Buying fixer uppers is a great way to get started in real estate. They can be bought cheap and if bought right, with a little work be resold at a higher price or rented out for monthly cash flow.
Always inspect the property thoroughly before buying. Look for structural defects and any hidden issues which will add costs to the repairs. Check the roof, the foundation, the joists, sill plates, look for termites, water damage, dry rot, these types of problems can be very expensive to fix and you should stay away from them. Also check out the mechanical system, HVAC, electrical and plumbing problems should be avoided.
You will want to repaint everything, change out the light switches and outlet plates, light fixtures, and add new carpeting. If possible save the kitchen cabinets by painting them with a good quality paint, add new countertops, a new sink and faucets will brighten up the kitchen. Pay particular attention to the kitchen and bathrooms, you will want these looking bright & clean. The exterior of the house should be painted or power washed, the lawn cleaned up and mowed, add some flowers and some mulch for curb appeal.
If you bought the house right you should be able to rehab and sell for a profit. Always have an exit plan in case you cannot get the property sold after rehab, such as renting for cash flow. When renting always screen the prospective tenant, you do not want your newly rehabbed house trashed by your tenants.
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