Question:

Gentlemen,

I have bought and fixed up one house and I'm thining about fixing up another one. In my opinion, the houses that I've seen in the area I'm in, seem to be: a)fixed up with glitter and overpriced b)the houses that aren't fixed up are overpriced (by time you add in the cost of fixing it up it would be overpriced right now and the prices in my area are falling. So by time I would get it back on the market it would most likely sell for even less.) c)I'm almost getting the impression that people are selling more houses privately as there's houses being fixed up that weren't even listed. How does one find a "fix-up" house in this type of market? Thanks.

Answer:

Good Question,

How do you find a "fix-up" house? Very,very Carefully.

Good "handy man" type of homes are difficult to locate and you are correct about a slim to nil margin of profit after the home has been renovated and resold.

This type of undertaking requires expert knowledge of your local marketplace and the additional skill and knowledge when it comes to doing the renovations. It can be a risky business and one should use extreme caution always.

Tks,

Len & Craig

Answered By: Len Huffman and Craig Smith

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