The Right Location Checklist

When looking for the right location to buy investment property, keep some of these things in mind.

How is the appearance of the neighborhood? Are the properties well taken care of? Are there old cars or boats parked on lawns? Make sure you would like to live in this neighborhood.

Is there good drainage, do you see adequate storm sewers and good elevations.

Are there churches in the neighborhood and schools.  This is most important to alot of homebuyers.

Look for hazards such as high tension wires or open drainage ditches.  I stay away from water towers.

What is the proximity to recreation facilities, parks, swimming pools, activities for the kids.

Is there adequate shopping in the neighborhood?  Every property benefits from being near shopping facilities including beauty salons, restaurants.

Also look for good transportation, are there bus or trains near by, is the road system in good condition.

Check for medical services, see how far the nearest hospital is.

Using this as a simple guide can help you make a better choice for locating a good investment property. 

 

March 4th, 2007 by in Flipping Homes | No Comments

Give your home sales appeal

You want to put your home in tip top shape.  If your using a realtor, often they will make specific recommendations.  You need to show every inch of your property to its best advantage.

Make a close inspection of your entire property.  Start outside.  The first impression a buyer forms of your home starts with the exterior.  And you never get a second chance to make a first impression.

Be sure your home looks inviting.  Your home and lawn should be well maintained.  Inside, your home should look fresh and clean.  If necessary, give the rooms a fresh coat of paint before you put your property on the market.

You can update old cupboards and vanities with paint and new doorknobs.  Sometimes you can buy new cupboard doors inexpensively.  If you can, this will usually pay off.

Pay close attention to details.  If you feel something should be replaced or repaired, do it.

February 12th, 2007 by in Flipping Homes | No Comments

Do not buy what you cannot sell.

Use the common sense approach to buying real estate, do not buy with emotion.  I have done this and it is costly.  The reason is we tend to look over things that we know need repair or replacing and we do this because we LOVE the property.

That is not how we are supposed to buy.  The buyer we sell to is supposed to buy with emotion, we have to buy with common sense.

Your purpose in flipping properties is to make a profit, the more we do not  look over things the more it cost us.  In some cases this has really cut down on my profit, so make it a habit to not buy with emotion.

Using the common sense approach to buy simply means “LOOK” at what your buying.  I am not a builder but I can look at something and I can tell if it is in good shape or bad shape and that’s what’s important.

I strongly suggest a certified home inspection but you can inspect the property yourself prior to spending that money.  You should have a check list and use that check list for each property you look at.

Start with the exterior, look at the condition of the roof, are there missing shingles? Is there any discoloration or abnormal wear?  Look at the chimney and the foundation, are there any cracks or missing mortar in the joints.

Check for septic tanks or sewer systems on the property.  Is there a under ground sprinkler system or some wiring.  What is the condition of the landscape?

On the interior your major concerns should be the furnace, heating system, air conditioning and water heater.  Are there any maintenance records?  Next you should inspect all appliances, do not be afraid to turn things on or open doors of refrigerators and ovens, it could cost you later if you assume they work.

Test all interior and exterior lighting.  Check each outlet for power, look at the breaker box for broken breakers or exposed wires.  Inspect all plumbing for leaks, check each faucet and fixture.

Inspect each window for cracks, leaks and screens.  Is the carpet worn or can it be professionally cleaned?

This is common sense buying, I know sometimes you just fall in love with a place and over look it, but I have done that and then I want to kick myself, so be aware and look at what your buying and remember why your buying it.

January 28th, 2007 by in Flipping Homes | No Comments