Flipping houses for beginners

ƒ ƒ‡ ‘‡› ˆ”‘ ˆŽ‹‡’‡’†‹ƒ‰ ‡Šˆ‘ˆ‡—…•–‡‹˜•ǡ‡ „—–•‹›‡‘•—• OU

Š’‘Žƒ™–›‘‰——•‹Š†‘‡—›Ž‘†—‰–‘‘ƒ•„—‘…—…‡–•‹–•ǤǤ ‡”‡ǯ• Šƒ– ‹• Š‘—•‡ ˆŽ‹’’‹‰ǫ –ǯ• ™Š‡ –›‹‘—ǡ„™—‹›–ŠƒƒŠ‘˜‹‡™‡ǡ —–‘•—ˆ‹ƒšŽ‹Ž›‰ƒ‹––ƒ—’ ƒ—…†Ǧ ƒ”‡Ž•ƒ•‘‡Ž‡ŽŽ‘‹•‡‰‘‹– ‡ˆ‘‘›”ˆ‡”ƒ›‘’‹ˆ”›‘–‘ˆŠ‹—–‹•Ǥ „‡—ƒ•–ǡ ‡›‘„—ƒ†…ƒˆ‹Ǧ ˆŽ‹ƒ’’…‹ƒ‰Ž †Š‡‘…—‹•‹‡‘•ˆ•‘Ǥ” „‡‡”‰‡‹ǯ• ƒ‡‰”—•‹ǣ†‡ –‘ …‡ ›‘—ǯ˜‡ †‡…‹†‡† ‘ ™Šƒ– ›ƒ‘’—’ǯ”‘‡ƒ’…”Š‡‡’†ƒƒ”‡”†‡’–‘—–‹ƒ„˜‡Ž‡•–„ǡ ‘ƒ† ‘Š”ƒ‹˜‰‡Ǧ Set a budget

‹ƒ–‘” –‘ ƒ••‹•– ›‘— ‹ •‡…—”‹‰ –Š‡

YŠ‘‡ Ž‘ƒ ˆ‹ƒ…‡ –‘ †‘ ‹–ǡ •Š‘—Ž† ›‘— ‡‡† ˆ‹ƒ…‡ǡ •‡– ƒ „—†‰‡– ˆ‘” –Š‡ ”‡‘˜ƒ–‹‘ ƒ† •–‹… –‘ ‹–Ǥ „‡•—–›ƒ‹”‡‰ƒ ƒ–Š‡† ”™‡‘”‘•˜–ƒ–Š‹‘—‰•‹‡– ™‹‹ŽŽ –‰Š‡‡– Location, location, location ›‘— „‡––‡” ”‡–—” –Šƒ –Š‡ ”‡˜‡”•‡ ˆ•Ž…‹’‡’ƒ‹”‰‹‘ǡ Ǥ›‘ˆ—›ǯŽ‘Ž —™ǯ”ƒ‡–‡•™‘ƒ‡– ƒŠ†‘˜—‹…•‡ ƒ‘–”ƒ‰…Ž‘‘‹…†ƒ‰–‹•‘’‘”—‘Ǥ”’…‡‡”ƒ–™Ž›‡Š•’‡–”ƒ‹–…‡‡‹–•ƒ…‰’‘‡‡”–‡•ƒ•”ƒ‡”–ƒ‘‡Ǥ •‹‘š‘‘ƒ––Š••ƒǤŽ‡• ‘˜‡” –Š‡ ’”‡…‡†‹‰

Ž•‘ Ž‘‘ ƒ– ’‘•‹–‹˜‡ ‹ˆŽ—‡…‡• ‘ ’”‘’‡”–› ’”‹…‡• •—…Š ƒ• Ž‘™ …–‘”‹•…‡Š‘”‘ƒŽ–•‡ǡ•’—ƒ•„Ž‹™… ‡–Ž”Žƒƒ•’’‘”‘–ǡš”‹‡–‹ƒ–‹›Ž …‡–”‡• ƒ†Ȁ‘” ‡‹‰Š„‘—”Š‘‘† •—Ǧ

