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Simon Macharia Invests In Real Estate In Dallas Texas And Runs His Business From A
Here are 7 important thing to check when buying houses.
The beast way to be safe is to make sure you buy your houses low.
Consider these few points to qualify a house as a good investment.
1)Extent of repairs
Most wholesale houses need repairs.
You must determine the extent of repairs needed and estimate how much it will cost.
If repairs are light, you probably have a good deal.
Unexpected or major repairs can eat up your profits quickly.
2)Budget
Can you fix it and stay within your estimated budget?
Occasionally, it can be required to carry out an inspection even for a house that needs repairs to find out if you might need to do structural repairs such as plumbing, changing walls and so on.
3)Time frame
Can the changes be completed within an acceptable time-frame?
Will these changes boost the house value and make it easier to sell?
Speed is necessary when flipping houses so costs remain low.
Your goal should be to spend little money, cash in quickly and move on to the next deal.
4)Hiring contractors Vs doing it yourself
Even though flipping houses involves wholesaling them to other rehab real estate investors, it may well be necessary to assess the type of rehab that needs to be done and if you can do it yourself if necessary, or hire a contractor to do it for you while keeping the carrying costs low.
5)Neighborhood
Avoid low-priced areas or war zones.
You must also stay away from expensive neighborhoods when flipping houses.
Staying within the medium price range will not only give you more deals, but your properties will be more marketable.
Is the home a good match with other homes in the same neighborhood?
Does its size compare with other similar houses?
These things will make your house harder to sell and eat into your profits.
Stay within the average for the neighborhood to sell faster.
6)Comparable sales
Do similar houses sell at a price that leave a profit for you?
Even thou you might think you are buying low, comparable sales might prove you wrong.
It is safer to have conservative estimate of the fair market value when buying houses than make end up making a loss because houses in the same market have not been selling within your price range.
7)Demand for the property
Even in a depressed real estate market some neighborhoods are more marketable than others.
Is it accessible to schools, shopping, parks, hospitals and others that make it more marketable?
This will make you sell your house fast.
Whether you plan to flip the house to another investor or do the repairs yourself, these are important factors to consider that will make your house sell faster and move on to the next deal.
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