Real Estate Investor survey shows 42% are rehabbing houses personally to save money
Detroit, Michigan, USA - A recent survey by Move, Inc showed that 42% of real estate investors are rehabbing houses on their own to save money in a down housing economy. The survey states that new investors are often living in the house while they are making repairs.
Living in the property and working on it personally reduces the price of repairs, but this could also extend the rehab process and increase holding costs. This survey is enlightening because it is in conflict with traditional strategies. Historically investors have hired skilled contractors to complete this work. The typical process is described at:
“People are becoming first time investors because they are having trouble selling their house. So they are fixing it up and renting it until the market improves.” explains John Devereux from REI Profit And Wealth. “My concern is that people who will continue to invest in real estate are developing bad habits by rehabbing houses on their own. It makes sense for their current situation but it may hurt them in the long run”.
The REI Profit And Wealth website, www.REIProfitAndWealth.com, focuses on investing in real estate and combining different strategies that are proven for short and long-term gains including renting, wholesaling and flipping houses.
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