Fixer-upper homes?

Question

I'm fairly handy so I want to buy a fixer-upper house. Where can I learn how to buy one of these properties without having to deal with all these shysters who just give you the run around and sell you worthless foreclosure/fixer upper lists. How can an honest family man find a fixer-upper without competing with thousands of contractors, wheeler dealers, bidders and investors?

Answer 1

You have to be very patient. It will take more than a year before you find what you want.
A realtor can help you a lot in finding the right house.

Here are some tips:

* The worse it looks the better price you get.
* Negociate a lot. It is likely that you will be satisfied by the seller.
* Be creative in the solution you find to fix it. Sometimes you can just remove unnecessary things instead of fixing those.
* Try to fix a maximum by yourself. It is much cheaper.
* If you cannot fix it by yourself, you can always shop and find somebody who can help you to fix it with you.
* Buy second hands elements instead of new.
* Never save on appearance. A poor quality paint will give the impression that the house is fragile. A broken window is a no go.

When the house is fixed, rent it or sell it.

Answer 2

There is absolutely no need to buy any lists or use a realtor (although letting a realtor know what you're looking for doesn't hurt.) My family and myself have done quit a few fixer and flip hers. Keep an eye on classifieds, local listing magazines from realtors, and just drive around looking for for sale signs. The less "move in ready" or liveable a house looks, the fewer potential competitors there will be for it. We look for bank foreclosures and estate listing where the sellor is just trying to get out. Obviously, look for good bones and structural integrity - homes you can realize a profit on the investment you'll have to make. Also, a lot of the wheeler dealers out there will try to get in with a low ball offer. Instead, offer the asking price (if it works for you) to get the stronger position.
Another tip, depending on how far you want to get into this - look for a fixer upper w extra land. Then you can buy cheap houses to be moved and add them to the first property w/o paying for any extra land. We've bought 2 properties w 1 home existing and added 2 (sold to be moved) homes each for a nice total profit for the outlay. Sold to be moved homes are even easier to pick up as not as many people are looking for them.

Answer 3

commence at 199k - in case you get an somewhat grant for much less, yet extra desirable than a hundred seventy five, take it - if counteroffer is below a hundred seventy five, counter over with the aid of a hundred seventy five with the objective of attending to a hundred seventy five - do not forget approximately, sales cost and closing expenses will probable be 10-12k subtracted from advertising cost

Answer 4

Find yourself a good buyer's agent and work with them.

http://www.danmelson.com/posts/1148583869.shtml

A good buyer's agent is always looking for bargains, either to satisfy clients or to recruit clients.

Answer 5

You really have to look around and look closer....these things can be very tricky.