Finding the Right Fixer-Upper

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Posted on: 3rd Nov 2013

The main method of realty investment projects I prefer to be involved in are the �Find, Fix and Flip� process,
or the hold and rent, or to convert an investment property into an assisted living facility.

Real Estate related seminars, lectures, reading material and such other educational resources should be
utilized to grow professionally and proficiently with a working knowledge in the art of realty techniques and
strategies.

If you have an interest to develop as a find, fix and flip property investor you must first assess the financial
ability to sustain projected cost factors and the potential to generate a fair profit on your rehabbed property.
Keep property selections attune with resources available to meet purchase, closing cost, rehab expense
and holding cost of rehabbed project. You must determine suitable target areas and acquire realty agent
services to assist in the search and purchase of As-Is Residential Property.

You will need to conduct on-site inspections and pre-screen the prospective property for suitability in the
selection of any as-is property.

You do not want to purchase any as-is property with the following damage:

Avoid houses with extensive structural damage.
Avoid houses with cracked foundations.
Avoid houses showing evidence of moss or extensive water damage.
Avoid houses that are in need of extensive roof repair.

When purchasing terms are agreeable arrange to have the realty agent purchase the selected property. After acquiring the investment property you will need to satisfy regional regulatory requirements and set-up the work site conditions that are required to initiate property rehabilitation. Decide on a rehab design, set realistic timelines and proper order for completing repairs and remodeling. Arrange to obtain contractor estimates of cost, and negotiate fair terms for completing rehab projects.

The most crucial element in the find, fix and flip process is the �fixing part�. You must be vigil and it requires close scrutiny, of the services of certified and reliable general contractors, and the maintenance of accurate and adequate communications. General contractors should be paid in two or three installments and never pay in advance of services. Furthermore; conduct a final inspection of each completed rehab project before the last installment payment is made.

Notify the assigned realty agent to place the house on the market to resale after satisfactory restoration and thorough cleaning of a property rehab project. The asking price of each refurbished house should be comparable with the selling price of homes within a one-mile perimeter of the realty investor�s listed property. There must be acceptable bids and agreeable terms proposed before approval of any sale of the property. Consideration to sell or rent the property depends upon the difficulty of selling the house or as mitigating factors might indicate. All proceeds earned from the sale or the property are to be banked and apportioned to contribute towards any tax or other obligations, dividends, property purchases and community goodwill.

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For more info on Real Estate Investments and other related Business Investment topics Doyle invites you to
visit All Business Facts

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