Real Estate Education from Granite Real Estate Investment Club » Flips http://www.realestategranite.com/blog Real Estate Investing Education, News, and Deals, real estate club Fri, 03 Feb 2012 19:12:32 +0000 en hourly 1 http://wordpress.org/?v=3.1 Should you take the REO Bus Tour? http://www.realestategranite.com/blog/115/should-you-take-the-reo-bus-tour/ http://www.realestategranite.com/blog/115/should-you-take-the-reo-bus-tour/#comments Fri, 13 Feb 2009 01:13:32 +0000 admin http://www.realestategranite.com/blog/?p=115 Readmore »]]> Now is the time to buy area investment properties!

Why? Buy low and sell high is how you succeed in real estate.

Don’t follow the pack that is running away from real estate.

The adjustment to area home prices and the continued cooperation of low interest rates makes 2009 the perfect time to buy an investment property. Now you can use a conventional loan, private money or hard money loans to acquire these properties and have your tenant pay your mortgage off and put extra money in your pocket every month.
Right now the best deals you can get are BANK OWNED Properties (REO’s).
Join us as we tour area investments that we are hand picking for you. We will teach you about the REO process during our tour…everything from how the bank reclaims the property, steps the bank takes to get it sold, repairs, finding a property manager and so much more!

]]> http://www.realestategranite.com/blog/115/should-you-take-the-reo-bus-tour/feed/ 0 How was your experience in flipping/real estate? http://www.realestategranite.com/blog/37/how-was-your-experience-in-flippingreal-estate/ http://www.realestategranite.com/blog/37/how-was-your-experience-in-flippingreal-estate/#comments Sun, 05 Oct 2008 18:16:05 +0000 admin http://www.realestategranite.com/flips/how-was-your-experience-in-flippingreal-estate Readmore »]]> In the past couple of years, Ive had a lot of interest in the possible flip of a home. I would like to know what your experiences/outcomes have been like during and after a flip. Where would I find homes that are not on MLS listings or are WAY below market pricing? Any help on this would be great, so long as you have actually done it before, not just watched "Flip this House" =P What were the pros and the cons in the whole thing? Did you do another? How was the outcome/profit? How do you know what locations are hot/desired? How do you know what the market is like? I know I am asking a lot, but I really dont know who to talk to for any answers. Thanks!!

In the current market, flipping ain't so good. You aren't going to be able to sell right away. It's a buyer's market.

There may be some good deals due to all the foreclosures but you'll have to be able to sit on them till the market turns.

Also, all the really good deals with the nice homes and low prices are bought up by people with connections.

If you watch the various house flipping shows on TLC, you'll notice a lot of those people are not doing so well.

]]> http://www.realestategranite.com/blog/37/how-was-your-experience-in-flippingreal-estate/feed/ 3 How do you get into real estate (flipping houses)? http://www.realestategranite.com/blog/32/how-do-you-get-into-real-estate-flipping-houses/ http://www.realestategranite.com/blog/32/how-do-you-get-into-real-estate-flipping-houses/#comments Fri, 03 Oct 2008 15:42:05 +0000 admin http://www.realestategranite.com/flips/how-do-you-get-into-real-estate-flipping-houses Readmore »]]> I've been curious about all this because I think this might be a field I would good at once I learn the ropes etc. I was wondering from anyone who has done this already what they did to get into it? Did they get a degree if so what in…what are some helpful classes to take etc.

Thanks in advance :)

Flipping is only a good business under the following circumstances:

1)
You are willing to do ALL the work yourself. This includes plumbing, carpet, painting, drywall, etc. No depending on family or friends that will screw you every time and no paying outside people who will not only scew you but make you pay dearly for it. You can pay one, maybe two guys cash to assist you. But you have to be there working and show them that you can do it without them. This pretty much goes for any other kind of real estate as well.

2) if you plan on buying cheap houses you need to be able to pay cash, hard to get a mortgage on a cheap house. If you need loans then you need to buy houses at least 30-40k and up and be prepared to make a 8k down payment. Plus have 2x the cash you think you will need to remodle and money to pay the mtg while you do it and wait for it to sell.

3) there is enough money and risk involved in this that you should go out and buy both a rental realestate course and two or three flipping courses. The stuff you see advertised is not bad but might be a bit dated.

