Michigan Real Estate

House flipping may be said to be the business of purchasing a house at a low price, and selling it at a higher price. Houses that people normally flip, can be said to be “fixer upper” home. Fixer upper home is a name given to houses, with the need for updates and little renovation.

The process of the flipping business involves some touches on the house, it enables the flipper to sell the house at a higher price. House flipping is a good business; it is a pleasurable business that gives money.

Many house owners and dealers are rich due to house flipping business, its appearance in the television show,”Flip This House and Property Ladder” has shown the outreach of the business. This helps to disseminate its impact, in house owing industry.

People with flipping experience flip houses with minor deprecaition; or neighborhood that is low graded. Primarily due to the fact that they can easily deal with problems of such, to increase the grade of the house without spending much. Going for houses that will take too much money in renovation, may leave the flipper with no or less profit at the end. The county and the house, should also be considered.

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The kind of money people can make from flipping houses, is a function of some constraints, such as the price of the house and the place it is located, the cost of running the flipping exercise and how the flippers were able to manage their time along with budgeting. People should apply their experience and intellectual property in house flipping; it remains indispensible to house flipping.

With regards to house business and ownership, a financial component that has been very beneficial to home owners is”Mortgage Refinancing”.

Refinancing can be said to be the act of paying up a debt, with the help of another loan. In both cases, the same collateral is used, which normally has a different interest rate. Considering Mortgage refinancing, on the other hand; it is the paying off of an existing mortgage with a new one. The same house is used as the collateral, in both cases. A lot of people think that mortgage refinancing does not make sense; but there are a lot of reasons by which people embark on it.

The major reason that drive people into mortgage refinancing, is the need to have a mortgage with low interest rate.

Running away from mortgages with fixed interest rate is another reason for mortgage refinance; this is why they look for those where interest does not increase or decrease indefinitely.

Mortgage refinance is a good measure to changing the terms of a given mortgage; decreasing the terms will definitely lead to higher monthly payments. But people that find it hard to keep with the payment of the principal and interests of a mortgage, might refinance to increase the terms.

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If you have watched episodes of the famous TV reality show “Flip This House”, you should be familiar with its maverick host Armando Montelongo.  Dubbed the “flipping machine”, he is your classic example of a self-made man who has gone from rags to riches and inspired many.  Through hard work, shrewd business acumen and a positive approach to life, Armando Montelongo has hit it big in the real estate arena.  In just over five years, he has turned his small family business into a major real estate firm, Montelongo House Buyers, which on average flips 25 houses every month.

Armando Montelongo’s story is definitely one for the movies.  In 2001, unemployed and heavy with debt but not discouraged, he decided to go back to his hometown of San Antonio, Texas.  Back then, he and his wife Veronica and their baby boy were staying in his in-law’s garage in Southern California.  They had no choice because their house was foreclosed.  He didn’t work to take care of his wife and their baby who were then suffering from major health problems.  Savings were completely depleted to pay off huge medical bills.  Faced with such a dilemma, Armando Montelongo did not lose hope. Instead, he decided to start life anew with his small family in his native San Antonio.

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With just 00 in his pocket courtesy of his in-laws, Armando and his family set out to San Antonio.  Lucky enough, he was able to negotiate for two months free rent. They literally struggled to make both ends meet even to the point of selling their furniture to buy food.  During those times, he observed that there is money in the real estate business.  He discovered that buying a rundown house, renovating it a little and then selling it at a higher price makes savvy business sense.  This has come to be known as house flipping. And the rest is history.

With the overnight success of his flipping business comes the offer to host his own TV show about flipping – Flip This House.  Together with his wife, his brother David and sister-in-law Melina, they feature various projects that are flipped, their transformations, the many challenges that are involved and other important aspects of flipping houses.

The show has become a very good training ground for those interested in flipping.  It has attracted millions of televiewers making the reality show a top-rater.  In the process, flipping has catapulted San Antonio, Texas as one of the fastest growing real estate markets in the United States and Armando Montelongo a famous celebrity.  He has been featured in radio talk shows and in national publications.

To reach online viewers, Armando Montelongo created and hosts a website where he teaches and shares the many strategies and techniques of house flipping.  He has even developed educational CDs as part of his desire to share his vast knowledge to those interested in flipping.  His book “Flip and Grow Rich” further proves there is money in flipping.

