As a real estate investor, it can be tempting to try to flip the “quirky” house—but it’s also quite a bit riskier than flipping a traditional, average, everyday house is.
Benjamin Franklin said, “An investment in knowledge pays the best interest.”
Ben Graham said, “The individual investor should act consistently as an investor in and not as a speculator.”
Put what these two great minds said together and you can pull a real pearl of wisdom out: It pays to know your market (and what will sell quickly on your market) rather than to take a gamble on a quirky home.
Where REIs Go Wrong With Quirky Houses
Many real estate investors are eternal optimists. What they see as an opportunity, buyers may see as a drawback.
The fact is that quirky houses don’t sell as quickly as more standard houses do, and in many cases, they don’t fetch the price the investor imagined they would.
What You See as Opportunity May Go Over Like a Lead Balloon
If you were purchasing a home, would you want one that has “personality,” or would you want one that was a lot like the others on the block?
No matter what you do to upgrade a quirky home, you need to know that you may be pigeonholing yourself into appealing to only a small segment of potential buyers. Most people want a home that they can make their own—not one that has its own quirks.
Do You Need a Hard Money Loan in Atlanta?
If you’re looking for a hard money loan in Atlanta, we may be able to help you.
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.