| Fixer uppers are not a new idea for making | | | | roof, foundation and termites. Wiring and plumbing |
| money, real estate has long been a primary | | | | will run a close second to the first three areas, |
| investment vehicle; a wise old saying states | | | | but with the right deal, even these can be |
| simply "they aren't making anymore land," which is | | | | overcome. |
| just a quaint way of saying purchasing land and | | | | Foundations, roofs and termite infestation can be |
| homes is a great idea. Many people around the | | | | addressed and even fixed however; there is a |
| world have found fixer uppers. Many times when | | | | point of no return with all three. Besides, even |
| a home has fallen into disrepair, you can purchase | | | | when they can be repaired this is a very strong |
| it for a deep discount. While there is a great deal | | | | bargaining position for you as the potential buyer. |
| of money to be made with deals such as this | | | | Budget |
| there are a few things you need to keep in mind. | | | | Don't think you are out of the woods just yet |
| Location | | | | when you finish the steps above. You have just |
| No matter what happens with the real estate | | | | begun with your rehab and your budget still must |
| market, booms or busts one thing will always be | | | | be set. When it comes to fixing up run down |
| consistent and that is location. The address of the | | | | property the budget figures just as importantly as |
| house is more important many times than the | | | | all of the above. This is another reason it is a |
| condition, at least when it comes to determining | | | | good idea to have a professional inspecting and |
| purchase price. A good rule of thumb is to find | | | | guiding your decisions. |
| the worst house in the best neighborhood, and | | | | A budget for repairs can quickly turn into a free |
| not the other way around! When you purchase a | | | | for all if you are not very careful. If you will be |
| home for the express purpose of reselling it for | | | | doing the work yourself you can save a significant |
| profit, you are investing in the neighborhood as | | | | amount of money, however many people do not |
| well. Do your homework on the area; find out | | | | have this luxury or ability. This is where a |
| how much the homes around it have sold for | | | | trustworthy contractor comes in handy, and they |
| recently. | | | | can be hard to find! Work with construction |
| Condition | | | | contractors that have a sterling reputation in your |
| Once you have located that house in a great area | | | | area, more than one investor has found their |
| that needs tender loving care, and then begins the | | | | fixer uppers in worst shape after dealing with a |
| process of evaluating its condition. A few things | | | | shady contractor. |
| can take potential fixer uppers and transform | | | | Conclusion |
| them into a money pit. You will want to rein in | | | | You can make money in real estate by working |
| your excitement over finding a potentially | | | | on homes that have been neglected, as long as |
| profitable piece of real estate long enough to | | | | you are careful. A good place to start on your |
| have a thorough inspection. | | | | journey is with the tips above. The economic |
| If you are new to the real estate business and | | | | environment may have changed somewhat in the |
| particularly the fixer upper aspect of it, you will | | | | world, however people will always need a home |
| want to hire a qualified professional to conduct | | | | to live in and fixer uppers are a great way to |
| your inspection. There are three major areas that | | | | offer decent homes at an affordable price. |
| a good inspector will examine thoroughly, the | | | | |
