Buying homes that need some work and renovating them for resale can be a lucrative business. If this is something you think you would be interested in doing, there are a few guidelines that should be followed. Investors who are already doing this look for distressed properties that they can generally fix up and sell quickly.
Look for Houses Priced Below Market Value
There are several ways to find properties that are offered below market value. Sometimes people have to sell quickly. They may have already bought another house and do not want to pay two mortgages. Perhaps their job is transferring them to another part of the country, and they need to sell the house they have so they can buy another one. Often people inherit houses from elderly relatives and they weren’t kept up. They want to sell rather than deal with repairs.