These are some of the items you need to know when buying a fixer upper. After personally doing many 100's of homes and seeing some major mistakes this is what you need to look for.
1. Location Location Location is so important even if you do not want to sell a property. Investors never know what life will bring them and when you're not buying in a good location it can cost you a lot of money. I have seen this many times investors need to sell their property and it is not worth what they have in it.
Look at current values and trends in the location you are buying in.
2. Construction is another crucial part of doing a fixer upper especially if you're buying abroad and are not living in the area of the property.
I was just at a property that a client had purchased from a wholesaler. The contractor had been working on it for a year and the client thought the property was almost done and asked me to list it.
I drove to the property yesterday to get pics and video for the listing. The contractor was only 25%-35% done with the property. It had been neglected and not handled properly and this will cause the investors a lot of pain in their wallets.
3. Property management is very crucial to the cash flow of any property. Upkeeping the property and getting good tenants that pay their rent is very important. Making sure you have a good service that understands the area and has real estate in that area is very important.
4. Lastly, have a Realtor involved in all your transactions. I am a Realtor and understand the details needed to create a good property. Most Realtors are trained and professional. Make sure the Realtor you are dealing with understands the type of real estate you are buying.
For example, does your Realtor have contractors, property managers they know, have they leased real estate at top rates in your area, and can they assist in making sure your property gets completed in a timely manner and on budget?
If your property is not performing, call me (Brett) 216-703-5740 Fathom Realty and let me help you get your property moving in the right direction. You can also sign in below.
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Thank you