Buy, Hold, Sell: In desirable towns with good schools and growing populations real estate appreciates over time and is generally a better option than renting over any given ten year period. Make sure you have the courage and financial stability to hold the property through unexpected downturns.
Buy, Hold, Update and Sell: Make sure your updates can be supported by the neighborhood and is appealing to future potential buyers.
Buy, Hold, Update, Add Square Feet and Sell: Make sure the size of the renovated house will fit in with others in the neighborhood. Keep in mind that added space is not as important as functional space. Additions should be added while maintaining good functionality, flow and light throughout the home.
Bring up a Neighborhood: This strategy works well on smaller streets with dated homes tucked among streets that are well manicured and appreciating well. By bringing together a team that can buy all of the homes and bring them up in quality, good profits can be made.
Present Lease Option Opportunities to Renters: This works well in areas where rents are high and appreciation is steady. Contact Patricia Rattray if you’d like to partner with a renter to buy an investment property.
Buy Properties Significantly Under Market Value and Flip: In this case buyers look for distressed sellers, loans in default, and properties that will provide seller financing. Make sure to choose a home with good flow and a consistent neighborhood. If buying a fixer upper, make sure that the home, when renovated, is consistent with other renovated homes in the neighborhood. For example, buying a single family home that needs lots of work in a multi-family neighborhood is generally a bad idea.
Build New Construction and Target Less Popular Price Ranges: Build with cutting edge, unique, environmentally innovative, features. There are always buyers that want the latest and greatest in home systems and materials. When building new construction you should aim to build a home that can be priced in the exact range that most buyers are looking for at the current time. This price range might be different from the range in which buyers are actually purchasing. Houses priced in this range might be uncommon or hard to secure because of multiple offers.
Rental Income: Any of the above strategies can work with the additional benefit of rental income. In lower Fairfield County CT, there is generally more demand for apartment building, and townhouse rentals versus multi-families and single family houses.