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Fixer Upper Dream Or Nightmare
he fixer upper seems to be million in the fixer upper
the fix-all for many real market, which designates him as a
estate investors. Fixer fixer upper expert. “If you want
uppers are the most sought after to find the right property to
of real estate purchases, but make money on,” he said, “you
they sometimes turn into a better get ready to look high and
headache rather than an equity low for them for a long time.
building vehicle. Most of the real deals out there
get bought up quickly.”
“I’ve done well doing
fixers,”said Matt Stansfield, who At 48 years of age and doing
just completed his nineteenth fixers for 18 years Stansfield is
fixer. “But I haven’t made money slowing down his hunt for the
on all of them. Anybody who fixer upper. He worked for a
thinks they’re going to make a large corporation right out of
fortune on fixers and doesn’t college, but as he says,
have the know-how may be “couldn’t stand the grind or
mistaken.” drudgery.” The day to day odyssey
of going to the office and
Stansfield has more than an keeping on the good side of his
average understanding of how the bosses wore on him and this
fixer-upper game is played. He’s self-professed independent man
done more fixers than most people left the corporate world after
will ever challenge, and he’s just two years for good.
bought and sold homes from coast
to coast in this wanbee game of “I had to make my living my way,”
fixers in California, Florida, he says. “And now I suppose I can
Oregon and New York. say I have.” But learning the ins
and outs of doing rehabs on homes
Stansfield has netted $1.34 in four states has taught
Stansfield more about the real Stansfield. He’s fought for
estate business than he could zoning changes, found himself on
imagine. the outs with lenders, on the
brink of foreclosure twice,
The fixer upper may be one way to learned about IRS redemption
making a fortune in real estate, periods on homes he’s purchased
but it isn’t without its at auction and a merried of other
pitfalls. Stansfield lost nearly aspects of real estate. He says
$18,000 on his first two fixers, it’s been a battle at times, but
which would have knocked many he seems to have won at what he
people out of the game, but then calls a game of sorts.
Stansfield decided he needed a
game plan before tackling his Partnering with hard working
third. “I just said we have to dependable contractors and good
have a budget and stick to it.” real estate agents have been key
to his success. Stansfield has
The cosmetic fixer was his next worked with the same contractor
avenue, and with just carpet, in most of his homes that have
paint, kitchen counters and vinyl needed extensive repairs.
Stansfield found the right house
to net a $28,000 profit. He was Finding good real estate agents
off and running. “It was like in each area has been another
hitting the lottery after two matter. He’s found agents who
losers,” he said. “We only owned would both sell and list his real
the house for three weeks and estate. “Working with real estate
sold it. Everything worked like agents who just do one or the
clock work.” other never worked for me,” he
said. “So I decided long ago to
Everything hasn’t been the work with agents who did both.
proverbial peaches and cream for It’s worked for me, but everybody
seems to have a different game amounted to a net loss of
plan when it comes to marketing $310,000.
property.”
While he still has a little more
While Stansfield has found great than $400,000 Ryerson is hanging
success in the fixer upper up thoughts of conquering another
market, Don Ryerson has fixer upper. He’d done more than
experienced a deadening end to two dozen fixers over the years.
his dreams of a wealthy “The real estate market was
retirement in Greenwich, booming,” he said. “Now things
Connecticut. After 23 years doing are changing with the interest
fixers he purchased a home for rates going up so many times and
slightly more than $2-million, I think it’s time to get off this
which needed extensive work. As a merry-go-round.”
suburb of New York City,
Greenwich has one of the most After a national real estate boom
expensive housing markets in the which has lasted more than five
nation. years in some places, real estate
markets throughout many parts of
But it took Ryerson more than the nation are changing. But
seven months to finish the needed there are some local real estate
repairs, including a partial markets that are still very
foundation failure and it took active, even some that are still
another eight months to finally hot.
get the home sold for what
About the Author:
Mike Colpitts is the publisher of Real Estate Add, an information driven website which provides real estate reports on local real estate markets in all 50 states. Visit http://www.RealEstateAdd.com
Source: www.isnare.com |
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