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Buying and Selling Distressed Houses for Maximum ProfitJeanette Joy Fisher If you want to become a real estate investor, find a "fixer-upper" owned by an anxious seller. Finding distressed houses at bargain prices, fixing them up, and then selling them on a consistent basis can make you a millionaire. Why Sellers Sell At a Discount Homeowners problems often prevent them from staying on top of their homes upkeep, and factors such as job loss, divorce, serious illness, various addictions, or other personal problems quickly overwhelm them. These sellers cant make the needed repairs because of financial or physical limitations, and when that happens, their home becomes a low priority and sometimes will go into foreclosure. Look for the "Triple D" Home sellers with three problems give beginning investors a great opportunity. A "Triple D" is a Doghouse, involved in a Divorce, and in Default. The label "doghouse" comes from Southern California Realtors who used this term to describe the worst fixers. These houses maybe "tired" and need only cosmetic work in order to favorably compare with other homes in the area. What to Look for in a Doghouse The hardest house for a homeowner to sell is a "doghouse," "dump," or "fixer-upper." These run-down houses scare off most buyers, who dont have the money to cover the down payment, closing costs, new furniture, carpeting, appliances, roof repairs, and other deferred maintenance required to bring the home back into top condition. As you look through the classified ads or at realtor listings, keep an eye out for terms like "handyman special," "as is," "fixer," or other tell-tale words. Also have your agent use similar terms when scanning the Multiple Listing Service for your target area. Once youve found a property that you can turn from doghouse to dollhouse, find out the sellers problem and then offer a solution. Distressed sellers frequently experience financial problems and need cash as soon as possible. Therefore, if youre ready to close quickly, youll be set to negotiate a lower sales price. How to Close Quickly Find an experienced lender and get yourself not only "pre-qualified," but also "pre-approved." Taking that second step assures worried sellers that you already have your loan in place for their property, and this puts you well ahead of other potential buyers. How to Know When "Bad" Is Good When you first start out in the real estate "fixer" business, youll want to look for "ugly" houses needing only cosmetic work. Look for entry level fixers that just need some cleaning up, painting, and carpeting. When youre new to the fixer game, always remember your limitations and use caution when considering houses needing structural repairs. My husband replaces structural beams, sub-flooring, walls, plumbing, and electrical systems, but he acquired those skills after years of experience. If you find a house with structural problems, get estimates from reliable contractors to do the work. Experience teaches you how to do more over time. Until then, rely on experienced professionals to do the repairs. Take professional estimates into account before deciding whether or not to purchase an investment property. The Easiest Houses to Sell A dollhouse, located in a popular neighborhood, sells the quickest. For instance, we once sold a home we named "Orange Tree Cottage" in just three hours! To qualify as a dollhouse, a home must be in a location that buyers want and must offer the number of bedrooms, bathrooms, and amenities theyre seeking. Beyond the price, however, buyers purchase the house that meets both their basic requirements and their emotional needs. Filling Buyers Emotional Needs After many years of investment experience, weve found that using Design Psychology and Marketing Psychology techniques greatly increases our profits. Both concepts go far beyond "curb appeal." For instance, we use colors that target our prospective buyers income level and match the selling season. Generally, buyers of higher-priced homes prefer complex colors, and using cool colors during hot weather and warm colors in cold seasons makes buyers feel more comfortable. We also paint the front door a happy color and entice buyers into the house by placing potted plants on the porch. Over the years, weve bought and sold dozens of distressed properties. By using caution and common sense, as well as following a few simple rules and using Design Psychology strategies, you, too, can become a wealthy real estate investor! c Copyright 2004, Jeanette J. Fisher. All rights reserved.
