St Cloud FixerUpper Projects Ripe For FirstTime Investors

St Cloud FixerUpper Projects Ripe For FirstTime Investors

 The fix-and-sell investment strategy is as popular as ever thanks to exposure on cable television—both as TV series and late-night advertorials. St. Cloud fixer-upper properties offer first-timers a straightforward way to test the real estate investment waters. The simplicity of the strategy is appealing—but as presented in 30-minute chunks, a bit over-simplified.

Last week, Forbes magazine posted a relevant commentary aimed at informing new real estate investors of some basic stages common to just about every St. Cloud fixer-upper project. It amounts to a 5-part master checklist for fixer-upper project management:

  • Inspecting. Spotting and detailing problems is the first order of business. Forbes gives a rundown of the major areas of concern—but a more detailed listing is available by reading any professional inspection report.

  • Recruiting. Whether you engage a contractor to oversee the rehab or decide to hire the sub-contractors yourself, locating reliable St. Cloud personnel is key.  

  • Scoping. Formulating a detailed SOW (Scope of Work) comes next. It should detail the objectives (and limits) of fixer-upper activity—important ingredients for assuring the precision of bid proposals.

  • Bureaucracy wrangling. Obtaining building permits, insurance indemnification, and keeping ahead of all the varied governmental and legal paperwork prevents fines and penalties (or the worst case: having to tear down renovations already proceeding).

  • Management. Whether you are relying on a contractor or doing the work yourself, keeping tabs on the progress of the St. Cloud fixer-upper needs to be a continual, hands-on activity.

   First-timers can’t be expected to anticipate every potential time-consuming setback that fix-and-sell projects sometimes encounter, but with mortgage interest rates near historic lows, the expense associated with the time factor is less of a profit-killer. That makes today’s market an unusually inviting one for first-timers ready to wade into the opportunity. For a look at some of today’s intriguing St. Cloud fixer-upper candidates, give me a call!

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Noel Johnson Headshot
Author:
Phone: 320-980-3100
Dated: October 14th 2019
Views: 122
About Noel: Passion for investing in real estate brought me to create Premier Real Estate Services in 2002. Ten ...

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