Okay, the rule of thumb for investors is to buy the worst house in the best neighborhood, right? But, how do they find it? Easy. Look, I'll show you!
1. Look only in great neighborhoods, duh! Okay, that was a give away.
2. Look for an extended length of time on the market and price reductions.
3. Look only at homes meeting 1. and 2.
4. Then, look for minor repairs that haven't been made, such as one broken spindle in the front railing that greets you as you near the front door.
5. Look for odd or stale color schemes like a bright red and blue bedroom...
...or the ever popular early 90's pink and blue palette.
6. Look for any outdated decor, such as even custom swag drapes.
7. Look for brass anywhere!
8. Look for needy bathrooms...Yuk!
9. Look for underwhelming kitchens.
10. Look for amateur, sloppy or missing staging.
Okay, I could go on, but you get the point. Please forgive the poor quality of these pictures. They were taken furtively at a well attended open house. You see, this is a real property that just came off the market, sold to my sons (smart boys who listen to their Mother!) for around $200,000-$250,000 under market! Doesn't that just prove the point?
So, if you're the investor, here's your guide. But, if you're a seller, take note and get busy before your property becomes somebody's else's great investment but your low balled, stale sale.
Comments(16)