Fixer-Upper Real Estate Image

When people in real estate are selling fixer-uppers, they are usually well aware of the problems.

Either they don’t have the money to fix them up or they don’t have the willingness or time.

This works out to a bargain for anyone looking to pick up some cheap property as long as they don’t mind investing some money.

Ideally, if you’re going to get into the business of buying fixer-upper houses, then you’ll have some connections with either contractors or DIY specialists.

If not, then you’re going to spend a lot of time on self education through corrections and repair costs.

Create a Marketing Plan

You probably understand that major repairs can be quite expensive to renovate or remodel, such as a roof or a complete plumbing system. In order to decide whether this is going to be a profitable move, take a look at the local housing demand.

Are there more houses available than renters? If so, what is going to make this house stand out once the renovations are completed? Do you have a marketing plan in place and have you done this before?

Use a Real Estate Agent’s Connections

While talking to a real estate agent might sound unnecessary when you’re looking for renters, these connected professionals can be quite helpful.

When a family is unable to afford a home and is denied on their home loan application, they may need to rent somewhere for a year or two while they save up. If they have already sold their previous home, then they will be trying to move in a hurry.

Communicate Clearly with Renters

Let them know you plan on making whatever repairs are necessary to maintain a safe and livable residence and you might be able to get a family in there even while work is being done.

This requires a bit more scheduling finesse, especially around the work and school hours of your renters, but it’s worth it to have that extra income at the same time.

It is possible to buy a real estate wreck and turn it around. Some people do quite well purchasing nothing but broken down properties and making them something attractive once again.

Sites where businesses would never have operated previously are now up and running successfully because of their efforts.

If you’re going to jump into this real estate arena, remember that quality is not always the cheapest. You may have to upgrade certain items in order for them to last.

By doing this, you’ll get a long-term renters living in a profitable house that gives you as few problems as possible. This is one of the most efficient ways of becoming a real estate rescue guru.

Tags: , , ,

This is filed under Real Estate Investors.


     Twitter It!