’‡”ƒ”‡–•ǡ ƒ• ™‡ŽŽ ƒ• ”‡…”‡ƒ–‹‘ƒŽ ƒ’”—‡„ƒŽ•‹…ƒ’ƒ†”‘•—Ǥ–†‘‘‡”••–’ƒ–ƒ‡…‡ƒ•‰‡•—…–Š…ƒ• ƒ†˜‹•‡ ›‘— ‘ –”‡†• ‹ –Š‡ ’”‘’‡”Ǧ Ž–‘›…ƒ–ƒ‹‘”‡•–‡ǡ ƒ™”…ŠŠ‹…Ǥ Š ™‹ŽŽ Š‡Ž’ ‹ ›‘—” ‘ ”‘‡™‘Š˜‘ƒ–™‹‘—ƒ…Š†›™‘—Š‡…–ƒŠ‡”•’–‡Šƒ†–

Develop a business plan –›‹Š‘˜‡—‡ǯ’”•‡–”‘”ˆ‡‡‹–ƒ†›–›‘™—–‘‹ǯŽ”Ž‡•„‡ŽŽ‡‘ŽǤ‘‡‹‘—‰‰ˆŠ‘”–‘™‰Šƒ‡‹ ‘ ’‘‹– †‡…‘”ƒ–‹‰ –Š‡

Decorate for your target marketŠ‡”‡ǯ• ’”‘’‡”–› ƒ……‘”†‹‰ –‘ ›‘—” –ƒ•–‡ Ȃ ›•‡‘–—›ǯ”‘‡—”‘•–‹ ‰Š‘–‹• ‰‘–‘‡„‡ŠŽƒ‹˜‹…‹‰‰‹™‹–Š•ƒ‘– …ƒ „‡ ‹’”‘˜‡† ™‹–Š‘—– •’‡†‹‰ ƒ ˆ‘”–—‡ –‘ ƒ‡ ‹– †‡•‹‰ ƒ‰ƒǦ œ‹‡Ǧ”‡ƒ†›Ǥ

‘—” –‡ƒ …ƒ ƒ‡ ‘” „”‡ƒ –•Š‡‡ŽˆǤŒ‘„•ǡ‹ˆ ›”‡‘Ž—‹ƒǯ”„‡Ž‡‘ƒ–†‘‹…‘‰‹–’›‡‘–‡—”–Ǧ

Build an effective team

„—‹Ž†‡”•ǡ ƒ”…Š‹–‡…–•ǡ ‡Ž‡…–”‹…‹ƒ•ǡ ’ƒŽ—†Žƒ„‡†”•ǡ…ƒ’’‡ƒ”‹•–‘‡”“•—ǡ ‘–Š‡ƒ‘†™›Šƒ‡–Ǧ –‡Š˜‡‹”” ‹–ƒ˜‹•ƒ‹›Žƒ‘„—‹Ž‹–‡›‡†„‡ƒˆ‘”†‡–‘›‘…—‘…ˆ‘‹”Ǧ ‘ˆ–‹–‡–‘––Š‡ ’„—‡•”…–Š”ƒ‡•…‡‘Ǥ ‡ˆ‡””†ƒŽƒ•–‹ƒ‘”‡Ǥ ›‘‡—’‡†‹‰‹Š‰– ‘‡˜‡Š‘™‡„‡‹†‰ –ƒŠ‡’Œ”‘‘„Œ‡‹…•–ǡ ƒƒ‰‡” –‘ ƒ‡ •—”‡ –Š‡ ’”‘Œ‡…– •–ƒ‡›‡•–•‘–Š‡–”ƒ…‰”‡ƒ‡††’–”Š‘ƒŒ–‡…‡–˜‡…”‘›„’‘Ž†‡›Ǧ –‹‘ †‡ƒ†Ž‹‡Ǥ

QUOTES

The bottom line: investing in real estate is smart “The most important quality for an investor is because property is tangible. People always temperament, not intellect… You need a temperament have, and always will, need shelter. This means that neither derives great pleasure it is very unlikely that our need for shelter (ie: from being with the crowd or against the crowd.” buying or renting homes) will ever go away.” -Warren Buffett

QUOTE:

“It’s tangible, it’s solid, it’s beautiful. It’s artistic, from my standpoint, and I just love real estate.” - Donald Trump

