You want some tips for flipping houses, eh? How often have you heard the controlled media talking heads tell you that the real estate market is dead, the bubble has burst, or the recession lingers in real estate? I’ve heard it countless times just in the last year or so. Well, I’m here to tell you, flipping is here to stay! It never left. Flipped/rehabbed homes accounted for 4.6% of all U.S. single-family home sales in 2013, which is up from 4.2 percent in 2012 and 2.6 percent in 2011, according to data from RealtyTrac. Foreclosures have likely driven that trend. But increasingly, non-distressed properties are also overdue for house flipping. With that in mind, I’ll share with you some of my tips for flipping houses! Tips for flipping houses: Tip #1 – Not all markets are the same…or even similar sometimes. What works in Seattle, Washington will not work in Toledo, Ohio. Obviously, one can flip pretty much anywhere, but it’s crazy to think that the same thing will work in another market elsewhere. Know your market and watch it patiently for the right deal. Tips for flipping houses: Tip #2 – Don’t be scared to make a full price offer in certain situations. Use the inspection period as a chance to inspect the property for potential problems that could lead to a significant reduction in price. Essentially, you’re making an offer right out of the gate and then negotiating second. Of course, there’s a chance that you may not get the seller to reduce the price but if the numbers of your offer are strong, most sellers are hesitant to walk away from a solid offer. Tips for flipping houses: Tip #3 – Network! Networking is the lifeblood of business. As they say, “it’s all about who you know!” If you don’t work your contacts and search out hidden opportunities, you won’t be a successful flipper in a competitive market. Tips for flipping houses: Tip #4 – Make money when you buy a flip. It used to be easy to make money when you purchased a home because prices were rising so quickly. But these days, it can be challenging. A market with more realistic prices means that flippers need to look harder for the right houses and be disciplined not to overpay. Tips for flipping houses: Tip #5 – Watch the market data – both local and nationwide. National employment numbers, consumer moods, and GDP provide some sense of direction. But real estate is also local, so track inventory levels, pricing trends, and local unemployment. For more information and free real estate investing education, visit www.andrewcordle.com ...
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Property investments are part of most millionaires portfolio. As I’ve mentioned previously, I made my first million by the age of 25 by investing in real estate and flipping properties. There are many advantages of property investments. They can provide investors with an opportunity to rent, income and cash flow. They can also provide potential tax benefits in the right situation. If you currently own investment properties, you can also use that equity as a useful resource for buying additional properties. Remember, when using your home/property as equity for another purchased property, that home becomes the security for the new loan. Whenever you’re investing in properties, how much you repay is determined by the loan interest, points, origination charge, and the term of the loan. Your reasons for buying property investments are varied but, ultimately, the goal is to make lots of money, right?! To increase the chances for a successful start you should gain control of your finances, know your buying power, have an overall investment strategy and have knowledge of the area where the property is located. When you’re planning for property investments, one must always remember these three recommendations: Create a solid financial plan by understanding your credit needs and your borrowing ability Estimate how much you can spend by calculating your down payment, your monthly payment, your closing costs, and your pre-paid expenses Set a timeframe – Take into consideration your credit, cash flow, and savings and determine when you can buy your home If I can be successful in property investments, then so can you. It just takes hard work, dedication, and maybe a little dose of luck from time to time. You can make money flipping houses by learning from one of the best in the business. I have countless strategies, tips, and techniques that helped me reach my goals. Many of those proven strategies, tips, and techniques are available for free on my website, www.andrewcordle.com. On my website, one can learn to make money investing in real estate properties. My team and I have spent countless hours putting together one of the most comprehensive educational libraries available on the internet. And our extensive educational library is available to you right now, for free! For more free information to help you develop your property investments plan, visit http://andrewcordle.com ...
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How many times have you driven past a fixer upper house and wanted to take it from being an eyesore to a beautiful flip? It’s happened to me countless times. At least once or twice a day, I drive by them and have the same thoughts. A fixer upper house with obvious issues can be a great opportunity. As long as you understand and accept what you’re getting yourself into! And to be honest, it’s one of the most satisfying processes in the real estate investing industry. The feeling of accomplishment and satisfaction is like no other. To take a fixer-upper house in it’s initial condition and rehab it into an aesthetically pleasing beauty is one of my favorite things in the world to do. I love the feeling of accomplishment when you complete and sell a flip that you’ve taken from being a dud to a diamond! One can purchase a fixer upper house in a great area for below market price, invest time and capital rehabbing it, and end-up with a home that is like brand-new that’s worth 2-3 times what you paid for it. Sounds like a no-brainer, right? Most of the time, it is. But purchasing one of these homes can weigh you down with all kinds of problems. So before you dive-into that task, ensure that you have a realistic idea of what you’re getting yourself into! If I can be successful in property investments, then so can you. It just takes hard work, dedication, and maybe a little dose of luck from time to time. You can make money flipping a fixer upper house by learning from one of the best in the business. I have countless strategies, tips, and techniques that helped me reach my goals. Many of those proven strategies, tips, and techniques are available for free on my website, http://andrewcordle.com. On my website, you can learn to make money investing in real estate properties. My team and I have spent countless hours putting together one of the most comprehensive educational libraries available on the internet. And our extensive educational library is available to you right now, for free! For more information and free education to help you rehab your next fixer upper house, visit http://blog.andrewcordle.com ...
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One of the toughest and most important actions during the rehab/flip process is finding motivated sellers. One could say that it’s the most important part of the rehab/flip process. Simply put – if you have trouble finding motivated sellers, then you may as well scrap the entire process! If you don’t first have a house to flip, then the rest of the process is moot. Until you locate a house with a motivated seller, the only thing you can do is talk about investing! The entire flip game starts and ends with having a seller who is willing to play by your terms! In my honest opinion, finding motivated sellers is defined as finding a seller who will either sell their property for a significantly low price (eg: 10-30% of market value) OR one that will sell their property with very flexible terms (eg: owner-finance, zero down, and zero interest). Obviously, these sellers would be agreeing to your price and your terms – everything is in your favor. How likely is that? Not very! You’re likely skeptical at this point – I would be too. This sounds too good to be true, but it isn’t. I’ll briefly explain how it’s easier for me finding motivated sellers who will work completely on MY terms! Get a list of motivated sellers using free, public information. Utilize direct mail campaigns. Get organized. Use your time wisely and efficiently. Take your time! Join and attend local Meetup Groups and REIAs Use outsourcing and automation for mailings and email campaigns Learn and understand the process Never stop learning, always continue your education! Buy, buy, buy! If you’re interested in more information on finding motivated sellers, visit http://andrewcordle.com. The site is chocked full of free educational information for investors of every experience level. ...
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