 Articles tagged: House Flipping
<< previous page 1 2 next page>> written by Wayne Hemrick
Those new to rehabbing properties should be mindful of the work flipping houses involves. It starts with researching prices in the local markets to find foreclosed homes. Search for properties which need repair done. Try to develop a rapport with real estate agents who can let you in on any properties like this right away. Serious flippers even do direct-mail campaigns or place advertisements in local papers or on billboards. written by Wayne Hemrick
Another source of properties that are suitable for fix and flip real estate transactions is the real estate auctions. You can find many of these online, but be aware that so can everyone else on the Internet. Those with the skills and resources for rehabbing houses in need of repairs can find some great deals at real estate auctions, but keep in mind that the bidding can be highly competitive. written by Wayne Hemrick
A second source of potential fix and flip real estate investments is real estate auctions. Sometimes it is possible to pick up some real bargains here; however, be aware that such auctions usually attract buyers nationwide, so competition can be heated and prices can get bid up quickly. written by Wayne Hemrick
One of the first steps in how to flip a house is to know where to find properties that will allow you to make the largest return on investment for the least amount of effort. There are two primary sources for this information: local banks and real estate auctions. You may be able to get a better deal through bank listings; although real estate auctions can be effective, because of the Internet they may attract great interest which will result in the price of the property getting bid up dramatically in a short time. written by Wayne Hemrick
Another route that many take is to purchase a home that is in need of repair, repair the home and then resell it. Rehabbing properties in this manner can help to reduce crime in a neighborhood, because vandalism more often occurs to neglected houses, as well as improve property values for not only your property but neighboring ones. written by Maria Polidoro
some of the benefits that lead some home buyers to purchase a fixer upper. written by Branden Schroeder
There are essentially two types of real estate investors, those who buy homes with the intention of re-selling them for a profit within a relatively short time-frame, and those who want to rent out the home, ideally collecting a monthly profit and then eventually selling for a profit much further down the road. written by Gary Ashton
If you have just bought an older home with a view to renovating it and flipping it (a sort of slow flip at the moment!) then you will do your best renovating work if you have some respect for the homes' original character. written by Karen Hoeve
The goal here, is to find a true diamond in the rough- a diamond that needs just a bit of buffing up in order to shine. Especially if you're just starting out in the flipping market, you don't want to be dumping tens of thousands of dollars that you just might not re-coup at the end of the day. written by Aiden Win
What is the difference between foreclosures or pre-foreclosures in BC? Joe can’t pay it, so the bank/lender begins a legal process called a foreclosure in which the bank/lender will legally repossess his house. Redemption Period At the Petition, the Judge will give Joea Redemption Period, a set period of time to allow Joe to sell the house or repay the mortgage by other means. If Joe sells his house within this period, the foreclosure process stops and he would have saved his house from being repossessed. Court Auction If there are no bidders in court at that time, the sale will be completed. written by Judson Voss
Going into a house flipping business with your family is nearly always a situation wrought with issues – both good and bad. The key to making it work is deciding upfront on responsibilities and a good solid game plan that everyone buys into. written by Attorney Bronchick
A home equity line of credit (“HELOC”) can be an excellent financing tool, if it is used properly. A HELOC is basically a credit card secured by a mortgage or deed of trust on your property. You only pay interest on the amounts you borrow on the HELOC. If you don’t use the line of credit, you don’t have any monthly payments to make. You can access the HELOC by writing checks provided by the lender. In most cases, it will be a second lien on your property. written by Attorney Bronchick
If you are low on cash or have cash and are low on time, a partnership or equity–sharing arrangement may be for you. Using partners to finance real estate transaction is the classic form of using “OPM” (other people’s money). Experienced investors are always willing to put up money to be a partner in a profitable real estate transaction. As with many businesses, talent is more important than cash; if you can find a good real estate deal, the money will find its way to you! written by Attorney Bronchick
It amazes me how many people get started in real estate investing, only to fail when the going gets tough. As soon as someone discovers they can’t get rich in a week or two, they are on to the next “hidden guru” secret. It’s the same as weight loss - everyone talks about it, many try it, but few succeed. There are thousands of “get rich quick” and “get slim quick” gimmicks. No wonder both the real estate investing information and weight loss products industries make BILLIONS! written by Attorney Bronchick
The mortgage business is a complicated and ever-changing industry. It is important that you understand how the mortgage market works and how the lenders make their profit. In doing so, you will gain an appreciation of loan programs and why certain loans are offered by certain lenders. The first broad category of distinction is institutional versus private. Institutional lenders include commercial banks, savings and loans, credit unions, mortgage banking companies, pension funds, and insurance companies. written by Attorney Bronchick
If you have been reading my articles, you are probably familiar with the concept of creating and using land trusts for privacy and protection of your real estate. However, what about your ownership of notes, mortgages, deeds of trust, leases and options that may appear on public record? What about cars, boats, mobile homes and other items that are registered and recorded in public places? Good news... there is a special trust just for that purpose! written by Attorney Bronchick
