Hi, we're Paul and Scott -- two life-long friends that have been helping folks on Long Island buy and sell their homes for over 20 years. We have several programs available to anyone who desires to build long term wealth through real estate, and we are always looking for partners that we can pull up the ladder of success. Maybe you don't have the time or knowledge to get started on your own, but you do have cash or retirement funds to invest? Even if you have no cash, but have good credit, you can take advantage of opportunities available to you as a real estate investor.
If you are ready to discuss the fantastic opportunities available to you as a real estate investor, just call us at 631.278.1575 or fill out the investor inquiry form above and we will personally call at your convenience. All information is kept strictly confidential and all investor funds are safely secured by local area real estate.
Damage to a Home is Good for Flipping
Look for damage that scares buyers, but can easily be repaired.
The key to successful flipping starts with identifying the "right" house. We have seen time and again ambitious real estate investors enter the flipping space, only to leave after their first house because they chose a house that did not fit the criteria for a solid flipping opportunity. Where the traditional real estate adage of "location...location...location" still applies, the fact of the matter is that a sometime more relevant rule for flipping homes is "condition...condition...condition". In this edition, we take a look at some damage areas to a home that can turn into an investors pay-day if identified and handled correctly:
1: Cosmetic Damage
Many times the houses you will look at will have been sitting on the market for quite some time. What started as "poor condition" can be made much worse as a result of water damage from broken or frozen pipes. As a result, walls can look damaged, rotten and moldy. This is a huge turn-off to a retail buyer because most homeowners have been told to stay away from major repairs and to look for such damage as an indication that the house is a "lemon". But we're here to tell you that as long as the damage is primarily superficial, broken pipes can be easy to fix and great leverage for a significant price reduction.
2: Broken Pipes
Not winterizing a property and/or turning the electric off while the house sits unoccupied can also cause water damage to the home. Many times if the house is a foreclosure, the bank will try to limit its exposure by failing to take the necessary safeguards to protect the home. This can result in burst pipes during the winter, overflowing sump pumps and even flooding of the basement due to poor landscape maintenance. Can you say "Domino Effect!!!" But similar to above, if the damage is primarily superficial, moldy dry wall can be easily removed, support beams can be treated and/or bleached and basements can be pumped out, leaving what originally looked like a disaster looking almost as good as new. Such water damage provides powerful leverage to get purchase price reductions and turn antiquated spaces into modern attractors to the home.
3: Leaky Roof
Now as long as the damage to a roof doesn't require too much structural repairs, a hole or leak in the roof can be one of those relatively small problems that can cause what appears to be big problems for prospective buyers. That in turn converts into a huge advantage in your subsequent price negotiations. Many times if there is a hole in the roof, even if the rest of roof is in relatively good condition, a buyer will have problems obtaining financing from the bank and thus shy away form the purchase. But with a little professional know how from a quality roofer, and some minor patch work on the walls affected by the leak, a strategic buyer can turn this red herring into some major green. Once again damage can be good.
4: Resurface Old Decks
A worn out, splintering deck can be twice the eye sore as no deck at all. Prospective buyers frequently dream of what their life would be like in their future home, and life in the backyard is a major part of those dreams. So an old worn out deck can not only spoil their visions of a relaxing Summer's day, but also scare them about the cost of replacing, removing or repairing the old deck. This once again is an opportunity for a savvy investor. With today's composite decking material, a work out deck can be effectively resurfaced in a day or two, and in so doing make a backyard newly renovated and the landscaping professionally designed. Cha-ching!
5: Old Pool/New Pool
A beautiful pool can add tens of thousands of dollars to a home's value. Likewise, an old dilapidated pool can make a poorly landscaped yard look down right scary. If you can find a house that has a badly worn out pool, but one that is structurally sound, you'd be amazed at what some new pavers and a brand new pool liner can do for the appearance of a home. It can turn a dump into a high-end home that demands top dollar. The key is to know how to assess a pool's condition, turning what looks to the naked eye like a disaster into nothing more than a face lift. The key is to be sure that the framing is intact and any and all cement work is still structurally sound. If the structural aspects are sound, while your average buyer runs for the hills and/or struggles to get financing as a result of it being a danger and liability, you add it to your value proposition and increasing the selling price by thousands.
6: Renovate the Basement
Nothing can enhance the resale value of a house more than a finished and full-functional basement. So when you come across a badly damaged basement or a completely unfinished basement, your eyes should light up with the opportunity to add tens of thousands on to the final sale price of your investment property. A lot of time this requires limited investment -- sheetrock, carpet, paint, some new partition walls, etc. In the case of a water damaged basement, you will want to make sure it is not a serious foundation leak, but if it turns out to be the cause of a bad sump pump or leaky upstair pipes, you may have little trouble fixing the cause and renovating the basement for a big payoff. Proving once again, that in many situations, "Damage is a Good Thing."
Paul Greco and Scott Sherman
175 Crossways Park West
Woodbury, NY 11797
FAST, EASY, PERSONALIZED ATTENTION
We're Paul and Scott, two life-long friends that have committed ourselves to everything real estate has to offer. We started NY Cash Home Buyers to honestly and quickly flip homes throughout Long Island. We're located in Woodbury and have been buying and selling houses in New York for over twenty years. During that time, we've earned a reputation as consummate professionals that offer attentive and personalized service to our customers. We have a team of handpicked attorneys, title agents, real estate brokers and contractors that can help you with your real estate needs and we provide you with a quick, hassle-free way of selling your home for cash in as little as 7 days.
If any of the reasons below apply to you, please call us today at 631-278-1575 and let us help you sell your home for cash.