Okay everybody... if you've ever contemplated owning a beautiful Condominium on one of the nations premiere recreational lakes... THIS IS YOUR CHANCE!
HIGHLAND COVE CONDOMINIUMS is holding its Pre-Sales Opportunity event on November 3, 2007 from 10am until 2pm. Go to www.ronsifford.com and follow the links to learn more about Center Hill Lake and Highland Cove Condominiums. You're going to want to secure a VIP Tour Package and Reservation. This is the last phase of condominium construction at the Highland Cove Complex.
The number of units are limited and the interest in these few units is very keen and the prices are lower than ever before! All units are 3-bedroom with all the ammenities you would ever want with some of the most spetacular views you will ever see!
Visit my site or e-mail me at ron@centerhill.com for more information. I hope to see you at the event!
Monday, October 29, 2007
"Fix and Flip": Quick Repair and Resales are Part of Local Housing Market
To avoid a flop, know how to sucessfully fix and flip You have to know the formula. With all of the exposure on cable TV shows about it these days, you have to wonder, is there any money to be made fixing and flipping houses locally? The answer, say several people involved in the industry, is yes. But you have to know what you're doing.
Television programs such as "Flip This House" (on the A&E channel ) and "Flip That House" (a different show, broadcast on the Discovery and TLC channels) gloss over the holding costs and other challenges involved with flipping houses. And because the shows are taped in California, the house values and profit margins usually are far above what anyone could hope to achieve in most local markets.
However, fixing and flipping can be done profitably in most markets.. The key is to buy a property at the right price, know exactly what it will cost to renovate and exactly at what price it will sell. Fixing and flipping is the practice of buying houses, often at a steep discount, fixing them up and reselling them. The repairs range from new paint and carpet to major work and improvements in order to bring the house back to market value or even increase its worth.
The houses can range from trashed rental homes or foreclosures to those in estate and regular sales. The important part is that they are purchased for substantially less than what they would be worth in good condition.
Some "flippers" who fix and flip houses said they don't approve of the cheap "paint and new carpet" level of turning around a house, but they acknowledge that other flippers do it. Most would agree that you're not going to see the same returns you see on the shows. Flippers in the shows can make as much as $100,000 or more by renovating a home that sells for $500,000 and more in the California market. In most markets, few homes sell for the kind of money seen on the TV shows and the net on a flip will most likely be far less than $100,000 as some see on those shows. However, there are decent returns in the "fix and flip" market.
You've kinda got to look at it like this... Put your money in a bank and draw the short-term interest of a percent or two... is that really the best turn around for your money? Probably not... there are other more lucrative options... Fix and Flip is just one, and, I might add that it can be fun and very profitable!
Potential fix-and-flippers should carefully tally up what it will cost them to buy a house and turn it around. Don't be guessing! Prospective buyers should include the cost of the loan payments and interest while you're fixing up the house and while it sits on the market, as well as insurance and buying and selling costs. Some banks use a title deed restriction to forbid a buyer from borrowing more than 120% of the home's purchase price and from selling the property within 90 days or so. They're actually trying to stop the fix and flips because (some flippers) are not doing a good job. The buyers aren't getting what they think they're getting.
However, many investors already know that the market is poised to return from its current slump and they're getting into as many investment properties as possible at the right price. They know that the investment will pay off in the near future. While there has been a slump, the market is just following a pattern that has been around in the industry for many, many years. Those smart enough to invest in Real Estate now will reap the benefits. Many try to second-guess the market with little or no success. Second-guessing is not profitable no matter how you look at it. Do your homework, do the research... you'll find the answers... you'll see the market trends, you know what's coming next! And, you'll realize that NOW is a great time to invest. Whether you're fixing & flipping or making plans for your next investment... Real Estate is tried and proven. If you're smart and if you're not scare of a little risk, c'mon... let's fix and flip not fix and flop!
Television programs such as "Flip This House" (on the A&E channel ) and "Flip That House" (a different show, broadcast on the Discovery and TLC channels) gloss over the holding costs and other challenges involved with flipping houses. And because the shows are taped in California, the house values and profit margins usually are far above what anyone could hope to achieve in most local markets.
However, fixing and flipping can be done profitably in most markets.. The key is to buy a property at the right price, know exactly what it will cost to renovate and exactly at what price it will sell. Fixing and flipping is the practice of buying houses, often at a steep discount, fixing them up and reselling them. The repairs range from new paint and carpet to major work and improvements in order to bring the house back to market value or even increase its worth.
The houses can range from trashed rental homes or foreclosures to those in estate and regular sales. The important part is that they are purchased for substantially less than what they would be worth in good condition.
Some "flippers" who fix and flip houses said they don't approve of the cheap "paint and new carpet" level of turning around a house, but they acknowledge that other flippers do it. Most would agree that you're not going to see the same returns you see on the shows. Flippers in the shows can make as much as $100,000 or more by renovating a home that sells for $500,000 and more in the California market. In most markets, few homes sell for the kind of money seen on the TV shows and the net on a flip will most likely be far less than $100,000 as some see on those shows. However, there are decent returns in the "fix and flip" market.
You've kinda got to look at it like this... Put your money in a bank and draw the short-term interest of a percent or two... is that really the best turn around for your money? Probably not... there are other more lucrative options... Fix and Flip is just one, and, I might add that it can be fun and very profitable!
Potential fix-and-flippers should carefully tally up what it will cost them to buy a house and turn it around. Don't be guessing! Prospective buyers should include the cost of the loan payments and interest while you're fixing up the house and while it sits on the market, as well as insurance and buying and selling costs. Some banks use a title deed restriction to forbid a buyer from borrowing more than 120% of the home's purchase price and from selling the property within 90 days or so. They're actually trying to stop the fix and flips because (some flippers) are not doing a good job. The buyers aren't getting what they think they're getting.
However, many investors already know that the market is poised to return from its current slump and they're getting into as many investment properties as possible at the right price. They know that the investment will pay off in the near future. While there has been a slump, the market is just following a pattern that has been around in the industry for many, many years. Those smart enough to invest in Real Estate now will reap the benefits. Many try to second-guess the market with little or no success. Second-guessing is not profitable no matter how you look at it. Do your homework, do the research... you'll find the answers... you'll see the market trends, you know what's coming next! And, you'll realize that NOW is a great time to invest. Whether you're fixing & flipping or making plans for your next investment... Real Estate is tried and proven. If you're smart and if you're not scare of a little risk, c'mon... let's fix and flip not fix and flop!
Subscribe to:
Posts (Atom)
