Investing in Real Estate
Ugly Looks A lot Like Money To Me!
Successful investors will tell you that finding an ugly house with “good bones” or “character”, in the right area, is a great find in today’s brisk real estate environment in Nashville.
I hear those new to real estate investing say, I am willing to pay more now and not have to do much to it. Hoping to just make a small profit and move on without the time consuming effort of rehabbing, with time being the most important factor. There was a time when this was doable from 2012 to 2014. Then one could purchase a home, do very little, and profit just by putting back on the market over the course of just a few weeks. We were just recovering from the recession where home prices had dipped in some places 25% or more.
Now we are in a mature phase of that recovery with home prices hitting all time highs, and low inventory levels driving days on the market to historic lows. Interest rates are at lows seldom seen in history. Today in order to make a profit, investors should consider buying ugly in all the right places. Go where others are not wanting to and profit from that decision.
Make sure your budget for rehab includes not only a good facelift, but also go the extra mile to get home inspection by one of the many, fine inspection companies in our area. This is always a great investment on the part of any investor, even if you believe you know all about construction. There might be one important, and costly, oversight on your part an inspector can catch.
And, as always, consult with a knowledgeable and market savvy Realtor. Give me a call to discuss how we can help you make your next great real estate investment!
Mike Hastings/Network Properties