So you've decided to buy, fix and sell properties. This is an excellent choice you have made to begin to make "quick cash profit. " The first and main item I will address the "Property Info". If you select the right property to start off on the wrong path for the successful implementation of this strategy. I'll break the "Property Info" down into three key areas: location, price point, and features. Understand the importance of each of these three key areas will be better armed to make the right choice of property.
the first of three locations. Now, if you have not heard when they heard a million times Location, Location, Location. Well, it is so important as you see it is the first point I will address. The number one item you must be looking at here is that the area you are buying in most of the owners of occupied properties. This May not be as much concern, if you buy, fix and sell in the suburbs, but do not over look when deciding which properties to purchase. If you're investing in the urban area should pay close attention to what surrounds the property you intend to purchase. If 75% of the block is a tenant occupied property, this is not the area you want to buy to use this strategy. It is not always the case, but a tenant occupied property in the vast majority are not kept in a state of owner occupied property, which is difficult for you to sell this property at the end or running a small customer. You'll more than likely be able to tell if this is the case now, but you want to be sure. If you are unfamiliar with the area a little walk around the area and found several people "How long have you lived here? " When you buy this house? ", only the sense to see what percentage of owner occupied property are there really in this area. Is the exact percentage that you do not want to buy on this block, absolutely not. A good rule of thumb is about 50% max would even think about buying, fixing, and selling, and I say think because of that there are other factors we discuss next that can make this a great location.
next to the item you want to look at when determining whether a place is a good fit for buying, fixing and selling the other revitalization projects. Are there any other investors in this area renewal properties? Are there other investment companies in the area? Your parents probably told you, or you tell your children not to be a follower be a leader, but in this case it does not hurt to follow the development of others. This will greatly benefit if there are other homes in the area to be revitalized, it is added to the attractiveness of locations. Not only renovated other homes, but small businesses, entertainment, etc. .. This is a true sign of positive growth in this area so attractive to end customers running. You do not, well maybe you enough money to buy the entire block and turn, so you need to buy near where it is going to benefit from all their efforts, because they will benefit from yours.
This element of establishing a prime location, in some ways the last link. What should you look for are areas that have a large number of retailers with fewer days on the market. This way the connection with the last element, which was the second rehabilitation, is that, if all other property that was renovated in the area is in the market for 9-12 months, and they are as nice as what you intend to do, for a price where you want the price, not the right area. What do you want to be looking for the most homes in the area are selling for an average market day in the market. This means that if in Harrisburg, Pa. The average days on market was 64 days, and 60% of homes in a particular area is sold in 60 to 120 days or less, this is a good location. You do not want the majority of homes that are similar to what the offer price, where you're going to be priced in the market more than twice the market average. So, in this example, if 60% of properties on the market for more than 128 days, it's not the best place to buy, fixing, and selling. twist to this place is an element of some areas have a large number of sales, because there is a lot of traffic due to many factors, and no major revitalization projects. This means that they should focus more on the days on the market factor can not just skip this location. May there were only 10 sales last year, but each is sold in 50 days or less on the market. This leads us to our next analysis criteria.
That is, rapport neighborhood. Type of area I just described that a small number of sales, but sales did not appear that they were all under 50 days will be a great rapport with the neighborhood. Many factors can give the neighborhood a great rapport. Low crime will certainly stand on top of the list. When working in urban areas to be evaluated. Other reasons given area can have a great rapport neighborhood may be the historic district, business district, etc. ..
So, to recap what type of location lends itself best buying, fixing and selling. Would you like to see the owner of availability, other revitalization projects, retail performance and neighborhood relations. I'm not saying that all criteria must be met to the highest degree, but certainly more the better. While performing due diligence you will see that the other projects and neighborhood revitalization to bring the relationship to meet your other criteria a little performance. This is a little exercise you can perform. See the retail performance of a particular area, and educate yourself first hand about the characteristics of the area and how they fit rate of owner occupancy, revitalization, and neighborhood relations. You have to look at both sides of the spectrum. Visit any area with a great performance a bit and then look into any area with a weak retail performance, and note which features prominently in both areas. You've just created a list of what you are looking for when it comes to place your first or next successful buy, fix, sell, and Investment.
So, to recap what type of location lends itself best buying, fixing and selling. Would you like to see the owner of availability, other revitalization projects, retail performance and neighborhood relations. I'm not saying that all criteria must be met to the highest degree, but certainly more the better. While performing due diligence you will see that the other projects and neighborhood revitalization to bring the relationship to meet your other criteria a little performance. This is a little exercise you can perform. See the retail performance of a particular area, and educate yourself first hand about the characteristics of the area and how they fit rate of owner occupancy, revitalization, and neighborhood relations. You have to look at both sides of the spectrum. Visit any area with a great performance a bit and then look into any area with a weak retail performance, and note which features prominently in both areas. You've just created a list of what you are looking for when it comes to place your first or next successful buy, fix, sell, and Investment.
So, to recap what type of location lends itself best buying, fixing and selling. Would you like to see the owner of availability, other revitalization projects, retail performance and neighborhood relations. I'm not saying that all criteria must be met to the highest degree, but certainly more the better. While performing due diligence you will see that the other projects and neighborhood revitalization to bring the relationship to meet your other criteria a little performance. This is a little exercise you can perform. See the retail performance of a particular area, and educate yourself first hand about the characteristics of the area and how they fit rate of owner occupancy, revitalization, and neighborhood relations. You have to look at both sides of the spectrum. Visit any area with a great performance a bit and then look into any area with a weak retail performance, and note which features prominently in both areas. You've just created a list of what you are looking for when it comes to place your first or next successful buy, fix, sell, and Investment.
To conclude on the property you select more than likely will not find a property that meets all the criteria exactly, but as I stated before more of these features you will find a better chance of success you have. So, Location, Location, Location, right price point "accessible", and features to keep these three key characteristics in mind when selecting your first or next property you intend to buy, fix and sell.