Fixer Uppers: The Money Making Formula
By Steve Gillman
Making money with "fixer-uppers" isn't about repairing drywall or planting flowers. It's about using the right approach from the start.
A Big Real Estate Mistake
Do you know how many people buy and sell a fixer-upper? They buy a house, fix it up, then add some amount (say $10,000) that's in their head onto their costs. Then they put the house up for sale for this price. This is so wrong.
Would you buy a house according to what the seller has into it? Of course not. You look at what similar houses are selling for to determine the value. So if you have $110,000 into a fixer-upper and similar homes are selling for $105,000, how much can you get? It doesn't have anything to do with what you've spent, do...
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