any real estate investors the terms of these sales because
enjoy "flipping houses," this helps you understand how
or buying and selling sellers market their property
houses quickly for profit. Not (some of this information is
all flips are fixers. However, public record). For instance, if
rehabbers make millions turning a seller paid closing costs for
ugly houses into dollhouses. On the buyer, did the price rise
the other hand, some from the listed price
inexperienced investors lose accordingly? Or, did the seller
money buying houses that just come down on the price and also
don't turn a profit. pay the buyer's costs?
If you're looking to get started Examine the sales that sell
investing in real estate by quickly. What home features and
fixing and flipping houses, financing options prompted the
you'll want to know what type of fast sale?
property to buy.
Also, look at model homes. Buyers
THREE TIPS TO HELP YOU FIND THE often buy resale homes because
PERFECT FIXER they can't wait for a new home to
be finished. However, these
1. Know Your Market buyers like the distinctive
features new homes offer. Visit
Your first task, exploring your model homes and take notes on how
market, helps you know a bargain details like a water fountain or
house when you spot one. Look at a new state-of-the-art appliance
many houses for sale in your makes a house sell itself. When
area. Keep track of sales and how you remodel your fixer, you'll
long the houses take to sell. Ask know what attracts buyers and
selling real estate agents about you'll make smart redesign
choices. 3. Know When "Ugly" Means "No
thanks"
2. Know When "Ugly" Means "Gold"
When you're new to real estate
investing, always remember your
When you first start out in your limitations. Use caution when
real estate "flipping fixers" considering houses that need
business, you'll want to look for structural repairs. Some
houses needing only cosmetic rehabbers replace walls,
work. Look for houses that just plumbing, structural beams,
need cleaning up, painting, and sub-flooring, and electrical
new flooring. Use your systems. These experienced real
imagination when viewing these estate investors acquired those
homes. Try to visualize the skills after years of experience
finished dollhouse as you look at or they have the money to pay for
structural features and the professional help.
surrounding homes. Make offers on
the ugliest houses in decent If you find a house with
neighborhoods. structural problems, get
estimates from reliable
Don't be afraid of stinky houses contractors to do the work. If
that show horribly. Search for the walls have too many cracks
fixers with peeling paint, holes and bumps, you may need to hang
in the wall, stained carpeting, new sheet rock or hire a
and trash in the yard. Remember, professional plaster refinisher.
these houses won't look good to Check for signs of plumbing
most buyers, but other real problems such as water stains
estate investors see them as gold under sinks and loose flooring,
mines. and get estimates for
professional repair. Take
professional estimates into flea-infested house in a family
account before deciding whether neighborhood, take your bug
or not to purchase an investment spray, hold your nose, and get
property. Any big expense ready to make a difference, in
decreases your eventual profit. the neighborhood and in your bank
account.
Turn Yucks into Bucks
You can make a fortune fixing
Why would anyone want to do this nasty houses. Know your market.
hard work? How much does the Know when "ugly" means profit in
average rehabbers make? In Ohio, your pocket, and when to keep
real estate investors buy houses looking for the house with the
expecting a profit of about hidden gold mine.
$30,000. In Southern California,
many investors make $50,000 to Copyright "© 2005 Jeanette J.
$100,000 on each house. Fisher. All rights reserved.
When you find a garbage-filled,
About the Author:
For more articles about finding, financing, fixing and flipping houses, visit Jeanette Fisher's Doghouse to Dollhouse for Dollars website. Professor Fisher teaches interior Design Psychology college courses and professional real estate seminars. Free "Design Psychology for Selling Houses" Report http://doghousetodollhouse.com
Source: www.isnare.com
