Millions of Americans are making money Buying Foreclosure,REO and Bank Owned Properties
But once the sale is completed they are faced with the challenges of Repair, Renovation and Property Ownership and many are finding help, honest straightforward answers, professional onsite project management in the form of San Jose based Buy-Fix-Sell Properties Inc.
Popular wisdom states that for every crisis there exists an opportunity. It is the truly wise investor that understands that today’s housing market is just such an unprecedented opportunity. The housing crisis and subsequent foreclosures has for millions of American families created an opportunity to find their home or create a great real estate portfolio and even a positive cash flow business through the rental of these properties. Many buyers were priced out of the last housing boom and even more savvy investors are finding great opportunity properties and creating wealth through buying foreclosures.
This opportunity comes with benefits and challenges. Many of these bank owned properties are in need of repairs from minor termite or cosmetic work, to major issues related to their foundations. They may have even suffered some level of deferred maintenance, perhaps even vandalism and they generally require work.
The novice property owner may have found a great deal, and that is a wonderful beginning. But they may be unprepared to:
- Read property inspection reports, which will include but are not limitied to Roof, Termite, Foundation, Structural, electrical, plumbing etc.
- Assess and prioritize the property’s repair and maintenance needs as indicated by the reports and most importantly in keeping with a reasonable budget,
- Bid out the work
- Assess the contractors/subcontractor skill level and bids,
- Sign a contract with and manage the complexities of the day to day needs of managing the repair or renovation project
- Keep a keen eye on the budget,
- Navigate through change orders,
- Conduct a final walk through of the work and handle the final pay out.
Buy-Fix-Sell Properties Inc. bought, fixed and sold its own project properties during the housing boom and by renovating our own project properties, we learned the intracies of the process and earned a reputation with realtors of doing excellent work, prioritizing the budget and completing an excellent renovation on time and on budget. These skills were ones we honed in a market that was quick and overpriced, but were ones our 30 years in real estate development, software development and accounting had prepared us to undertake. What we emphasize to our clients is that because we were spending our “dime”, we learned to get quality work and high end materials on a budget. We know when and for what projects handymen are appropriate to use and when specialized sub contractors are warranted. BFS handles the project from Start to Finish and we educate, involve and teach our clients so that they learn how to undertake the next project on their own.
When we were approached by several out of state property owners to handle their budget renovations, several who were readying their properties for sale in the boom market and one who was preparing it for rental; we found ourselves in our very own niche market that we have been working in for the past 3 years. Our excellent project skills, quick turn around and use of the internet to inform, educate and involve the client are admired by both our clients and the Realtors who refer their buyers to us. BFS is not a contractor; we offer many more services through managing the project from start to finish. BFS assesses your property, based on your budget and requirements, prioritizes the work, develops the work agenda, bids out the project, schedules the work to be done, provides on-site management, handles the day to day project needs, provides design consultation, up to the minute information and photos via the internet to keep the owner abreast of the work and through expert bid protocols and careful negotiations we obtain the best possible outcome for the client.