What I look for in an Investment Home

When I am looking at investment opportunities in fixer upper homes I look at the following:

1. Good Bones.  The house has to have a solid base, something to work with; I call it good bones, as in: " This house is old, but it has good bones."  The home has  a good layout and was built with quality.
2. Fixable Problems.  I love fixable problems like a bad smell or broken windows or no air-conditioning. I can fix those things. I can't fix a bad location or a small lot.
3. Location.  You might think this is easy, but sometimes it is not as obvious as just a good neighborhood. It should be close to schools, transportation and medical services. Look into transportation and shopping, city services and infrastructure and roads.
4. Height of the tie beams.  Some older homes have low ceilings and in particular low tie beams. I look for homes that if they do not have the high ceilings, at least have tie beams that are high enough for me to raise the roof and put in taller sliders.
5. Support. The neighborhood must support my plans for renovation, not just price, but appearance. I want to make sure I conform to the area.
6. Everyman's house.  I am not out to make a design or fashion statement. I want a house that will appeal to the broadest market. I have heard time and time again about a house that does not sell, "But there is a special someone that will appreciate the uniqueness of this home".  Let them say that about someone else's home, not one that I am tying to fix up and sell or rent.
7. My Sweet Spot. I like to go with what I know, where I know it.. A home might be a fantastic deal, but if I am not personally familiar with the area and it is not close to what I call my "sweet spot",  I will not buy it.
8. Know how to get out before you get in. You have heard it many times: You make money when you buy, not when you sell. It is true that you decide what you are going to pay, someone else decides what they will pay you.   Don't wait until you own the property before you figure how you are going to make money on it. Figure that out FIRST.

There are enough homes on the market to day that you should not have to compromise on any of your criteria. Wait until you find the opportunity that meets them all. If you need help setting up your criteria and your objectives, call me, I would be happy to sit down with you and help you.  Gregg  800-439-1580 extension 52 GFOUS@MARKETAMERICAREALTY.COM