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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: The Hidden Costs of Downsizing The New York Times My real-estate agent wants me to spend $8,000 on a new driveway. Will that really help sell my house? MarketWatch Real Estate Transactions, Oct. 13 edition Hopkinton Independent Finding the top-selling real estate agent in your suburb just got easier Crain's Chicago Business Florida Trend Real Estate Florida Trend Real Estate Law Update 2025 Illinois State Bar Association 2 more portals embrace AI-powered home search tools RealEstateNews.com Real Estate Stock Performance Yahoo Finance Chester County Leadership: Jeff Bierlein, Director of Commercial Real Estate Banking, S&T Bank VISTA.Today This $2.3 million Urbandale home features indoor basketball court, rock-climbing wall The Des Moines Register Tulfra Real Estate unveils 797-unit Jersey City self-storage building, underscoring boom in sector ROI-NJ The New York City Office Market Is Roaring Back, and It’s Pricier Than Ever The Wall Street Journal Short interest across S&P 500 real estate stocks decrease in September (XLRE:NYSEARCA) Seeking Alpha Unlisted Expands Network of Real Estate Professionals with Michael Chiffone of East Coast Capital Reuters EarthTalk - Has global warming already affected U.S. real estate values? Kiowa County Press What robot umpires teach real estate agents about their jobs Inman Real Estate News Think like Einstein: 5 tips for unlocking your real estate genius Inman Real Estate News Investigation: Inside Russia's real estate theft scheme The Counteroffensive with Tim Mak PGIM real estate and Pithos self-storage JV expands into Spain Institutional Real Estate, Inc. Affluenz Magazine Celebrates 50 Women Transforming Real Estate in Africa and the Middle East markets.businessinsider.com How Is CBRE Improving Water Efficiency In Real Estate? Sustainability Magazine Pinellas Beaches Real Estate Oct. 6-10 The Gabber Newspaper Real Estate: Apartments for Rent in Huntington Huntington Now Flagship Communities Real Estate Investment Trust To Host Conference Call For Third Quarter 2025 Results GlobeNewswire Sponsored Content: Navigate holiday home sales with expert tips The Chaffee County Times Happy Belly Food Group Announces New Franchise Agreement and Real Estate Secured for Heal Wellness in Airdrie, Alberta Yahoo Finance Lyle Stern on Miami Beach’s past, present and ever-changing story The Business Journals The number of millionaire households in Las Vegas has tripled since 2019, top broker says Las Vegas Review-Journal Florida’s Housing Market Feels the Pinch of the Govt. Shutdown as NFIP Stalls Norada Real Estate Investments How Three Real-Estate Moguls Ended the War in Gaza The Free Press REAL ESTATE | New location for Cho’s Martial Arts in West Bend, WI Washington County Insider Oct. 7-10 Gulfport Real Estate Sales The Gabber Newspaper The risks and rewards of AI in commercial real estate Rochester Business Journal Commercial Real Estate Roundup for Oct. 10, 2025 Idaho Business Review Luxe new South Lamar hotel residences bring the suite life to Austin CultureMap Austin West Palm Beach tent site project in question, and is the city the 'New Wall Street?' The Palm Beach Post Today's Mortgage Rates – October 14, 2025: Rates Fluctuate Offering Mixed Signals for Buyers Norada Real Estate Investments Mortgage Rates Forecast for Next 6 Months: October 2025 to March 2026 Norada Real Estate Investments 'We are back.' Hoffmanns announce purchase of more real estate on Fifth Avenue in Naples Naples Daily News Legal drama swirls ahead of retrial for kidnapping and murder of Twin Cities real estate agent Star Tribune Philly Real Estate Investor Acquires Six-Building Apartment Portfolio in University City for $5M PHILADELPHIA.Today CBRE Teams Up with Ecolab to Drive Water Efficiency in Commercial Real Estate Sector Boston Real Estate Times Interest Rate Predictions by Bank of America for 2025 and 2026 Norada Real Estate Investments Real Estate Sold: Oct. 15, 2025 Lebanon Local Real Estate Notes: One City lands fitness chain Nashville Post Vertiports By Atlantic Teams Up With Real Estate Experts Aviation Week Network Many smaller NYC congregations rent their space. As real estate prices soar, how do they find a home? Sun Sentinel Mortgage Rates Today: 30-Year Average Refinance Rate Goes Down to 6.89% Norada Real Estate Investments A Bernal Heights bump in home sales? Why San Francisco real estate agents say it's a thing The Business Journals C-I Oct. 14, 2025 Real Estate Transfers pmg-sc.com PHH Mortgage Debuts FlexIQ Suite of Non-QM Products Weekly Real Estate News Suburban office demand just had a big quarter. Why isn't vacancy dropping? Crain's Chicago Business Hoffmann makes another move in Naples real estate market Gulfshore Business PTA-PVR: Deutsche Real Estate AG: Release according to Article 40, Section 1 of the WpHG TradingView DFI launches $663m Techbox industrial platform Institutional Real Estate, Inc. UC investment unit buys big East Bay hotel for more than $170 million SiliconValley.com Real Estate: September 29 to October 3 Newport This Week Surrounded by Water, and 180 Acres The New York Times Lehigh Valley warehouses are seeing more vacancies. It’s part of a ‘down cycle.’ The Morning Call |
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