Are the $10,000 Fixer Uppers gone?
So are the days of the Tampa Bay Area $10,000 to $15,000 Fixer-Upper gone forever? Well I’m not sure but it’s looking like it’s coming to an end if it hasn’t already. I do see a few $10,000 – $15,000 homes occasionally, but they’re very hard to find and they go fast faster than they used to another words 15 minutes and they’re gone. They’ve been replaced by the $30,000 to $50,000 fixer upper, so for investors that means you got to work harder to find the right one.
Bargains are still out there but you need an experienced person to help you find them. Flipping is a little bit more challenging and the flippers know they have to do a better job of fixing the house up. Quick clips are hard to sell because generally if it’s quick-flip they’ve not done a very good job.
Rather than a quick flips I am seeing more assignment of contracts which usually are sold to other investors who do the work need to either make the unit a rental or make it nice for a new home owner.
So the market is moving forward the prices are rising and that’s why the era of the $10,000 home is pretty much done I do have one thing to say and that is if you come across a $10,000 home put a contract on it immediately if you can, then go look at it because it’s not going to be there 15 minutes later unless it’s a completely destroyed house.