| ![]() | ![]() | ![]() | RELATED ARTICLES 13 Steps to Increasing Your Link Luck Link development can be an absolute nightmare. It takes up most of a marketer’s time and the yield isn’t always what we originally hoped. Worrying about PR, one way inbound links, triangle linking, where to find quality sites to exchange with, it’s all just a huge headache. To be honest, there’s no real way to wash your hands of it, unless you have a huge budget for purchasing text links or to hire someone to do your linking for you. So here are 13 ways to increase your linking luck. They require a little bit of effort, but executed properly, these steps will only bring your site success. How To Get Sellers To Call And Beg You To Take Their Property! Im going to give you the *basic* steps in my $0 Down Real Estate Investing Program. I outline the program in *detail* in my 324 page e-book. For details about the book. http://www.realrealestateexperts.com and much, much more! Naples and Southwest Florida Real Estate Is Hot! There has never been a better time to Invest in Naples and Southwest Florida Real Estate! Networking - Its Important! Networking opportunities are everywhere. Dont let them pass you by. Affiliate Program Basics Affiliate Program is a ground floor opportunity. All you have to do is send visitors to your affiliate web site by placing a textlink or banner on your website and receive a commission on each sale, without the complication and expense of selling anything yourself. How Most Millionaires get to be Millionaires… Why do so many people claim that money isn’t important Why is there this notion that wanting money somehow makes you an ill adjusted bad human being It’s such a strange thought pattern don’t you think Applying for a Home Loan Applying for a home loan may not be the most exciting way to spend your time, but if you are like many potential homeowners, it is probably a necessary evil. If you have some knowledge of the process ahead of time, however, it will go much more smoothly. What Is A Mission Statement In order to do your mission statement you need to be able to answer the following: Mother Of Invention Or Dummy You Decide! What would you say to yourself if when faced with a severe problem that could potentially devastate your lifestyle What would happen if you "did" the first thing that came into your mind Would you be proud of yourself Analyze what Jim did and see how you would measure up. Why Some People Almost Always Make Money With Investments Real estate investment takes motivation, drive and ambition on your part if you want to see your hard work turn into a huge profit. If you, yourself dont have the enthusiasm, chances are, your real estate investment days wont last long or make you much money. But, if you do, the possibilities are endless and so is your financial gain. No More Estate Agent Fees Follow a few simple guidelines, and marketing your own home can be easy. And it will save you thousands. Is Accumulating a $1,000,000 Net Worth Easy Yes and NO Is accumulating wealth as easy as following a 3-step plan Yes it is and no it isnt. As with many things in life, accomplishing a goal such as accumulating one million dollars or even $100,000 depends on your desire, your personal choices and your daily actions. Real Estate Professionals Need You to Write for Them! Ask yourself these questions:Are you an experienced writerDo you want to stay at home to writeDo you want to work for yourselfDo you learn new things quicklyAre you interested in a broad number of subjectsDo you feel like you’re being pigeonholed with your current writing and you want to branch outDo you have a flair for marketing Camera Cell Phones -- More uses than you could have imagined I was shopping in the large superstore with my five-year-old daughter, perfectly unaware that in the next few minutes I would be living through every parent’s nightmare – in an instant my child would disappear from my side. She had been looking through the little dresses right beside me and, when I called her to go try one on, she was no where to be found. I loudly called out her name, trying to keep the panic from my voice, as I frantically looked all around. Double Your Sales Potential With Double-sided Business Cards Swapping business cards is one of the most basic and common forms of networking in the business world. With something that is so common practice, people often hand out cards blindly while not really thinking about what the card does AFTER you hand it out. Create a Win Win for Small Your Small Business Discover How Specialized Cost Containment Creates A New Win-Win Position For Property Owner’s And You Look Past the Bottom Line for a Propertys Potential It’s unfortunate that many real estate investors tend to look at the bottom line when deliberating about a property, rather than the big picture.The real moneymakers in real estate investments are the people with vision, who think creatively, and are willing to assume some level of risk. Credit Cards For People With Bad Credit Scores Sometimes life lands you in a situation that causes your credit to suffer. A job loss or illness can send your credit rating south leaving you with nothing to do about it. Some creditors may let you slide a month or two, but your records will still show a delinquency. A stolen identity can also leave you feeling violated and unable to resume a normal life with credit. It is during these times you may have to search a little harder to find companies that wan to deal with people who have bad credit. There are a handful of lenders who will help you re-establish your creditworthiness by using one of their credit cards. Simple Solution for Php Includes - IFrames I have recently created my first Php program. I wanted to share with others some of the problems that I encountered, and how I finally overcame these obstacles. The Road to Better Results A lot has changed in the way sites are optimized for search engines since last year.For one thing, Google is not the only search engine worth looking into anymore; Yahoo has definitely managed to take away some of Google’s oomph over the past twelve months.Another important change is that the intelligence of the search engine spiders and algorithms has increased dramatically. So without further ado, I will present you with a standard search engine optimizing process. ![]() |
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