How to Find Fixer Uppers
Real estate investing can offer opportunities that enable small or large-scale operators to acquire, develop, rent or sell fixer-upper homes. To locate distressed properties, you may need to review many houses before making a decision. However, it is possible to locate fixer-uppers within most geographic markets. Houses that have been neglected will lose some luster and market value over time. An investor who can identify homes in need of repairs that will not exceed budgeted costs may experience success by finding fixer-uppers.
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Instructions
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Prepare an outline that summarizes your goals for obtaining fixer-upper properties. List your objectives, such as buying low-cost properties that you intend to "flip," using methods that require quick repairs and resale to generate a profit, or write strategies that can enable you to acquire fixer-uppers for the purpose of building rental income.
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Inform real estate agents of your interest in fixer-upper homes. Provide several agents with details about the types of properties you are seeking. Specify locations of interest, the approximate purchase price and your estimated repair budget for fixer-uppers.
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Visit websites such as Hud.gov or Foreclosure.com to locate fixer-upper homes. Use online search tools that enable you to enter information about properties that you want to find.
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Check the Real Estate section of local classified newspapers, as well as online classified advertisements from services such as Craigslist.com to find fixer-upper homes.
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Tips & Warnings
Distressed properties may have damages that a buyer could overlook. Have a home inspector and a pest inspector check the condition of each fixer-upper you are considering.
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