buying homes – Some Important Tips for Real Estate Investors Buying Homes for Sale in Farmington Hills MI
Some Important Tips for Real Estate Investors Buying Homes for Sale in Farmington Hills MI
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Home Page > Finance > Real Estate > Some Important Tips for Real Estate Investors Buying Homes for Sale in Farmington Hills MI
Some Important Tips for Real Estate Investors Buying Homes for Sale in Farmington Hills MI
Posted: Mar 30, 2011 |Comments: 0
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Are you a real estate investor, or are you a beginning one looking to buy homes for sale in Farmington Hills MI?
Here are over seven (7) tips for real estate investors that will increase your chances of making and keeping a profit with your investment property.
1. Know what you want before you buy a property. Before buying a property, you should know what you want to do with that property. Do you want to rehab it so that you can resell it to someone else immediately afterward? Do you want to be a landlord and put a renter into it? Will that renter be a Section 8 tenant? Your answers will affect your approach. They will affect how much you spend on repairs and how much you expect to make from the investment. You might find that a property might be good investment in some cases but a lousy one in others. Answer the questions before you buy.
2. Assume your repair estimates will cost even more than you calculate. Before you buy your Farmington Hills home, make sure that you have some idea how much repairs will cost you. Once you do that, add some more to that estimate. If you calculate a profit, even after you pad your estimate, then you might have a winning investment opportunity. If this happens, you want to make sure that you have enough money to cover yourself. Otherwise, you will be the not-so-proud owner of a home that keeps costing you money instead of generating profit. If afterward you see that you do not need to spend this extra money for repairs, you will have extra money for yourself, a reserve (just in case fund), or your next investment. This is much better than owning a partially repaired property without having enough money to finish those repairs. These homes become a perfect buy for another investor, because you will be eager to get rid of it. You do not want to be that investor.
3. Get a professional inspection before you buy any property. This should cost you somewhere between 0 and 0. Of course, it isn’t any fun to pay the money for an inspection, especially if it simply confirms what you already knew. It is much better to pay an inspector a few hundred dollars than buying a property that costs you thousands more than you planned. Think of it this way. If the cost of getting an inspector is too much, think how much worse things will be for you if you buy a property that needs more repairs than you thought. Paying for an inspection is just common sense, and it’s really good self-defense.
4. Don’t do the repairs yourself. Pay a professional. Many beginning investors think they will save a lot money by doing all of the repair work instead of hiring someone else to do it for them. They are overlooking a few things, though. Many people realize that it will take them a lot longer to finish it than a professional, but they do not realize that this adds to holding costs, which are the costs involved when you own property but nobody is paying you. The property just keeps costing you money. Another thing many people do not consider is that most professionals are less likely to overlook small things that add to big things later. Catching these small things early in the repair process reduces the chance that you will need to redo the repair. This is really when you can add costs and time to do repairs.
5. Do mechanical repairs first. Then do cosmetic work. The messiest part of the rehab process is the mechanical repairs. There is always a mess that tracks everywhere, and it is not uncommon for drywall to get dinged. You don’t want your new cabinets to get damaged, and you do not want to have to repaint. Make sure to schedule your contractors in a sequence that makes sense. Do cosmetic repairs only after everyone else makes their mess.
6. Don’t use low quality paint. When you buy paint for the inside of your house, make sure that you get good quality paint. Even though the paint costs a little more, you will not be sorry. Good quality paint usually needs just one coat, possibly two. Lower quality paint might need three coats. That means that it will take your contractors less time to finish painting. Translation: it will take less time before your home is ready to sell or rent.
7. Don’t just use one color of paint inside your home. Sure it costs more, but most people who are looking to rent or buy homes for sale in Farmington Hills MI find one paint tone to be too industrial. Two-tone painted homes tend to rent or sell more quickly.
8. Replace galvanized pipes. Many homes for sale in Farmington Hills MI do not have galvanized pipes. However, some of the homes, especially toward 8 Mile Rd and Inkster, tend to be older. Many older homes have galvanized pipes. Even if it seems like you do not need to replace these, replace them. They are old. Plus, they probably need some serious plumbing, anyway. Replace them with PEX or PVC, and it will not be very expensive if you do it during the early rehab stages, and it will provide a selling point. You can advertise that the home has “new plumbing.” If you do not replace these, you are more likely to get the dreaded call in the middle of the night from your tenant complaining about a plumbing problem.
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Darrick Scruggs -
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For more information about playing house and other questions about buying homes for sale in Farmington Hills MI, you can visit http://www.HomesForSaleInFarmingtonHillsMI.com, send an e-mail to FarmingtonHillsHomes@gmail.com, or call (248) 796-8616.
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homes for sale in farmington hills mi, first time home buyer, first time home buyers, buy a home, property values, mortgage rates, pay a mortgage, wasting my money renting, 30 year mortgage
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For more information about playing house and other questions about buying homes for sale in Farmington Hills MI, you can visit http://www.HomesForSaleInFarmingtonHillsMI.com, send an e-mail to FarmingtonHillsHomes@gmail.com, or call (248) 796-8616.
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