The secret to making money in real estate is a technique called ‘flipping houses’. The principle is simple – buy a house that needs minor repairs for a low price, it up, & sell it for thousands of dollars profit. That is the meat of the secret – buy low, fix up, sell high. Require more particulars?

Getting Ready

* Know what you can afford. Before you ever look at a house, find a lender to pre-approve (not pre-qualify) a loan for you. Having your loan (or funds) in hand is a powerful bargaining chip when you are ready to buy.

Buying the Right House

* Shop the right places. Check the newspapers for foreclosure sales & the legal notices for tax foreclosure properties. Buy foreclosures, HUD, auctions directly from Governments & banks (Find the bargain homes here!). Shop around for a real estate agent that understands the kind of house you are looking for & establish a relationship with them.

* Pick the right house. Avoid houses that need over cosmetic repairs. You require a shabby house that is structurally sound with no major plumbing, structural or electrical concerns.

* Read the ads right. In real estate listings, look for words like ‘Handyman’s Special’ or ‘Fixer-upper’. Other tells that you’ll get a lovely bargain: ‘motivated buyer’, ‘Must Sell!’, ‘Quick Closing’ all mean that the buyer is anxious to sell, & will likely be happy with a lower price.

Doll It Up!

* Focus on the highest yield improvements. Kitchen & bath spruce-ups will give you back the most for your time & money. If you can only ‘do’ six room, make it the kitchen.
* Paint it, cover it, it up. Start with the basics: paint, paper & floors.
* Stick with neutrals. You require to generate a backdrop for the buyer’s imagination, & the more neutral the canvas, the easier it is for them to see their furniture against it.

Sellers’ Bargaining Chips

* Sell it yourself. Why pay a realtor’s commission fee now.
* Have all the receipts & materials warranties for any repairs & work that you did ready to hand over. Knowing that their home is ‘protected’ can help clinch a sale.
* Know your market & loan options. Lots of buyers won’t. If you can help steer them toward loan sources, it will help your sale.
* Be ready to close. Have your inspection & appraisal papers ready in order to keep away from delays.

Are not you glad that you didn’t pay for this “get-rich-quick” secret? Flipping houses is a viable way to invest & become profitable, on condition that you are truly willing to put time & hard work in to the technique.

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1. Know Your Numbers

How much will the house sell for when it is ready? A clear idea of the ARV (after repair value) is necessary to safely make an offer on a property. Don’t just guess that you’ll sell the home for $20,000 more than what you put into it. You don’t decide what a home is worth – the market does, so get advice if necessary. Then subtract from the ARV all possible costs you will have, including price, buying costs, repair costs, holding costs, and the costs of selling. Now subtract the profit you want, and you have the highest price you should pay. Start with an offer lower than this, of course.

2. Schedule Properly

More than a few house-flipping projects have gone wrong due to falling behind schedule. For example, you think you can get the plumber in and out of the house in the first week, but it takes a month, so you can’t close the walls up, and everything else gets behind schedule. Meanwhile your spending $2,000 per month on holding costs like loan payments, utilities, property taxes and insurance. So check before you finalize the offer, to see how long things like windows, plumbing and dry-walling will take. Also, make completion dates a part of any contracts you sign with contractors.

3. First Things First

On one of those “flip a house” programs on television the other night, a young couple was running $10,000 over budget on their first fixer-upper investment (and six weeks behind schedule). They ran out of money and put the house on the market with a crappy-looking yard and stains visible on the front wall. Of course buyers would see these things first, making a bad impression. Avoid this by starting with changes that are most important. Then if you run out of money or time, you’ve already done the things that will make the home sell.

4. Figure The ROI Of Improvements

The ROI or return-on-investment for each possible improvement should determine what you do to the home. You’ll be guessing at times, but the principle is that you do only those things which increase the value of the home substantially more than what they cost. Such high-ROI improvements vary by area and by type of home, but they typically include painting, carpeting, landscaping, and finishing unfinished space. With a small house, you might get new flowers and bushes, fresh paint, and all new carpeting for less than $7,000, and possibly raise the market value of the home by $14,000.

5. Know Your Buyers

A single level ranch in a neighborhood full of retired couples, won’t sell well to young “yuppies.” Know what kinds of buyers are likely to want the home (and neighborhood) before you start. Then, after improving it with those buyers in mind, market it appropriately. You or your agent should identify and advertise the benefits that matter to your buyers, whether this includes “close to stores” or “country living.”

6. Price It Right

Selling fast means you save those holding costs. You may also have other projects waiting for that money. To sell fast, price it slightly below market value – and let buyers know it’s a deal. It may seem that if you sell for $3,000 under market, you’re losing $3,000, but you are possibly saving a couple thousand in the holding costs you’ll pay if it takes an extra six weeks to sell at a higher price. Also, if you are a serious investor, flipping a house fast means getting the money into the next project fast. Buy right, and use the other tips here, and there should be plenty of profit left in any case.

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St. Joseph is a Catholic saint who has long been believed to help with home-related matters. And according to lore now spreading on the Internet and among desperate home-sellers, burying St. Joseph in the yard of a home for sale promises a prompt bid. After she and her husband held five open houses, even baking cookies for one of them, she ordered a St. Joseph “real estate kit” online and buried the three-inch white statue in her yard.

These statues are flying off the shelves as an increasing number of skeptics and non-Catholics look for some saintly intervention to help them sell their houses. Talk about desperate measures. You might as well put your house up on eBay and/or Craigslist and see if anyone makes a bid. Regardless, I guess at this point I would try anything and everything to help sell my home.

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Most real estate comes with a garage. If you have lived in the property for the amount of time, you have a lot of things that must be stored in your garage. I’ve got! When the time comes to sell your property, but you must provide all of your garage. Products you consider priceless heirlooms might be considered trash by the buyer. A cluttered garage also negative. Remember, buyers expect you to have a house in a clean condition. Anything that does not reflect what will hurt you in the eyes of these people.

Undoubtedly, your home has some amazing interior features. Not only assume potential buyers to understand their values, you must highlight the features. The best method for doing this is the lighting. Make sure you have adequate lighting in areas that are relevant to open the curtains or go with a light bulb more powerful. If you have a beautiful marble floors and counters in your kitchen, make sure there is enough lighting to make them stand out.

Grass is the first thing prospective buyers will see when they pull into the property. Keep it trimmed and cut back any forest. Give some thought about the way to the front door. Planting flowers and the like can go far.

Make sure the entrance is a positive aspect of your home, not a negative. Make sure the front door is perfect. Entry areas should also be focused on. Add plants, carpet and what have you to make a good impression. Next, walk in through the front door and take in the view. Is there anything that gives you pause and can be repaired? If so, do it!

The real estate market has cooled to the point that the house does not sell within three days. Three months is more nearly the norm in many areas. Back to the basics of selling the home base is the key to getting the bids you need. Tips for selling a house

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