To start the research for depressed homes, check the real estate market for foreclosures or homes at auction. This takes a great deal of research and careful consideration. Read, read, read Internet and other news resources about the process of buying homes that need repair or renovation. Be wary of web sites, T.V. commercials or other ads claiming to sell list of depressed homes. Stay local or have travel accessibility to investigate homes before making offers.
Keep Accurate Records of the Search
Choose a Realtor for personal representation. Be a good listener and be ready to take expert advice. However, don't leave all the work up to the professional.
Keep a running journal of all details of every home considered and actions taken. The journal should contain the addresses of homes considered, when the home was viewed, name, address and phone number of Realtor, asking price, damages, probable cost to bring the house up to code, township and area information.
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