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Tuesday, August 31, 2010

If paint and new flooring aren't the fix, maybe avoid it!

Getting in over your head can happen quickly.  This can happen with most things in life, financial or whatever.  In the last several years we have seen the results when folks get in over their heads in real estate - either as homeowners themselves or "flippers."

Flippers are those who are looking to buy and turn a property in a short period of time and make a big profit.  Some jump at the late night "get rich in real estate" infomercials.  Some are just "regular" folks, like you and I.

Key Point: There are investors and there are “flippers.”  Investors understand the requirements and expense when it comes to appropriately rehabbing a foreclosure.

Many "flippers" I have met see only mostly inexpensive cosmetic fixes and dollar signs! [Cosmetic fixes are good for beginners!]

They sometimes miss the (1)  structural issues, (2)  mold remediation issues, and (3)  major systems issues like roofing, electrical or air conditioning/heating.

There are attractive deals in the Brevard County real estate market with "short sales" and foreclosures.  If you are inexperienced and want to rehab a property to use as a rental or to re-sell, make sure your skills and budget are realistic and up to the task.  The programs on television sure make it look easy, don't they!

My advice, take baby steps, like properties that involve only cosmetic issues...paint, flooring, landscaping. And, invest in a property inspection!

For information on short sales, foreclosures and homes and condos for sale in Brevard County, Florida, call me directly at 321-693-3850 or by email.

©Gary L. Waters, PLLC, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida

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