People Who Buy And Flip Houses » Flipping Houses For Dummies

Wholesaling Houses Tips

Mon, 01 Jun 2009 17:29:05 +0000

This is Terry Wygal, from from http://ExtremeWholesaling.com, and today, I will tell you the top wholesaling houses tips that you should not forget to make sure that any of your wholesaling will succeed.

Wholesaling houses, just like any other success stories, needs some things to be done in perfection. Whatever wholesaling houses strategies and wholesaling houses techniques you have read or heard, there is one thing that you should not forget – all of them are based on simple principles that make up for a successful house wholesaling.

Motivated Seller

If getting the best house in town is surely a big step, if not big steps, ahead of your competitors, then a nice place with an owner that is very willing to sell (aka motivated sellesr) is a very big edge. Motivated sellers are people who wanted to have their houses sold ASAP and would not worry too much about the tag that you place on their house. Of course, they would not sell it for free but they would not also charge it a king’s ransom. These motivated sellers are just the people you need to be able to buy cheap, sell cheap and gain profit. Knowing where to find motivated sellers is like finding a good bargain shop for stuffs that you intend to sell.

Time

One of the key things that you should remember about wholesaling is that you choose it over flipping houses because you intend to make money out of a house that you do not have to spend on anything for maintenance or other fees (such as taxes). Thus, if you intend to gain profit and see it as a very considerable amount considering the investment that you made on it, you should be able to sell the house as soon as you bought it. This is where having a buyer’s list comes in handy, because with a buyers list you will be able to save time looking for prospect house buyers instead of still having to look for them after you buy the house.

Pricing

How you negotiate how much you should buy a house and what you decide on how much you should sell the house is obviously a very big factor in determining whether or not you made profit. Pricing would require a lot of experience or a whole lot of research if you have no experience to rely on. One thing that will help you though would be to know the pricing trend of the kinds of houses that you are selling and the buying trend of the house-buying market.

Buyers List

Having a buyers list is very important because this where you can base who you should sell the house that you bought and how much they are would be willing to pay. Aside from this, the buyers list will also dictate what kind of houses are in trend and what people are buying, thus giving you and idea when you are selecting a house.

These are but the basic things that you need to consider when you are trying to wholesale houses. Making sure that you have all these four in line and included in any wholesaling venture you do would assure you of a higher possibility of success rates in your wholesales.

About the author:

Terry Wygal also known as The Quick House Buyer, has been teaching real estate investors how to wholesale and flip houses for several years now. Terry also teaches real estate investors how put your website on the front page of google and crush your competition.

Wholesaling Houses and Flipping Houses

Sat, 30 May 2009 17:04:03 +0000

This is Terry Wygal, from from http://ExtremeWholesaling.com, and today, I will discuss to you the big difference between wholesaling houses and flipping houses and give you enough information as to which of the two you would master.

Many people are into wholesaling houses and flipping houses in the real estate business. However, it is quite contrasting that there are still many people who do not understand the nature of both and how they are different from each other.

What is Wholesaling Houses?

When you try to wholesale houses, what you do is you find a motivated seller and buy the house he is selling at a much lower price than its real value. Motivated sellers are people who intend to sell their house fast and would not spend too much time lobbying for a higher price than the value of the house. These people include those who just had a divorce, experienced death or are people who are just anxious to move to another place.

After having bought a house, you directly find a house buyer who would either flip the house or live in the house. Either way, sell the house for the price that you paid to buy it plus an increase of $10,000 or more depending on how you play it. Just remember that the longer the house stays in your possession the worse it is for you because the more expenses would pile up and the closer you go to a loss.

What is Flipping Houses?

Flipping houses, on the other hand, is quite similar with wholesaling houses but involves a lot of differences. You still buy a house that you intend to sell, but instead of selling it directly, you flip it, thus the term flipping houses. When you say you flip a house or a certain kind of property for that matter, you rehab the house that you bought before you try to open it to the market. In this case, you will be needing some money for the repairs and furnishings that you intend to add. Make sure that when you spend money for the house for rehabilitation, it would add a considerable amount to the price or that it would make the house more saleable.

