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by Jeanette Joy Fisher
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Many real estate investors enjoy "flipping houses," or buying and selling houses quickly for profit. Not all flips are fixers; however rehabbers make millions turning ugly houses into dollhouses. On the other hand, some inexperienced investors lose money buying houses that just don't turn a profit. If you're looking to get started investing in real estate by fixing and flipping houses, you'll want to know what type of property to buy.
1. Know Your MarketYour first task, exploring your market, helps you know a bargain house when you spot one. Look at many houses for sale in your area. Keep track of sales and how long the houses take to sell. Ask selling real estate agents about the terms of these sales because this helps you understand how sellers market their property (some of this information is public record). For instance, if a seller paid closing costs for the buyer, did the price rise from the listed price accordingly? Or, did the seller come down on the price and also pay the buyer's costs?Examine the sales that sell quickly. What home features and financing options prompted the fast sale?Also, look at model homes. Buyers often buy resale homes because they can't wait for a new home to be finished. However, these buyers like the distinctive features new homes offer. Visit model homes and take notes on how details like a water fountain or a new state-of-the-art appliance makes a house sell itself. When you remodel your fixer, you'll know what attracts buyers and you'll make smart redesign choices. |
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