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We all want to make more money, but at times it seems impossible. No one wants to work more hours, and even if you do, you are just trading your time and energy for money. The old MLM route can be good, but talk about extra work! You might make it big, but that could take years of failure and you might not even get there. One of the best and fastest ways to make money is in real estate. Very few of the rich don't at least dabble in real estate and many of them got rich because of it. There's really no good reason you can't do what they do! The first thing you've got to do if you are going to get into real estate is find a place to buy. There are really three routes to go here: -Buy to flip -Buy to rent -Buy land and build new When you are searching for a home to buy to flip or rent, you need to do the following: -Get a good agent to help you find a place, especially ones that need some TLC. The agent should have at least several successful years of experience and understand the foreclosure market. It is possible to find deals on homes that are in good shape and at a low price, but it is far more likely that you will find a home that needs some work or is at least foreclosed. -Calculate your costs. With the help of your agent, determine about how much you need to sink into the place to make it sell-able or rent-able (depending on what your plans for it are) and how much you are likely to sell it or rent it for. If the numbers look good, then consider an offer. If it looks like there isn't at least $10,000 to be made if you flip it, then walk away. Consider that if you sell within months, you'll have to pay an early payment fee to your lender (if you need one) and a percentage to your agent if you have him sell it. In any case, don't buy if you can't flip for at least $10,000 or rent for at least $300 over your mortgage. Otherwise, you may find that you bought a money pit. -Check out HomePath.com. This site lists foreclosures through the country according to location and could very well have your next investment property listed. Foreclosures are often fixer-uppers, but even if they aren't, the price is usually below market and there can be some room for profit on your end. Check often though, the listings can change from one day to the next. -Be patient. If you rush into purchasing a home you may end up paying too much and then become dissatisfied and give up. Wait for that deal. It is likely that you will look at 100 or more properties before you find the diamond in the rough (and get it), so be prepared to look a lot. Just the other day I found a great deal only to find out it was already gone! It was a diamond in the rough, but I didn't have a chance. Buying land can also be a smart way to go, but you still want to make sure you are getting a good deal. The more you have to pay for the land, the less profit you will realize when you build and sell. If you do, make sure you follow these rules: -Just like flipping and renting, you want a good agent on your side and you want to find a good deal. This can be a little tougher because there isn't really foreclosed or neglected land like there are homes. Nevertheless, the discounts are still out there. -Find a good inexpensive builder. The less it costs to build the house, the more money you will make when you sell it. You might be lucky and have a company in your area that specifically does this like Adair Homes. You can build a small home for as little as $75,000 with them (not including prep costs which vary based on the land itself). There really are lots of ways to make money, but real estate is one of the best. Sure you can join an MLM, start a business, or find a way to make extra money online, but real estate is a tried and true way that the rich have used to make money for centuries. It is also a way to make extra money that can have significant payoffs. Even just flipping 3 or 4 homes a year could reasonably mean an extra $50,000 or more.
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real estate, home, house, sales, flip, rent, rental,
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