Fixer upper homes can be found in even the most expensive cites for much less than other homes. Even here in Tucson, where a small home will usually be over $200,000, an investor at our real estate investing club just told us he found one for $35,000. Before you get excited by the idea, though, here are the two most important questions you should ask yourself before buying a fixer upper:
1. Do you want to deal with it? You don’t necessarily have to fix the house yourself, as you will see in the example below. Still, you will have to deal with hiring contractors, and you’ll have the stress of unexpected problems that always occur with fixing houses. There are always unexpected problems.
2. How much is it worth to you to deal with it? Suppose you end up with total of $125,000 into a house that is worth $145,000. Does that $20,000 equity gain make it worth it? It is entirely up to you to decide how much you want for your trouble. How do you know what you’ll gain in equity? Figure it like an investor would, as in the following example.
Putting A Price On Fixer Upper Homes
When you look at a fixer upper, decide what you would need...
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