Bathroom Remodeling Ideas | 5 Great Tips You Need To Know
Make sure you learn these important Bathroom Remodeling Ideas before you begin flipping your house.
As you may have heard before, the kitchen is generally considered to be the most important room when flipping a house. However, following in close second is a room that is nearly just as important: the bathroom. Unlike the kitchen, there is typically more than one bathroom in a property. Because of this, it is perhaps even more essential for you to know these important bathroom remodeling ideas before beginning your project.
If done incorrectly or without the proper guidance, a bathroom remodel can turn into a nightmare, costing you a fortune just to get back to par. If you follow these tips, you should be able to create the ideal bathroom for potential buyers, and save a great deal money in the process.
What Is A Short Sale? The Essential Facts You Need To Know
Short Sales are a great way to earn money fast in the house flipping world— but What Is A Short Sale?
One niche in the real estate community is the lesser-known art of a short sale. “What is a short sale?” you might ask. A short sale, in essence, is when the owner of a home sells their property to a buyer for less than the amount of money they owe the bank.
What’s great about short sales is that they benefit everyone involved. The seller’s credit rating is not affected as much as it would be if the house were to be foreclosed. Although not ideal, the perhaps unscathed credit rating will help the seller to be able to purchase a different home once his or her finances are in check.
Most importantly, the short sale benefits you as the buyer immensely. These houses are typically in a distressed state, perfect for flipping. For this reason, you should be able to negotiate with the bank to sell the house to you at a lower price. From there, all you need to do is repair, renovate, and sell at a much higher value. If you do everything correctly, you should end up with a decent profit.
Why I Accepted $10,000 LESS On a House Flip…But Made MORE Money Anyway
Why would anyone in their right mind EVER leave money on the table on a house flip deal?
Most people would think that you'd have to be certifiably insane (see our friend on the left) to take less money on anything you sell...house flip deals included.
After all, isn’t house flipping about maxing out the amount of money you can make on a deal?
It is of course. But on this house flip deal, I actually figured out a way to make more money anyway.
What was really cool is that we had FIVE offers on the property on the same day!
So thankfully I had some options, so we could be fairly picky and pick which one was the best one for us.
FIVE House Flip Offers in 1 Day...What's the Best One?
We listed the house for $219,000. And on the very first day of it being on the market, we got the following offers: Continue reading
Real Estate Flipping | Know The 3 Secrets To Renovating Your Kitchen
Knowing how to renovate your kitchen is important when you are dealing with Real Estate Flipping.
As you might already know, the kitchen remodel is often the most expensive part of real estate flipping. Luckily, it is also the main attraction for prospective buyers. If you know how to do it right and were to allocate your money, you could exceed the par of what is expected of the kitchen, and create an incredible selling point for your property.
In fact, selling points are one of the two key things you should consider when renovating this room. The other important part you should focus on is the overall appearance of the kitchen. Think of the overall appearance as the outward impression that the prospective buyers see from a distance, while the selling points the highlights that you will show them close up.
Knowing how to utilize both of these resources can help you sell your house fast, and at a greater profit.
Why I Took $10K Less to Make More Money On The Carver Flip
Sometimes it doesn’t really matter what the offer is if the bank comes back out and appraises the property at less than what they offered.
I figured this may backfire if we accepted the higher priced offer.
Plus, we had a very good idea of what the Carver property was worth and we just knew that we couldn’t get greedy.
But more importantly, there was another player in this whole deal…the bank.
The bank is and always will be the ultimate “wild card” in any deal you do – especially now. And since this offer $10,000 over our asking price was higher – it was actually more risky to take it.
Huh?
Higher Offers Aren't Always The Better Offers
Yes, the higher offer was a more risky one because for all we knew, the financing could break down and the bank may reject the loan entirely.
If they did that, then the buyer was out of luck and may need to shop around for different financing.
If that was the case, what would happen to us? Wouldn’t this break down all our carefully crafted numbers and projection?
All good questions.
See this video here to see why the full priced offer was better than the one that was OVER asking price.
Did I Really Give Up $10K?
Not only were we concerned about the bank financing falling apart, but we were also concerned about a few other factors:
- If you have a bank-financed offer, it takes more time to get the money and to close – usually 45 – 60 day if not longer
- An all cash offer would take only a few weeks
So if you take a finance offer, you'll automatically get additional charges to the net profit such as:
- Interest on the promissory note: $1,000
- Taxes: $200
- Electrical and utilities: $200
- Maintenance (lawn care, etc): $150
- Staging costs: $300
- Additional costs $2000
So right out of the gate, we are down $2,000 form that additional $10,000
Not so good.
Best case scenario would be that we made an extra $8000
Additional Concerns
When someone goes for a loan it’s not just what the buyer and seller agree on a price. There are more people involved than just that 0 especially when dealing with a bank
The bank sends out an appraiser to determine whether or not the property has been sold at a fair market price. The bank (especially now) does not want to lend money on a property that is overpriced.
And if that price comes in below the offer, then we are back to square one.
You can one of two things:
- Kill the deal and put it back on the market
- Lower your price to accept the lower CMA form the bank
When all is said and done, when you can eliminate the inclusion of the bank, then you should take that offer.
Cash offers don’t happen all that often – so when you get one, you should seriously consider it. In fact, we’ll make more money and less stress than we would have.
Let me know what you think? What would you have done?
Curb Appeal Ideas | 3 Cheap Tips For House Flipping
Make an impression on prospective buyers with these Curb Appeal Ideas.
When you flip a house, there are a number of different strategies you can use to make sure you sell in fast and earn a profit. However, one of the more overlooked tactics is using curb appeal, or making the outside of the property more attractive to prospective buyers.
This strategy is very important because the very first glimpse of the house these buyers get is usually through the photo in the real estate listing, either online or in the newspaper. More specifically, they will see only the front side of the house and the front yard. So even if the inside of the house is beautiful and state of the art, the buyers will never know.
Curb appeal is the best way to get your foot in the door, so to speak, and grab the initial interest of the buyer. Below are some important curb appeal ideas you should consider when preparing your house to be flipped.
The Secret to Finding Deals with Bandit Signs
Finding lucrative properties to renovate and sell is no easy task these days. The best houses to flip are in high demand and usually do not remain on the market for very long.
Consistently finding properties to flip is absolutely essential to my house flipping business, yet for many investors, finding deals is their #1 greatest obstacle.
One strategy for finding deals that is sometimes overlooked and scoffed at is posting bandit signs. Bandit signs are essentially posters that say something like "We Buy Houses" with a phone number at the bottom. House flippers and wholesalers use them all the time to find profitable deals.
3 Home Staging Tips For House Flippers
Staging can be a very effective tool when flipping a house. Make sure you learn the important Home Staging Tips before you begin.
A common technique many people use when flipping real estate is what’s called a home staging. When you stage a home, you essentially furnish, organize and decorate a property so that it is ready to be showcased in an open house. It is a process that can be done yourself, or by hiring a professional. If you do decide to embark on this strategy alone, it is important to know a few important home staging tips.
The key to staging is to make the house feel like a home. A bare bones house with nothing in it will feel more like a prison than a place where the people can live.
When attending an open house, the prospective buyers usually have already narrowed their choices down to a few houses that fit their price range and are located in the general area where they want to leave. This means that their final choice might be led by emotion. A warm house that is full of life and energy might be what they need to make that final decision.
Remember, when the perceived value of a house increases, the faster it sells. The faster the house sells, the less money in money you will spend in maintenance and upkeep. Home Staging may be just what you need to sell your house fast.