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Fixer Uppers — Homes and Houses

Purchasing houses, making improvements and reselling them for a profit has long been a proven way to achieve financial success. Whether you call them "fixer uppers" or "handyman specials," renovating distressed properties represents the greatest risk and reward for real estate investors.

In fact, there are not too many other businesses other than real estate that can generate a similar return on investment in such a short timeframe.

If you're just starting out, it's best to go after houses that are located in nice neighborhoods and only need minimal amounts of work. That's because just some minor touch-ups and cosmetic work such as painting and new carpets can go a long way when it comes to turning a nice profit on a home.

In short, look to purchase the ugliest house on the prettiest block. Don't be scared off by houses that look and smell terrible. These are often easy — and cheap — fixes.

As you become more familiar with the process, you may start to consider bigger rehab projects. These are enticing because the payoffs can be huge. However, it's important to use extreme caution when considering homes that need major repairs.

Experienced house flippers often have the knowledge, contacts and financial resources to fix big problems such as structural damage quickly and cost effectively. In the beginning, your best move is to have professional inspectors and contractors provide estimates.

This may eat in to your budget, but it will be well worth the expense in the long term, especially when it comes to peace-of-mind.

On Foreclosure.com, you will find thousands of investment properties from which to choose. Finding the homes that are right for you depends on your individual skill set, level of experience and motivation.

Regardless, you need to be patient and take your time.

And when you do find the perfect fixer uppers, keep these tips in mind to increase your chances of success.

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