I'm eager to know how your progress turned out and if you ran into any problems that will help me with my home remodeling projects.
I'm realizing the real estate investor market is in the buy, hold, and rent stage, but I have to sell the one I just finished to recapture my working capitol.
I've found out that even though I can find cheap homes, my completed fixer upper has to be offered at the current market price and I can still make about $10k to $15k on a property flip.
Are you going to continue to buy fixer uppers in this market and are you going to sell them or rent them?
Thanks
Rating
Thank you by: Marla
Thank you every one for your encouraging words. I have been SO busy with this project that I haven't had the time or inclination to write about it. I will soon, I'm almost finished.
Rating
You're off to a great start! by: Debbie Gilliam, Home Staging Expert
I'm impressed Marla! Great start! I too have rehabbed a home and was tearing down walls the day after I got the keys! I share your enthusiasm, and agree with the others that you are doing everything right. Your proper planning and sticking to a schedule will make all the difference.
Don't get discouraged when problems arise to throw your plans off, because they always do....just blow off the sawdust and keep up the great work. In spite of all of the difficulties you may encounter along the way...the sense of pride you will have when it's finished will have you hooked! Creating win-win situations for others feels pretty darn good too!
About the windows? Guess I'd have to see which windows you're referring to, but likely would agree with your husband and Joe...they are new, so that's a huge plus. Just be sure not to let your husband talk you out of spending just a few extra bucks for nicer features...In most cases, it's women who make the decision when couples buy or rent a home...the man may do the negotiating, but the women are the ones who fall in love with the home and get the ball rolling.
Find an inexpensive Pull Down kitchen spout fixture..they start out pretty affordable..also, spend a few extra bucks for something a little nicer than the standard, 2 pack flush mount ceiling light fixtures everyone throws in...it's another affordable way to make an impact.
Staging the home can really make those additional features shine as well as highlight the home's other great features, and distract from those not so great. It got my rehab sold!
Wishing you all the best...keep us posted!
Rating
Great job by: Doug Thomas, the RE/MAX agent
You're off to a fantastic start, it takes me years to get some people to the level you're at right out of the gate. Just keep it up and you'll be able to write your own ticket anywhere.
As for mistakes, you'll make them (we all did.. and still do) just think of them as the cost of your degree in real estate investing. Learn from them, make a decision not to make the same mistake again and move on.
No matter how diligent you are in the planning stage problems or changes will come up, if you approach them with the same consideration you have given the the rest of the project, you'll do well.
Happy Investing and Good returns,
Doug Thomas the RE/MAX agent.
Rating
Real Estate Fixer Upper by: Joe the Rehabber
It sounds like you're a seasoned professional. You are off to a Fantastic Start!
Many of the investment homes I've purchased were from so-called real estate investors who thought they were going to get rich on buying and selling (or renting) homes, but couldn't.
You have described what it takes to be successful in the real estate fixer upper business. You're a true "Rehabber!" Your preparation and planning was impeccable! Great Job! Your husband is right, the windows are no big thing, the windows are new! What more could anyone ask for?
You didn't waste any time getting started on your project. It almost sounds your fixer upper is nearly fixed up, only waiting for special orders.
You did so many things correctly; Buying the ugliest house on the block, Pre-inspections, Knowing about Government grant programs, Having a clear and efficient work plan, and having your husband on board with you.
It sounds like you know more than some seasoned investors I've met over the years trying to do what you are doing, but just haven't figured it out yet.
I've got to ask you Marla, How Did You Learn so much before you even purchased your first real estate fixer upper? I'm sure your visitors would like to know too!
Subscribe To This Site
