It's important to know how to choose the right investment property to rehab when you are first starting out. If you stray too far from the median priced, typical “bread and butter” home you could be in for some shocking surprises. The simple truth of the matter is most of us make some bad decisions on the first couple of houses we buy. They may not be fatal mistakes, but they are mistakes none the less.
Today I want to tell you about my first flip and also give you some tips on how to choose the right investment property.
My First Flip
My first flip was in a solid older neighborhood but it was a 2 bedroom home. I knew that a 2 bedroom house was less desirable than a 3 bedroom, but I counted on the neighborhood to fix that problem. This house was in an area where there was a solid mix of 2 and 3 bedroom houses most of which were built around 1950-1960. It needed a lot of work. You could easily say it was a “junker” if you only looked at the interior. It was a cute house on the exterior. Read the rest of this entry →