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Investment property – are fixer uppers the answer?

Often times you can find fixer-uppers at foreclosure sales. Many people look for Victorian houses because their value will double or triple after they are restored to their former glory. When you are looking for a fixer-upper you need to consider the purchase price of the house, the estimated price of all repairs, and the sale price after your work is completed. If you are able to do the majority of the repairs yourself, your profit margin should be larger. Some people like to purchase a run-down property and live in it while they renovate.If you don’t feel you have the handyman skills needed for a fixer-upper, you could invest in rental property. Here, you would purchase a house or apartment building and rent out units to other individuals.

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