By Marty Boardman
Let’s face it—fixing and flipping homes is horny. Who doesn’t love the assumption of shopping for a rundown, mold-infested shack and reworking it into someone’s dream domestic for large earnings? truth television indicates make it glance really easy. a bit paint the following, a few new kitchen cupboards there, and presto! the home is offered for giant greenbacks and everybody lives fortunately ever after.
If purely it have been that straightforward. solving and flipping homes is a company. to ensure that a company to outlive, prosper, and develop, structures has to be installed position. solving and Flipping actual property: techniques for the Post-Boom period is a e-book that breaks down the 4 crucial parts of a fix-and-flip enterprise, supplying you with the development blocks to successfully purchase and promote 1 to twenty homes a month in today’s post-boom period housing industry. You’ll find out about all of the containers:
* Acquisition—How to discover and purchase a ecocnomic genuine property deal.
* Rehabbing—How to systematically transform a home and the way to not underimprove, or overimprove, your property.
* Sales—How to promote your turn for the top attainable cost within the shortest attainable time.
* elevating Capital—How to get the capital you want to develop what you are promoting, together with utilizing different people’s funds, in your genuine property offers with out getting sued or going to jail.
In the post-real property growth period, solving and flipping is back an outstanding business--especially within the “sand” states—Arizona, California, Nevada, Texas, and Florida, between others. It’s additionally an exceptional wager in states as different as North Carolina and Washington kingdom. And with the genuine property marketplace projected to backside out nationally in 2012 (this time for real), there are many homes to be renovated and many funds to be made via the enterprising in all fifty states. This publication indicates genuine property traders every little thing they should recognize to start solving and reselling homes both as a considerable sideline or a full-on enterprise.
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Extra info for Fixing and Flipping Real Estate: Strategies for the Post-Boom Era
4. Agree on a price and closing date, then get a purchase contract signed by the seller and close the deal as quickly as possible. 45 46 Chapter 4 | Acquisition Strategies Door Knocking Script “Hello, my name is Marty. Is Mr. Homeowner available? I’m a real estate investor and I’m interested in purchasing a few houses in this neighborhood. Would you be interested in selling, or perhaps you know of someone in the area that would? No? ” Example Letter Hello Homeowner, My name is Marty and I own a small real estate investment business in Gilbert, Arizona.
No. Get used to hearing that word. A lot. If you plan to write offers on bankowned properties, do not be afraid of rejection. Real estate is a numbers game. In order to get a great deal on a lender-owned property you’ll have to write multiple offers. I write as many as 30 to 40 a month. For a single guy, buying an REO property below market value is a little like asking a girl out on a date. Before I met my wife, I’d have to ask three to five girls out before one would say yes (and for what it’s worth, the first one that said yes, I married).
Find at least three comparables (recent, comparable, same area) 3. Collect the specs on these comparables 4. Adjust the value of these comparables 5. Normalize the values and average (you do this by adding to or subtracting from the ARV of your flip property, depending on square footage and other features—how much to add or subtract will depend on your area. I can’t tell you how much more value a pool will add to a property in your market, or granite countertops, or a third garage stall. Nor can I tell you how much to subtract if your property only has one bathroom and the others in the neighborhood have two.