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Remember These Key Elements
There are many aspects that go into finding a good investment property, but there are a few key elements to consider before handing over the check. Review the condition of the property. If it needs cosmetic updates, take a tally of how many updates are needed and estimate the total cost required to renovate the house. Look into the condition of the electrical system, foundation, and roof of the property. These areas have potential to be money suckers if they are dated, cracked, or unsafe. If it looks as if the previous owner did a do-it-yourself job on the house, it probably needs to be check. Next, always have your budget completely written out and understand how much money you have to put into the house to still make a profit. Don’t buy a property near your max budge that requires renovations. This is a common mistake by first time income property investors that costs them their entire profit. Lastly, never skimp on repairs. If you are investing in a rental property poor renovations could mean a lack of tenants. If you are flipping a property, most buyers will see through a cheap fix and pass on your property. Skimping on fixes never gives big enough returns to make it worth the couple dollars you saved.
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