Do you guys have any advice for a checklist of criteria I can follow to find property that is undervalued? Specifically, I am trying to purchase property that I can do a Live-in Flip with. As well, do you guys think it makes more sense to do a live in flip with a condo or a single family residence? I am looking to purchase within a 30 mile radius of Long Beach, California. Any advice would be greatly appreciated. -Thanks
I don't know of any formula or checklist but hopefully this helps.
1. Area - you have to know the area where you are seeking to purchase the property. Specifically you need to understand the values, where and why those values change in that area (i.e. Older neighborhood, better school, closer to major road).
2. Property - every property is unique which means every property is worth more or less based on the buyers perception. You have to understand what the buyer is willing to pay for certain items. I hear investors up north tell people to fill in underground pools but in FL you dramatically increase the value of a home when you have a pool. What will they pu for a new kitchen, bath, roof?
3. Stay away from condos. The HOA eating up your profit and you have to follow their rules.