As he always tells people, back then he had no mentor to guide him through the ins and outs of the real estate business.  But the beauty of it is he discovered flipping and learn to make a fortune out of it. 

Today, Armando Montelongo’s real estate firm flips about 200 houses a year – a far cry from when he moved back to San Antonio in August of 2001 with ,000 in debt.

http://www.articlesbase.com/real-estate-articles/who-is-armando-montelongo-of-flip-this-house-602833.html

A house flipper is an individual who buys cheaper houses that are not well presentable, fixes them up and then sells them for a profit. In most instances, these houses have cosmetic or aesthetic problems such as terrible landscaping, old or chipped paint, worn carpeting or ugly bathrooms. The house flipper basically takes the home, fixes it up and sells it so that they can receive a profit. So, if you are considering joining the lucrative career of house flipping, here are some secrets you must know in order to make the most profit. Are you ready? Let’s begin.

First, you must focus on the house that you want to purchase. Consider the location of the house and its value within the real estate market. Locate available properties and find ugly houses in good neighborhoods. When selecting locations, evaluate surrounding areas, schools, parks, crime statistics, etc. Understand average home prices and make sure that you can spot a good deal.

Second, focus on homes that need cosmetic repairs and ones that don’t have serious issues. For instance, look for houses that have old, faded paint or a yard that needs mowing or basic landscaping. These repairs will be easy to fix and won’t cost a lot of money. Don’t be discouraged when buying a house that has holes in the wall or stinky and stained carpet however, you should be very alarmed if the house has foundation issues or code violations. After all, structural problem can be very expensive to fix and major renovations require large budgets that will significantly lessen your expected gain profit.

When you get involved in house flipping for the first time, it may take some time to get the hang of things. But, once you have experience in the field and learn the do’s and don’ts of house  flipping, it will  be well worth your time as you enjoy your huge profits and the satisfaction of knowing that you made a difference.

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The first two tips for flipping a house are not about what to fix or change. They’re about time and money. Specifically, they are about how time costs money, and about how to determine how much to pay for your “flipper” in the first place. Read these first two carefully then, to make sure that you do this right.

1. Know Your Numbers

How much will the house sell for when it is ready? A clear idea of the ARV (after repair value) is necessary to safely make an offer on a property. Don’t just guess that you’ll sell the home for ,000 more than what you put into it. You don’t decide what a home is worth – the market does, so get advice if necessary. Then subtract from the ARV all possible costs you will have, including price, buying costs, repair costs, holding costs, and the costs of selling. Now subtract the profit you want, and you have the highest price you should pay. Start with an offer lower than this, of course.

2. Schedule Properly

More than a few house-flipping projects have gone wrong due to falling behind schedule. For example, you think you can get the plumber in and out of the house in the first week, but it takes a month, so you can’t close the walls up, and everything else gets behind schedule. Meanwhile your spending ,000 per month on holding costs like loan payments, utilities, property taxes and insurance. So check before you finalize the offer, to see how long things like windows, plumbing and dry-walling will take. Also, make completion dates a part of any contracts you sign with contractors.

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3. First Things First

On one of those “flip a house” programs on television the other night, a young couple was running ,000 over budget on their first fixer-upper investment (and six weeks behind schedule). They ran out of money and put the house on the market with a crappy-looking yard and stains visible on the front wall. Of course buyers would see these things first, making a bad impression. Avoid this by starting with changes that are most important. Then if you run out of money or time, you’ve already done the things that will make the home sell.

4. Figure The ROI Of Improvements

The ROI or return-on-investment for each possible improvement should determine what you do to the home. You’ll be guessing at times, but the principle is that you do only those things which increase the value of the home substantially more than what they cost. Such high-ROI improvements vary by area and by type of home, but they typically include painting, carpeting, landscaping, and finishing unfinished space. With a small house, you might get new flowers and bushes, fresh paint, and all new carpeting for less than ,000, and possibly raise the market value of the home by ,000.

