By William Benke
Traders battered through today’s tumultuous inventory market—and attracted via endured low curiosity rates—are making actual property one in all today’s most well-liked funding markets. All approximately actual property making an investment, moment variation, offers aim, time-tested concepts and worksheets for comparing a estate, negotiating and shutting a transaction, and extra. an easy but complete review for someone who owns—or is thinking about owning—real property, this logic guidebook explains the way to purchase and deal with any estate, from fixer-upper apartments to multi-unit complexes. New info comprises: * easy methods to make inflation—whether reasonable or raging—work for the investor * The altering broker/client courting, together with the function of the customer dealer * huge updates in keeping with new tax legislation and rules
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Extra info for All About Real Estate Investing: The Easy Way to Get Started
Example text
FIXER-UPPER STRATEGIES Fixer-upper strategies can apply to both apartments as well as single family houses, but it is particularly well suited to the latter. It can be particularly appealing to those who like to work with their 42 CHAPTER 5 hands and are in a position to live in the house during the fix-up process. Good fixers, in such cases, are properties that are basically sound but that need a lot of superficial or cosmetic upgrade— paint, refinishing, minor structural improvements, and landscape work.
Assume also that it will cost an estimated $10,000 in repairs to bring it up to acceptable condition. The amount that you can afford to offer for this property is calculated as follows: Resale price: Less: Repair Cost: Overhead Cost: (15% ϫ $150,000) Profit: (15% ϫ $150,000) Purchase Price: $150,000 ($10,000) ($22,500) ($22,500) $95,000 CHAPTER 5 44 If you can’t purchase the property for $95,000, it will not provide a gain to you that makes good financial sense under a buy, fixup, and resell scenario.
Assuming it does not, the house should be clean, freshly painted, in good repair, with a relatively new roof, well landscaped, and preferably no more than 20 or 25 years old. A home in this condition will be immediately rentable, will minimize additional near-term cash outlays for repairs, and will attract desirable tenants—those who are likely to be reliable, take good care of the property, and pay top rental rates. Relatively new roofs are important because they are a big expense. A house that is more than 25 years old is often a candidate for plumbing, wiring, or heating system repairs, all of which can be quite costly.