If you’ve decided to buy a house that needs some TLC, fix it, and sell it, you need to narrow your choices right off the bat. That means you need to decide what type of inventory you’re going to focus on. What is Real Estate Inventory? Inventory is the term that refers to all the houses for sale in a particular category (like two-bedroom, one-bathroom houses or four-bedroom houses with three-car garages). Why You Need to Look at ALL the Inventory If you’re going to buy a house to fix up and sell, you need to look at all the
If you’re like many people, you’ve toyed with the idea of buying a house, fixing it up, and selling it to another buyer – all for a tidy profit. But before you buy, here’s what you need to know. Before You Buy Your First Fix-and-Flip Naturally, you need to plan ahead and make sure you can secure the financing you need to buy a home that you can fix up and sell. (Many people do this by getting a hard money loan.) From there, you need to check out the local inventory. It’s best to do this with a local
A turn key property is one that's ready for move-in as-is, no improvements or repairs necessary. How "Perfect" is a Turn Key Property? The term turn key doesn't mean a property is perfect - no house is. Instead, it means that buyers can move into it without making any repairs or improvements... which is basically what buyers expect in the first place. And that's where you come in. As a real estate investor, it's your job to make the home as marketable as possible so you can sell it quickly (and at the right price). That includes ensuring all appliances
If you're renting out an investment property after buying and improving it, you may want to stage it... because staging it could help you fetch a higher monthly rental price. Staging a Rental Property You'll have to weigh the costs and benefits of staging a property that was empty. You certainly have to make sure it's spotless (no scuffs on the floors, dings in the walls, or cobwebs in the corner) and clutter-free, but the logistics of staging a rental property may mean it's not worth the effort. Remember that you'll have to find suitable furniture and then: Move in
If you’re getting ready to buy a house, you may be wondering where to start. With advancements in technology, you won’t have to look much further than your phone. Mobile technology can help you find a knowledgeable Realtor®, calculate a budget, connect you to the Multiple Listing Service, and much more. Here are some useful apps for homebuyers. Finding an Agent The home buying process can be daunting at times. It’s a good idea to work with a qualified Realtor who can help you through the process. Most real estate professionals are referred by previous customers; however, they’ve changed the
Purchasing a foreclosed home can be a great investment opportunity. Whether you’re taking occupancy yourself, or leasing the home to tenants, you’ll most likely see some gains from your purchase. But, what if the foreclosure already has renters taking up residence? If you’re considering purchasing a foreclosure with tenants, you’ll first need to decide whether you’re going to live there, or continue renting it. Depending on the location of the home, there may be some state and local laws in place that will determine how you proceed. If there is a lease, tenants may be protected in a foreclosure situation.
If you’re like most people, your emotions sometimes cloud your judgement. While there's nothing wrong with that in most cases, you can't let your emotions get in the way when you're a real estate investor. There are some critical areas of a property that you’ll need to inspect—sometimes twice—to make sure you’re not falling into a money pit. Even if your inspection gets the green light, you may want to call a specialist for a second opinion. Here are some areas that could use a more thorough inspection: Foundation A home inspector will search for visible signs of foundation problems.
Working capital, at least as it pertains to the real estate investing business, is money that you can use to fund improvements on an investment property. Why People Choose Hard Money Loans for Working Capital Because a hard money lender can provide working capital quickly, many people choose this route when investing in a property in Florida, Tennessee, and Georgia. How Do You Calculate Working Capital? Working capital is your current assets minus your current liabilities. For example, if you have $200,000 in assets but $195,000 in current liabilities, you have $5,000 in working capital. How A Hard Money Loan
A bridge loan may be what you need until you secure permanent financing – but what is it, and how could it help you? What is a Bridge Loan? A bridge loan is a short-term loan that you can use to bridge the gap between securing permanent financing or to remove an existing loan obligation that you already have. This type of loan provides immediate cash flow. How Long Does a Bridge Loan Last? A bridge loan is typically very short-term. (Sometimes they last about 12 months.) How Do You “Secure” a Bridge Loan? Typically, bridge loans are secure debts
Most real estate investors choose to work with a Realtor® who handles the negotiation process for them. However, if you’re one of the REIs who likes to call sellers and establish a relationship without using a real estate agent, here are five questions you need to ask property owners to begin negotiations. 5 Questions to Ask Sellers How long have you lived in the home? This is generally just a good icebreaker. How do you like this neighborhood? This is a great way to get a better feel for the community, and it’s another way to encourage the seller to give