When looking to buy a “buy-to-rent” property you shouldn’t overlook that property that needs a little TLC (tender, loving, care). Properties like that usually sell under value and in the current market owners of such properties are very happy to sell.
Firstly you should do the math and work out how much it will cost to fix it up and what your profits could be. Usually you will find that the first thing that is needed is just good old fashioned cleaning, and that does not cost that much, but can dramatically increase the property’s value.
Maybe the carpets need to be replaced, and this can also be done cost effectively. Don’t be scared just because the property needs some work, a lot of gems are looked over because buyers are to scared to get their hands dirty.
As always, if you do the research, you will know the answer, so go and find that bargain.
Oh, man you nailed it on hte head! I totally agree with you. I need to get some friends of mine to come here and read this stuff. It would totally open their eyes.