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Investment Properties in Westerville : Real Estate Advice

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Activity 1
Wed May 29, 2013
Jeff Paeltz answered:
HI Rick,

Thanks for your question. If I read you right your looking for fixer uppers in the 43081 zip code. Is this the only zip code you are looking into? I also would like to ask another qusetion, what is your real estate investment goals in buying a fixer upper? Are you wanting to " flip" the home or pick up a "income producing property"?

The market has changed considerably in the past few months and even weeks. If you are considering buying a REO or HUD home it will already be priced according to the condition of the property for the market it is in. Once you have fixed it up you hopefully will have a home to sell at market value. Buying a fixer upper is a good idea when there is a fast upper movement in home prices.
Here is my point, after you have taken the risk, labor and cost in buying a fixer upper unless and I repeat, unless home prices are moving up every 3-6 months your margin of profit will be very small. There might be that "one" home that fits but I would look in other zip codes for a better chance of finding it.

My advice, before you spend a lot of time, money and energy, sit down with an experienced Realtor and an accountant and crunch the number to find out at what acqusition price and rehab budget you have to insure the best rate of return on your investment.

All the best,
Jeffrey Paeltz, ABR SFR
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