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How to Buy Fixers for Profit
Do you dream of becoming a multi-millionaire real estate investor? Here's how to get started: find a bargain "fixer-upper" owned by a worried seller. The hardest house for a homeowner to sell is a "doghouse," "dump," or "fixer-upper." These run-down houses turn off most home buyers, who don't have the money to cover the down payment, plus closing costs, new furniture, carpeting, appliances, roof repairs, and other deferred maintenance required to bring the home back into top condition. As you look through the classified ads or at real estate listings, keep an eye out for terms like "handyman special," "as is," "fixer," or other tell-tale phrase. Ask your buyer's agent to list these words when scanning the Multiple Listing Service for you. Why Home Sellers Accept Rock-Bottom Prices Home owners' troubles often keep them from staying on top of their home's maintenance. Circumstances such as divorce, job loss, devastating illness, assorted addictions, or other personal problems quickly overcome distraught home owners, forcing them to sell. These home owners can't keep up with monthly mortgage payments and/or repairs because of financial or physical limitations. When these troubles arise, their home becomes a low priority and sometimes goes into foreclosure. Find "Triple-D" Deals Home sellers with three problems offer breaks to beginning real estate investors. A "Triple-D" deal is a Doghouse, involved in a Divorce, and in Default. The label "doghouse" comes from Southern California real estate agents who described the worst fixers this way. You may have seen ads for "ugly" houses. Often these "tired" houses need only cosmetic work in order to compete for resale with other homes in the area. How to Compete in a Seller's Market Once you've found a property that you can turn from doghouse to dollhouse, find out the seller's problem and then offer a solution. Distraught sellers commonly experience financial difficulties and need cash as soon as possible. Therefore, if you're ready to close rapidly, you'll be set to negotiate a lower sales price. Sellers with problems love it when an offer to purchase says "close in 10-14 days." How to Complete a Fast Sale Find an experienced lender and get yourself not only "pre-qualified," but also "pre-approved." Taking that second step assures worried sellers that you already have your loan in place for their property, and this puts you well ahead of other potential buyers. Use a trusted closing or escrow agent who knows what they're doing; one not over-worked. Even in today's busy market, you can find an officer who can help you close in two weeks, when your financing is prearranged. Real estate investing should be fun as well as profitable. Keep in mind that you're seeing potential when you view fixers. Enjoy your property search! Copyright (c) 2005 Jeanette J. Fisher. All rights reserved. Jeanette Fisher, author of "Doghouse to Dollhouse for Dollars," Sell Your Home for Top Dollar--FAST, and other books teaches professional real estate seminars and interior design college courses. For interior design articles see http://www.joytothehome.com/ For more real estate investing articles see http://www.doghousetodollhousefordollars.com/
MORE RESOURCES: Real estate transactions — April 10-16 SteamboatToday.com Real estate is facing the worst fair housing crisis since the ‘60s Real Estate News by RealEstateNews.com Real Estate Transfers ~ April 3, 2025 The Bedford Citizen Norwalk's 2024 grand list drops to $16.2B, led by $1.3B decline in real estate values - Norwalk Hour Prince Harry and Meghan Markle Have Made Some WILD Real Estate Moves in the Past 8 Years House Beautiful Seeking Alpha Quant picks in the S&P 500 real estate sector heading into earnings (XLRE:NYSEARCA) Seeking Alpha Former executive sues Pat Connaughton's real estate company Milwaukee Journal Sentinel Real Estate Investing: 5 Ways to Get Started NerdWallet Real Estate Market Report (Feb./March) highlandscurrent.org Agent Spotlight: Jim Smyth The Grand Junction Daily Sentinel The Michael Houck Real Estate Guide for April 20 Oil City News How the Pandemic Changed New York City Real Estate Behind The Hedges Vendor & Real Estate Partners Dollar Tree Beyond the Boardroom: LIVE Real Estate Group's Dionne Clifton The News-Gazette Mandatory NAR membership