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A Beginner’s Guide to Flipping Houses
If you’re dreaming of making money in real estate, it’s time to stop dreaming and get to work, because making money in real estate isn’t just a vague pipedream. It can be done, even by a young and inexperienced person, when you learn how to “flip” houses.
A friend of mine, we’ll call her Tai, made a fortune in real estate, beginning at the age of twenty, with no help from anyone else. Here’s how she did it:
Tai began by buying a HUD repo, which allowed her to get into the house for no money down. Then she fixed it up and sold it herself. At closing, she had made enough profit to by a second fixer-upper, but this time, she paid all cash. Tai went right to work fixing her second house, and when she sold that one, she collected profit of $44,000, which allowed her to pay cash for her third house!
By now, Tai was comfortable with her formula, and within a short time, she had flipped her third house, realizing enough profit to pay cash for yet another house, as well as being able to buy the custom pickup of her dreams. And all of this had happened in the span of just nine months!
Tai’s formula was simple. She located houses that needed only cosmetic work, avoiding those that required structural repairs. She did all the painting herself, inside and out, and updated the home’s lighting, plumbing fixtures, and carpeting. Once renovations had been completed, all three houses sold quickly, and at a significant profit.
Flipping houses is the most tried-and-true way to make a fortune in real estate, so don’t listen to anyone who tries to tell you that it can’t be done or that you need to have a great deal of start-up money. That’s not true. You can buy houses with no money down through various loan programs, and sellers will often help you with the closing costs.
I know what I’m talking about. My husband and I bought our 27th house earlier this year, for no money down, and we expect to make a profit of at least $100,000 for just one month of hard work!
But we take the process a step further, making our houses outshine the competition by also using Design Psychology, although our buyers never know that. All they know is that they feel good when they’re in our homes, which makes them want to buy them, even if they’re more expensive than the house next door.
There’s no other business that can make you as much money, with as little start-up cost, in as short a time, as investing in real estate. In fact, more millionaires made their fortunes in real estate than in any other business. And you can do it, too. You just have to stop dreaming and get started.
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New concepts in Interior Design Psychology are helping home sellers net more money in today’s competitive real estate market. Therefore, it’s worthwhile to spend time planning the changes that will help your home sell for the highest price.
Develop a general design plan, keeping your target market and budget in mind. Your overall design plan really depends on supply and demand. How many houses are for sale in your area? How many houses sell each week? Is the selling season cold, warm, or hot? Is it a seller’s or buyer’s market?
If the market is moving fast and buyers are lining up to make offers for homes in your neighborhood, you can do less. But whatever your answers to the above questions, you’ll still need to do a few things to make your home stand out from the competition.
Know Your Target Buyers
Think about your neighborhood and the buyers purchasing homes near yours. Are they purchasing their first home or moving up? This will be important to your marketing and design plan, since the psychological needs of the two types of buyers differ considerably.
First-time homebuyers seek to control their own environment by owning, rather than renting. Their psychological needs include:
Safety and security
Sense of place or connection
Comfort
Self-control
Move-up buyers often enjoy those benefits, too, but they’re generally more interested in finding a larger home with more amenities for their comfort, self-esteem, and feelings of prestige.
Once you’ve determine your potential buyers, you can begin making improvements to your home that will attract them.
Budget Concerns
Spend money only on items that will make a difference in your sales price. Of all repairs, fresh paint is the best investment you can make. New kitchen appliances, upgraded bathroom features, and updated lighting fixtures will usually give a good return for your money, as well.
Sometimes, hiring professional help is worth the extra expense. Professional painters work faster and will often cost less than day laborers. Tile installers, carpet layers, and electricians also know their trades and will do a better job than most day laborers.
Contractors should have their own disability and liability insurance — ask for a copy with your contract. Get everything in writing — including work to be completed, costs, lists of specific materials to be used, time for completion, and payment schedule.
Exterior Design Psychology
Choosing the right colors to paint your home will make a huge difference in your paycheck at closing. Look at the other homes near yours and choose complementary colors.
Did you know that the exterior color of houses selling the most quickly is yellow, but the wrong tone or shade of yellow can kill a potential home sale? Avoid yellows with green undertones and bright yellows, and choose pale yellows with creamy or beige shades instead. Warning: colors look darker on huge exterior expanses than they do on the little
paint chips you see in the store.
Color Combinations
Paint stores offer many brochures, showing various combinations of exterior paint colors, but most of them also feature combinations include three colors. Limiting your paint selection to only two colors will limit your income potential.
Think fun colors for a fast sale. Think “Disneyland Main Street,” where every shop is painted in glorious multi-color. Using a third or fourth color on the exterior can add definition to your home’s details. Use gloss or semi-gloss paint on wood trim.