5. Know Your Buyers

A single level ranch in a neighborhood full of retired couples, won’t sell well to young “yuppies.” Know what kinds of buyers are likely to want the home (and neighborhood) before you start. Then, after improving it with those buyers in mind, market it appropriately. You or your agent should identify and advertise the benefits that matter to your buyers, whether this includes “close to stores” or “country living.”

6. Price It Right

Selling fast means you save those holding costs. You may also have other projects waiting for that money. To sell fast, price it slightly below market value – and let buyers know it’s a deal. It may seem that if you sell for ,000 under market, you’re losing ,000, but you are possibly saving a couple thousand in the holding costs you’ll pay if it takes an extra six weeks to sell at a higher price. Also, if you are a serious investor, flipping a house fast means getting the money into the next project fast. Buy right, and use the other tips here, and there should be plenty of profit left in any case.

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There are many opportunities to buy inexpensive houses in the Greater Grand Rapids area in Michigan. The foreclosure rate has been high, and this has driven prices down, especially on fixer upper houses for sale in Grand Rapids.

So where should you start your search? Much of this depends on your intent. Do you plan to fix the house, and then sell it for a profit? Would you prefer to hold the property as a rental? Are you a first time buyer looking to move in to the house? If you plan to fix and sell the home, be sure to do your research in advance to make sure you buy in an area where homes are still selling. There are a couple neighborhoods in the Grand Rapids area where nearly all sales are foreclosures that need work. In these areas your best bet will be to purchase properties as rentals. Be sure you run the numbers so you know the property will create a positive cash flow.

Now that you have decided what areas of Grand Rapids to look in, you have to know how to get started. There are many way to locate great properties in Grand Rapids. Foreclosure properties and HUD homes will be the easiest for you to access through a real estate agent. A good agent will let you know the day a good property becomes available so you can get your offer in. There are also local companies that specialize in locating foreclosures, pre-foreclosures, probate deals, and more. It is a good idea to get on the mailing list so you get a first look at these properties before they even get listed. Often times these deals will be better than what you get elsewhere.

Just remember to be ready when the right deal comes along. Nothing is worse than finding the deal of the century, and not being able to act quick enough to buy it! The Grand Rapids market is ripe with great deals, so if you are in the market to buy a house, don’t waste any time. Get on our Grand Rapids mailing list for free updates before they get listed at http://www.BuyHouseGrandRapids.com.

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What is better. Buy a condominium, a house, or rent an apartment. This is the problem facing anyone who wishes to make a change in their living arrangement. It is not an easy choice to make.

First take a look at renting an apartment. The apartment is owned by a landlord who, for all intents and purposes, is in business to make a profit. He or she builds an apartment building with the expectation that he can cover all of the costs of insurance, heating, water, hydro, superintendent, and maintenance and cover the replacement cost from the rent that is charged.

Now take a look at the condominium choice. A group of owners get together under the guise of the developer. The building is constructed and everyone moves in by purchasing an apartment. They do so by getting a mortgage on their unit. To cover the expense of operating the building they use a system called maintenance fees. That is a fund that all owners contribute to based upon the square footage of their apartment. Not only does it cover all of the costs of maintaining the building and grounds but it covers the replacement costs of everything as they wear out. There is nothing allowed in the fee for profit.

Finally we get to the house. A stand alone, detached structure on its own lot of land. You get a mortgage from your broker and buy the home of your dreams. You pay for all of the repairs and maintenance as they occur.

One way or another taxes will be paid by you one way or another. So what is best.

The condominium at first looks over-priced because the maintenance fees are based upon a span of 25 or 30 years. If you did due diligence with the detached house and put aside the same amount you would put aside while owning the condominium, less the management fees, you should end up with the same costs with either one. If there is a community center or a private golf course or tennis court or any other activity facility you need to decide just how much use you will have of those benefits. Remember, the costs of building these things and replacing same are included in your fees.

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You may have a fee in your maintenance total of more than 0.00 per month just for things you may never use or take part in. Then again if you own the house you could easily pay more than 0.00 for a gymnasium, golf course etc.

One way to look at what is best is this. How long do you expect to live in what you buy. If you buy when the real estate market is at a low and sold after a few years when it was at it’s high you will possibly make a very nice profit. If you want to stay in your new abode for a long term of say 25 years, that huge profit you may make could disappear when you factor in the mortgage interest you paid over that time period. Now add in the 25 years of taxes, and repairs you made, or the condominium fees you paid. You do the math.

