So, how exactly do you buy a fixer upper?
Is it worth it?
Do they make good investments?
The answers to these questions are:
Talk to us, yes it is, and yes they do.
I recently bought a house that looked like this:
The color was dated and some of the fascia boards and the eaves were rotting. They fixed the eaves and fascia board and painted the exterior so that it now looks like this:
Luckily most of the interior was decently updated with the exception of the kitchen which looked like this:
I debated replacing the dated counters and backsplash with quartz or granite but my contractor recommended we try epoxy painting the counters first instead. This saved me over $3,000 in renovation costs and it now looks pretty decent!
I was then able to get this property rented quickly for $2,200 a month.
The total renovation cost was just a hair under $6,000.
Click >> here << to see the rental listing!
Lots of people would like to invest in Real Estate but they aren't sure where to start and it's daunting to take on a project like this for the first time. Several agents on our team have investment properties and can relate to feeling apprehensive about beginning the process of purchasing your first investment property. However, the above home is a great example of how an investment property can work for you and create passive income.
I have 4 investment homes I purchased in the last 3 years. These 4 properties now provide enough cash flow to pay for my primary mortgage, but with huge tax savings!
If you have any interest at all in buying an investment property someday, please reach out to our team, even if you aren't sure how far out you may be.
We can sit with you for 15 minutes and help you prepare your budget and set up a search filter for you, just so you can familiarize yourself with what's out there.
Then when we see something we know is a good deal Our team can help you acquire the house, and even point you to the people that can renovate the house if it needs it.
Finally we can help you find you a high quality tenant.
It seems like a lengthy process, but most things that are truly worthwhile take some serious effort.
Our team is here to help our clients every step of the way, and once the passive income starts flowing, you'll be so glad you got into it.
Our team looks forward to serving you when you need help.
If you've got real estate questions, please email or call one of our agents.
Want to know more about how our team works?
Click HERE for our seller info package.
Click HERE to see our current listings.