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Many people are enticed by the prospect of making money by repeatedly buying rundown homes, moving into them, fixing them up and reselling them for a profit. The strategy has become even more popular in recent years, thanks to homeowner-friendly changes in the capital gains portion of the federal income tax code. Given all the right circumstances, fixer-uppers can be a lucrative investment.
The essence of this investment strategy is speed...buy a fixer-upper property at a bargain price, quickly rehab and then quickly sell the property. Get in, get it fixed up and get out. This is a simple yet very profitable and safe strategy, regardless of external circumstances. Using this technique, profits are made when you buy at a bargain price, increased as a result of the rehab process, and converted to cash when the property is sold.
When looking for a fixer-upper, some experts suggest you follow this basic strategy: find the least desirable home in the most desirable neighborhood. Then decide if the expense that is needed to repair the property is within your budget. When considering a fixer-upper, whether for resale or to live in with increased equity, go into the process fully prepared so you will avoid many surprises.
For your first project, only consider structurally sound homes in good neighborhoods requiring cosmetic repairs only. Houses that could use new paint, carpeting or flooring are the least expensive and offer the fastest potential turnaround. Larger problems such as bad roofs or faulty foundations are often prohibitively expensive and undermine eventual profit, depending on what you got the house for and how much you think you can sell it for. Watch for vacant homes that have not been kept up by the owner. These forgotten houses can often have the most motivated seller you could hope to find.
Have any property you are considering fully inspected and then get firm estimates for all needed repairs. Make sure that satisfactory completion of such inspections are a condition of purchase in any contract you sign. Most importantly, "run the numbers" to be certain that the potential for gain is truly there. If you are satisfied on all counts, you may very well be able to be successful with your fixer-upper project!
About the author: Joyce Boulan is a retired real estate agent, now making a living on the Internet. If you want to learn how to make big profits from fixer-upper properties QUICKLY, go to FIXER-UPPER FORTUNES