Psychology of Exterior Paint Colors
Take the ultimate sales price of your remodeled home into account. Certain colors, especially muted, complex shades, will attract wealthy or highly-educated buyers, whereas buyers with less income or less education will generally prefer simple colors.
A complex color contains tints of gray or brown, and usually requires more than one word to describe, such as sage green or forest brown, while simple colors are straightforward and pure. Generally, houses in the lower price range will sell faster and for more money when painted in simple tones like yellow and tan with white, blue, or green trim.
Interior Design Plans and Secrets
Create a list of work and materials you’ll need for each room and then estimate the time you think it will take for each task. The more planning you do before you begin, the more time and money you’ll save.
Psychology of Interior Paint Colors
Daring to use color instead of bland white walls will increase your profit potential. Did you know that Lynette Jennings tested people’s perception of room size and color? A room that was painted white appeared larger to only a few people in the survey, compared to an identical room painted with a color, and the perceived difference was only about six inches! Because most people look better surrounded by color, a colored wall also makes them feel happier, and buyers will choose to buy the house that makes them feel happiest.
Entryways should bring the exterior colors of the home inside. Repeat variations of the exterior shades all the way through your home, which will make the entire home seem to be in harmony. As an added bonus, if buyers love the exterior colors, they’re going to like the interior colors, as well.
Spending time planning your home’s sale, rather than just listing it and then taking your chances, will net you more money, and faster!
Best wishes for a profitable, quick sale.
(c) Copyright 2004, Jeanette J. Fisher. All rights reserved
Professor Jeanette Fisher, author of Doghouse to Dollhouse for Dollars, Joy to the Home, and other books teaches Real Estate Investing and Design Psychology. For more articles, tips, reports, newsletters, and sales flyer template, see http://www.doghousetodollhousefordollars.com/pages/5/index.htm
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You have been wanting to get into the HOT Flipping Real Estate market for a while, but what exactly do you need? What you need is a means of breaking into a real estate investment that requires only a Small Amount of Capital and Time!! Is that really possible, or is it just more hype? First you need an education . . . There are certain fundamental principles involved and if you do things the right way, it works. It really involves working smarter and putting in the proper effort and motivation as well. Gaining the education is essential. But where do you start? This 282 page ebook gives you a start with the essential fundamental principles of Flipping Houses, and Assigning Contracts. You get the basic step by step details that you need to get an understanding of the “Flipping Process”. . . including real-life examples. ORDER TODAY AND GET THE FOLLOWING BONUSES:
All this for only $29.95! ORDER NOW FOR INSTANT DELIVERY! YOU ARE MINUTES AWAY FROM EVERYTHING YOU NEED TO GET STARTED IN FLIPPING PROPERTIES!
]]>Read more →]]> Many real estate investors enjoy “flipping houses,” or buying and selling houses quickly for profit. Not all flips are fixers. However, rehabbers make millions turning ugly houses into dollhouses. On the other hand, some inexperienced investors lose money buying houses that just don’t turn a profit. If you’re looking to get started investing in real estate by fixing and flipping houses, you’ll want to know what type of property to buy. THREE TIPS TO HELP YOU FIND THE PERFECT FIXER 1. Know Your Market Your first task, exploring your market, helps you know a bargain house when you spot one. Look at many houses for sale in your area. Keep track of sales and how long the houses take to sell. Ask selling real estate agents about the terms of these sales because this helps you understand how sellers market their property (some of this information is public record). For instance, if a seller paid closing costs for the buyer, did the price rise from the listed price accordingly? Or, did the seller come down on the price and also pay the buyer’s costs? Examine the sales that sell quickly. What home features and financing options prompted the fast sale? Also, look at model homes. Buyers often buy resale homes because they can’t wait for a new home to be finished. However, these buyers like the distinctive features new homes offer. Visit model homes and take notes on how details like a water fountain or a new state-of-the-art appliance makes a house sell itself. When you remodel your fixer, you’ll know what attracts buyers and you’ll make smart redesign choices. 2. Know When “Ugly” Means “Gold” When you first start out in your real estate “flipping fixers” business, you’ll want to look for houses needing only cosmetic work. Look for houses that just need cleaning up, painting, and new flooring. Use your imagination when viewing these homes. Try to visualize the finished dollhouse as you look at structural features and the surrounding homes. Make offers on the ugliest houses in decent neighborhoods. Don’t be afraid of stinky houses that show horribly. Search for fixers with peeling paint, holes in the wall, stained carpeting, and trash in the yard. Remember, these houses won’t look good to most buyers, but other real estate investors see them as gold mines. 