Across the country, the foreclosure rate and inventory continues to drop. However, there are still higher levels than historically have occurred. But, the residential real estate market is gaining more health month after month. However, this doesn’t means there are no distressed properties available. Foreclosures and short sales always constitute a small market share of local property listings. These present a prime opportunity for the right buyers but it must be done right. This is where property investor foreclosure cleanout usually comes into play.
Property Investor Foreclosure Cleanout Top Tips
When you purchase a foreclosure property, you’ll do so to get a real bargain. And, your return-on-investment will depend substantially on how you proceed. You’ve got to buy at a bargain basement price because that will ultimately determine if you’ll make money. It’s often the price which turns an otherwise good looking deal into a complete nightmare. Be sure to know your rehabilitation costs and your carry costs before you commit to a purchase.
The foreclosure crisis began in some parts of the country as early as 2007 and later peaked nationwide in September 2010, with approximately 120,000 completed foreclosures occurring during that single month. At the end of 2016*, the national foreclosure inventory, which reflects all homes in some stage of the foreclosure process, included approximately 336,000, or 0.9 percent, of all homes with a mortgage compared with 1.4 million homes, or 3.3 percent, at the peak of the residential foreclosure crisis in September 2010. —Yahoo Finance
Too many first time property investors pay just a little too much and then splurge on the remodeling materials. That significantly cuts into their margins and the deals are nearly as lucrative. Understanding your costs is necessary to avoid unpleasant surprises. Your outlays should include everything so you don’t wind up with unexpected costs. When you’re ready to proceed, use the following property investor foreclosure cleanout tips:
- Start with the whole exterior. If you’re going to flip the property or rent it out, do yourself a huge favor and clean up the exterior. Remove any yard waste, cut the grass, dress up the curb appeal, and brush on a fresh coat of exterior paint. The better it looks from the outside, the more appealing it will be to people passing buy and to the neighbors.
- Turn your focus to the inside. When the exterior looks its best, take your efforts to the interior of the house. Be ready to remove a lot of junk and furniture from the rooms and garage. Also, empty out the shed, if one is on the property. You’ll need to deep clean and disinfect each and every room and all nooks and crannies.
- Be prepared to replace a lot. It will likely be necessary to replace flooring, appliances, windows, and doors. Chances are excellent you’ll have to replace quite a bit to get it not only in livable condition but to impress, as well.
- Get professional help when needed. While DIY projects will save money, you’ll need some professional help here and there. Whether it’s electrical wiring, plumbing, or a foreclosure cleanout service, let the pros do the hard work to get the best results.
If you need a foreclosure cleanout, go ahead and phone 800-433-1094 or visit Haul Junk Away. Our team is extensively experienced in foreclosure cleanout procedures to get the best results possible.