Generally, what you see on the open market offered by real estate agents often fall into the following 3 categories – New, Fully Rehabbed or Houses that need a lot of work. Of course, you see all sorts of houses on the market but the majority fit into these 3 categories.
People typically like to buy a house that is as close to new as possible. New construction is the preferred purchase, however the next best thing is a fully rehabbed house in a good location. Houses that have been looked after and obviously don’t need much work are also on the buyers list.
At the other end of the scale, houses that need a lot of work are also in demand by retail buyers. These houses give the new buyer the opportunity to put the features in they really want in a house.
Therefore, you could say that buyers either want a move in ready house that needs very little work to make them comfortable or houses that need a lot of work but should deliver the desired comfort once all the upgrades are done.
What about the houses in between? The houses that need more then just a little bit of work. The houses that have a 20-year-old kitchen and bathroom. Sure, it’s still functional but it really needs to be updated and refreshed. Then you add other items that need attention now or in the next few years like a new roof, windows, HVAC, flooring, painting, etc. It’s all disruptive, expensive and just generally too hard.
But the seller still wants as higher price as they can get and the buyer compares the price of the “as is” house to a fully rehabbed house and the cost difference, with all things factored in, make the fully rehabbed house a much better option.
Capable Home Buyers actively advertises for distressed properties or people in distressed situations that need to sell their house fast. But we also buy those houses that fall in between and generally for us they are considered a light or medium rehab.
Our largest advertising spend is on Facebook but we also do direct mail advertising. Additionally, we drive for dollars and network with other investors to find quality houses we can work with at a discounted price.
Facebook attracts a lot of opportunities for us. We have got leads including; People who have their house on the market and can’t sell it – all the way through to those that have owned the house for years and it sits vacant with boards on the windows. It always amazes me that people just keep paying the taxes but do nothing with the property. Regardless, we have the opportunity to buy them all.
People selling houses are in all kinds of situations that put them in a position where they need to sell. They could be trying to avoid Foreclosure, facing Divorce, Moving, Upside down on their Mortgage, Liens? Some still live in the property, others are renting it out, some are vacant and many are just simply uninhabitable. We help owners who have inherited an unwanted property, own a vacant house, are behind on payments, owe liens, downsized and can’t sell… even if the house needs repairs that the owner just can’t pay for… and yes, even if the house is fire damaged or has bad rental tenants. Basically, Capable Home Buyers has the opportunity to buy anything and everything and we make fair cash offers and close on it when the seller is ready – fast or slow.