Over the course of the next few weeks I will be publishing a few strategies we use when fixing up a investment property which we plan to HOLD.
I’ll be sharing ALL of our strategies and don’t plan to hold anything back.
We will also be doing this in a few months for properties we end up having to FLIP, even though that is not our BIG strategy.
Jim and I have been in Real Estate for nearly 30 years, and we bought our first rental property in 1991…and it was a flop.
However, the lessons learned from that first “flop” have made us successful in our efforts today.
Fast forward to now; we have…
A USA Today Best-Selling book on the topic and 112 single-family homes, 5 commercial buildings, 2 multi-family structures and over a dozen vacation rental properties.
We plan on using this website to reveal ALL strategies in each of those areas we have mastered.
But I wanted to start with something simple:
I often get asked for a real example of a recent investment we have done and so this is the answer to that question!
We purchased a property at our local county foreclosure sale in 2015.
After driving by the property, we estimated the house was worth between $145,000 – $150,000. Based on those valuations, we were willing to spend $105,000 at the foreclosure sale, which would leave a large enough spread for repairs.
When the sale came along, we were able to purchase the property for $97,000.
Here’s our strategy…
Strategy #1: What People See First Matters!
Think about the last time you drove by a house that looked great from the outside, without even thinking about it you probably assumed the inside looked just as good if not better. The value of a flip or rental begins with the exterior looking clean and new.
As an investor, you have to see past the ugly exterior and envision the final product. You can see how ugly and beat up this property looks from the outside.
We replaced the barred windows, mulched the flower bed and put in shrubs
We replaced the fascia around the house and gave it a new paint job to make it look new
We replaced the soffits only where damage was visible
And this is just the start!
As I said we will be releasing a series of articles which will help investors make the right decisions. The next article and our second strategy will be out soon!