The same with wholesaling house, house flipping also demands that the whole process of flipping (from the buying to the house rehabbing to the selling of the house) should be done in a controlled duration of time. This means that before the expenses for the house pile up, you should have already sold it.

Wholesaling appeals to people who are in a tight budget and who can not stand the whole process of rehabbing. So long as you don’t run out of prospect house buyers, you will be assured that you will not be in the losing team. Flipping houses, in another sense, is good for people who intend to really make a lot of money out of the house that they bought using the make-over that they do to the house. Just make sure that when you do any of these two, you have the necessary strategies and techniques to help you sell the house in a much higher price because at the end of the day, it is what matters most in wholesaling house and flipping houses.
About the author:
Terry Wygal also known as The Quick House Buyer, has been teaching real estate investors how to wholesale and flip houses for several years now. Terry also teaches real estate investors how put your website on the front page of google and crush your competition.

Understanding Wholesaling Houses

Thu, 28 May 2009 16:44:20 +0000

This is Terry Wygal, from from http://ExtremeWholesaling.com, and today, I will give you a wholesaling houses for dummies guide, a brief but concise explanation of how to wholesale houses.

Wholesaling houses is the choice of people who do not want to spend too much time just selling houses. It is very ideal because you do not have to go through all the trouble of rehabbing houses and still get money. There are even cases that with as much as 10 bucks, you can do the whole house wholesaling and earn a thouand times of what you originally spent.

Another thing that makes house wholesaling appealing is the facts that there are a lot of houses to wholesale available. This method of buying houses for profit answers the prayers of those people who intend to sell their house fast for reasons ranging from immediate relocation to divorce. No matter what their reasons are, they are motivated to sell, thus they are called motivated sellers, and you are there to relieve them of their miseries.

So, you buy their house, but not with the original value of the property. Rather, you buy it at a much lesser cost. There are some homeowners who, even if they are in a hurry to sell, would still question why their thousands of dollars expenses on a renovated hall would only cost so much. You try to explain to the that renovations will be assessed according to how long it has been when it was done and how necessary it is to prospect buyers. Most renovations might only appeal to the owners of the house but would not, in so far, budge the interest of some home buyers.

Then, the crucial thing comes in, and that is doing your best to sell the house fast before other expenses set it. This is where a buyer’s list comes in handy. In fact, a buyer’s list is very crucial in the house wholesaling business because it will help you convert what you have bought to something profitable fast. With a range of buyers at hand, it is possible to earn thousands of dollars right after you make the sell. Imagine, if you buy today and also sell a house the same day, you will be able to immediately earn the money you intend to get without having to be bothered by the danger of the other expenses getting to you.

Lastly, you must be sure that you have all the necessary documents at hand. What is the use of a stupendous wholesale and a handsome profit if you get to have legal problems the next day? So you better have all the necessary papers checked, make sure you followed protocol and you had everything legally. Again, the next thing that you need are lawyers, or worse the police, banging on your door. It could spell the end of your real estate career even before you get started becoming used to it.

Wholesaling houses appeals so much to many because it promises a lot of money without having to go through all the trouble that house flipping requires so long as you know how to play your cards well with effective wholesaling houses strategies.
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Things to Remember When Wholesaling Houses

Tue, 26 May 2009 16:44:18 +0000

This is Terry Wygal, from from http://ExtremeWholesaling.com, and today, I will discuss to you the things that matters most when you are wholesaling houses. It is not enough that you found a motivated seller who is willing to sell his house at a much cheaper price. There are the still things that you should remember to make your house wholesaling a success.

