First time trying to invest in house, you should look for poor houses that need a lot of work (clean up, painting, new carpet). Those kind of house are cheaper to buy, tough it will take some work to improve. But don’t look for house that too run down, cause it could cost fortune to repair. If you are a handy man, then you can save some money cause you can try to repair that by yourself instead of hire someone. If you can’t do it by yourself, then you should inquire about a subcontractor or company that will do it for a reasonable price. Some subcontractor can make an agreement such of the money once you have resold the house.
You should always get an estimate from a reliable contractor before you make the purchase. Especially if the house has any type of structural problems. If you are planning to stay in the business, you’ll learn a lot more over the years. But you should always hire a contractor when you first start out. You can make the final decision on how much of an offer you want to put down on the property once you get all of the estimates together.
If you are succeed in having team, renovated and resold several homes, you will begin to feel quite a bit more confident with buying homes that need repairs. Also you will have a huge advantage in the market. All it takes is time and practice then it can be a huge advantage when you are looking for homes to buy and resell. You can use the cost of the repairs to your advantage, you will also be able to get a lower price when buying the home. Things to remember, you need to take things slow. You can not expect profits to come overnight, as it will take you some time to learn.