Comet Settlement Real Estate

Of course, you’ve already considered location, so the first step you need to contemplate in purchasing a house for flipping is curb appeal. What does it look like from the street? If people aren’t anxious to buy after driving buy, what chance do you have of making a sale? Curb appeal is everything.

Actually, it’s curb appeal times two. You need to consider what it looks like to you for buying and you need to envision what it’s going to look like to a prospective home-buyer when you sell.

If the outside of the home doesn’t captivate you, then no matter what you do to the inside, you face an uphill battle. I’ve had great houses with great prices . . . and potential buyers barely slowed down as they drove by. You need to believe that with a little work and a little money, you can transform a home from a liability to alluring.

Curb appeal consideration for you:

Roof lines even? - You don’t want to see a sagging roof, even if it’s structurally sound. That look could cost you thousands in resale value.

Additions un-cobbled? - Many times people add on dormers or little additions. If there are additions: do they fit the basic “look” of the house? Does the roofing material match? You don’t want to be changing those. You want the home to look picture perfect.

Garage converted to a family room or bedroom? - Many times ramblers have original built-in garages converted to extra bedrooms and/or family rooms. The driveway comes up to the house and you can easily see where new siding was added to “hide” the conversion. This rarely works. The best I’ve seen used French Doors into a family or garden room.

House settling? - If you can see from the street that the house has settled, there is little you can do outside of major foundation work.

Concrete work settled? Cracked? - Front steps off kilter? Actually, you can build new steps around them. Often you construct a small deck that both hides the old concrete and enhances the new look. This hides unsightly cracks as well (make sure they are repaired first, however (don’t just cover them up).

Crappy neighbors with crappy homes, crappy landscape and crappy attitudes? - If you can buy their homes for a good price, consider it. If not, pass it by otherwise you’ll be trying to show your home while the police stop by next door for an on-location shooting of “Cops.”

If you purchase the house, you will start working on the curb appeal as well as general remodeling. You need to capture the hearts of your potential buyers.

Curb appeal for your new buyers:

Put up large street address numbers so people can easily locate your home for sale.

Nicely painted - Fresh paint adds value and says the home is well-cared for.

Landscaping - Big bushes and trees add instant value. Tie the landscaping together with edging and you have a complete look. If you don’t know what time of year you will be selling, choose mostly evergreens and then add flowering plants just before you put up your sign.

Charming - Nothing sells like charm. Don’t settle for bland. Add color that highlights the home. Got room for an arbor? Is there a small private area that can still be seen from the street? Room for a bench? Does the house have shutters. They don’t even have to work. They can even have to work. Shutters or “faux” shutters can be used to accent the windows and make them appear larger.

Dramatic lighting - Make sure your address is well lighted. Use dramatic spot lights to show off the landscaping and the private areas. If your house is vacant, choose a nice table by a beautiful window to add an attractive lamp. You want a shade that sends light up and down. You’re want people to have the feeling that they’ve come home after being away, and someone left the light on for them.

People view houses when it is convenient to them, this often means after work, at night. Be sure to check out your curb appeal for different times of day and night.

Imagine the house you’re selling as the perfect home. How would it look, if it were painted as a romantic scene by Thomas Kincade? You would see drama. You would see color. The lighting would pull you into the painting. Create that picture for your curb appeal.

What you want is an image that stays in the mind of potential buyers. They drive by. They call. They look it over. They make their offer. They can’t wait to move in. They pursue financing. You get your asking price . . . or better. Their dream never waivers. This is their home. All of this is done with curb appeal.

Don Doman is a published author, video producer, and corporate trainer. He owns the business training site Ideas and Training (http://www.ideasandtraining.com), which he says is the home of the no-hassle “free preview” for business training videos. Don and his wife Peg at one time owned 33 single family homes, which they purchased, remodeled, and used as income properties before selling them for profit. You can gain from their experiences at Simple Home Repair (http://www.simplehomerepair.com).

[tags]flipping houses, selling a home, real estate, real estate investment, selling houses, buying houses[/tags]

Tags: buying houses, flipping houses, real estate, real estate investment, selling a home, selling houses

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.

For more articles about finding, financing, fixing and flipping houses, visit Jeanette Fisher’s Doghouse to Dollhouse for Dollars website. Learn about decorating to attract buyers. Professor Fisher teaches interior Design Psychology college courses and professional real estate seminars. She also writes books and articles on home staging, credit for buying real estate, and other topics. Free “Design Psychology for Selling Houses” Report http://doghousetodollhouse.com Questions? http://doghousetodollars.blogspot.com

[tags]Flipping Houses,fixers,ugly houses,rehabbers,real estate investors,fixing houses[/tags]

Tags: fixers, fixing houses, flipping houses, real estate investors, rehabbers, ugly houses

Unless you’ve been living under a rock for the past few years, you’ve probably either dabbled in real estate yourself, or at the very least, know someone who has. So, how does someone that’s brand new to real estate start flipping homes? (And let’s clear the air right now IT IS NOT TOO LATE to start investing in real estate).

Follow these 7 tips to start investing in real estate today:

1. Look In Your Own Backyard
The grass is always greener in the other neighborhood, and it’s easy to keep looking for the “right” area. The bottom line is that any area is the “right” area. In order to be effective in the steps 2 through 7, you’ve got to get over the idea that real estate deals only exist in other areas. It sounds clich

Tags: flipping houses, flipping real estate, investing, real estate, real estate investing