I made this quick video to try to answer the question can you still flip a house in today’s mortgage market, and I believe you can, but in order to sell a house you need to have the best looking house at the most competitive price.
So you’ve decided to buy a house, people who can afford to buy a house for cash are rare; most will need to finance the purchase of their home through a Dallas Mortgage Lender. A mortgage is a long-term loan contracted by the buyer to purchase a house, in return for the provision of the loan, the borrower (mortgagor) promises the lender (Dallas Mortgage Lender) Read the rest of this entry »
When flipping a house you have 2 options. One is to do all the work yourself and save several thousands dollars in labor, or contract out the repairs and manage the flip.
I believe in order to make serious money house flipping real estate you need to build a team. We have a team that we put together with one of the partners having a history in construction, and knows how to do the repairs and can keep and eye on the contractors to make sure they are not ripping us off.
The other is what I like to call the “paper work guy.” This is someone who works in the mortgage industry, and is use to doing foreclosure contracts and hud’s.
Real estate agent - Find a real estate agent that does high volume sales and kicks butt.
Then finally the beloved investor who gives his money, but does not invest time into the project.
I love pre-foreclosure properties because pre foreclosures are a win-win for the buyer and the seller. When you buy a pre-foreclosure you are going to get the best deal on the property because the owners of the home are going to do what ever they can to sell since they want to stop foreclosure on there home. When looking for real estate I love to view list of preforclosures from realty trac, and start working the math to see which foreclosure on my list is going to make me the most money, and then buy it up. Pre-foreclosures help you make money, and help save the buyers credit.
PRE-FORECLOSURES | FORECLOSURE LIST | LIST OF FORECLOSURES
In this video we show you key ways at find good real estate properties for flipping. How to search for foreclosures, pre-foreclosures, FSBO, bank owned foreclosures.
I believe one of the most important aspects to finding a great deal in real estate is to find quality foreclosures and pre-foreclosure lists. There are several websites that we used to find houses to flip.
Ebby.com - is a great free website, but mostly MLS listings
Foreclosure.com - This has a great list of foreclosures and pre-foreclosures.
Realty Trac - Another company that has up to date foreclosures and pre-forclosures
Once you find a list of foreclosure properties, then you have to physically go and visit each one as fast as possible, then walk through and inspect the property to see if it is a flip or a flop. This video walks you through the steps we took when looking for our first foreclosure, and what websites we used in order to find the best foreclosure list
Foreclosures | Foreclosure List | Finding Foreclosures | Pre-ForeClosures, Bank Foreclosures | List of Foreclosers | Real Estate
I am going to answer the top three questions I get about buying a home in pre-foreclosure. The questions are why do you buy a property in pre-foreclosures, how do you find a pre-foreclosure, and negotiating a short sale.
Why do investors buy properties in pre-foreclosures? There are many reasons why we buy pre-foreclosures, but the best one is that we help people avoid getting foreclosed on. Your not just making money, but you are actually helping someone keep from going thru a embarrassing situation. A foreclosure mark on your credit is the worst mark you can get, and it stays on there for 7 years. Another reason why investors buy pre foreclosures is because the house will normally be in much better condition. The owners of the houses normally has not trashed the house out yet and you can save a lot of money on repairs. Also, you can buy the house for pennies on the dollar if you do it right.
How do you find a pre-foreclosure? I use REALTYTRAC to find pre-foreclosure. REALTY TRAC will give you a list of all the houses that are in pre- foreclosure, and trust me that is a lot better then going to the county clerk’s office and trying to get a list of pre-foreclosures. Now the fun part! You get to call the people on the list and tell them that you would like to buy there home. A lot of people are not going to be interested and might even get upset with you, but once you find that right person it will all be worth it. Another trick of the trade is to send out flyers to the homes.
How to negotiate a short sale? A short sale is when the bank takes less then what is owed on the property. Best case is that you find a person in pre- foreclosure that property is worth more then what is owed, but if not then you will need to do a short sale. Why would a bank accept a short sale? The answer is caring cost? If the buyer is not making the monthly payments then the bank has to make the payments, pay force placed insurance, legal fee’s to file the foreclosure, and if the state has a long redemption period then it is in the banks best interest to accept a reasonable short sale. The first thing you need to do is find out the value of the house, and what the full payoff is. Then you have to negotiate the deal like any other deal as far as price. With a short sale the owner of the house will not receive any money due to the bank is losing money, so I would suggest to offer to pay for the buyers moving expenses and 1st month rent to motivate them to accept the deal. Pre-foreclosure and short sales are not easy, but can be very profitable if done right.
By You usually don’t hear people talking about “hidden” costs when flipping houses, rather, you hear about how much money they made.
“And we really didn’t have to do much either!”, you’ll hear them say.
While there are flipping jewels that do indeed fall into people’s laps, the reality is that those flips are few and far between. If you’re considering flipping, you certainly want to go into it with a lot of enthusiasm, but with a healthy dose of caution as well. Learning to “read” houses when inspecting them before buying will help you see more clearly what possible repairs might be needed to make the house ready for the market. Not paying attention to certain warning signs of structural problems could mean the difference of making, or losing money altogether.
