advice on buying and selling property?

Question

looking to start a small business buying, upgrading and selling property. Any advice from someone already experienced in this situation would be welcome. thnx

Answer 1

There are tons of books on the subject that can give you really detailed info and help. Go to your local bookstore or library and start reading, if the writer sounds like he knows what he is talking about - buy or rent the book... That's how I got started. There are many different ideas, so read lots of books and formulate your own plan while you are saving money and trying to learn everything you can.

A couple of tips I have found useful:
#1 - Don't buy anything more than 50 miles from you home (less than 20 is better). You want to be close to your property so you will know the area, so you can work on the house easily in the afternoon/night as well as on weekends.

#2 - Try to find an owner who wants out of the headaches of rentals to owner finance the property to you. You have to talk to people, make relationships and not be affraid of rejection.

#3 - You are not going to get rich this week, month or year. Real Estate is slow and steady income in addition to the money you make at your 'real' job.

Answer 2

you have to know the area you are living in very ,which neighborhoods are not worth buying as they are depreciating,and which will make a good profit for you ....transitional neighborhoods offer the greatist potential for profits and undervalued homes in highly appresiating areas are also good buys, you have to constantly be searching out these properties, to really make money ,find a reasonable contractor to do your work at the home, as you should be buying at least 8 to 10 houses a month,you will want to fix and hopefully re sell within 30 to 60 days, generaly 30 days so you can flip before the first mortgage payment is due, finance them all with intrest only mortgages or principal only mortgages,although they are harder to find,always work with two or 3 mortgage companies splitting your business between them.Also knowing the neighborhood will dictate how much you will budget for upgrades,avoid anything that is not structurally sound as that is where the the budget can be blown, you want to focus on cosmetics and tweaking the floorplan if needed, it is a buyers market now so the buying is in your favor but the re sale will be tricky so you have to budget the projects wisely.It wouldnt hurt to get a real estate liscence so you can sell them yourself ,if you dont want to spend the time selling the home,find a realator and make them give you a deal on their comission for your exclusive business, make sure the relator is not a rookie and knows every trick in the book and is an excellent marketer. good luck

Answer 3

To buy a property that comes in various price rate, location.-here are some tips to buy
1. Family Needs
It all depends upon the family size and their requirement.
2. Distance from Basic Necessities
Shopping for daily necessities, medical requirements, schools and recreational zone should be in vicinity.
3. Ambience
Decide on whether you are ready to live between the hustle and bustle of the city or you want an isolated environment.
4. Transportation Factor
The well connectivity of the project is must or much of the time, money and energy will be wasted
5. Reputation of Developers
The reputation of developers should also be taken into account. Check from the clients whether he delivered the project on time or not
6. Home Loan Options
Check whether the developer has partnered with bank, to get easy home loans.

Answer 4

Find a Realtor that you trust very much. You can find property for sale by owner, but you stand a better chance of getting ripped off. A trusty Realtor will help you find "value" based on the current market and has access to all the properties available for sale. Being a Realtor myself, I cannot express the word TRUST enough. Next find a builder with whom you also have extensive trust and with whom you are familiar with their work and rates. Always have the builder look at each property to determine the approximate cost of any fixing up. Your Realtor should be able to tell you based on market if the purchase plus fix cost is worth the investment. Also, remember that nothing is for sure. You should be sound financially enough to be able to wait for the expected resale time. Financial backing is very important - someone who will be patient and stand beside you.

Answer 5

When selling a house yourself, is there any taxes charged above & beyond the original price of the house? For Example, if I sell for 70,000 & the house is worth 60,000, is there any taxes charged on the 10,000 profit?

Answer 6

confident,yet i think of you would be able to desire to be arranged for a knock back. maximum folk advertising a house will ask if the customer is in a chain and how a ways they're from advertising their very own residence. in case you're offering the asking fee they'd carry on for yours to sell yet whilst they're desiring a speedy sale you would be able to nicely be dissapointed.

Answer 7

It costs twice as much as you think it will.
Be prepared for the unexpected.
Must have cash and credit to get started.
Must get the house cheap in today's market.
Be aware that there's a lot of people who do what you want to do.
Good luck!

Answer 8

visit luxurybloom they will give you the perfect guidance in buying and selling the luxury real estate properties along with the concierge services.
goodluck

Answer 9

I would say sell it on ebay or if your trying to buy something search what you want and it will tell you how much it is and how much time untill you can't bid.