I have bought and rehabbed 3 fixer upper properties to live in as my own personal residence. It’s definitely not as easy as buying a new house, but here is why I choose to buy fixer uppers instead of new homes:
Equity - The main reason I buy fixer uppers is it gives me a chance to build equity into the home, that I wouldn’t otherwise be able to do buying new.
When you buy new, you are buying at retail prices, so the only way you can gain equity is through market appreciation.
When buying fixer uppers, you can ‘force appreciation’ by buying at a discount and making smart improvements that add value. My most recent purchase was bought for $80k, and needed $80k in repairs, but is now worth $300k+…That’s over $100k in equity.
Customization - When buying a fixer upper you get the opportunity to truly customize every aspect of the home and make the kitchens, bathrooms and finishes match your design style and lifestyle.
Like New - My current personal residence has basically been renovated to meet the today’s building standards of a new home…All new electrical, new plumbing, new furnace, new A/C, new kitchen, bathrooms, etc…
Most New Houses are Cookie Cutter - Most new neighborhoods have 3 to 4 ‘cookie cutter’ floor plans in the neighborhood so every house on the block looks the same.
Location - I want to live close to downtown Kansas City…right now I live 5 minutes from downtown KC…most new neighborhoods are at least 15 minutes from downtown.
Trees - I’m not a tree hugger, but I appreciate well established neighborhoods with large trees. Newer neighborhoods generally barely have a tree in sight.
Enjoyment - I personally enjoy rehabbing old houses and taking an old run-down house and making it my own.
Generate a share link for any individual project update so you can send a specific progress report to your lenders or partners without sharing your entire update log.
You can now lock any task in the Scheduler to a specific start date, overriding Auto Scheduling for that task. It's perfect for pinning tasks to dates your contractors have committed to, while the rest of your schedule keeps rescheduling automatically around it.
Introducing the FlipperForce Lender Network: a free directory of 65+ vetted nationwide and local hard money lenders with real rates, terms, and draw processes for every state.
Learn how the new Project Team feature automatically tracks your internal team members and companies on every flip, so you always know who's managing the project and how to reach them.
User Management now includes a Role & Access column, giving workspace owners and admins instant visibility into each user's project and feature access without having to dig into individual settings.
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