flippinghomes: 6 Steps to Flipping Your First Home
- 10/08/08 01:58 PM
Step#1: Locate Prospective property to acquire. Some of my favorite methods include buying bank foreclosures (typically called REO's), working preforeclosure deals, placing ads in local newspapers, using bandit signs with "We Buy Houses" and my phone number. Step#2: Make offer. Be sure to use the correct formulas in order to maximize your profits, and minimize your chance of making a mistake. Reference 2 other ezine articles on the subject. Step#3: Fund/Close the Purchase of the property. You can alternatively try to assign your contract to another investor for a specified amount, or simply Option the property from the seller, and assign … (0 comments)
flippinghomes: Flipping Homes Formulas - Using Hard Money Lender
- 10/07/08 02:57 PM
Buying, fixing, and reselling homes for can be extremely profitable. When cash is tight, and your only source of financing is expensive private lenders, or Hard Money rates, there are some general rules of thumb that most investors can use. Using Hard Money Lender (points for borrowing 6 point, and interest rates around 15%) ARV stands for After Repair Value, or what the home will be worth upon completion of repairs. Maximum Offer = (0.63 X ARV) - Repairs Or Maximum Offer = (63% X ARV) - Repairs Example: A house has an ARV of $100,000, but needs $35,000 in order … (0 comments)
Step#1: Locate Prospective property to acquire. Some of my favorite methods include buying bank foreclosures (typically called REO's), working preforeclosure deals, placing ads in local newspapers, using bandit signs with "We Buy Houses" and my phone number.
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