If you’ve decided to buy a house that needs some TLC, fix it, and sell it, you need to narrow your choices right off the bat.
That means you need to decide what type of inventory you’re going to focus on.
What is Real Estate Inventory?
Inventory is the term that refers to all the houses for sale in a particular category (like two-bedroom, one-bathroom houses or four-bedroom houses with three-car garages).
Why You Need to Look at ALL the Inventory
If you’re going to buy a house to fix up and sell, you need to look at all the inventory in the city. See what’s selling quickly, what sells the most, and what’s not selling. You want to find the right spot – a price range and home style that moves quickly and at competitive prices – before you make an investment.
If most of the houses in your city are selling at $150,000 and they all have three or four bedrooms and sizeable yards, then that’s probably where you want to start looking for deals.
Your real estate agent can help you find “distressed” homes – those that are in need of some work before a buyer will come along and fall in love.
Are You Looking for a Hard Money Loan to Buy a Property?
Call us at 404-814-1644 or contact us online to find out whether you might qualify for this type of funding. In the meantime, check to ensure that you meet our loan criteria. Our loan amounts can be up to 65 percent of the after-repaired value of the collateral—and if you use the loan for renovation or construction, the loan amount can be based on the collateral’s improved value.
Read our frequently asked questions and take a few minutes to learn about the hard money loan process.