Purchase Fixer-Uppers And Sell Them For Profit

3 November 2017
 Categories: Real Estate, Blog

If your great uncle recently died and listed you in his will as a beneficiary, resulting in a substantial sum of money, perhaps you would like to purchase homes that need to be fixed up and then turn around and sell them for profit. The tips below will help with locating properties that are in need of improvements and will assist with advertising the properties after you have upgraded them:

Attend Auctions And Acquire Listings Of Handyman Specials

Visit a local courthouse to obtain a listing of foreclosed properties and impending auctions. Before attending auctions, drive around town so that you can locate each of the properties that are for sale. If the homes are located in a decent neighborhood and you think that some of them have the potential to earn you some cash, make arrangements to attend respective auctions so that you have a shot of acquiring a home or two.

Meet with a real estate agent and discuss your wish to own homes that need to be fixed up. Ask the agent for a listing of handyman specials. Find out how much money will need to be invested to make each home habitable and tour the inside and outside of each home that interests you. 

Take Before And After Pictures And Create A Description Of Upgrades

After purchasing a couple homes, use your camera to take pictures of the inside and outside of each home so that you can remember the shape that the residences were in prior to making repairs. As work is completed at each address, take additional photographs of each home. Once you have completed all of the desired upgrades, take one last round of photographs.

Place all of the photos inside of an album and type or write a description of the upgrades that you have performed. Hold onto the pictures and description and bring them along with you when you meet with a real estate agent who is going to help you sell the properties. 

List Properties With An Agent And Plan Open Houses

When you are ready to meet with a real estate agent, gather up your photographs and description. Tell the agent the amount of money that you would like to sell each home for. After a real estate agent creates residential listings for the properties, make arrangements to hold an open house on each piece of property. During each open house, make a point to be present so that you can answer questions that potential buyers have. 

Contact a company like Coldwell Banker Prime Properties for more information and assistance.