If you’re relatively inexperienced at flipping, or considering your first flip, pay attention to what the house is “telling you”. You could go into it thinking you will make some great money, only to spend any profits on major repairs. Remember, in many flips, you are buying foreclosure property, property with tax liens against them, etc. So, understand that you are buying the property as is, warts and all.
Some major repair signs to be on the lookout for, are the following:
Having this particular increased-awareness mindset makes good business sense when evaluating any piece of property. Consult with a professional such as a general contractor or realtor and have them help you assess any possible repairs and related costs. When you have all of the facts and figures in front of you, can you then make an informed decision. When you do, in fact, submit a bid, you’re price will reflect any necessary repair expense.
If you’re relatively new or considering entering the house flipping business for the first time, please visit http://www.House-Flipping-Helper.com for more information regarding all things house flipping and remodeling.
Article Source: http://EzineArticles.com/?expert=K._Kleinholter
So, I was watching the TV last night and I saw a Foreclosure Tour Bus. I must tell you I wish I would have come up with this one. The Realtors rent tour buses, and take a whole bus full of people to go and look at 10 houses over the course of 4 hours. The people on the bus are looking to grab a great deal on a foreclosed property, and most of them were serious buyers. Just think about it, you have a bus full of clients instead of having to show the house to one person at a time you now are showing to 20-30 people at the same time, and increasing you chance as a realtor to land a sell.
This just goes to show that no matter where the market is, if you will be cutting edge, and try something innovative, you can still make money. These were not the Realtors sitting in their office thinking about flipping burgers at McDonald’s, but these are the true hard core Realtors that when times are tough they think of something to spark interest, and increase traffic and sales.
The lesson from the Foreclosure Tour Bus is to try to think of new ways to make money. Don’t be like everyone else because everyone else is broke. Get out of the box and live a little, and come up with some great idea’s that are going to make you prosper.
Here is a great article on why you should refi your home.
What Great Things to Expect with Home Mortgage RefinanceBy Alan Lim
If you already have bought yourself a home, then you most probably know about the concept of home mortgage refinance. If you have not, for one reason or another, refinancing (”re” + finance) simply refers to the process of taking on a new mortgage as replacement of an old one, made with the same collateral.
Applying for a new mortgage loan qualifies you to get some extra cash, lower monthly payment and/or reduced loan terms. You can use this extra cash for home renovation, for education, or for other major purchases you deem necessary. The extent of financial benefits you can get will depend on individual financial conditions. However, in a general sense, home mortgage refinance offers the following great benefits:
- Low interest rates. This is probably one of the most obvious advantages of refinancing. If market conditions are ideal, you may be able to reduce your interest rates by at least 3%.
- Low monthly payment. With lower interest rates, you can expect to pay lower monthly repayments as well. Consequently, this should mean that you have some extra savings per month that you can use to pay off bills, or to put aside for emergencies. The lower the interest rates you get, the more you save on monthly repayment.
- Flexibility to change your loan terms. Instead of lowering your monthly repayment, you can opt to pay the same amount but with shortened loan duration. This is considered by many as a better option than lowered monthly payment.
- Great mortgage service satisfaction. If you are like the majority, you might have decided on your first mortgage without giving it as much thought. You might have chosen the first lender to approve you without regard of their service. Sometimes, lending companies are not able to get us the kind of service that we need. With refinancing, you have the opportunity to enjoy greater loan satisfaction and service. You have the freedom to choose to another lender if you find your present one unsatisfactory. This time with your home mortgage refinance, you can also choose the specific kind of service and terms that are in line with your financial goals.
- Ability to consolidate your debts and bills. A home mortgage refinance is an excellent way for you to consolidate your bills and debts. Bills can be very confusing, and it gets even worse as you need to note down due payments or deal with delayed payment penalties. Refinancing can allow you to get all your debts together and merge them into one single, separate monthly bill. You also do away with high interests imposed by credit card companies and other private lenders.
- Faster closing time. A home mortgage refinance is usually easy to apply for and be approved of. Of course, this depends on your current financial situation and your qualifications. If everything goes well as planned, you may be able to get results in as little as a week.
Note that you can only enjoy the benefits of getting a home mortgage refinance if you get one at the right time. It is also important that you treat this as a major financial decision as it can make or break your financial future.
There is no better day than today to bank on a financially stable future. We will help you make the right decision on how to efficiently handle your finances. Visit us at Home Mortgage Refinance or Home Mortgage now to know more.
Article Source: http://EzineArticles.com/?expert=Alan_Lim
If you can you need to get out of your arm loan because they can screw up you life. People all over America with arm loan mortgages on their homes are finding out that the interest payments go up. With a fixed you have one payment that saves you more money over time and makes it so much easier to budget you bills.
LendingTree Mortgage Refinance Loan!!