Now look at renting, long term. You pay the rent each month. You may rent with services thrown in like hydro, heat and water. A light bulb burns out, the toilet develops a leak, the kitchen tap starts to drip, no problem, call the super. The landlord pays the taxes, fixes the roof, replaces the furnace and the many other things that go out of kilter. You pay the rent each month. The day you decide to move out you walk away nobody gives you a penny.

If you look at the three, renting an apartment demands the least money outlay per month. If you calculate the cost of the house or condo, add in the interest, add in the maintenance over twenty five years and then deduct that amount from the selling price you will arrive at the profit/loss of the purchase.

Now assume you will rent an apartment and put the difference in cost between the condo/house aside each month into an investment account for twenty five years at a compound interest of 5 per cent annually. You will be shocked at the result. This result does not rely on an up/down real estate market to produce either.

Now Pay Close Attention –

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House can be considered as one of the best asset you could have with the passage of time. It could be due to these reasons that many people are moving on with the activity of getting the house in their name as possible by saving the required fund right from the beginning of the age wherein they are able to stand in their own legs after acquiring a permanent job. It is well known that you need to spend a lot in order to get a house within your dreams as the expenses are shooting up with the time.

Most of them are still moving on with the idea of purchasing a ready made house and then to move on with the required alterations. You should try to understand the fact that you need to spend good amount of money if you move on with these steps and sometimes you might even end up broke after completing all the activities. In most of the cases you might not even go to the step of moving ahead with the further alterations and might plan to move along with the activities at later stage. You should try to understand that you will be able to save good amount of money by moving on with the plan of getting a customized house without any issues.

There are many custom home builders mi and they will be able to help you out with all the steps in the correct manner without facing any issues. Most of the people are actually not moving on with these steps as they are not able to find sufficient time in order to carry on with these relevant procedures in the right way. There are many reputed custom home builders giving out the right service as per your request and choices and you should also take up all the initiatives to discuss about your views clearly so that they will be able to move forward with the project in the right way.

You can also keep in touch with them so that you can always move with complete confidence with respect to the correct shaping up of your housing project. Also you will be able to take up decision with respect to every aspect including the materials that must be used for various purposes as there are many choices at present in the market.

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There are so many people these days selling their property, its essential to learn how to flip a house. Why learn how to flip a house? Because now is the time to buy real estate when everyone else is selling.

House flipping is buying of property with the intention of selling it again soon. Like any buy and sell business, the basic principle is to buy low and sell high. If you just follow this simple principle and understand how to value property, you\’ve already gone through the basics on how to flip a house.

House flipping can be a very profitable business and investment if you know how. It would be good for me me to mention the different methods used for those who really want to know how to flip a house.

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- Firstly there is \”Retailing\”. This is where you buy a beat up, run down old house, fix it up, then sell it. You need to buy a house of course that\’s not too beat up that it would cost you too much to repair, that it would drive the price too high you cannot sell it.

- Second, is \”Wholesaling\”. Here you buy a house but sell it to another investor who does the repairs. Effectively, both of you should have enough room to profit.

- Lastly we have \”Assigning Purchase\”, where you commit to a homeowner to buy their property but have some other investor make the payment and buy the house. You make money here as you will sell the right to purchase for a fee of course. If done right, this is actually one way of investing in real estate without using your own money.

You might be asking, why another investor should be interested to buy a house or pay for an agreement. Well, because not all investors do what you do searching for possible investment property. Some simply want to buy and pay a fee.

Well, those are the basics of how to flip a house. To really learn the ins and outs, it is important to get your feet wet and gain experience. Buy your first house a soon as possible. It doesn\’t have to be an expensive one, just go and buy a house so you can learn how to flip a house.

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Accomplishing the task of how to flip a house involves a series of calculated steps. Ironically, while this property business venture uses quick selling methods, the process that facilitates its beginning is more complicated. Actually it is not that complicated in terms of technicality. But those who have extensive experience with real estate and property developments would be the ones to surely succeed in this endeavor.

