Your First Investment Property

Ok, you’ve decided to take the plunge and purchase a “fixer” type investment property.

A little planning is in order here, and it can save you a lot of frustration.

If this is to be your first experience with a “fixer” property it’s advisable to consider all that’s involved. Are you willing to devote the time, money and effort required to a project like this?

A little self-assessment is a good thing to do in preparing yourself for this endeavor. A good starting point is to ask yourself the following questions to determine how you wish to proceed with a project like this:

Will the skills you now have, be adequate to prepare a fixer home for market.

Do you feel that additional learning / training will be needed?

What level of disrepair are you prepared to take on?

Will you do all the work yourself?

What are your strong points with regard to home construction / remodeling?

Can you learn the skills needed to do all the work yourself, or do you plan to hire some of the work done?

How much time can you devote to the project?

How much money do you plan to devote to the project?

What is your goal with the project?

Once you’ve answered these questions to your own satisfaction, it’s time to begin your search. If you’ve determined that you’ll need additional training to do all the work yourself, excellent training can be obtained (usually free of cost) at many of the larger home center stores. Lowes’s and Home Depot hold classes on a regular basis covering most of the skills you’ll need to successfully complete the work necessary to prepare a home for market.

As always, our advice to the person attempting this for the first time is to plan on purchasing a “cosmetic fixer” as your first effort. This will give you the needed experience to determine if this is right for you, or if you decide to choose another approach.

Your questions are welcome here, and will be responded to on a timely basis.

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