How do I get started in buying property, renovating them and then selling it for profit?

Answer 1

The popular name for what you want to do is called flipping for profit.

It is always a good idea to flip when you know what you are doing. In this regards you would normally select an area of your choice that is good for you to work and close to where you reside.

I would suggest that you go to your local book store and purchase a couple of books on foreclosures, distressed properties, and buying, rehabbing and flipping. You might also find several other books that you would like to purchase. You might also find a few listed in your public library.

You might also purchase one of the TV guru's programs. In the program you will find several things of interest. You will find script to use on potential individuals that you would want to purchase their house. A slew of legal forms that you can use as well as a formula that will tell you if the property you are purchasing is gonna give you a profit or not and how to use the formula.

Their package will also tell you things you should look out for in your purchase as well as things to that you should beware of.

You should form yourself a professional team to assist you in your newly found career. This is a partial list that you might start with an attorney, real estate agent, a mortgage broker, a home insurance agent, a notary public, a title rep as well as an escrow closing agent. You might want to add or take away depending on how you feel.

You will also need to develop away to market yourself so you can have an unlimited amount of properties to buy and sell even in a slow market. I will list a couple of ways to accomplish this.

#1 Advertise in the local newspaper that you purchase foreclosures and other distressed properties.

#2 Purchase a foreclosure list from a list broker (Do a mailing campaign like everyone else)(You might also cold call off this list but you must beware of the no-call list)

#3 Select an area in your city to devote full time work in. Walk the area for about 2-3 weeks telling the folks outside their homes what you do pass out flyers out ling that you buy foreclosures and distressed properties as well as probates.

After 3-4 weeks of walking in the neighborhood, contact your title rep and ask for a farm package of the names of the people in your farm area. Now each month mail a newsletter to the names on your farm list.

This method should give you 1-2 housed per month to buy and flip, word of mouth will give you another 1-2.

That will keep you busy with enough to do and earn. You can always expand and you will as you learn more about your trade.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 2

You are required to live in HUD homes, they are not for investors. In fact investors are what HUD is trying to get rid of, they want home owners in the neigborhoods, not renters.

You do it exactly the way you stated. Buy, renovate and sell. The best way to buy is something way under the market value that needs help. Renovate it quickly (a couple of weeks) and get it back on the market before you have to make any mortgage payments.

Answer 3

I have know people to buy HUD homes, or foreclosures, for less than they are worth, and then turn them around to sell. You can either take an equity or refinance your primary home to get cash out to buy the "investment" property-or take a cash advance on your credit card or a personal loan. Then once the house is in your name, you could always refinance it to get cash out or get an equity loan or line to pay the credit card, or personal loan back.
Check in your area for local foreclosures through different banks. For HUD homes, you can contact a realtor and see if there are any listings.
Good Luck!
~L

Answer 4

Buy a house you can afford, one that you like and could live in for a very long time if you had to. Then fix it up with practical improvements. If and when the market turns around then put it on the market.

Answer 5

IN a busy college town, a condo like that is a FANTASTIC source of income. You'd be nuts to sell it. What is the mortgage payment? What's the average rent for a similar unit in your town?

Answer 6

This may be a good time to look for bank repo's.
talk to a few local realtors
Check out the housing market in your community first

Answer 7

Go to www.exitbrian.com leave your contact info and I'll have a local agent contact you to answer all of your questions. Real estate buyer services usually are free to the buyer so get the benefit of their experience.

Answer 8

Try this link: http://www.newhouseflip.com/