There are so many mistakes that can be made if you do not have the proper education. My husband and I learned the hard way thru the school of hard knocks but you don't have to!
Here is one I really like because I have done this and lost money!
'Over-Improving a Property to Flip or Rent'
Most of us, especially women, get emotionally invoved with the house and tend to want to do more than is necessary when fixing up a "flip" house or Rental Property. That's our nature! But it is a big no-no!
We can all renovate a house and have it come out looking like a castle but that will not put the most amount of profit in our pockets.
You will want to put out a quality product and do your repairs properly with all the right permits and you should not cut corners or hide defects in a house. But at the same time, if you are renovating a 50,000 house, you do not want to install high end flooring, granite countertops, etc.
You want to do the repairs that will give you the best return for your money. If you're repairing a rental unit especially, you want to use materials that will last and that are durable to withstand tenants!
If you're rehabbing a house for sale, you want to ocus on the kitchen and baths. Spend all of your extra rehab money in these rooms because these are the rooms "women" look at and tell their husbands "I have to have that house!" The kitchens and baths should be bright, clean and shiney. If you can find places to buy wholesale cabinet, wholesale flooring and get good deals on them, then by all means, go ahead, but just keep notice of the costs and repair you are putting into in the house.
You must bring the house back to like-new condition without making everything brand new. It is amazing how a little paint and cleaning can change the appearance of a house or an apartment. When you are planning your repairs, first repair anything that is broken or outdated but don't go around the house installing all new cabinetry and counters if you don't need them. Sometimes just giving the kitchen cabinets a painting works wonders and saves you thousands of dollars!
Keep in mind you are not going to lives there and don't get ATTACHED to the house, but at the same time make it nice and remember the people who buy it are probably going to make their own changes and enhancements!
Landscaping is a really good thing to do because of "First Impressions" when someone is coming to look at your house to buy, so don't over look that and save some funds to do that.
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Nancy Geils, Investing with the Stars