Lee Morof's Real Estate Blog

Are you buying Troy Michigan real estate chiefly as an investment or as your primary residence? Does it need a little updating or a big overhaul? When you consider that buying Troy Michigan real estate is a major purchase, no matter what the reason, it’s always a good idea to look at the potential pros and cons.

Pros of Buying a Fixer Upper
Location – The fixer upper you’re considering could be in a great neighborhood. It might even be on the best street. But, because it needs work, you could get a home in a location you might otherwise not be able to afford.

Cost – It’s almost always cheaper to buy something broken than to buy something that works. Well, the same can be true for any kind of real estate investment. Buying a fixer upper may be a good alternative, if you want to own a home but can’t afford a high mortgage payment.

Style – It’s your home. When you remodel, redecorate or renovate, you get to choose what you want it to look like. Maybe it has a big picture window just dying for a window seat. Maybe you like soft mauve walls instead of the institutional green currently there. That’s okay, because you can fix it up to fit your personal style.

Cons of Buying a Fixer Upper
Cost – You may be able to save money on the selling price of a fixer upper, true. However, the savings could be totally lost once you start looking at the cost of renovations. Before you sign on the dotted line, do what any homebuyer should do and get a home inspection. Figure out how much you’ll be spending all together instead of basing your costs exclusively on the selling price.

Location – Often, fixer uppers are in less than pleasant neighborhoods or on streets with other homes in equal disrepair. Especially if you’re flipping houses, the chance of getting your investment back isn’t very likely. When buying a fixer upper – for any reason – make sure you weigh its location against the cost.

Style – Quite simply, your personal style might take more energy and knowledge than you have available. For instance, if you don’t know anything about drywall, plasterwork or woodwork, that window seat you want so badly may not be possible. As well, if you only have an hour or so a day to work on the home, it could be in a state of disrepair for a long time before it’s finished.

If you’re thinking about buying fixer-upper Troy Michigan real estate, always look at the pros and cons of the specific house. You could make a great investment or end up with a money pit.

If you’re looking for a fixer upper that needs some tender loving care, I can help. Call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com for more information.

Lee Morof
Associate Broker/Attorney
RE/MAX Showcase Homes
Birmingham, Michigan
www.NorthWoodwardHomes.com
info@NorthWoodwardHomes.com
Call:  248-514-2640

Real estate investments are still going strong and will probably continue to be a popular method of financial gain into the future. Real estate is solid. It is a tangible product that is attractive to both beginning investors and experienced pros. The most important part of getting started in Troy Michigan real estate investing is knowing what you’re getting into and what to watch out for. Here are 4 top tips from real estate investment professionals:

Understand the Realities

Real estate investment, like any form of investment, is risky. Do not use money you cannot afford to lose. Careful study, understanding the market, and practice help alleviate a lot of the risks but things happen in the best of situations so don’t play with what you can’t afford to lose.

Research is a Constant

Research in real estate investment isn’t something you do once. Research is constant. It is a daily part of your efforts and should always be at the forefront of your mind. From changing banking methods to market changes, researching and learning must be ongoing to be a successful Troy Michigan real estate investor.

Know the Property

Research isn’t limited to financing and the real estate market. You need to thoroughly investigate each property before you buy. Fill out an investment worksheet to see if all the costs associated with the purchase will allow a satisfying profit.

Learn About Personal Protection

Taking risks with the money you have set aside for investment is one thing.  Taking risks with your family’s savings, property, and other assets is another. Consider starting an LLC. You can choose from a single LLC to cover all of your real estate holdings, or having a separate LLC for each property purchased. 

Learning the tricks of the top real estate investors allows you to profit from the experience of those who have gone before you.  If you would like more expert advice on Troy Michigan real estate investments in Southeast Michigan, give me a call today at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

Lee Morof
RE/MAX Showcase Homes
Birmingham, Michigan
www.NorthWoodwardHomes.com
info@NorthWoodwardHomes.com
Call:  248-514-2640

When it comes to success, it is often seen that those who have it share similar traits. These traits are usually shared by successful people in many different fields. The same is true of successful Troy Michigan real estate investors.

If you want to become a rich real estate investor, consider these traits that most successful people possess: 

1. The ability to see possibilities rather than simple realities. The best Troy Michigan real estate investors can look at a rough piece of property, an abused home, or a vacant block of commercial buildings and see the potential within those places instead of the run-down, or empty parcels that actually exist. Being able to visualize the property as it could be, and conceptualize the project vital to success.
2. Successful individuals in all walks of live tend to have a relentless nature. They will not give up, do not admit defeat, and do not take kindly to losing.
3. Successful people have a thick skin. They can ignore the naysayers who try to talk them out of moving forward. A thick skin is as important when they are at the top as it is when they are starting out—maybe more so, because once you achieve success everyone is jealous.
4. Successful people know how to get the best and most accurate information. Many successful people attribute their success to knowing how to surround themselves with the best resources of all types.
5. Finally, they are married, and stay married. Of course, any successful person can tell you that the quickest way to lose half your stuff is to get divorced, but being married (happily) also provides support and confidence. That is just as true for Troy Michigan real estate investors.

Whether you’re a beginner or veteran real estate investor, if you would like more information on how to increase your success when purchasing Troy Michigan real estate, I’d be happy to share my insider’s knowledge with you.  Give me a call today at 248-514-2640 or email me at info@NorthWoodward.com.

Lee Morof
RE/MAX Showcase Homes
Birmingham, Michigan
www.NorthWoodwardHomes.com
info@NorthWoodwardHomes.com
Call:  248-514-2640