June 5th, 2010 | 
Author: How Can You Profit Rehabbing Real Estate?
When searching for a new home or a potential investment property aim to buy wholesale only. There is no reason to pay retail prices when the market if flooded with inventory. Search for properties that are priced for a quick sale. And if you have a creative vision and can see prospective property for what it can be not what it is right now you will find many great deals that may need some cosmetic improvements.
Today you shouldn’t have any problems finding several great investment properties; however it would be wise to doublecheck your projected repair costs. Always get at least three contractor estimates and a home inspection is a must.
You only want to buy houses that need cosmetic repairs. Try to avoid homes with major structural or mechanical problems. In older days it was possible to purchase 3 bedrooms 1 bath and add additional bedroom and bathroom to increase value of the property. You can still do it but why? With so many deals on the market you shouldn’t have problems finding properties that need only 5000 to 10000 in repairs.
Homes in foreclosure are often priced well below the median price for that area. This is because banks will sell homes at or near the amount owing to them from the previous owner.
Fixerupper properties that come under the foreclosure category can be a great way to make a profit. Not only will you potentially be able to buy the property cheap but you’ll also be able to increase the value by completing some simple renovations.
About the writer: http://www.mypocketdeals.com/
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