If you read the news media, you’ll see that there’s a proliferation of new real estate gurus and seminars coming around to feed the endless demand for real estate these days. One event recently attracted over 30,000 people, with Donald Trump as the headliner (like he knows anything about buying a duplex, so, how do you tell the good from the bad? Well, first let me comment that I believe there is very little truly “bad” info out there. The difference is mainly price and quality of information. written by Attorney Bronchick
Well, it seems that with everything you do right, there’s always someone else doing it wrong, do it badly, or doing it illegally. Enter Big Brother... the “well–intentioned” legislator who wants to get re–elected by passing a law that protects the innocent from bad people or from their own stupidity. written by Attorney Bronchick
You can buy real estate with no down payment!” You’ve seen the infomercial a hundred times on television over the years. Me too, so I decided to pick up a copy of the Carleton Sheets “No Down Payment” program just to see what my competition offers. written by Attorney Bronchick
Finding good real estate deals is an art that takes time to master. Like any business, customers are what drive it. Your primary customer is the seller who is motivated to sell below market value. Finding motivated sellers requires advertising, marketing, salesmanship, and, like any business, keeping your nose to the ground.Nothing happens and nothing matters in real estate until you find a deal. written by Attorney Bronchick
Have you ever had a tenant leave in the middle of the night or the middle of an eviction? Did you ever wonder what to do? Basically when a tenant abandons the property, you do not need to file an eviction or wait for the sheriff. You can change the locks. As for the tenant's stuff, in most states you can simply toss it. You should check your state or local law to see what your legal obligation is to store the items for the tenant. written by Attorney Bronchick
Most “standard” real estate contracts and leases contain provisions that state something to the effect, “If there is any dispute as to the agreement, the winning party is entitled to attorney’s fees.” Is this a good idea? Well, yes and no. First, understand that attorney’s fees are generally not awarded by the court to the winning party in a lawsuit. written by Attorney Bronchick
Before we discuss the equitable interest, we need to discuss the basic owner–financed sale. When you sell a property, you give the buyer a deed to transfer ownership. If you owned the property free and clear before you sold it, you would take back a note for part of the purchase price, secured by a lien on the property (in some states a “mortgage”, in others a “deed of trust”). written by Attorney Bronchick
Flipping” is the buzzword of the year in real estate - flipping books, flipping articles in the newspaper, and even flipping shows on TV! What is flipping, how does it work and how you can profit,flipping simply means buying a property and reselling it quickly, as opposed to holding on to a property long term as a rental. Flipping comes in several varieties, most of which are legal and profitable, some of which are not. written by Attorney Bronchick
As a real estate agent, you can increase your commissions by learning how to structure wraparound transactions. You will undoubtedly come across dozens of listed properties with high loan balances and little chance of selling by conventional means. Your knowledge of wraparounds will be your ticket to increased commissions in a competitive market.Once you understand the transaction and have all the pieces of the puzzle in place, you will have more deals than you can handle. written by Attorney Bronchick
You've seen the late-night infomercials with self-anointed gurus promising you millions in real estate profits with no money down. The truth is that many of these charlatans never made a dime in real estate, but instead built their fortunes through selling over-priced or useless information to unsophisticated investors suffering from insomnia. Most of us are smart enough to realize that no real estate "system" is foolproof, and if anything seems too be good to be true, it probably is. However, that doesn't mean that you need excellent credit and a surplus of cash to get started in real estate. Here are some strategies for financially-constrained aspiring investors to begin generating real estate cash flow. written by Attorney Bronchick
In real estate there is a saying that you don't make your money when you sell, you make your money when you buy. The name of the game is finding amazing deals and then keeping them for the long term or turning around and flipping for a handsome profit. Of course, if great deals were that easy to find, everybody would be doing it. The forces of supply and demand would inflate the price of properties to the point that there would be no deals left! Naysayers claim that this is true of today's housing market, but in reality, there are endless deals to be found almost anywhere at almost anytime. Finding these deals takes experience and talent, but this article serves as a head start for novice investors, or a refresher course for old pros. written by Attorney Bronchick
The Fair Housing Act of 1968, as amended, prohibits discrimination on the basis of race, color, religion, nationality, familial status, age, and gender. Many state and local laws also forbid discrimination on the basis of sexuality or source of income, and the Americans with Disabilities Act makes it illegal to discriminate against the disabled. If you harbor any such prejudices and would allow them to come into play when renting a housing unit, then you're probably not cut out to be a landlord. However, many sincere real estate investors make honest mistakes that result in discrimination lawsuits. The best way to avoid them is to be informed. written by Attorney Bronchick
Working with one or more partners on a real estate deal is frequently a wise decision, if not a necessity. For beginning investors, taking a partner helps offset the risk of even a small investment. More experienced real estate investors may want to take on partners for the same reason, since as the deals get bigger, the risk becomes greater. Furthermore, individual investors can often benefit from the wisdom, experience, and diverse perspectives that partners can bring to the table. written by Attorney Bronchick
It takes more than home improvement know-how to make the big bucks in rehab properties. In order to be a successful investor, you need to know what needs to be repaired - in addition to knowing how to do it. << previous page 1 2 next page>> |
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