Real Estate Investing: How To Find Single-Family Homes For Cheap
Real Estate Investing can be extremely lucrative. You can purchase houses and sell them for more than you paid for them?—?such as by fixing them up or simply being patient and waiting for a better market?—?or you can rent them out to start bringing in a monthly income. Before you can start making a profit off of investment properties, however, you have to start buying them. Before you start buying them, you have to find the best deals on them.
Luckily, there are many ways that you can shop for single-family homes for cheap. These are a few ways to find and purchase properties that you can make a nice profit off of in the future.
Check Out Foreclosure Auctions
When a house is foreclosed on, it is typically sold on the courthouse steps to the highest bidder. Some houses have little interest and sell for rock-bottom prices. You will need to have financing or cash money available up-front, and you’ll be taking some risk since you won’t be able to tour the homes before you buy them. However, you should be able to get a list of homes that will be auctioned from your local courthouse. Then, you can check out the exteriors of these properties on your own time, before the auction commences.
Consider Short Sale Properties
When a person knows that he or she is about to go into foreclosure because of an inability to pay the mortgage, he or she might try to put the home up for short sale as a way of preventing foreclosure and getting out fast. These sales are typically affordable ways to buy properties since these properties are generally priced to sell quickly. Plus, the owner might allow you to tour the home, which can be less risky than buying from a foreclosure auction.
Buy Fixer-Uppers
Fixer-upper homes can be an excellent way of investing in property that can make you money. Many people don’t want to buy fixer-uppers because they want a home that is ready to move into right now. If you’re patient and willing to put in the work, however, a fixer-upper can be a great option.
There are a few ways that you can do so while keeping remodeling costs to a minimum. If you are handy with tools, you can do some of your own work on the house. This can save you a lot in labor costs. There are also convenience products?—?such as tongue-and-groove flooring or press-and-stick tiles?—?that you can do yourself, even without a lot of experience.
Another thing to do is to look for a home that looks worse than it really is. A home that looks bad can often be fixed with things like a good scrubbing, fresh paint throughout the home and new flooring and light fixtures. These repairs aren’t all that expensive but can make a huge difference in the value and sellability of a home. Plus, these are all things that you might be able to do yourself.
Be careful about buying homes that need very expensive repairs, such as homes that have bad foundation damage. However, if the price is right and you can find someone who can do the work affordably, this can be a good way to buy a house very cheap as well.
Article curated from Medium.com
