Fixer-Uppers The top five myths!

By
Real Estate Broker/Owner with Hamm Homes

Talking to one of my investors today, he claims that I am not finding him the deals I use to get them.  Fact of the matter is, hope prices have gone up so much that the profit margin is not there the way it was over the last 4 year.

Here are some Myth about Fixer - Upper

#1  It's easy to find good fixer-upper.  Use to be but not any more.

#2  I can save (or make) a Lot of MONEY.  Depends on how much work it needs now.

#3Things will go according to plan.  Do not believe everything you see on TV.

#4  It won't take very long.  I see some that are staying on the market longer now since the homes are older.

#5  It will be Easy to Nail the design updates.  People are looking for more then just a new kitchen, now windows, furnace and more.

Not the same as 3 years also in our area.

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Rainmaker
3,780,269
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good evening Will. It isn't easy and yet want it that way, even when those days are gone.

Feb 11, 2020 02:41 PM #1
Rainmaker
2,058,701
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Hi Will Hamm - no way is it as easy as on TV.  And yes, the times have changed.

Feb 11, 2020 05:35 PM #2
Ambassador
4,054,873
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Hi Will- I get a kick out of watching some of the fixer upper type shows on HGTV. 

Feb 11, 2020 05:48 PM #3
Rainmaker
503,560
Abby Stiller
REMAX Realty Group - Cape Coral, FL
Professional Bilingual Realtor (239) 284-8637

You are right Will Hamm these type of properties were found 4-5 years ago.  and those believing on the TV shows won't never understand the current market. 

Feb 11, 2020 06:11 PM #4
Ambassador
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Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Hi Will,  Thanks for sharing the info on fixer-uppers.  The right home, right location, right time - make a big difference in the effectiveness of fixing -up a  home.

Feb 11, 2020 08:56 PM #5
Rainmaker
432,440
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Hi Will Hamm .  My general contractor husband avoids fixer uppers at all cost.  When do you stop?  Once you fix something, you find a bunch of other somethings that all need fixing.  A fixer upper can quickly become a money pit.

Feb 11, 2020 09:26 PM #6
Rainmaker
2,750,558
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

The margins have certainly tightened up due to the popularity and deals that used to yield 20-30% profit are only yielding 5-10% these days because of the competition.

Feb 12, 2020 05:22 AM #7
Rainmaker
833,738
Norma J. Elkins
Elite Realty Group - Morristown, TN
Realtor - Elkins Home Selling Team

Fixer uppers and flips have been way down in our area.  The ones that are available seemed to be snatched up in a matter of hours after hitting the market.  We just don't have the foreclosures like we used to, which I think is a wonderful thing.  Hope you have a great week!

Feb 12, 2020 06:12 AM #8
Rainmaker
4,687,634
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Will,

Myths will always be there regardless what those experienced ones say.  Fixers are not the end all be all money maker!  A

Feb 12, 2020 01:18 PM #9
Rainmaker
2,117,248
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Will Hamm is right! As the market turns, so do market values and prices people (especially investors) pay on homes today. 

Feb 12, 2020 09:27 PM #10
Rainmaker
1,227,013
Curtis Van Carter
Better Homes & Gardens Wine Country Group - Yountville, CA
Your Napa Valley Broker Extraordinaire

Will

So true, so true. The golden age of fixers has long pasted and to find a decent one today is almost a treasure hunt. The one thing about doing fixers several years ago that many forget, the two largest companies here doing them when the worst when it came to quality of work done. Many of the homes they redid where total cover up jobs.

I hope those buyers did ok do to how much the market has appreciated since then. cheers cvc

Feb 13, 2020 07:55 AM #11
Rainmaker
1,694,013
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co. Notary Services, retired Realtor

Our market has been stagnent long enough now that flipping may start to work again but it's still cheaper to go with new construction then purchase a flip... but it's getting closer.

Feb 13, 2020 01:34 PM #12
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Will Hamm

"Where There's a Will, There's a Way!"
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