It seems kind of silly to have to ask the question, "is that a bedroom?" when you see what obviously looks like one. Our friend, you might just be surprised that what you see might NOT be a bedroom
Keys To Finding A Great Investment Property
Investing in real estate and building a real estate-based wealth portfolio can be a very lucrative way of adding to the bottom line for retirement, college tuitions, and a number of other diverse financial needs. However, do you know what to look for in an ideal investment property? Below are a few quick tips to keep in mind when scouting for a real estate investment opportunity:
1. Seek Bargains
As you would imagine, seeking a great bargain is absolutely a necessary step when it comes to finding properties with excellent potential as flipped properties. Bargains are often sold at bargain prices for a reason. The good news is that many of these reasons are purely cosmetic and quite simple to fix. Finding a realtor that is willing to work with you for lower prices, bargain properties offer an excellent place to begin. If he or she is a knowledgeable professional you should have access to properties that would have been unavailable to you had you continued the search without the assistance of a professional.
2. Know the Neighborhood
Before placing a bid on a potential property for flipping you need to learn as much about the neighborhood as possible. Avoid areas that are entering a state of decline, as the rehab efforts are unlikely to achieve the profits you are hoping to receive. Be aware of other property values in the projected area, locations of schools, shopping, and entertainment.
3. Get a Thorough Inspection
Just as you would with a residential purchase you plan to make your primary home, a thorough home inspection by a reputable inspector is an absolute must. A qualified inspection will prepare you for any problems that may arise during the course of your work on the home. A home inspection can offer a sense of security, but may also be a very valuable tool in negotiating the purchase price.
4. Realize That You do not Need to Buy the First Property You See
If the first property doesn't speak to you, move on until you find one that does. Try to keep emotion out of the equation, look for things about the home that will bring value. You may like the neighborhood, but would the home hold value, and be attractive to potential future rental occupants or buyers? While you can allow consideration of things you would like about a home from your point of view if you were going to occupy it, remember that everyone's taste is different. The home should be a blank slate, easily adaptable to many preferences.
If you have funds to invest, and are considering building a real estate wealth portfolio, give us a call! The Shields Team at Keller Williams can give you the tools to make wise investment choices, and help you understand the investment process. Call our office at (423) 433-6517, or come by our office within Keller Williams Realty at 1033 Hamilton Place in Johnson City. We'd love to become your investment partner!
To see a list of fantastic investment properties, go here: Investment Properties in the TriCities.
Holding a BS in Environmental Science, and MA in Education, real estate was not Shields Team Buyer Specialist Rayne Price's first career choice. It was only after encouragement from his wife and a cl....
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