When it comes to renovating investment property, it’s not as easy as they make out to be on television.And no, most renovation projects are not complete after the first 30 minutes.

No matter if its rental property investing or flipping houses for quick cash, experienced property investors must pay close attention to these five major factors.

Major Factor #1: Who Should You Hire For The Project?

I recommend running an ad in your local free paper and interviewing potential workers over the phone. If they pass your first set of questions, arrange to meet them out at the property and talk to them about the project details.

Making the right hire will take some practice, but over time, you’ll develop a good feel for what’s right here. Selecting the right person for the job is one of the more important decisions you will have to make on a renovation project.

When you hire the wrong man for the job, your project can get expensive in a hurry.

Major Factor #2: What is the Most You Should Pay For Labor?

If you don’t have a background in residential property investment or remodeling in the beginning, you’ll be writing some pretty hefty checks for labor on your renovation projects. Unless you have a real estate investing mentor to hold your hand, you will pay more.

Workers who have more experience than you do, will attempt to exloit your weakness until you can close this gap. But as you grow into your role as a real estate investor, your experience level grows and the labor expenses become much more manageable.

It’s called earning your stripes.

Major Factor #3: How Much Will I Pay For In Project Materials?

If you’re an experienced real estate or property investor with multiple renovation projects to your credit, this should be very straight forward. Prices will increase over time due to inflation, but overall are normally very predictable. Successful foreclosure and property investors know what it takes to complete the project before the first hammer swings.

Always add 10% – 15% for incidentials and unexpected expenses.  If you have the money to pay for it, an unexpected surprise will not be that painful.

Major Factor #4: How Long Will The Renovation Project Take?

I wish we could buy every investment property at a big discount with a few little problems to solve. As you may already know, this is not normally the case. We look for cosmetic flips initially and then we adjust our search from there.

A typical renovation should take anywhere from 30 – 45 days to complete. Whenever you make big changes to a renovation, the timeframe goes from weeks to months.

Major Factor #5: How Much Will The Renovation Project Cost?

The easy answer: more than you expect. As you grow into your role as a foreclosure investor, the difference between the actual and estimated budgets should grow smaller. Always overestimate your project costs for both labor and materials. When you buy a property right, you should have this kind of luxury.

The faster you find the answers to these questions, the easier your life as a property investor will become.

When you think of real estate investing, a number of things may come to mind. You likely leap to real estate investing as real estate portfolios and real estate retirement plans, and then you may expand to thinking of short sales, bulk reo investing or virtual real estate investing. You likely also are wondering how these things factor into real estate investors’ roles in the current economy.

There is a lot of information out there on real estate investing. To get the most out of real estate investing education, be familiar with basic information ahead of time. Short sales, bulk reo sales, virtual real estate and general real estate investor abilities all are improved by knowing some basics of real estate investing. Here are three main real estate investing concepts that many experts do not even know:

1. You always will get a positive result from investing in real estate investing education. In any real estate deal, there will be thousands of dollars in potential wealth. The knowledge of how to get that wealth is the key to your success. Learning about real estate increases your odds of success when you do a real estate deal. Small investments in education yield big results upon implementation.

2. You have the ability to succeed in real estate investing in any economy. Many people think (wrongly) that you can only succeed in real estate when the economy booms. Actually a poor economy is not a bad economy for real estate investors. You can often find properties to buy at deep discounts. Also, you might find deals that simply could not exist in a booming economy. Real estate investing often is what turns the tide for poor economies. When the economy is not thriving, short sales, bulk reo sales and virtual real estate can all thrive. You can save yourself and others from major financial woes if you know how to do these deals.

3. A lot of money is not vital to your success as a real estate investor. You can make a success of real estate investing no matter how much or little money you have. There are a lot of deals that you can do with other people’s money. If you look like a good investment a private lender may let you use their money. A person who is a solid investment knows as much as possible about real estate investing. This will help you show private lenders that you are a good investment if they do not know about real estate investing themselves.

Real estate investing is a great way to generate wealth. You can create an income in any economy. You can create success for yourself using knowledge of real estate investing, short sales, bulk reo sales and virtual real estate. Knowing the basics of real estate investing will help you succeed as a real estate investor.

Real estate investing probably makes you think of a number of things. You might immediately leap to real estate investing being real estate portfolios and real estate retirement plans or you may think instead of short sales, bulk reo investing and virtual real estate investing. Likely you also wonder how these things will factor into your life as a real estate investor in the current economy.

You will need to know a lot about real estate investing. The best way to optimize your real estate investing education is to know the basics ahead of time. You will get the most out of anything to do with short sales, bulk reo sales, virtual real estate and just improving real estate investor abilities by knowing some real estate investing basics. Here are three real estate investing basics that even some experts do not really know:

1. You will always end up with a positive yield when you invest in real estate investing education. Each real estate deal can represent thousands of dollars in potential wealth. Understanding how to get that wealth will be the key to your success. Learning about real estate increases your odds of success when you do a real estate deal. A small investment in education has the ability to yield big results when it is implemented.

2. You can succeed in real estate investing in any economy. Many people think (wrongly) that you can only succeed in real estate when the economy booms. In reality, a bad economic situation is not bad for real estate investors. You can often buy properties at deep discounts. You might also find deals that simply would not exist in a booming economy. In fact, real estate investing can turn the tide for a poor economy. When an economy is less than thriving, short sales, bulk reo sales and virtual real estate can prosper. Knowing how to do these deals can create wealth for you and save others from major financial difficulties.

3. You do not need a lot of money to be a successful real estate investor. You can be a success in real estate investing no matter how much money you have on your own. There are a lot of deals that you can do with other people’s money. If you look like a good investment a private lender may let you use their money. The best way to be a good investment is to know as much as possible about real estate investing. This will enable you to show people who have money for real estate investing but may not know how to use it that you are a good investment.

Real estate investing is a great way to generate wealth. You will be able to create an income no matter what the economy. Using a knowledge base of real estate investing, short sales, bulk reo sales and virtual real estate you will be able to make success for yourself. Knowing the basics of real estate investing will help you succeed as a real estate investor.