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Real Estate Information |
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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: What to ask your real estate agent about water in Colorado The Colorado Sun America’s Renters Are Moving Less Than Ever, With a Third Staying in the Same Home for at Least 5 Years Redfin News Storage Post Self Storage Secures Three Chicago Properties Through MJ Partners Real Estate Services Yahoo Finance A Look at Real Estate in New York City in 2024 The New York Times The 25 best books for real estate agents in 2025 HousingWire BUSINESS PEOPLE: Leaders in commercial real estate share knowledge at B2B event Sarasota Herald-Tribune 2025 Luxury Real Estate Outlook Mansion Global Jacksonville's commercial real estate market eyes stability in 2025 as sectors adjust to new realities The Business Journals REAL ESTATE | Associated Bank in Slinger closing January 31, 2025 – property sold washingtoncountyinsider.com 2025 M&A Outlook: AI, Real Estate and Professional Services Mergers & Acquisitions Richmond Times-Dispatch seeks housing and real estate reporter Talking Biz News Top Las Vegas Raiders real estate deals for 2024 — PHOTOS Las Vegas Review-Journal In wealthy Boca and Delray, the rich are getting richer - where does that leave the rest? Palm Beach Post The View | 3 trends to watch in Asian real estate in 2025 South China Morning Post Today’s Mortgage Rates Fall Slightly: Insights for December 30, 2024 Norada Real Estate Investments Find out the top commercial real estate deal in the Lehigh Valley for 2024. Hint: it wasn’t a warehouse The Morning Call Wells Fargo economists see promising signs for CRE in 2025 The Business Journals Stellar Outperforms Top Cryptos, But This Rival Real Estate Token Lightchain AI Gears Up for 32,000% Growth Coinspeaker Falling rates could revive WNY's sluggish real estate market The Business Journals Ireland Home Prices Spike 9 Percent in 2024 The World Property Journal 3 Real Estate Stocks to Buy as Mortgage Rates Continue to Rise Zacks Investment Research The highs and lows of commercial real estate in 2024: Bay Area offices, hotels and apartments falter, but tech deals offer hope The Mercury News This historic home in Davenport offers Italian Villa Revival style for $1.2 million Des Moines Register Tomporous Dumpsters Awarded for Being the Best Dumpster Rental Service in Flint by Michigan’s Largest Real PR Underground 10 most expensive homes sold in Elyria, Dec. 23-29 cleveland.com 10 biggest commercial real estate deals in Arizona in 2024 Arizona Big Media 10 most expensive homes sold in Mentor, Dec. 16-29 cleveland.com Trendspotting: Wellness Real Estate Hospitality Design Real Estate Miami Today Real estate transactions — Dec. 19-25 Steamboat Pilot & Today See all homes sold in North Royalton, Dec. 23 to Dec. 29 cleveland.com Duplex in Boston sells for $4.2 million MassLive.com What's in store for Chicago's housing market in 2025 Crain's Chicago Business Duplex in Dorchester Center sells for $999,999 MassLive.com How much did the 10 most expensive homes sell for in Sherburne the week of Dec. 23? - St. Cloud Live Report: Michael Jordan’s Highland Park mansion purchased by north suburban commercial real estate executive WGN TV Chicago Condominium sells in Boston for $1.3 million MassLive.com A Look Back: Lessons learned about home improvement in 2024 (Part 1) | At Home with Marni Sarasota Herald-Tribune How much did the six most expensive homes sell for in Waite Park the week of Dec. 23? St. Cloud Live Sonoma County real estate: Why it’s a good time to buy in Healdsburg The Santa Rosa Press Democrat Hope On The Horizon : Real Estate Market Gears for Change Cointribune EN These were the most expensive Milwaukee-area homes sold in 2024 The Business Journals Cyberattack on Ukraine’s state registers disrupts marriage registration, real estate deals The Record from Recorded Future News |
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