facing a new legal challenge Real Estate News by RealEstateNews.com Brokerage Beat: News from Compass, eXp, The Agency, more Real Estate News by RealEstateNews.com Many first-time homebuyers are pushing 40 as millennials wait in vain for a better market - NBC News Accused Houston real estate fraudster connected to dozens of stolen properties caught attempting new deed filing Click2Houston Zillow just started an all-out war over real estate listings Business Insider Houston real estate lawsuit: Harris County suing couple in forgery case and theft of 35 properties ABC13 Houston The Hollywood Reporter Celebrates the Big Apple’s Top Real Estate Agents at New York Power Broker Awards The Hollywood Reporter Portland homebuyers rush into combative spring market OregonLive.com Tucson, Ariz.: Western Skies and Competitive Home Prices The New York Times Who’s Buying What in the Big Apple? Ask NYC’s Top Realtors The Hollywood Reporter Real estate options slim for Grove City dispensaries The Columbus Dispatch Mumbai’s Rush to Rebuild Comes With a Warning Bloomberg.com See how much real estate prices have changed in Petaluma last week The Press Democrat Trump Official Scrutinizes N.Y.’s Attorney General Over Real Estate The New York Times Housing Market Crash Alert? Zillow Turns Negative on Home Prices Norada Real Estate Investments Trump’s latest crypto venture will be a video game, and sources say it will be like Monopoly Fortune Q1 Estin Report for Aspen Snowmass real estate shows growth AspenTimes.com Sandwich house on market in 'awesome location' for $680,000 Cape Cod Times Real estate Sales include business buildings in Westfield, Jamestown observertoday.com Dodge County Real Estate Transfers Fremont Tribune Real estate sales in Peoria, Tazewell and Woodford counties for April 19, 2025 - Peoria Journal Star Real estate sales in Peoria, Tazewell and Woodford counties for April 19, 2025 Peoria Journal Star Page C13 Post and Courier Page C12 Post and Courier Page C10 Post and Courier Licking County real estate transfers for March 31 to April 4 reach $2 million in Granville The Newark Advocate $20M Coldwell Banker real estate calls class action settlement Class Action Lawsuits Real Estate Notes: Rutledge Hill hotel to open July 1 Nashville Post Phoenix land on Camelback Mountain with Frank Lloyd Wright-inspired home for sale for $30M The Arizona Republic Historic flooding locally impacts commercial real estate market The News-Enterprise MLS that quit enforcing Clear Cooperation gets back on board Real Estate News by RealEstateNews.com Imran Chaudhary, leading the real estate project in East Plano, says his planned Islamic Center is misrepresented by politicians IslanderNews.com House of Week: With its indoor heated pool, this Marcellus property is ‘like a vacation’ Syracuse.com Post-hurricane real estate market hard to pin down Your Observer Main Line home with 3 golf holes on former Penshurt Estate asks $2.3M The Business Journals Stafford County supervisors vote to increase real-estate tax rate by 3 cents Fredericksburg Free Press Battle Of The Listing Sites. Zillow Bans Pocket Listings, While Homes.com Welcomes Them Yahoo Finance Berkshire County Real Estate Transactions for March 31-April 4 The Berkshire Eagle Buc-ee's travel center may mean more residential, commercial development in St. Lucie County Treasure Coast News Richland County property transfers recorded April 7-11 Mansfield News Journal Real estate mogul Mattson turns to 5th Amendment as bankruptcy cases heat up The Press Democrat How Eliminating Property Taxes Could Impact Florida Homeowners U.S. News Real Estate Kohl’s real estate head joins CBRE’s retail group Chain Store Age Westmoreland County Real Estate Transfers The Latrobe Bulletin The Mountain city where thousands are selling their million-dollar homes amid 'cloud of uncertainty' Daily Mail CoStar CEO takes on Zillow in letter to agents Real Estate News by RealEstateNews.com Real estate news: 2-tower office campus in Newport Beach sells at a loss for $33M Orange County Register Penn owns over $3 billion in University City real estate, DP analysis finds The Daily Pennsylvanian Lisbon commercial real estate gains momentum The Portugal News $2.1 Million Homes in Muskoka, Ontario The New York Times Housing Market Predictions for 2025 Ramsey Solutions |
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