But what if you are neither of those people? What if you are an average person who wants to venture into the flipping business?

Here are some practically smart steps you can follow on how to flip a house, especially if it will be your first time to do so:

1.) Learn all about the real estate. Know the process involved in buying different types of properties like condominium units, furnished houses, bungalows, and duplexes-just about anything that can be qualified as a home establishment. This will provide the basic knowledge corollary to flipping a house. It would even be good to try buying a property without the intention of flipping it. You can also consult realtors about the ins and outs of property buying by attending open house events where sales people would be more than happy to share with you their thoughts on real estate.

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2.) After or even during the first step, you must also learn about the real deal when it comes to the real estate industry. Keep yourself informed of the latest news and issues surrounding this particular business venture you wanted to enter. It’s not enough that you know how to buy houses, what’s even much better is that you know the current condition of buying houses. This will give you a better idea on how to play the field. You can take some time to read the newspapers or browse magazines about home and living.

3.) When you have your basics in check and the current industry situation to guide you, you are now ready to face the next step in flipping a house-looking for your property. When it comes to flipping houses, it’s not enough that you settle based on price alone. Keep in mind that house flipping usually involves making repairs too because you obtain the property at the fastest time possible at its lowest selling price. Look at the areas for improvement and the key selling points of the house that you are planning to buy. It would also be wise to consider buying mid-range type of house that average families will be able to afford.

4.) And last on our how to flip a house, is about obtaining a loan if you have to for making repairs. Just avoid repairing the house from your own expenses as much as possible. If your budget won’t fit then it’s better to take a loan so you can separate business from personal finances. Some experts say that you should even consider getting a loan that costs more than it took for you to buy the property because you can eventually cover this with the selling price you will use upon turnover to your own buyer.

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Have you been looking into selling your house but are quite unsure of how to exactly go about it? If you think enlisting the help of a real estate agent is the only way to go about expediting the sale, think again. If you decide to proceed with selling your home to Realty Express, Inc., then you are afforded a number of extremely rare advantages.

Saving sizeable amounts of money in the process. Selling a house entails spending of inordinate amounts of money for advertising and real estate listings. This way, the house gets proper exposure to serious buyers. Not everyone has the funds for this though. If you are one of the folks who do not have or simply do not want to spend any more money than what is needed for closing a sale, then this option is definitely for you.

Access to immediate help in time of financial distress. People who own multiple houses but are in terrible financial distress would rather sell some of their homes than have the other ones go into foreclosure. Sure they can go hock the house on their own. But given the market performance, they will definitely have a hard time finding determined buyers. By selling your house to Realty Express, Inc., the process is much quicker. This then allows for faster recouping of equity payments to have funds to save other properties in danger of repossession.

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Benefit from selling your house with a high degree of certainty. Dealing with companies that are into the business of buying houses is almost always a guaranteed sale. Unlike with selling on your own or through a realtor, you won’t have much luck. Sometimes, it would take years for a fairly priced property to sell. If you do not have this much luxury of time, then opt to offer your house to Realty Express, Inc. as soon as possible.

Exclusive listing. You never know when your property might just be in-demand. And if you are not knowledgeable about how the market works, you may sign a document ensuring commission to a Real Estate Agent, only to find out you’ve signed an agreement giving him or her exclusive rights to find buyers. Of course now you won’t be able to look for other buyers. By selling to reputable businesses, you won’t encounter these scenarios. You won’t be forced into giving up your property if you feel in any way uncomfortable about the deal.

Do away with lengthy paperwork. Selling a house entails taking care of a lot of paperwork. If you sell your house directly to businesses that are buying houses, you will steer clear of such a tedious undertaking.

Much bigger chances of getting a good price. Another beauty about selling a house through this option is the possibility of getting more for your beloved home. Negotiations are encouraged and you will be oriented as to the fee structure. You might even get lucky and have all fees and charges taken care of, depending on the final agreement.

Realty Express, Inc. realizes that financial distress such as foreclosure can be the main reason for wanting to sell your house. This is why the process of purchasing is conducted in a fast manner to avoid even the slightest trouble for you. And if you do decide to sell to us, you’ll be happy to know that we are able to come up with a reasonable offer in as little as 24 hours to help you better weigh your options.

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