Real Estate

 

Fixer Upper Homes – Save Thousands on Your Home Purchase With a Fixer Upper Home 


The Truth About Fixer Upper Homes
If you are like millions of others aspiring homeowners, you’ve probably heard about “Fixer upper homes” and thought to yourself, “They are just too much trouble!”

Before you cast aside the thought of dealing with fixer upper homes, you should be made aware of two key points. First, you will save thousands of dollars.

In many cases, you will save tens of thousands of dollars, which equates to instant equity. Secondly, fixer upper homes are not trouble at all when you know how to buy right! In this session I’m going to share some practical steps to follow that will help you make buying a home that is in need of repair, a smooth transition.

Why Look at Fixer Upper Homes?
I often meet individuals who don’t comprehend the true purpose and intent of buying a fixer upper home. In a nutshell, smart people seek out fixer upper homes to walk away with instant equity after the home is in “Move-in condition.” It seems elementary, however, many don’t get it! Maybe it’s the reality shows, who knows?

If homes in a particularly nice subdivision are priced at $275,000.00 FMV and you find a foreclosure or Bank REO at $201,000.00, but you have to sink $68,500.00 into it, that’s not a deal! That’s a steal! As in they stole from you! It would be a deal if you walked away with at least $20k to $30k in equity after the fix-up. Here are five simple steps to help you find those kinds of deals.

Step #1 Educate Yourself
One of the most glaring reasons people fail at buying fixer upper homes is a lack of information and education. Be advised, you can’t obtain this vital info watching reality shows about flipping houses anymore than you can learn how to become an Executive Chef watching the Food Network. Buying a home is an investment. Buying a fixer upper home is an investment that comes with an assembly package.

Your mission should you choose to accept it, is to assemble the deal, fix up the house, move-in and go, “Wow, I just saved $35k when I bought this house… fixer upper homes are great!” Then, instead of walking around moping because you lost your shirt buying a fixer upper home, you can share your success with others. As part of that education, I highly recommend reading:

  • Buy, Fix It, Sell It – profit! - by Kevin C. Meyers.
  • 40 Days To Success in Real Estate Investing – by Robert Shemin
  • Secrets of a Millionaire Real Estate Investor – by Robert Shemin
  • The ABC’s of Real Estate Investing – by Ken McElroy

There are other books out there that can help you with fixer upper homes, but these provide the best foundation and framework for anyone to build on. Let me make this clear, if your vision is to buy one fixer upper home and then forget about home buying – still take this step!

It will mean the difference between losing your shirt, breaking even and walking away with a considerable amount of equity after the home is fixed up. Fixer upper homes are literal diamonds in the rough for the person with a keen eye. The great news is; as you educate yourself, you’ll know what to look for.

Author, Joel Marks of REODr.com

 


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