A lot of real estate investor get turned off once they take a first glance at a certain property and see that it is a fixer-upper home and dare not take a second look. Let me tell you this straight up, DO NOT JUDGE A PROPERTY BY IT’S LOOKS! Real estate investment properties come in many different forms which are why you should not be turned off by the looks of a home but rather pay further attention to the details.
Let us put ourselves in a scenario wherein we are trying to decide whether or not to purchase a ‘fixer-upper’ home. Here are a few steps to follow:
Although some fixer-upper homes are doing just fine and have only a few fixtures that need repair, other fixer-upper homes are in way too far from repair. Let’s be honest, sometimes we want to be that certain hero that turned nothing into something but sometimes this is not the case. Be careful when examining the damages and it is nice to rely on professional help when inspecting the said property.
Real estate investment properties are not the only things you should put into computation but also the additional cost of repair or if you would like to call, repackaging. Having a house repaired is like having the house brought back to life back again with a fresh start and repackaging that property would cost you a little extra. Once done with your computations, ask yourself “Is it worth it”? Having a potential value in mind, is it above your expenses good enough to make a decent or even great profit or is it just above the break even value and even in some cases worse, below.
Do not focus on the BETTER picture but focus on the BIG picture. Some people like to stay positive all throughout and investing or business in general just does not operate based on positivity. Although it would be nice to reach maximum profit, you should prepare for the potential loss. Keep your hopes up high and your head down low. Even if you are hoping for the best, prepare for the worst and make sure you are not putting yourself on a burning bridge
A real estate investor is something that is made for everyone but only those who are willing to train themselves will succeed. Do not be afraid of a ‘fixer-upper’ home. Rather, be challenged! Most of the best profits that have been made from ‘fixer-upper’ homes. We at Nicholas Haley are in the search of ‘fixer-upper’ homes since we believe that every home deserves a second chance. Should you have a ‘fixer-upper’ home you would like to sell, feel free to contact us right away.