One thing that you should remember is that when you try to do house wholesaling, time is very important. The cliche time is gold very much applies when you try to wholesale a house. Why? When you buy real estate properties, you just do not have to pay for the price for the property that you bought. There are still corresponding expesnses that you have to be mindful about. So, before the other expenses come in the picture, you should have already sold the house that you bought as to limit the expenses to just the money that you spend for the price of the house. So, if it is possible, the moment you buy a house, you sell the house fast. To sell houses quickly does not violate any rule in the wholesaling book, in fact, it will save you from a wholesaling catastrophe waiting to happen.

Since selling houses fast is very important, what you need to have is a buyer or prospect buyers. That is whyit is a must that you have a buyers list on hand. In fact, a buyer’s list does not just come in handy when you already have a house to sell. It can also help you in choosing a house to buy. The people in a real estate scene in a certain community would most liekly know each other – the wholesalers, the flippers, among others. These people would most likely be in your list and knowing the trend of house buyers (the kind of houses that they prefer) would help you in choosing what kind of house to wholesale. This in turn would make the buying less tedious (not necessarily easier) because knowing that you have bought the house with a specific target buyers group in mind would more or less assure you of a quick sell.

Lastly, you should be aware of the trend of the market. This will guide you if it is a good time to do some wholesaling and it will also help you have a benchmark on how low or high you should price. The market trend is especially helpful for people who have not been in the wholesaling business for a long time. Pricing needs experience, and in the absence of experience, what is being done by many would mostly be your best chance of hitting the right house prices.

Wholesaling houses is all about timing, going for a quick sell and knowing the present happenings in the market. There are of course other more complicated technique and strategies in wholesaling houses that veterans of the trade have been using, but for beginners who have no experience at all in buying houses for profit, this is definitely a good start.

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Picking The Best Location To Wholesale Houses

Sat, 23 May 2009 17:01:41 +0000

This is Terry Wygal, from http://ExtremeWholesaling.com , and I will be discussing how you should pick where to buy a house to wholesale.

You might have already made up your mind to venture into wholesaling houses but you still have problems as to where would be the best location to make a buy. You might have questions as to which house you should buy and what criteria should you use to determine which house would make the best sell in the market.

One of the things that you should consider is the location of the house. Of course it is given that you should get a house that would be sold to you much lower than how much its original value. However, no matter how cheap the house is and how good it still looks, if it is somewhere people do not want to be around then you will still won’t be able to sell it. In fact, in some deals, they would not mind the house being a little bit much on their price range as long as they are confident that people would be flocking as soon as they open it to the market.

Look for places where progress is taking place, like for example, there are houses being fixed up or houses that have been fixed up or maintained. It shows that there is a high probability of resale. Meaning, the place is good enough to attract a lot of investors believing that in that place it is easy to sell a house, which in turn tells you that if they can make a sell, then you can also do it.

One indication that there is a high probability of resale is when people think that that place is livable. So, you need to consider the basic things that people would look for when they look for a house. Let’s say for example, there are the schools around the area, the employment, accessibility, among others. If people would want to live in that community, they would want to buy a house there and needless to say, investors would be investing their money on the houses in that area.

Remember, you are wholesaling houses and you will be selling the house to interested investors who think they can turn your house into something that people would want to buy. You are selling houses to people who would spend money to make it pretty so that it they will be able to sell it. The first impression that your house should make to whoever is going to buy it, aside from it being cheap, is that it is in the best place for people to live in.

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3 Myths in Real Estate Shattered

Thu, 21 May 2009 16:52:11 +0000

This is Terry Wygal, from http://ExtremeWholesaling.com , and today, I will squish-squash three major real estate myths going around nowadays.Usually, what makes people back out from doing something is due to bad information. That is, bad information that was not double-checked and corrected. The same with real estate, there are a lot of myths going on about the fate of people who would want to take part in the real estate business. And, it is because of this myths that, amidst the countless opportunities in the business, many people are turned off from trying their luck in wholesaling houses or flipping houses.

Here are the three big myths in real estate and the truth behind these myths to shed light to the clouded ideas of many.

