While location is a huge piece in the home purchase puzzle, there are many other smaller pieces that must be addressed in determining whether to invest in a fixtoflip property. You need to consider whether there are any other additional costs or other hidden property issues.
Remember whoever you sell to will most likely make this property their primary residence, so one of the questions to ask yourself is whether the property is readily accessible to amenities like stores, schools, and churches.
The Right Questions - Right Now!
As the initial buyer of the property you are entitled to ask questions. Ask many questions, ask often and don't settle for half answers. If you don't feel comfortable with the information being provided to you by the seller or their realtor, then it's time to walk away.
Below are few examples of common things to consider and ask your potential seller or their legal representative.
1. What area is the property located?
2. Is the property in a good return area or up-in-coming area?
3. What are they willing to accept for the property?
4. Who owns the property? (Private Sale, Bank, etc.)
5. What condition it the property in?
6. What is their motivation for selling the property?
7. Is it a major or minor fixtoflip property? (Can you have the project completed in 2 months or 6 months?)
8. What are the comparison properties selling for? (Assuming the properties is restored to pristine condition.)
9. How much land comes with the property? What value does it have?
10. Is the water and sewer on-site or public? (If sewer is onsite, please make sure your get it inspected!)
What are some of the questions you like to ask about an investment property before purchasing?
For more information on House Flipping Tools at FixtoFlip.com
Copyright © 2007. FixtoFlip Inc. All rights reserved.
Dan Dunleavy President,
FixtoFlip Inc (954) 889-7092
http://www.fixtoflip.com/
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