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Part 1: Foreclosure Investing: How To Make Money – (180 Words)
Part 2: Foreclosure Investing: The Basics – (223 Words)
Part 3: Foreclosure Investing: Training To Spot Bargains – (338 Words)
Part 4: Foreclosure Investing: Moving On Into Purchase – (337 Words)
Part 5: Foreclosure Investing: After I Have The House – (494 Words)
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Once you have purchased your foreclosure property, you have two options. You could fix it up and sell it on for a quick profit, or rent it out for a long term investment. Either way, you will likely have to put some work into your property.
When it comes to refurbishing a house, you should only purchase a home that needs cosmetics. Stay away from homes that need structural work. This is expensive and best left to those which much more experience. You should start with the outside of the house and work your way in. Tend to the garden first, if the time of year permits. Cut the lawn and get it looking good. Do any pruning that is needed and put in some new plants. It takes time for the garden to take shape to best to get started early.
Once you have the garden and lawn looking good, you might want to consider painting the front of the house. A fresh coat of paint can work wonders and bring homes back from the dead. When doing this, try to keep the color neutral and bright. However, try to make it in keeping with the rest of the houses on your street. You want your house to be noticed but not an eyesore.
Now that you have the house, what about the inside?
Once the outside of your home is looking good you need to move inwards. You need to know where to spend your money for the maximum amount of return. Generally, the three rooms that sell houses are the living room, bathrooms and kitchens. You should spend the majority of your money getting these areas looking as good as possible.
With your living area, a nice bright, crisp clean look is what you want. Repainting the walls in a bright neutral color can achieve this. You may want to recarpet the floors using the same color idea. If you have bought an older home, see if you have wood floorboards underneath. If you do, it is definitely worth sanding and varnishing them. It is relatively easy to do and looks fantastic.
Bathrooms and kitchens largely depend on the condition they are in. If the units in both are dated or damaged then spend the money and have them replaced. If not then simply repainting, replacing handles and giving them a good clean could do the trick.
There is good money to be made in foreclosure investing. The key is getting the right property. By doing some research early on, and preparing yourself for some hard work. You could see some real profit in the long and short run. Make sure you research your project idea so you know it is profitable. Keep your first few projects simple until you get a feel for what you are doing. With some patience and hard work you could have a very profitable foreclosure investing business.Other Details
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