PROPERTIES UPCOMING

‡ƒ‹‹‰ ‡š–‡– ‘ˆ ‘”–‹‘ ʹͻʹ ‘ˆ

3-bedroom house

ƒŠ”‘ŠŠ‘ƒŽ”‡‹ƒ‰…‹‘Šǡ ‘•Ǥͳ™ͺƒͺ–‹•‹‹ǡ–—ƒ‡–‡ƒ†•—‹”‹‰–Šʹ‡ ͻͲ͵ʹ Š‡…–ƒ”‡•Ǥ –• ”‡•‡”˜‡ ’”‹…‡ ‹• ʹǤͺ ‹ŽŽ‹‘Ǥ Š‹• ’”‘’‡”–› …‘’”‹•‡• ‘ˆ ƒ ͵Ǧ„‡†”‘‘ •‹‰Ž‡ •–‘”‡› Š‘—•‡ǡ ƒŽŽ ™‹–Š ‡ƒǦ•–—‡‹”–•„ǡ ƒŽ–‘Š—”‘‘‰‡ǡ •ǡ††‹”‡‹•‰•‹ǡ ‰ˆƒ”‘‹‘Ž› ”‹‘‘–Š‡ǡ ‹–…Š‡ǡ •…—ŽŽ‡”›ǡ ‡–”ƒ…‡ Ž‘„„›ǡ ’‘”…Šǡ –’ƒ”…‹˜Šƒ‡–†‡‹•’ƒ–‹‘ƒȋ‹†ǯ•ƒ•”–‘‡‘”•Ȍ ™ƒ‹–†Š ƒ „’ƒ––Š‹‘”‘Ǥ ‘–Ǧ ƒ†‘ƒ–‹†…‡‘—‹•„ŠŽ‡‡‰”‡ƒ„”ƒ›‰‰‡‹Ǥ˜‡ –Šƒ– ’—”•—ƒ– –‘ ƒ ”‹– ‘ˆ š‡…—–‹‘ ‹••—‡† ‹ –Š‡ ƒ„‘˜‡ ‘–›ˆ‡ƒ’™––—•‹‡™Ž–”Ž›ǡƒ„––‡‹ŠŠ•‡‡‹ǡ‘”‹Ž—ˆ†ˆ‘•„ˆ†ǡ’›‡‘‹”–—ƒ–—Ž•„‹†Ž‡‹‹‡…ŽŽ–ǡ–‹Š‘—‡„…‡–ƒ†‹„‘‹‰ƒ’Š„”‡‘›Ǥ ‘’–—‡ŠŠ””‡‡Ǧ– ‘”†‡” •–ƒ–‡• –Šƒ– ‹ˆ ƒ› †‹•’—–‡ ƒ”‹•‡• ’ƒ„—‘– —–’ƒˆ‘›” „ƒ‹—†…ǡ––‹Š‘‡Ǥ’”‘’‡”–› ƒ› ƒ‰ƒ‹ „‡ ‹™• ‹–™—Š’ƒœƒ‹ˆŽ‘ƒ””‡•†ƒ‡Ǣ—”˜…–‡‡‹‘ƒ’•”Ǥ—‹…”‡‹–‰…‘‘ˆʹ•͹͵‹͵•–͵Ͷ•ͶͲ‘ͷŠˆ‡…–‹™ƒŽŽ”‹‡‡‘Ž•ŽǦǡ

3-bedroom house

•‹—‰‹–‡ŠȌ‘ǡ —‘•’‡ǣ …Š‘”‡…‡‡’„–‡Ž†‘”—‘‘‰‡•ƒȋ† ƒ„•ƒ–”‡ǡ ”’ƒ‡•Ǧ ‘•ƒ’‰‡‡ƒ…‘†…„‡ƒ’–Š– ”Ž‘—‘‰Ǣ‡ ƒ‘–†–ƒ„‰ƒ‡”ǣǡ ʹ’ƒ„•‡•†ƒ”‰‘‡‘ƒ•†ǡ „—ƒ–‹ŠŽ†”‹‘‘‰ʹǤŠƒ—•–„ͳ—”‹‘Ž†‘‹‰ƒͳ†Šƒ–‘•‹ͳŽ‡–”Ǥ‘‘ —–Ǧ

‘”†‹‰ –‘ ƒ ‘”†‡” ‰”ƒ–‡† „› –Š‡ …‹‘—”–„ǡ ƒ–Š„‡ƒƒ‡—ǡ…–ƒ‹–‘ͳ™ͳǣ‹͵ŽŽͲ„ƒ‡ŠǤ ‡Ž†‘†‹‹‰–Š‹‘‘•—‘”–ˆ

