Buying fixer upper houses can be very rewarding. Often times with simple cosmetic “haircuts” selling your new found gem will prove to be very lucrative. Just to help you get started I have a few tips to share with you I like to point out that if you ignore these you could find that your endeavors will prove to be terribly frustrating and could very well bury you in a mountain of debt.
One of the most important things that you can keep in mind is your houses of fixer upper but that does not mean that when one of your buyers walks in the door he has to be stepping over cat litter boxes and scattered garbage all the time having hold his nose. Just a little picking up and cleaning the place to make it a bit more presentable could make a difference in whether you profit or not. So keep in mind presentation is everything.
Okay remember we have a fixer upper house here once you have the place cleaned up a little bit, do not forget to disclose all the restorations that need to be done. Yes you have to tell him that the hot water heater does not work, the glass in the back bedroom is broken and there is a leak under the kitchen sink. Oh yeah, and what about those missing shingles on the roof do you tell him about those too, absolutely.
You know the market in the neighborhood of your fixer upper? Do you have any ideas for the future of the house yourself? Is it better to repair the property or would it be better to knock it down and start over? Maybe the real value is in the land. For example if you are next to the beach it might be more prudent to bulldoze the lot and start over with a brand-new house providing the potential for even greater profit. Oh so your house is in a historical district and there are strict repair codes that you must follow. Then of course giving this old fixer upper a fresh haircut is the best course of action. Knowing the market potential of your neighborhood is an absolute must.
What new real estate investors needs to be mindful of are certain steps and investing tips you can follow to be a successful investor. I am certain you are not buying and selling fixer upper properties unless you knew for certain you could at least make a economical profit. I recently came across a great book that helped me learn these important tips and tactics that have helped me with my real estate investment. The link in my resource box below will guide you to a great review of my recommended blueprint for fixer upper success.