Upstate, NY, and the Hudson Valley are the perfect places to look for fix-and-flip properties. Although you’ll find plenty of foreclosures on which to turn a profit, there are also plenty of gorgeous homes that aren’t in foreclosure but are also in need of some renovation love. If you want to find the best fix-and-flip properties in the Hudson Valley and Upstate, NY, there are four things you need to do before you begin looking at properties.
4 Tips for Finding the Best Fix-and-Flip Properties in the Hudson Valley and Upstate, NY – Presented by Dino Alexander, Principal Broker at the ALLUVION Real Estate – Best Real Estate Agents in Hudson Valley
1) Getting started
If you’re new to real estate investing, it can seem overwhelming at first. Where do you even begin? A great place to start is by reading up on some popular investment strategies. While no one method will work for everyone—or every investment—reading about other people’s experiences and opinions can help you find a strategy that works for you. You can also find a broker who will listen to your goals, help you figure out your needs and wants from an investment property, give advice based on his or her expertise (which can include where to invest), then point you toward properties that might fit your criteria.
2) Location, location, location
Location is one of the most important things to consider when looking for a fixer-upper to invest in. The property should be close enough to where you live so that it’s easy to maintain but far enough away that it doesn’t drive up your housing costs. You also want something spacious enough that you have room to start a small business without losing sight of why you’re investing: profit. If you like your privacy and space, head out into nature. Rural properties are often neglected because people think no one wants them but there are plenty of reasons why people would love an old farmhouse in need of some TLC.
3) Trulia & Zillow are your friends
These real estate sites aggregate a ton of data about homes on sale, which is especially useful when you’re searching for fixer-uppers. To give you an idea of what these sites can tell you about a house: Zillow shows information like whether a home has been remodeled in recent years; which schools are nearby; and how much square footage it has. Trulia also includes things like what type of roofing material is used on your potential property (if there is any), plus information about water sources that might be helpful if there’s no municipal plumbing available to hook up to.
4) Keep costs low
Farmhouses may look old and drafty but they are usually solid with good bones. They’re also relatively affordable compared to other homes, so you can potentially make a healthy profit if you do a few things right. The first thing to do is find an agent who knows what he or she is doing—at least when it comes to real estate deals like these. A good broker will be able to inform you about all of your options (regardless of where they’re located) as well as point out any red flags. It’s not just about finding a great farmhouse; it’s also about knowing how much one will cost (down payment + renovations), how long it will take to rehab (3 months? 6 months?
To wrap it up for you: Buying a fixer-upper is a great way to get into real estate investing. And it doesn’t have to be difficult! Remember 1) Start off by finding potential neighborhoods with low vacancy rates. 2) Look at sale prices in those areas over recent years so you can figure out what’s been selling well and why. 3) Take your time when looking at properties; since they’re already fixer uppers, you’ll want to ensure that what needs fixing is doable within your budget. 4) It’s good to know a real estate broker who can negotiate on your behalf—they might just help you find your next farmhouse!