ƒŽ‡ ƒ”‡ ƒ˜ƒ‹Žƒ„Ž‡ ˆ‘” ‹•’‡…–‹‘ ƒ– –Š‡ ‘ˆǦ ‹ˆ‹…‰‡ ‹‘ˆ –Š„‡ƒ„Šƒ‡”‡‹ˆˆƒ‹†–Šƒ‡– –Š‹‡‰Š‘ˆˆ‘‹…—‡”•– ‘„ˆ—‹–ŽŠ†‡Ǧ ˆƒ†‘‡”›”‰ƒ‹•„‘—–‹ƒ…†–ƒ–ǡ‹‡Ž–‘•Š‡–Ǥ†Š’ƒ”–‹‘‹’ˆ‹•‡ƒ–””–›ƒ›–†‘‹”•ƒǡ ’›—ƒŠ–‰‡‘ƒŠƒ‹Š”‹‘•„Ǥ‡•’Šƒ—‡„–‘—”’–Ǧ ‡ƒ‹‹‰ š–‡– ‘ˆ ‘”–‹‘ ͷͺ͹ ‘ˆ

Double-storey house

ƒ” ‘Ǥʹ •‹–—ƒ–‡† ‹ –Š‡ „ƒ„ƒ‡ —”Ǧ „ƒ ƒ”‡ƒǡ ‹•–”‹…– ‘ˆ Š‘ŠŠ‘ǡ •™ƒ–‹‹Ǥ – ‡ƒ•—”‡• ʹ ͳͺͻ •“—ƒ”‡ ‡–”‡• ƒ† Šƒ• ƒ ”‡•‡”˜‡ ’”‹…‡ ‘ˆ ʹ ͸ͷͲ ͲͲͲǤ Š‡ ’”‘’‡”–› …‘”•‘‹—•–•†‘ˆŽƒ‘‘†”‘ǣ—„Ž‡‹–•…–Š‘‡”‡›ǡ ŽŠƒ‘——•†‡”ǣ›ǡ ‰—‡•– –Ž‘„‹Ž„‡›–ǡ ‰…ƒŽƒ”ƒ••‰”‡‘‘ƒ†ǡ •†–‹‘”‹‡”‰‘‘ƒ”‡Ȁƒ‘ǡˆˆ‹Ž…‘‡—ƒ‰‡†ǡ •Š‘™‡” ”‘‘Ǣ

’’‡”ǣ ’ƒ••ƒ‰‡ǡ –™‘ ȋʹȌ „‡†”‘‘•ǡ „ƒ–—Š–”‘„‘—‹Ž†ǡ ‹ƒ‰•ǣ –‘‡” ‡„‡ȋ†ͳ”Ȍ‘”‘‘‘ƒ™† ƒ‡–‡Ǧ”•—–ƒ‹–‡Ǣ •–ƒ……†‘Ȁ”•†–‹‘”‰‡ ”–‘‘ƒǤ ‘”†‡” ‰”ƒ–‡† „› –Š‡ …‹‘—”–„ǡ ƒ–Š„‡ƒƒ‡—ǡ…–ƒ‹–‘ͳ™ͳǣ‹͵ŽŽͲ„ƒ‡ŠǤ ‡Ž†‘†‹‹‰–Š‹‘‘•—‘”–ˆ

ƒŽ‡ ƒ”‡ ƒ˜ƒ‹Žƒ„Ž‡ ˆ‘” ‹•’‡…–‹‘ ƒ– –Š‡ ‘ˆǦ ‹ˆ‹…‰‡ ‹‘ˆ –Š„‡ƒ„Šƒ‡”‡‹ˆˆƒ‹†–Šƒ‡– –Š‹‡‰Š‘ˆˆ‘‹…—‡”•– ‘„ˆ—‹–ŽŠ†‡Ǧ ˆƒ†‘‡”›”‰ƒ‹•„‘—–‹ƒ…†–ƒ–ǡ‹‡Ž–‘•Š‡–Ǥ†Š’ƒ”–‹‘‹’ˆ‹•‡ƒ–””–›ƒ›–†‘‹”•ƒǡ ’›—ƒŠ–‰‡‘ƒŠƒ‹Š”‹‘•„Ǥ‡•’Šƒ—‡„–‘—”’–Ǧ

(Courtesy pic) House flipping is when someone buys a property, improves it to suit current trends, holds onto it for a short time and then sells it (the flip part) for a higher price. Instead of buying a home to live in as a residence, you’re buying a home as a real estate investment.

-Kathy Fettke