November 25, 2008
Residential Investment Properties
Purchasing residential investment properties for the purpose of re-selling quickly is one of the best ways to get a quick return on your money. With a little elbow grease, undervalued properties can be fixed up and sold for a decent profit. It’s a bit of work but many people had their start in real estate investing using this tried and true method.
People who buy residential investment properties either plan to live in the homes for a few years and add smart improvements while the home appreciates, or flip the house for profit in a few months’ time by upgrading the home. However you decide to approach residential investment property, you will need to follow a few basic criteria for selecting appropriate properties.
Always try to, buy your homes in a smart location. Look in residential areas that people will want to live in. If the home is across the street from a dump, is on a dangerous intersection, or is surrounded by unkempt homes, it will probably not make a good investment property. Compare the prices of the surrounding homes before you invest. The home you are looking at should be lower than the surrounding homes. Improvements that you need to make should cost less than the difference between the homes current price and what it will reasonably sell for after improved.
To get the best return on your investment, focus on improvements that the buyers will want, not your personal tastes. The kitchen, bathrooms, and curb appeal are three areas where your money will be well invested. New carpet and fresh paint are an inexpensive way to improve the other rooms in the house.
When renovating residential investment properties, it is important to not over-improve the home. Some factors, such as the location of the home, the size of the home, and the number of bedrooms and bathrooms, cap the amount the home is going to be worth. Don’t buy the most expensive appliances or get stuck on details that cost more than the home can be improved.
Before you make your first purchase, learn all you can and, if possible, work with someone as they go through the house flipping process. While some house flippers will regard you as competition, others may welcome your help. Experience is the best teacher.
Although learning is important, the only way to make a profit off of residential investment properties is to take action. Develop your plan and start looking for the best houses to invest in. Once you close your first deal, you’ll be amazed and wonder why you took so long to get started!
Filed under residential investment properties by realinvesting
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