If you’re investing in real estate, there’s a risky option that has the potential to lead to a massive pay off. You can buy a dump and no, we’re not talking about a fixer upper here. We mean an actual dump. This is a home or property that has been through the wars more times than people can count. It’s been neglected, left to rot and might even be barely standing. But you can still turn it into a goldmine with a little elbow grease and a lot of determination. However, before we look at how to improve it let’s think about what you might be looking for.
If you’re buying a dump, you still need to check the property out. It needs to be structurally sound. There’s a difference between a home that looks like it could fall over and actually would with a strong enough gust of wind. The basics of the home also need to be in tact like the plumbing and the electric lines. If either of these are shot, walk away because this is how you end up buying a money pit.
Aside from that, the home can have as many issues as you like. It can be infested with bugs, covered in mold and stink of urine. It can be a place where a major crime happened like a murder or even a drug den. It doesn’t matter because any of these problems are fixable. Once you find a property that ticks these boxes we can think about how to buy it.
Down To The Floor
First, make sure that you’re buying the property at the floor asking price. This should be incredibly cheap, no matter how large the property is if you’ve chosen the right one. If you’re worried you’re getting overcharged, hire someone to inspect it. They’ll tell you exactly how much it’s worth so you can approach the seller with a suitable offer.
Clean It Up
No matter what problem the property has you can always clean it up once you buy it. For instance, there are businesses that specialize in providing a meth lab cleanup service. Yes, you read that right, a meth lab. So, don’t worry if there’s rats in the basement, fire damage or bodily fluids. You will be able to find a team who can sort it for you. This should take a few weeks to sort out, and after that, you should only have a few problems left.
Now it’s A Fixer Upper
You can then set to work fixing any maintenance issues such as areas of the home that need repainting. Or, any issues outside the property such as grass that has been left to grow. Don’t forget it’s easy to improve the curb appeal of a property. You just need to plant some flowers and make sure it looks attractive. You’d be amazed the type of impact this can have on the asking price.
Finally, you can start getting your property ready to sell again, adding some cheap yet stylish looking furniture. At that point, give it a final clean and put it back on the market. Remember, you don’t have to say anything about the history of the house unless they ask. It’s up to the buyer to make the right queries. In other words, as long as the house looks fantastic you should have no trouble shifting it on the market. Goodluck!