I often talk with people who are interested in purchasing “fixer-uppers” as an investment in Wasilla and Palmer.
Problem is, usually these properties are so degraded that they don’t qualify for financing and the investor is stuck in a catch-22. It is the kind of house that you can make money on, but you need cash to purchase it.
I recently discovered that the rehab loans work for investors as well. I thought these loans were only available to people that were going to occupy the home themselves but she informed me that investors can use them as well.
The difference is that there can be no self-help on the investor loans. That means that you will need to have all the rehab work done by a qualified third party, not yourself. One of the most successful rehab investors that I know never does any of the work himself other than the basic clean-up. He makes good money on almost every house.
How do you find these houses? Well, that’s one in the upper left photo. Only $115,000 on one acre. It needs a little TLC but someone could make some money on it. Here is the info if you want to do a drive-by.