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Real Estate Articles By Pete Youngs
Inexpensive Facelift for Kitchens & Bathrooms
CREATING WEALTH REHABBING PROPERTY!
Put Thousands of Dollars of Profit in Your Pocket Without Doing the Work Yourself!
Inexpensive Facelift for Kithens & Bathrooms
By Pete Youngs, 20 Year Veteran
General Contractor/Investor
In my long career of being a general contractor turned investor, it has been my goal to teach people as many ways as possible to get the highest quality work and results for the lowest possible price. Bringing up the value of an investment property and creating equity are two major factors in building wealth. More profit is lost in the fix up cost of real estate than any other aspect of investing. Therefore making a property look its best without losing your shirt is essential to the rehab business.
One of the most common things I have run across is kitchens and bathrooms with those old stained cabinets. To give the house an inexpensive facelift, I use the following materials and techniques to renew the cabinets to a fresh new and updated look. You may also use these same techniques to do stained trim work, stained doors, windows and paneling. I prefer a white semi-gloss look for updating older homes and the new look can be done for under $100 if you do the following steps from my Rehab 101 system.
First step is to remove all the doorknobs or handles to the cabinets and drawers. Then get a good sponge or cheesecloth and using white vinegar or distilled vinegar full strength, clean all surfaces. This step eliminates oil from cooking over the years and removes any greasy buildup on the surface.
Step two is to get a sanding sponge and use some 200-grit sandpaper to lightly go over all surfaces. You are not trying to remove the stain color, you are just taking the gloss off of all the stained area. Once you are done with this, take a damp cloth or sponge to remove any dust from your project.
The next step is to use an oil based primer such as KILZ or BIN brand and give all surfaces to be painted a good seal coat. This seals in any oils that will secrete through paints in time if not primed right. After your primer dries we will use 100% acrylic latex paint to go over all cabinets and drawers.
I want to stress that I always suggest good quality paint, brushes and materials because you have not saved money or time if you have to do a project twice. O.K., with my quality brush and roller nap (3/8 inch nap) I will cut in the brushed areas and roll the other areas like normal painting, but here's a great tip…I use Sherwin Williams Pro Classic latex semi-gloss as my finish coat. The reason I choose to use the Pro Classic is that no matter how it is applied, brush-roller or spray, it is a self-leveling paint. What that means is that as it dries, it flattens out smooth like an oil base paint and leaves a smooth look with no brush marks.
My color choice is always white, because clean white cabinets in kitchens and bathrooms make them look brand new and also make the area look larger. Also since it's latex, all my clean up is with simple soap and water. Here's another tip…if your ever having to prime a surface or wall before painting, and your changing the color, have your primer tinted ˝ strength of the color your finish coat will be tinted. This eliminates an extra coat of paint trying to cover up white primer. Last, replace all knobs and handles with fresh new hardware for great results, saving hundreds over replacing old cabinets.
Pete Youngs has been a general contractor/investor for almost twenty years. For the past seven years he has taught a foreclosure rehab bootcamp that he and his brother Tony had designed and together have taught thousands from all over the U.S. and abroad. Pete has also shared the stage at national conventions and seminars with all the top names in their fields of expertise. He is also a highly sought after speaker at real estate investment clubs seminars and and conventions. His expertise is teaching others how to rehab properties for 50 to 75% below retail costs. He has authored many courses, books, tapes and videos on the subject of rehabbing as well as termite and property inspections. Email Pete at peteyoungs@aol.com
Creating Wealth Rehabbing Property
By Pete Youngs, 20 Year Veteran
General Contractor/Investor
When I was growing up and about to graduate, I wondered what path to take as I entered the life of leaving Mom and Dad's house and making it on my own. It was always a dream of mine, like everyone to become wealthy and be my own boss. So in my last year in high school, I got into a work for credit program that allowed me to get out of school early and go to work for school credit. I was given a job painting the inside of vacant properties at an apartment complex for a general contracting company. Like all jobs, I started at the bottom of the scale and was a trim man (painting the doors, windows and baseboards with a brush) following behind a spray man. He was a higher paid person and basically ran our crew for the G.C.
This is when my entrepreneur spirit was born. I quickly made friends with this spray man and he eagerly taught me how to paint with an airless paint sprayer. I was then given a raise from $5.00 per hour to $7.00 and they set me up with my own crew. It was here that I started to learn the pricing structure, the estimating techniques and how and where to get deals on materials and cheaper labor. Within a year or so, I started my own painting and remodeling company and began getting contracts to paint and remodel houses and apartments. I found that I was really making quite a bit of money, and little did I know at the time that I was setting a lifelong path of making money through rehabbing properties.
After a few more years in the business, I started to get big commercial jobs like Fidelity National Banks, Publix Distribution Center, MCI, part of the 1996 Atlanta Games etc. It had become that I no longer could be physically working on the job, I now had to be the general contractor and oversee all aspects of the job myself. My finding was that a general contractor got the contracts, ran the job and labor, handled the materials and pocketed as much as 50% of the money charged for the job. The rest he paid out in labor and materials. What a great concept of making money! I would continue to get the jobs and hire out the labor and pocket huge dollars while other people did the work!!!
Well as I had come full circle in learning the ropes of rehabbing, my brother had bought some books and tapes at a seminar and coaxed me into fixing up the properties that he was buying. We quickly found that the Real Estate business and the property rehab business was a no brainer and started our Real Estate investing career by joining forces and a company to buy, fix up and sell properties full time.
By sending in copies of profit checks to the person whose books and tapes my brother had bought, he immediately got us involved in the business of teaching people how to buy, fix up and sell properties making huge profits all over the country. That is what started the teaching aspect of our Real Estate investing careers over 15 years ago. After buying almost everyone's books and tapes systems that ever came down the pike, we now had become respected teachers of the trade and for the past seven years have shared the stage with almost all of the well known authors and lecturers on seminar circuits and national conventions.
