BUYING A FIXER UPPER HOME
Is it worth buying a fixer upper home? Is it an easy way to make money, or is there more involved? Here are some things you need to consider first before buying anything.
Today I’ll answer your question, “Is it worth buying a fixer upper home?” It’s definitely worth your time. However, the challenge is are you ready to work hard?
Keep in mind, making money in real estate is not a sprint, it’s a marathon. I know that’s contrary to what’s on television, late night and on Saturday mornings.
For those with handyman skills, it’s easier and slightly less expensive than it is for someone who does not have handyman skills, but either way, it’s costly to fix up property.
I’m Ted Thomas, and I’ve been involved in real estate my whole life. For the past 30 years, I’ve been working exclusively with tax liens and tax deeds.
I’ve proven to myself and thousands of student investors that the money is made when you buy, and there is plenty of inventory to purchase.
Want to learn more about bargain real estate? Would you like to buy homes for pennies on the dollar, and without a mortgage? Or earn outrageous interest rates secured by real estate? Then you don’t want to miss this FREE class.
BUYING A FIXER UPPER HOME – PRICE
Even if you are buried in debt, there is hope for you with this program.
Is it worth buying a fixer upper home? My answer is yes, especially if you can purchase below the market and the property is located in a reasonably good location.
The price of the property is important because repairs and renovations are costly and can get out of hand very quickly.
BUYING A FIXER UPPER HOME – DIFFICULTY
It’s not a piece of cake to fix a property. Those fixer programs on TV show a not-so-hot home, and 28 minutes later, it looks like a mansion or a model home.
It helps to have a glamorous young woman to keep you entertained, and her companion usually knows every fixer detail. You watch walls crashing down, men swinging sledge hammers, crashing against brick fireplaces, dust and dirt.
Overnight there are new windows, painted and repaired walls, a new carport, beautiful decorations and nice furniture.
BUYING A FIXER UPPER HOME – FLIPPING PROPERTY
What you don’t see is that fixer upper homes require a lot of work, some of which can be expensive.
That’s why you constantly hear people discuss at length “flippers”. They want to buy a bargain and quickly sell it to the “risk taker”. That’s the guy or gal with handyman skills who will handle all of the ugly surprises and the massive amount of labor to complete a fixer upper.
I’m not negative however, I’m realistic. Keep in mind, you make your money when you buy. The in-the-know buyers are very cautious.
BUYING A FIXER UPPER HOME – SKILL
If you have little money and you intend to do this work yourself, are you prepared to work nights and weekends while you complete the job? Are you planning to keep your full time employment?
Ask yourself can you handle more than painting and cleaning? What’s your skill level?
You don’t know what you don’t know. Bathrooms, roofs, foundations, damaged floors, kitchens and complete structures all have problems which you can’t see.
Think about the water, does the property have a well? Is it sour? Does it produce enough water for the family?
So is it worth buying a fixer upper home? 9 out of 10 people will say yes. Keep in mind, 9 out of 10 people have not completed a fixer upper. They might not even clean up their own home, let alone someone else’s.
What’s your experience level?
BUYING A FIXER UPPER HOME – PROPERTIES
Fixer upper properties are abundant. They are everywhere. The challenge isn’t finding bargain properties. The challenge is the bargain price and the location.
In good times for the real estate market, the local state governments will license hundreds, maybe even thousands, of new real estate agents.
In good times, over 1 million real estate sellers are there to help you. Ask them if it’s easy to sell a property. Don’t ask your best friend whose wife just earned her license; ask old timers.
I have a free gift for you. It’s a 1-hour, streaming video, mini course that will teach you how to make massive profits from tax defaulted property investing. You’ve got an amazing opportunity at your fingertips. Be sure to take advantage of it!
BUYING A FIXER UPPER HOME – SELLING PROPERTIES
Selling is tough if you didn’t buy it right and you don’t have experience. What’s your strategy?
