Do you Want To Make Money Flipping Michigan Real Estate?
1. Money is made at the buy, not the sell of your flip. When flipping a house your money is made at the purchase not at the sell of the house. So, many times people buy a house with the intentions of making a huge profit only to find out that they could not make any money after all the renovations because the purchased price of the house was to high. When you purchase your property you need to be sure that you buy the house with enough money to make renovations, carrying costs, plus marketing. Mistakes are made at the purchase at the home, not the sale.
2. Get an inspection on the home - Get a complete inspection done on your property. By, spending a couple hundred dollars on this expense you can save thousands in problems that you cannot see. You can take notes and learn a lot of information from a good home inspector. In your purchase agreement you need to make sure that you have 7 days to have a inspection preformed, and if the inspection finds problems that are going to cost more money that you are willing to spend you can get out of the contract with no penalties.
3. Don't do the work yourself: - Get a contractor or several sub-contractors and have the work done quickly. You need to have you house flipped ASAP, so that you can get it on the market and get it SOLD. DO NOT spend all our time working on the property, spend that time looking for the next deal. This is how you get rich in real estate.
4. Place the property 10 to 15 percent below market value: If you are wanting to flip real estate and make money the object is to buy and sell the property as quickly as possible, so that you can move on to the next house. If you purchase a house and try to sell it at top dollar to make and extra couple of thousand dollars on your flip, and end up holding it for 6 months you are loosing money. Get the house on the market at a price that is going to blow the competition away, and you will sell it no matter what the market conditions. That is what you have to do right now as we are in a buyer's market.
5. Use a real estate agent - Do not try to sell you house on your own. Harness the power of a real estate agent and the power of the MLS system. When you do a FSBO you are depending on people driving by your house and seeing you sign, with a real estate agent you have some one actively marketing you house to get it sold. Once again this will free up more time for you to look for more great deals. If you want to help the process I have found that craigslist and listing you house in google adwords help to, but I use these tools with the help of a agent to make sure I have all my bases covered.
***#6 BONUS. Join The REIA of Macomb, Michigan's #1 Real Estate Investing Club. There is NO BETTER place to meet other real estate investors who are Mking It Happen
Dylan Tanaka
http://www.REIAofMacomb.com
http://www.CheapBrickHouses.com
Tuesday, November 24, 2009
5 Steps To Filpping Real Estate For Huge Profits
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8 comments:
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Great information of up coming builders. This is great guideline for the selling point of view. Real estate in Pakistan have a same policy like your 5, 6 observations, they have different agent for specific field.
Any investor should have an understanding of the current real estate market if he wants to generate a huge profit from his property flips. Thanks for sharing.
Your post is very helpful for homeowners. It's so nice that people can be informed online. It's a great privilege that the world of real estate can be reached through the internet.
Amazing I really loved this blog. very useful to understand about the real estate.Thanks
This is an interesting article. Im not sure how I came across a real estate article, but interesting read.
I heard that having a great team in an real estate investing business is one of the best way to do to be successful that is why this guide on how to build a team is a big help for me.
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