Fixer
Properties
Properties
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So you want to buy a fixer-upper in
Portland Oregon?
During the last decade, buying fixer properties has grown in popularity. Many
people have made a lot of money fixing and "flipping" properties in the Portland
area.
There are many types and degrees of fixer properties, and knowing which is
best for you is the best place to start. Do you want a major fixer or just a
cosmetic fixer?
The advantages of major fixers can be higher returns, but can also come with
larger risks and longer construction times. Deciding factors should be your skill
level, whether or not you are going to do the work yourself and how much cash
you have for the job. A seasoned fixer-upper would probably go for the major
projects, while if this is your first one, a cosmetic fixer might be the way to go.
Here are a few things to remember when buying for a fixer.
1. A home inspection is always recommended.
Unless you are a building inspector or have a huge amount of building
knowledge, you should still do a home inspection. Even though the home will
most likely be sold as-is, you still want to know about unexpected defects with
the property you don't want to deal with.
2. Not all fixers are listed as fixers.
Some fixer-uppers, especially cosmetic fixers, are listed just like other houses.
They might have outdated decor, lots of deferred maintenance, or a choppy floor
plan. There may be improvements that can be made not readily apparent at first
glance. Looking at many houses will train your eye to spot potential income.
3. Not all houses needing repair will make you money.
Just because a house is for sale and needs repairs doesn't mean that
you can make money on it. Always look up what similar houses in the
area are selling for before making a decision to buy.
4. Have cash to carry the property
It may take a while to fix up your property to where you can move in or get it back
on the market. If there is a loan on the property you will also have to set aside
cash to pay the monthly payment during this time. The amount you need
depends on many factors, but having at least 6 months reserves for
mortgage payments will keep you feeling at ease.
5. When you find the right house... act quickly.
While the market has cooled considerably, the competition for a
great deal on any home is still strong.
Portland Oregon?
During the last decade, buying fixer properties has grown in popularity. Many
people have made a lot of money fixing and "flipping" properties in the Portland
area.
There are many types and degrees of fixer properties, and knowing which is
best for you is the best place to start. Do you want a major fixer or just a
cosmetic fixer?
The advantages of major fixers can be higher returns, but can also come with
larger risks and longer construction times. Deciding factors should be your skill
level, whether or not you are going to do the work yourself and how much cash
you have for the job. A seasoned fixer-upper would probably go for the major
projects, while if this is your first one, a cosmetic fixer might be the way to go.
Here are a few things to remember when buying for a fixer.
1. A home inspection is always recommended.
Unless you are a building inspector or have a huge amount of building
knowledge, you should still do a home inspection. Even though the home will
most likely be sold as-is, you still want to know about unexpected defects with
the property you don't want to deal with.
2. Not all fixers are listed as fixers.
Some fixer-uppers, especially cosmetic fixers, are listed just like other houses.
They might have outdated decor, lots of deferred maintenance, or a choppy floor
plan. There may be improvements that can be made not readily apparent at first
glance. Looking at many houses will train your eye to spot potential income.
3. Not all houses needing repair will make you money.
Just because a house is for sale and needs repairs doesn't mean that
you can make money on it. Always look up what similar houses in the
area are selling for before making a decision to buy.
4. Have cash to carry the property
It may take a while to fix up your property to where you can move in or get it back
on the market. If there is a loan on the property you will also have to set aside
cash to pay the monthly payment during this time. The amount you need
depends on many factors, but having at least 6 months reserves for
mortgage payments will keep you feeling at ease.
5. When you find the right house... act quickly.
While the market has cooled considerably, the competition for a
great deal on any home is still strong.
Tools:
Mortgage calculator
Useful sites:
Portand Maps
Metro Maps
Public Schools
neighborhooods
Mortgage calculator
Useful sites:
Portand Maps
Metro Maps
Public Schools
neighborhooods
| Chris Love Principal Broker/Realtor John L Scott Real Estate 4111 SE Woodstock Blvd Portland, Oregon 503-775-4699 503-788-7103 503-957-6087 www.johnlscott.com/christopherjl |
www.MyPortlandAgent.com