Have you ever seen a property where the price was too good to be true? Do those properties just have one vague photo of the front yard? Does the property description read "motivated sellers"? Congratulations! You have just found a listing for a potential investment property.
What are some physical characteristics of an investment property you intend to flip?
Every property is different with its own unique set of needs. Here are some common property issues with investment properties:
- Surface mold
- Dated kitchen appliances
- Outdated color schemes
- Musty smells
- Water damage
- Uneven floors, counters, and shelving
- Personal belongings of the previous owner
- Accordion doors
- Leaking roof
- Roaches, termites, mice, or/and rats
- Plumbing issues
- About a million other things
So if there is so much to do in a property why should I invest in flipping it?
Properties don't have problems so much as they have challenges. Each challenge takes a unique and creative mind to tackle it. There is a type of conquering feeling about overcoming each obstacle these homes can throw at you. In addition to the feeling of satisfaction from the flipping process, you will also get to personalize the home.
Personalizing the home is so much more than choosing paint and flooring (although that is fun!). This is an opportunity to knock out a wall here or to put a window there. Everyone has those little things they wish they could do to improve the layout of a home, this is your opportunity.
Finally, the return on your investment. When you flip a property you have several options. You may love it so much you want to live there yourself. You may want to rent out their property for the additional monthly income. Or you may want to sell the property for a profit.
Whether you are looking to invest in your fiftieth or your first investment property let us help you find the perfect house! And when you're ready to sell or rent out the property give us a call and we'll work hard to help you capitalize on your investment.
What is your investment story? Let us know in the comments!