I have a strategy: Buy low, sell low. Most of the market disagrees with my strategy.
I want to sell quickly. It’s not easy without a strategy. Again, I’m not negative. You must be alert that you are going to earn this money.
Selling is a challenge. It’s not as simple as calling a broker and hoping that he or she will provide a solution.
Your exit strategy, whether to sell it or live in it, is important. I can give you ideas and solutions that will improve your chances of making money.
BUYING A FIXER UPPER HOME – HOLDING COSTS
Is fixing up a house worth it? The answer is yes, if you have experience at fix up, repair, renovation and you are savvy about selling.
Just calling a broker sounds simple, however, what if the broker, although he or she is a nice person, can’t get the job of selling accomplished? This happens regularly.
Meanwhile, who’s making the payments for taxes, heating and cooling, insurance and upkeep?
Maybe you are fixing the property to live in it. Do you have enough money and enough experience? Are you going to live in an unfinished home and fix it at night and on weekends? Will your family suffer if you do?
You can do this. It’s been done before.
BUYING A FIXER UPPER HOME – BARGAIN REAL ESTATE
Here’s a few solutions that will give you a competitive edge over others. Learn about tax defaulted property auctions.
I’m suggesting you purchase used and abused fixer properties directly from the local government. The properties are sold at public auctions all across the United States.
These properties were seized, actually confiscated from property owners who failed to pay property taxes. This failure causes the local county to take the property and resell it at a public auction.
BUYING A FIXER UPPER HOME – TAX DEFAUTED PROPERTY AUCTIONS
At these auctions, the bidding starts at close to the delinquent back taxes. The property may sell for as low as 10 cents on the dollar.
Small population counties will have a few dozen properties. Large population counties may have hundreds of properties. Sometimes, two days are required to sell the hundreds of properties that have defaulted on taxes.
Expect to see big homes, small homes, small farms, rural land and residential land within subdivisions.
The auctions are always public affairs. Anyone can attend. The county will auction properties online and simultaneously have live auctions.
The county treasurer is authorized to confiscate properties that are delinquent on taxes and sell the property to the highest bidder.
BUYING A FIXER UPPER HOME – GETTING PROPERTY WITHOUT A MORTGAGE
The good news is the treasurer will wipe out, extinguish the mortgage or trust deed loan from the public records. The properties auctioned are free and clear of mortgage or deed of trust loans.
Savvy fixer upper buyers make their money buying the mortgage-free properties for pennies on the dollar.
CONCLUSION
We hope you enjoyed Ted’s lesson, “Is It Worth Buying a Fixer Upper Home?”
Is buying a fixer upper a bad idea? Fixing up a home can be costly, time consuming, and a lot of work. However, it is worth it if you purchase the home at the right price and in the right location.
An excellent place to purchase a fixer upper home is at a tax defaulted property auction. These auctions occur in counties all across the USA, and the bidding begins at around the amount of the unpaid property taxes.
At a tax defaulted auction, you can purchase homes for pennies on the dollar, and you get the property without a mortgage. The large profit margin goes a long way to help offset the costs of fixing up the house.
Another option is to sell the house at a discount to someone who does fixer uppers.
For example, if you buy the home at a tax sale for 10 or 20 cents on the dollar and sell it to a fixer upper guy or gal for 40 or 50 cents on the dollar, you can make a nice profit without doing all that work!
If you’d like to know more about how to buy fixer-upper homes at bargain prices, Ted Thomas can show you how.
There’s no one more qualified than Ted, America’s leading authority on tax lien certificates and tax defaulted property investing, to teach you how to do this.
Ted Thomas is the only one who provides full support and complete training with home study courses, Q&A webinars, live tutorials, workshops & web classes, and personal one-on-one coaching.
If you’d like to learn how to earn lucrative profits in real estate, you can get started today at no cost by taking advantage of Ted’s FREE Master Class and discovering how to find fixer upper homes at great bargains via tax defaulted property investing.
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