4) again with the risk. If you have the cash to buy the houses outright then file for a corporation the next houses you do you can start using corporate credit and if it does fail it wont come off your personal credit.

5) never buy a house that has renters in it. You WILL have to evict them and it WILL be a pain in the …

6) plan and research EVERYTHING.

Good luck and dont forget to pick me for the best answer

]]> http://www.realestategranite.com/blog/32/how-do-you-get-into-real-estate-flipping-houses/feed/ 2 what areas of the country are good right now for flipping real estate? http://www.realestategranite.com/blog/27/what-areas-of-the-country-are-good-right-now-for-flipping-real-estate/ http://www.realestategranite.com/blog/27/what-areas-of-the-country-are-good-right-now-for-flipping-real-estate/#comments Wed, 01 Oct 2008 15:00:08 +0000 admin http://www.realestategranite.com/flips/what-areas-of-the-country-are-good-right-now-for-flipping-real-estate Readmore »]]> am wondering if there are areas of growth now, and where they are. thinking of flipping a residential property in an area that is growing.

None. Unfortunately, all the shows on TV have driven up the prices for prospective properties, making your initial investment more than it would have been 4 or 5 years ago. And with the buyer's market that much of the country is in, prices are down and Days On Market are up, cutting into your profits.

]]> http://www.realestategranite.com/blog/27/what-areas-of-the-country-are-good-right-now-for-flipping-real-estate/feed/ 4 How do you make money in real estate without flipping? http://www.realestategranite.com/blog/21/how-do-you-make-money-in-real-estate-without-flipping/ http://www.realestategranite.com/blog/21/how-do-you-make-money-in-real-estate-without-flipping/#comments Mon, 29 Sep 2008 12:18:04 +0000 admin http://www.realestategranite.com/flips/how-do-you-make-money-in-real-estate-without-flipping Readmore »]]> I'm new at this…but it just seems so impossible to make any money in real estate. You have to pay for loan of the down payment, the property tax, insurance and mortgage……renting it out is not enough to cover the entire cost of all these components. The only way I can see making money is by it appreciating in value over time. Will the rent ever exceed these other costs…is it worth holding on to and putting your own money in? How do people buy 20 houses? I just want to know. Thanks for your input!

To explain to you simply. People that buy 20 houses are investors! That's what they do for a living! The ones that flip homes do it when the market is good for it! But there's no market for that now! However, there are those who do this for a living that maintains their flow of property sales, right? The difference between those and the "flippers" is this! The "investors" buy fixer uppers! They have hard money lenders who will lend on the distressed property at a ridiculous rate. But that's OK, because these investors do not intend to have the loan that long anyway. 2, 3 months tops? So, they buy it cheap, fix it up, then sell it at a much higher value! And That's how they make their profit

The flippers on the other hand, buy to sell based on time value! What they bought for $100,000 will be worth $150,000 in 3 month.

It's only considered a "flip", if you sell and make a profit on a property that had no improvements done to justify for the increase of value!

In terms of rent, yes, you can have good cash flow. It depends on the loan you have against the rental property!

]]> http://www.realestategranite.com/blog/21/how-do-you-make-money-in-real-estate-without-flipping/feed/ 6 The best and easy to understand ways to do Real Estate flipping? http://www.realestategranite.com/blog/14/the-best-and-easy-to-understand-ways-to-do-real-estate-flipping/ http://www.realestategranite.com/blog/14/the-best-and-easy-to-understand-ways-to-do-real-estate-flipping/#comments Sat, 27 Sep 2008 11:09:04 +0000 admin http://www.realestategranite.com/flips/the-best-and-easy-to-understand-ways-to-do-real-estate-flipping Readmore »]]>
buy low
minimize remodel cost and time
sell high

avoid the best house on the street

do not go beyond the standards in the neighborhood

every day you are working on the flip is one more day of payments needed.

inspect the home to be sure you have a good sense of the current condition and can estimate the cost of remodel

do have good contractors or ability and time to do the work yourself

focus on the important areas of the house such as the kitchen and bathroom. budget accordingly.

]]> http://www.realestategranite.com/blog/14/the-best-and-easy-to-understand-ways-to-do-real-estate-flipping/feed/ 1