Real Estate Investing

resuccessresuccess Posts: 1subscriber
edited September 2012 in Selecting a Business
Buy Hi Sell Low
Well buying low and selling high may be the concept, but it dosn`t allways work that way. You may find a deal thats 10-15k under market value, and instantly you get excited. Then next thing you know theres closing costs ranging around $1500-$5000 and there are simple repairs that need to be fixed before it`s sold. Well alot of the time those little repairs add up quickly, you may have to have carpet put in, you may have plumbing issues or electrical problems, you can easily end up spending another $1000-$5000 in repairs. Now your down to around $5,000 maby $10,000 in profit....maby, because the fact of the matter is that the property is only worth what someone will pay for it.  Heres just a few simple tip`s to make sure you get what you pay for.
1. Repair check list: find out what works and more importantly what dosn`t in the house.2. Appraisel: You don`t have to get an appraisel, but you will need to find out what the surounding houses are going for.3. Money owed: This is easier said then done, but if you can find out what is owed on the piece of property you will beable to negotiate from a postion of power.4.Make sure theres room: Make sure that when you get into a piece of property you have the right price. A good deal will be a no brainer when you find it, You will generaly want to find housing around 20% under market value. If it`s 19% don`t blow a fuse, it can still be a good deal.
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