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How To Make Home Buying Fun
Fun and purchasing a home are probably two concepts that cannot be further apart.
Instead of being fun, purchasing a home might prove to be nerve-wracking and stressful. This is understandably so since this is an investment that spans a lifetime...
Is Bay Area Real Estate Risky Business?
Bay Area real estate is an ever-increasingly popular investment for prospective property or home owners in California. The location is prime, and the price is always right. Whether it is due to the area's oil-rich location near the shore, the...
Location, Location, ... - Not!
LOCATION, LOCATION, ... - NOT!
Untold Secrets of Buying and Selling Real Estate
Owning a home can truly be satisfying. However, with the financial pressures of today's world, getting good value is crucial. These days I am much savvier about...
Owning vs. Renting
In the recipe known as the American Dream, it’s one of the main ingredients: Owning your own home. With the real estate market of America in constant flux, it’s not as simple as it sounds to obtain. For those who are just starting out in the credit...
The Final Walk Through
So you've bought a house. The paperwork is signed and in order, and all that remains is your final walk through. Wait! Your job isn't over.
The final walk through can be a crucial step in the home-buying process. While it's true that home...
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Flip That House Style Real Estate Investing
I love those TV rehabbing shows like Flip That House. On the show people buy a house needing to be seriously updated and repaired. Usually the kitchen is heavily upgraded with new cabinets, cutting edge appliances, new countertops and more. The bathrooms are completely redone with new tile, tubs, showers, sinks and more. The living rooms and other areas usually have walls taken out to open up the floor plan and usually carpet is replaced with some type of hardwood flooring. It’s realistic to do what they show in a high dollar housing market like California to make the huge profits they usually get on that show. In a lower priced market like Memphis, TN rehabbers are looking to make $20-30,000 per house minimum. In California and on that show they are looking for $50,000-150,000 per house. That’s because homes are so much more expensive in California where the show is produced. In a market like Memphis many of the same upgrades are done but maybe skipping the granite countertops and some other high end upgrades. In any market you are going to repaint and redo the floors. The areas to spend the most money to upgrade are the kitchen and the bathrooms. A great value add that sometimes adds tremendously to the value of the home is if you can add a 2nd bathroom to a home with only one bathroom. While this will probably cost in the $10,000 range to do, it could increase the value of the home by $20,000-40,000 and significantly add to your profit potential.
To do deals like this you need to go through several steps. First of all you have to get set up with a hard money lender as you cannot get a normal mortgage on a house in disrepair. You need to see what homes are listed for in your area and figure that when you fix it up you want it to be nicer and cheaper than all other equivalent homes on the market for that neighborhood. Working backwards from the price you could sell at to undercut the market, take out the repair costs and pad it by at least 50% for unforeseen costs(always
there) and then subtract your expected profit and holding costs(interest), realtor fees(if you use), advertising and more. If you can still make at least $20k it should be worth doing.
Managing your contractors is a very important part of this whole process. Ask other investors who they know and trust to come in and do your work. Require the work to be done on time and put penalties in the contract for late completion. Don’t pay for the work up front, but agree to pay them a part like 25% as each 25% of the work is completed.
One thing important to understand about these types of deals is that they aren’t super quick money. Typically the work will take a couple of months and then it will usually take a month or two to find a buyer. Hard money lenders typically loan money for 6 months as this time frame usually is sufficient to sell the fixed up home.
Homes like these may be homes the sellers can’t afford to fix up or simply don’t want to fix. In real estate listings these may say things like handyman special. Foreclosure homes and bank real estate owned(REO) listings are generally good candidates. Mailing to out of state landlords can produce some homes that are good as rental homes typically need updating as they aren’t set up to sell retail.
About the Author: David Neese is a real estate investing author who offers a free course for real estate investors delivered by email, audio and teleseminar which you can get for free at: http://www.FreeRealEstateInvestingCourses.com
You can find more information about David at http://www.DigitalSuccessCoach.com
Source: www.isnare.com
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