- Don't be in a hurry to find a property. Make sure it is right! Make sure the margins are there, make sure you have a realtor do a before and after market analysis for you using comparables IN YOUR PROPERTIES NEIGHBORHOOD. This won't guarantee you success, but it will put the odds in your favor. Keep in mind that in a very short time markets can change.
- Be prepared for the Worst! No one wants to think their hard work will fail, but prepare as though it could. Can you comfortably make the payments for 6 months in the event it won't sell? Are you prepared to find a costly repair that you didn't plan on? Do you have a backup plan in case that happens?
- Be there to overlook the work. Don't leave it all to subcontractors. You have to manage the work. Make sure you have the time and energy to do that. Contractors won't come when they say they will. They will do the work differently than you had wanted. Give them a concrete deadline that they can live with and then charge a fee for every day over that deadline. This will make you a priority. Have an incentive if they finish early. Write a contract that also includes them cleaning up any mess or debris their job created. You don't want to pay for clean-up that is not necessary. Make sure the work is quality. Shoddy work in one small area will wipe out all of the great things you have done. Save some of your budget for staging the home. It can make or break your transaction.
- Your first area of concentration should be curb appeal. Get it looking very attractive from the curb.
Investing isn't for everyone. Some don't have the skills, the time or resources. It isn't a sure thing. If you need some help or would like a free consultation with us we would be happy to arrange a time to meet with you. The Solutions Team has helped many people create their financial security. Call today for an appointment. 435 884 9449
We have 2 new listings that could be an investment opportunity. They are both in Tooele Utah. One Rambler that is nearing foreclosure. Their loss can be your gain. 602 E Wasatch Way. 4 bedrooms 3 bath. Gas fireplace, large family room. Great workshop and 2 storage sheds. Spacious private back yard waiting for your finishing touches. MLS # 705180 Possible Shortsale. $147,000 with bank approval.
Another darling tri level in Tooele, Utah with lots of potential. 3 bedrooms 2 bath, with an unfinished master bathroom upstairs. New tile floors, new carpet and paint. Hardwood floors. Fantastic neighborhood. price reduced 20K. Only $149,900.
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