BE REALISTIC ABOUT HOW MUCH YOU TAKE ON!
The fixer-uppers that need the most work are going to be priced at the bottom of the market, and therefore they’re probably going to be pretty attractive especially to someone who’s never fixed and flipped a house. Often times, a fixer-upper requires more than just a cosmetic update; there could be structural issues, electrical issues & plumbing problems, just to name a few of the potential fixer-upper pitfalls.
Not only do you need to be realistic about the project scope for each individual fixer-upper that you’re considering, you also need to think about your own, personal project scope wants and needs. Are you hoping for an almost-move-in-ready type of job, just replacing some flooring and painting the walls? This house defiantly needs more than most. Are you prepared to tackle a full gut-and-repair type of job? Once you start digging in, no pun intended, you may in mid stream decide hum…. not what I expected and go for the gut job! Always need to be prepared for surprises!