We all know that investments can be a huge risk. Make sure you know what to look for and you’ll be ready to make a successful investment. Take these top steps increase your chances of a profit.
Make sure it’s a good neighborhood
Location is everything. If you pick a neighborhood that’s desirable and where properties sell quickly, you’ll have less to worry about. Check out realtor sites and find out which areas are hot markets. Keep in mind that buyers want a stable community, including safe and reliable neighborhoods with high quality schools, parks, and easy access to transportation.
Make sure the repairs aren’t too much to take on realistically.
Is the property going to take extensive rehabilitation? Steer clear. These deals will likely go over-budget and over your timeline. Don’t bite off more than you can chew. Look for properties that have easier kitchen and bathroom rehabs, with paint jobs or refinishing the hard floors. Don’t look at properties with require bigger rehabs like foundation repairs and roof replacements.
Make sure the price is right.
Be sure to look at median home prices for the market in your neighborhood. This is where comps and evaluations will save you. We can help you with our tools to let you know what the market is like in your neighborhood and whether the deal may be profitable for you. Making sure that the price is right from the beginning will help you sell your property quickly and will make you a profit.
Don’t focus on one bed/one bath
Most buyers are looking for a house with more than one bedroom and one bathroom. These aren’t typically good investments. Also, consider the house’s floor plan when taking stock. Homes with open floor plans that have a nice flow to them will sell more quickly.
Feel like you have the right property and are ready to buy? Give us a call and we can quickly walk you through the steps to securing the financing.