You've more than likely heard people saying in the past that they were in the right place at the right time with regards to a particularly good deal they made. Well, if you've ever considered entering into the property business in order to buy and sell properties, you'd better start focusing on property in Greenville SC because yes, it's all about being in the right place at the right time, especially when you also have all the right information.
How to Get Started
First let's take a look at one young man in particular who made the decision to get a HUD foreclosed property. Once he had secured it, he immediately got started with painting and decorating well at the same time he got a friend to take care of the wiring and another to redo the plumbing. You also begged his mother for her credit card in order to secure the mortgage and to cover closing cost. Interestingly enough, when he sold the property, he walked away with $10,000.00 in his pocket, and that was after he had paid capital gains tax, interest, and all other associated expenses.
What you need to know is; you can do exactly the same as that young man did, given the fact that there are so many bargain properties still available in Greenville SC. One thing to bear in mind though, is that the average home buyer is looking for a home which is affordable, rather than a luxurious mansion and as such, you should focus on buying a modest property. Furthermore, you also need to take into consideration certain other factors, such as, location, condition, any potential environmental hazards, and of course, current market appraisal. Additionally, if it's a HUD foreclosure, then you also need to determine if there is any equity tied to it.
Just like the young man, mentioned in this article, you can also start small and work your way up. Of course, if you do have adequate capital then it would be wise to purchase a bargain property, either near the beach if your target market is tourism, or if you aim to target students or regular workers, then perhaps you should look for a property in a good downtown location instead. Irrespective of what you decide, never allow yourself to be tempted into buying a property which is beyond your means.
Inspecting the Property
While most of the properties which are considered bargain properties in Greenville SC are still quite new, there are a few which will need to be thoroughly inspected. In this case you should examine the property not only on a nice sunny day, but also on a day when it's raining, in order to establish whether or not the house is leaking. Furthermore, you also need to perform other checks in order to determine whether or not the property is infested with termites, or whether or not there's a problem with dampness. A watermark in the basement is a sure sign of regular flooding, and be warned, rectifying such a problem can be extremely costly so it would be better to avoid such properties altogether. Once you've found a property which you feel is right for you then you need to get someone in that can give you an estimate, as far as the cost of renovations is concerned. Of course you have to add this cost to the price of the property in order to determine whether or not it's within your budget.
Let's face it, Greenville which is nestled away in South Carolina is an exceptionally beautiful place and for the most part, selling property is no problem at all. Once you've carried out all repairs, you need to get the house back onto the market and you need to advertise aggressively. Contrary to what you may have heard, you can do all this yourself without having to hire a broker. Once the offers start coming in, don't be tempted to take the first one but instead, take your time and wait for the best offer. Providing an offer is high enough in order to cover all your related expenses while at the same time believing you with a handsome profit, then by all means go ahead and sell. Hopefully you will have made enough profit on your first project to be able to start the second project, or to treat you and your family to something special.