Expert: William Cady Date: 7/18/2007 Subject: Fixer upper
Question William, my brother-in-law and I are considering a small business venture, buying fixer uppers and/or forclosures in Houston and try to turn them around quickly, hopefully before the 1st pymt is due. Essentially, I'll bring the money, he'll find the house and do the majority of repairs. What are your thoughts? Is the market good for that kind of business right now? What are your thoughts about that kind of business in general? Thanks for your time.
Answer I think it's a good business and there is money to be made. I definitely can't speak for the Houston market. A local REALTOR would have a better idea of your market than I would. One thing you might want to check into are any rules regarding flipping the property. Personally I have dealt with a transaction or two where the property had to be held for a couple of months first. Like I said, check with a local REALTOR, or a title company to get more information on this.