3. Know When “Ugly” Means “No thanks” When you’re new to real estate investing, always remember your limitations. Use caution when considering houses that need structural repairs. Some rehabbers replace walls, plumbing, structural beams, sub-flooring, and electrical systems. These experienced real estate investors acquired those skills after years of experience or they have the money to pay for professional help. If you find a house with structural problems, get estimates from reliable contractors to do the work. If the walls have too many cracks and bumps, you may need to hang new sheet rock or hire a professional plaster refinisher. Check for signs of plumbing problems such as water stains under sinks and loose flooring, and get estimates for professional repair. Take professional estimates into account before deciding whether or not to purchase an investment property. Any big expense decreases your eventual profit. Turn Yucks into Bucks Why would anyone want to do this hard work? How much does the average rehabbers make? In Ohio, real estate investors buy houses expecting a profit of about $30,000. In Southern California, many investors make $50,000 to $100,000 on each house. When you find a garbage-filled, flea-infested house in a family neighborhood, take your bug spray, hold your nose, and get ready to make a difference, in the neighborhood and in your bank account. You can make a fortune fixing nasty houses. Know your market. Know when “ugly” means profit in your pocket, and when to keep looking for the house with the hidden gold mine. Copyright © 2005 Jeanette J. Fisher. All rights reserved. ]]>Read more →]]> You’ll find home selling tips for houses, town homes, villas, and condominiums, scams to keep away from, how to opt a seller’s real estate agent, what to set in your contract, real estate agent tricks to watch out for, and negotiating tips for dealing with tough buyers. We’ll also assess such as Home Gain which help you locate a real estate agent in your area based on the marketing package that they put forward to sell your house. Great Expectations Many sellers have unrealistic expectations for their property value, particularly on condominiums and townhouses. These types of property at least here in Florida do not seize their value very well, and very few of them only appreciate. Often the builders of new condos and townhouses charge buyers too much money and when the buyer resells years later, they are stunned to observe how much value their unit lost. They will have a rigid time selling their condo, especially if the maintenance fees are high. So how do you price your home? There are three tools to use, a property appraiser, a listing real estate agent, and a record of recent home selling prices in your neighborhood. If you chose your listing agent shrewdly and they have knowledge in your neighborhood, they can steer you to a ball park selling price, then the appraiser will fine tune that number, and you can utilize a list of current selling prices as a sanity check. Pretty it up before you list it! Before you turn your home over to the listing agent, make sure it’s in its best form. First impressions count and the first thing buyers see are your front lawn and garden. Make sure your lawn and trees are fertilized about 2 weeks before you list the house. Also make certain that the lawn is in good shape, and has a perfect edge along the perimeter, make sure the garden looks nice, with no weeds, and repair any cosmetic damage to the house that can be seen from the outside. Replace your AC filter and any other filters that might be checked during the inspection process. Remove any excess rugs and furniture to make the rooms look bigger. How To Interview And Hire A Real Estate Agent: You want much more from them than just listing your house on MLS and waiting for results, you want a full scale media blitz. By using popular home buying sites like Home Gain, you are pitting local real estate agents against one another to compete for your business. The agent with the best marketing plan wins. Since agents know that there are other agents competing for your business, you’ll get some aggressive marketing plans presented to you. Make sure your house is advertised with color photos wherever possible, and make sure it’s outlined in your Real Estate Agent’s marketing contract that there will be color photos. Buyers love open houses and half the fight in selling your house is just getting buyers to come look at it. Stay away from long term contracts! Do not sign long term exclusive agent contracts. Any decent agent should have your house sold in 90 days in a good market. In fact if they really are as good as the picture they painted for you, they should have your house sold in no time. Only with a 90 day listing period, you put the pressure on your Real Estate Agent to do some work and sell your house. Have a good Internet marketing plan to sell your home! Many people don’t just comprehend that by adding your home listing to a regional online classifieds, it could get picked up by the major real estate portals sites like Home Gain. Big real estate portals are signing regularly that deals with MLSs and regional home listings for presenting their listings when users of the portals search for a house. Internet listings are crucial to get your house sold, especially to out of town buyers who are unfamiliar with your area, and your listing is the only one they know. Real estate portals sites like Home Gain are good if you live in a questionable area where picky buyers in your city don’t want your house, but ignorant buyers from out of town don’t know any better. Ron Victor is a SEO copywriter for www.webuyhousesforcash.com Read more →]]> When painting your home for resale, choosing the right colors can make a huge difference in your paycheck at closing. For instance, did you know that the exterior color of houses selling most quickly is a certain shade of yellow, but that choosing the wrong shade of yellow can kill a sale? You’ll find many brochures in paint stores, showing various combinations of exterior paint colors. But most people don’t realize that most of those combinations actually include three colors, and not just two. Limiting your exterior paint scheme to just two colors also limits your income potential. For a fast sale, think fun colors and go for a third, or even a fourth, exterior color. Think “Disneyland Main Street,” where every shop is painted in