what are the best steps i should take??? i want to purchase property, fix it up, then sell or rent it out..
2007-01-15 09:01:31 · 9 answers · asked by DOC. 2 in Business & Finance ➔ Renting & Real Estate
This has been an incredibly hot topic over the past 5-7 years (at least in this most recent real estate cycle). I know dozens (if not more) of people who have made a lot of doing this or something similar.
In an ideal situation you can buy something, put some (not much) work into it and increase the actual or perceived value.
There have got to be 100's of books and seminars on how to do this (I can't count how many I've read and listened to). When I boiled it all down, you need to find a property that is selling (for whatever reason) below market value. Add your "fix it up" to it and then sell or rent to cover your costs +.
If you have NO idea how to do this - I would try to get hired, in whatever fashion (handyman, gofer, etc.) and learn from someone who is actively doing this.
Regards,
Joe...
PS - the link below has some funny stories and interesting info
2007-01-15 10:56:06 · answer #1 · answered by Joe K 3 · 0⤊ 0⤋
Find property that is a fixer upper. Pay near the value of the land only with minor increase in foundation if it is ok, and services if they are ok. Then fix up using cheap labor or yourself and sell for market value. Be careful not to buy something that doesn't need a lot of work. It is easy to find out how much the land is worth...check the property tax records.
2007-01-15 17:18:09 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The best advice is wait. Wait until the market hits bottom this summer. Until then study the market, the rents, the neighborhoods and the repairmen and their costs. Be ready to buy when a deal comes along. If you don't learn the market you won't know a good deal.
2007-01-15 17:26:09 · answer #3 · answered by sm4125 3 · 0⤊ 0⤋
Start by doing more reading. It takes more time, effort, and money than anyone realizes. Once you have done some reading then see if you could actually partner up with someone who has some experience.
2007-01-15 17:28:58 · answer #4 · answered by Scott S 1 · 0⤊ 0⤋
rent it until the house price going up, then sell it
2007-01-15 17:29:19 · answer #5 · answered by Anonymous · 0⤊ 0⤋
The following website has a ton of information on exactly what you are looking for
2007-01-15 17:46:48 · answer #6 · answered by Anonymous · 0⤊ 0⤋
by cheap land, by cheap items needed to fix it up, make it look nice, sell it high!
2007-01-15 17:07:39 · answer #7 · answered by OMG ITS ME! 1 · 0⤊ 0⤋
check the market first.
2007-01-15 18:53:17 · answer #8 · answered by ron d 3 · 0⤊ 0⤋
I AINT KNOW!!
=)
SORRY!!
2007-01-15 17:08:56 · answer #9 · answered by TINK <3 2 · 0⤊ 0⤋