The fix-and-sell investment strategy is as popular as ever thanks to exposure on cable television—both as TV series and late-night advertorials. Costa Mesa fixer-upper properties offer first-timers a straightforward way to test the real estate investment waters. The simplicity of the strategy is appealing—but as presented in 30-minute chunks, a bit over-simplified.
Last week, Forbes magazine posted a relevant commentary aimed at informing new real estate investors of some basic stages common to just about every Costa Mesa fixer-upper project. It amounts to a 5-part master checklist for fixer-upper project management:
- Inspecting. Spotting and detailing problems is the first order of business. Forbes gives a rundown of the major areas of concern—but a more detailed listing is available by reading any professional inspection report.
- Recruiting. Whether you engage a contractor to oversee the rehab or decide to hire the sub-contractors yourself, locating reliable Costa Mesa personnel is key.
- Scoping. Formulating a detailed SOW (Scope of Work) comes next. It should detail the objectives (and limits) of fixer-upper activity—important ingredients for assuring the precision of bid proposals.
- Bureaucracy wrangling. Obtaining building permits, insurance indemnification, and keeping ahead of all the varied governmental and legal paperwork prevents fines and penalties (or the worst case: having to tear down renovations already proceeding).
- Management. Whether you are relying on a contractor or doing the work yourself, keeping tabs on the progress of the Costa Mesa fixer-upper needs to be a continual, hands-on activity.
First-timers can’t be expected to anticipate every potential time-consuming setback that fix-and-sell projects sometimes encounter, but with mortgage interest rates near historic lows, the expense associated with the time factor is less of a profit-killer. That makes today’s market an unusually inviting one for first-timers ready to wade into the opportunity. For a look at some of today’s intriguing Costa Mesa fixer-upper candidates, give us a call!
We are built on a philosophy of Heritage & Hustle. The L3 is a full service real estate agency with a regional office located in the heart of #CostaMesa, offering a wide-array of custom services to meet their clients’ needs with roots in the community since 1976. It’s L3 mission is to provide trusted, convenient, responsive service to ensure clients enjoy their real estate experience. The L3 was originally formed to offer personal, concierge-level service as an alternative to the large, nationally based real estate companies. From its small beginnings of only two employees, The L3 has grown to a full staff of 25 serving over 300 clients a year. The L3 is not limited to serving just its clients; it is also committed to serving the community. Not only has The L3 donated hundreds of hours to many area charities, they have also received the prestige of being named one of the #toprealestatecompaniesinCostaMesa If you’re interested in #buyingorsellinginOrangeCounty, turn to the experts. Turn to The L3 and let them help you make your real estate buying or selling dreams come true. For more information or to get started on finding or selling your home contact The L3 today at 714-444-4663 or email us at info@thel3.com