Also for the past seven years we had been contracted by the big names to teach Foreclosure-Rehab Bootcamps to thousands of students nationwide. But my favorite thing that I do is speaking to Real Estate investment clubs. I remember being involved and listening to real people in the club that had been using the techniques and actually making money in Real Estate
No matter what strategy of Real Estate investing you are doing, wholesale properties, foreclosures or any other, the most common place that people reduce their profits is in the fix up or rehab. Most people do not have the knowledge to estimate damage or cost of repairs. They have to depend on the contractor and hope that the costs and repairs are reasonable and can be done without taking the majority of the expected profits.
Well this is where my expertise is it's keenest. I over the past 15 years or more have developed a way to teach anyone the in and outs of rehabbing properties for profit. It is possible to lower your rehab costs by 50% to 75% less than the going rates.
You can act as your own general contractor and oversee your own jobs. If you are handy, you will be able to save a lot of money by do it yourself techniques. If you are not, there are several ways that you can hire out subcontractors and semi skilled labor yourself for a great savings in either cash in your pocket or equity in your property. Learning how and where to get contractor discounts is a must for any investor. Being able to do simple estimating on your own proves to be a great way of comparing estimates you get from your contractors. You can save money by pulling your own permits when applicable. Even knowing what day is best to rent equipment from a tool rental yard can save you hundreds of dollars.
Learn to run every property you do by acting as your own general contractor. In most cases not only will it increase your profits thousands of dollars in profit or equity, but you can pay yourself a salary or fee to run the job also. Just remember more money is lost in the fix up of a property than most other factors. So my suggestion is to educate yourself in all aspects of the fix up of properties. It is an absolute must for seasoned or new investors alike. This can increase the profit in any property from hundreds to thousands of dollars. Every rehab technique that is a cost cutter puts cash in your pocket that would otherwise end up in someone else's. Keep it in your pocket… it's your money!
Pete Youngs has been a general contractor/investor for almost twenty years. For the past seven years he has taught a foreclosure rehab bootcamp that he and his brother Tony had designed and together have taught thousands from all over the U.S. and abroad. Pete has also shared the stage at national conventions and seminars with all the top names in their fields of expertise. He is also a highly sought after speaker at real estate investment clubs seminars and and conventions. His expertise is teaching others how to rehab properties for 50 to 75% below retail costs. He has authored many courses, books, tapes and videos on the subject of rehabbing as well as termite and property inspections. Email Pete at peteyoungs@aol.com
Put Thousands of Dollars of Profit in Your Pocket Without Doing the Work Yourself!
By Pete Youngs
Regardless of which real estate investment strategy you use to create your wealth, you have to control whose pocket the money is flowing into. So you ask.” How can I put thousands of dollars MORE in my pocket WITHOUT doing the work myself? Well, I am a successful contractor and investor who can show you how to create HUGE PROFITS in properties you thought had no profit, and create MASSIVE EQUITY in all your properties.
Part of my expertise is teaching people how to rehabilitate properties for 50 to 75% off of the normal estimated cost. My knowledge and ability to get the highest quality results for the absolute lowest possible price has earned my company many prestigious renovation contracts such as Courtyard By Marriott hotels, The 1996 Atlanta Summer Games, Two contracts with communications giant MCI, Publix Distribution Center, Fidelity National Banks, Blimpie Restaurants and hundreds of single and multi-family homes nationwide.
I know that buying any type of discount property insures a lower purchase price and I can teach you valuable contractor tips and techniques to LOWER your FIX UP and MAINTENANCE costs by 50 or even 75%! You will literally add THOUSANDS to your net worth and your equity position whether you own one home or one hundred homes.
I teach 101 valuable techniques, which range from minor cosmetics for the new investor, to MAJOR REHABS for the seasoned investor. My REHAB 101 system is designed to save both time and money on all types of rehab and maintenance projects. So whether you like DO IT YOURSELF techniques, or want to HIRE THE WORK OUT for a fraction of the going rate, Rehab 101 is a must for your investment career arsenal.
Specializing in teaching others how to ACT AS THEIR OWN GENERAL CONTRACTOR, I stress that getting contractor discounts, hiring out what you can’t do and using do it yourself tips can dramatically increase the profit to be made on distressed properties nationwide.
Did you know that a general contractor makes his profit by sub-contracting the repair work to be done, he oversee’s the job. Handles the material buying and pockets up to 50% or more of the jobs estimated cost. Most general contractors do none of the work themselves. Learn how to put those profits in YOUR POCKET without having to do the work yourself!
MORE PROFIT IS LOST IN THE FIX UP OF PROPERTIES THAN ANY OTHER AREA! I TAKE GREAT PRIDE IN HELPING OTHERS BECOME MORE SUCCESSFUL IN THEIR INVESTMENT CAREERS BY TEACHING HOW TO SAVE TIME, MONEY & INCREASE THE VALUE AND EQUITY OF PROPERTY.
Pete Youngs has been a general contractor/investor for almost twenty years. For the past seven years he has taught a foreclosure rehab bootcamp that he and his brother Tony had designed and together have taught thousands from all over the U.S. and abroad. Pete has also shared the stage at national conventions and seminars with all the top names in their fields of expertise. He is also a highly sought after speaker at real estate investment clubs seminars and and conventions. His expertise is teaching others how to rehab properties for 50 to 75% below retail costs. He has authored many courses, books, tapes and videos on the subject of rehabbing as well as termite and property inspections. Email Pete at peteyoungs@aol.com
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