Buying property for renovations

[Mark Dutton]

I live in Tampa and I am thinking about buying a fixer upper property. What are some things you look for when deciding to buy a property to renovate?

Is the location huge? (Ybor is a historic area and some bad areas to it) the area has cheap houses but I’m not sure it would be worth it to buy something there.

What else do you look for one fixer uppers?

[Kevin Mika]

@Mark Dutton

I would say location is a biggie. I also look for properties that have a bigger buyer pool. A 3/2 is better then a 2/1 for most buyers. I wouldn't worry to much about the rehab cost unless your inexperienced. Then it's just a matter of learning and estimating your rehab. A little leg works and a few sheets of paper but nothing that can't be done. And for the Capex items I just budget them in my rehab budget. If I need a roof I just budget a roof, same with AC ect. A roof is easy to put on if you just call around and network with other investors. Plus having those big ticket items already replaced and new is a big appeal to the new buyers. Most 1st rehabs should be simple where you just do a cosmetic update. If you start moving walls or doing bed/bath build outs and don't know what your doing your rehab budget can get away from you. Also network with other investors that are actually doing rehabs and have them walk the property with you. Their knowledge will help greatly.