glorious multi-colors. Adding more colors will also add definition to the various architectural details of your home. Use gloss or semi-gloss paint on wood trim. The Psychology of Exterior Colors When choosing exterior colors, take the sales price of your home into account. Certain colors, especially muted, complex shades, attract wealthy or highly-educated buyers, whereas buyers with less income or less education generally prefer simpler colors. A complex color contains tints of gray or brown, and usually requires more than one word to describe, such as “sage green,” as opposed to “green.” On the other hand, simple colors are straightforward and pure. Generally, houses in the lower price range sell faster and for higher prices when painted in simple colors like yellow or tan, accented by white, blue, or green trim. The Psychology of Interior Colors Using colored, rather than bland, white walls will increase your profit potential. Lynette Jennings tested the perception of room size and color, and discovered that a room painted white appeared only appeared larger to a few people when compared to an identical room painted in color – and the perceived difference was only about six inches! Most people also look better when surrounded by color, and feel happier, and since buyers pick houses that make them feel happy, that knowledge can put dollars in your pocket at closing! Entryways should bring the exterior colors into the house. Repeating shades of the exterior throughout your home will make the entire home seem to be in harmony. Living and family rooms painted in a slightly lighter shade of the exterior color will ensure that you’ve picked a color your buyers like, because if they didn’t like your exterior colors, they wouldn’t have bothered to look inside. If they loved the exterior colors, they’ll love the interior, too. When choosing interior colors, consider the use of each room. For instance, kitchen and dining areas that are painted in “food colors,” such as coffee browns, celery greens, and scrambled egg yellows, feel natural. Since, deeper shades of color imply intimacy and serenity, I like to paint master bedrooms a medium shade of green or blue for warm selling seasons, and rouge red for cooler weather. Other bedrooms can be painted in creamy tones of green, blue, or a pale shell pink. (See the chapter on the Psychology of Color in my book “Joy to the Home: Secrets of Interior Design Psychology” for further information.) Selling Season Always consider your selling season (the time of year you’ll be marketing your home) and climate when choosing colors. Estimate the amount of time you’ll need to get your home ready for sale, and then add on extra days for unexpected delays. Use cool colors, such as blues, greens, and grays, to sell during spring and summer, and warm colors, such as yellows, reds, and maroons, when selling in the fall and winter. Color Intensity My husband and I usually use lighter colors when painting the exteriors of our investment dollhouses, because it makes them appear larger. On the other hand, our cabin in the woods looks richer when painted a darker color. When we decided to have it painted, I considered the usual cabin colors of dark brown and barn red, but fell in love with Olympic’s gorgeous “Gooseberry” plum color. When getting ready to paint your house, look at the colors of neighboring houses and choose colors that harmonize, yet stand out from the crowd. Colors that clash badly with other houses will detract from the overall neighborhood. At the beginning of the article, I told you that homes with yellow exteriors sell the quickest. But which shade of yellow sells best? First, the yellows to avoid: yellows with green undertones look sickly to most buyers, and yellows with orange undertones give buyers an impression of cheapness. The best-selling yellow exterior color is actually a pale, sunny yellow, especially when complimented with one or more carefully-chosen accent colors. For instance, a semi-gloss white trim will give your home a clean and fresh look, and adding a third color, such as green, can make your home even more attractive to prospective buyers. Colors affect human beings in many ways, and by using the principles of Color Psychology, you can make your home stand out from the competition, sell more quickly, and at a higher price. (c) Copyright 2004, Jeanette J. Fisher. All rights reserved. Professor Jeanette Fisher, author of Doghouse to Dollhouse for Dollars, Joy to the Home, and other books teaches Real Estate Investing and Design Psychology. For more articles, tips, reports, newsletters, and sales flyer template, see http://www.doghousetodollhousefordollars.com/pages/5/index.htm Read more →]]> Good Homes Under $50,000?Cheap Homes, Nice Towns: An ExampleWhy Are There Cheap Homes For Sale?The economic situation is the primary reason that you can buy a cheap house in many parts of the country. These are towns that have seen troubled times, but are often recovering, and with good reasons. Anaconda, an example we know well, now has a ski resort,a Jack Nicholas golf course, and beautiful mountain scenery. The houses cost four times as much if you go an hour in any direction, and those higher prices are bound to reach Anaconda eventually. Cheap Houses You Don’t Want To BuyCheap Homes For Sale In Paradise1. Population between 4,000 and 80,000. When we researched and built our website, we broke the towns up into two pages. One is for the towns with houses for sale for less than $50,000. The other is for the towns with really cheap homes for sale – under $30,000! Yes, they are still out there. Using a phone and the internet, searching for your affordable dream home is easier than ever. Good Luck! Steve Gillman and his wife Ana Blum have traveled the country exploring beautiful towns where there are still affordable homes. The result of their research, and their experience buying their own cheap dream home, is the website: http://www.HousesUnderFiftyThousand.com |
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