Investment Properties: Fixing it and Flipping it in Idaho
on Thursday, May 3rd, 2012 at 12:45pm.
Have you been considering some investment options outside of your primary residence? Well, the good news is that you don't have to have lots of money to invest in an Idaho investment property. You might be under the impression that investment properties are only for those who are super rich. You do need to have enough money to do it, and the financial worthiness and skills, but it's not as out of reach as you might think. Now that you know that many can invest in property, give us a call to get started! Our 24/7 on-call agent is available at (208) 571-7145.
It isalways amazing to watch some transform these Idaho houses with their bare hands. It is mainly about the money in the end, to have that extra bundle of cash made from the resale of the house once it was fixed up, but for me, I often can't get past how cool it isto see a house in such a bad state of disrepair and in a matter of months, find it with brand new paint, a fixed foundation, new flooring and appliances, and a porch that no longer caves in. Not to mention the new individual who ends up purchasing the house, and enjoys living in something old but with all new functionality. The level of satisfaction in fixing it up and flipping it can be just about as great as the money in the bank account.
While it is necessary to have enough money to buy a second home, you must also have the time and skills. So, as you consider the art of fixing it and flipping it, be sure you have the aforementioned abilities coupled with enough time and knowledge.
Now if you've decided you're the right person for the job, make sure you know the basics of upgrading a home that will pay.
House 101: The first things, of course, are the minimum that any buyer expects out of their home, such as a solid non-leaking roof, functioning gutters, a furnace in good standing, solid floors and walls. Don't expect to repair a home to these basic functions and turn a profit. While these upgrades are a must, they are not enough.
Curb Appeal: The things that attract buyers are attractive green lawns and nice landscaping. Think new paint, new carpet and new appliances. Clean the windows and weed the garden.
Rise-In-Value: The projects that add value are fixer-up favorites such as new siding, new flooring, kitchen remodeling, bathroom remodeling, new windows, a new patio and any living space additions.
You can find prospective investment properties in Idaho easier than ever these days with all the online tools that are available. Fixing it and flipping it for profit might be more attainable than you ever thought.