With all the hype out there about flipping homes, I want to shed some light on the realities of actually starting your first remodel project. You can remodel your current home if you own it, or you can invest in a fixer-upper. First you will need at least 20 percent down if you don’t plan on moving in. If you have the funds to be able to do that then the next step is finding that perfect investment property.
- We can set you up with some auto generated emails that come right off the MLS (multiple listing service) where everything on the market is listed. We can send you homes that fit exactly what you’re looking for. (We can do the same process for your owner occupied home too!)
- Once you find that perfect fixer-upper you’ll have to negotiate a purchase price, then get a good detailed home inspection done. You’re probably going to want a trusted licensed contractor to take a walk through also so you can get an estimate of how much the repairs will cost. A home inspection is a must, as it will reveal most everything about that property so you will know what you are buying.
- Be SURE to estimate how much it’s going to cost you to renovate your home or investment property. Take time to ask around how much things cost and get estimates from licensed contractors.
- Count on there being added expenses for all of those little things that crop up after closing so you’ll want to make sure to have a little set aside for the unknowns.
I know that renovating homes is hard work, but the payoff is tremendous!
Contact me if you’re ready to find your investment property!