how to flip houses: 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)
how to flip houses: Flipping Homes Formulas – Conventional Funding or Cash Purchase
- 10/01/08 01:35 PM
Buying, fixing, and reselling homes for profit is not an exact science. However, there are some general rules of thumb that most investors can use. Using Conventional Funds, or Cash (points for borrowing 1 point or less, and interest rates less than 8%) ARV stands for After Repair Value, or what the home will be worth upon completion of repairs. Maximum Offer = (0.70 X ARV) - Repairs Or Maximum Offer = (70% X ARV) - Repairs Example: A house has an ARV of $100,000, but needs $35,000 in order to achieve that value. Your highest offer should be: ($100,000 X … (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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