides you with the step-by-step instructions for what to do and what not to do.

Dwan and Bill meet so many people and couples who have purchased an investment property that they are initially excited to do rehab on the weekends, but they have also seen the same thing happen time and time again. The couple starts out strong, working their 9-5 jobs throughout the week and then working all day Saturday and Sunday at their rehab property for the first weekend or two, but they start to get tired or run into unexpected issues and begin spending less and less time at the house every weekend, extending their timeframe for completing the house and putting it back on the market for a month or more. It is also likely, if the couple is not familiar with all aspects of rehabbing a house, that they will end up having to hire someone to finish or fix certain portions of the rehab, cutting into their profits and timeline even more.

The main message of this episode is: be realistic. If you don’t have the time and expertise to complete all the work yourself, hire someone up front. There are also things you can do in the neighborhood around your rehab property to protect your interests and get the neighbors in your corner.

If you haven’t heard, Dwan has dropped the fee to join the Dwanderful.com Membership Site, so now you have access to the document library, pop-up training calls, and the chat box for FREE!

Time Stamps:

  • 1:41 – The goal of this podcast is for you to be successful by listening to Dwan’s step by step advice and changing your life.
  • 4:18 – Dwan checks in to see if you took her no carbs/no sugar challenge.
  • 5:08 – How rehabbing is different than flipping contracts. Many people come into rehabbing way too optimistic.
  • 7:21 – Dwan’s own experience with rehabbing.
  • 8:48 – If you have no rehabbing experience, you are not qualified to rehab a house. You don’t know what you don’t know.
  • 11:32 – Dwan breaks down what it really looks like to rehab a house on the weekends while still having your day job, especially if you don’t have experience with electrical, plumbing, foundation, and roofing issues.
  • 19:19 – Dwan got spoiled on her first deal, but most properties do not sell immediately.
  • 20:32 – Unless you know how to rehab everything and can work on this full-time, you would be better off hiring someone to do the work for you.
  • 23:22 – Buy a kitchen suite and don’t cheap out on your other materials.
  • 25:31 – Be realistic about your abilities and hire out if you don’t have what it takes to do the rehab work yourself.
  • 27:34 – How rehabbers get burnt out and how to avoid burnout.
  • 30:43 – Your assignment for this week is to join the free Dwanderful.com membership site, to share the podcast every week, and make sure to subscribe so you get the latest episodes as soon as they come out!

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