1st myth

There are no motivated sellers anymore. The economy is going down and nobody bites to quick selling because they would always want to generate income in whatever move they make.

I think this one gets a lot of people because it is indeed true that the economy is in for a twirl. However, ask anybody in real estate how they are doing and you would think they are living in another economic world. Just recently when I was in a football match, I happened to talk to people working in real estate companies. When I asked them how many deals they were closing, I was surprised with what I heard. My ears were already preparing for lamenting words, however, one told me he was closing 10 houses in one month and the other is 12. Imagine: 22 deals and that is just for the two of them. You can still buy houses (and there are a lot of them) to be rehabbed. People are relocating, undergoing divorce and the last thing they need is a house to bother them. All you need is to look for the right house in the right area with the right motivation.

2nd myth

Second is that there are no deals out there anymore. There is no financing for people. There is no money and there is nothing people can do. It’s just that you can’t put buyers in the house like you used to.

A lot of people are concerned with getting rid of the houses once it is put into contract. But there is really nothing to be worried about. Just one mortgage broker can attest that he will be closing 20 houses this month with 17 of them going in the same type of financing and he is getting as low as 495 scores put through. These alone will show you that there are a lot of deals and people are still willing to finance.

3rd myth

I have not got a lot of money to buy houses. So, I can’t do my stuff in real estate.

With as little as 10 dollars, through wholesaling houses you can make a zero risk move with 5-10 thousand dollars gain just as long as you do the sell within the auction period. So, in wholesaling you can make a lot of money without having to use a lot of money so long as you know what and how to do things.

In whatever you do, there will be a lot of discouraging words that you would hear. But do not let those words bring your hopes down. Do not let other people ruin your plans because they said things are bad. See it for yourself or if you have a lot to lose, go to the people who are really in the playing field and ask them for yourself if things are really that bad. And only when you experience it or you hear from credible people, that’s the time you back down.

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House Flipping Reminders For Amateurs

Mon, 20 Apr 2009 16:59:36 +0000

Flipping houses, for some people, may be a very good business step to take. It’s an adventure but it’s also something profitable if done the right way. However, there is really no clean cut course that could prepare you for flipping houses. No amount of theory could prepare you for what’s going to happen in the house flipping business. This is why most people who would want to flip houses just walk away and laugh why they ever thought about it in the first place.

Quite understandably, flipping houses is something you try with a lot of money at stake. However, like any other career, it is something that can be learned without having to spend a lot. All it takes is time – time to know the ins and outs of house flipping, have an expert give you a flipping houses training, experience a flip by watching how it happens, and devote yourself to gain experience and strategies.

1. Knowing the ins and outs of flipping houses – you do not know anything about house flipping or you might know something but it won’t help you make it in a business, so what do you do? You learn it, everything about it, just like how you studies for your biology exam. Theoretical knowledge might not be that good in the real setting but it helps you understand the practical set-up of the whole flipping houses process.

2. Learning from an expert house flipper – learn from somebody who has enough experience to come up with his/her own flipping houses for dummies book. Like how the kung-fu experts do it, hey work with one master and get to learn the secret trade of the kung-fu technique. It’s even better if you could spend enough time with as many experts as you could so that you will be able to compare their strengths and weaknesses in the house flipping businesses and work your own fool proof house flipping guide that you could use for yourself.

3. Experience a whole flip happening – This is where you can see all the theories working in action and you can actually get to experience the flip, even in an outsider’s perspective. This is a good way of having an almost-hands-on experience in flipping without having to lose a lot of money.

4. Take time to gain experience and come up with your own strategies and techniques in flipping – try to repeat numbers 1-3 over and over again until such time you can already do your own flipping. Then, do not stop there and still continue the 1-3 steps together with the whole flipping experience. Now, the most important thing that you need to remember is celebrate with your gains, weep with your loses, but never forget to learn from everything. Take note which ones you did were good and which ones were bad and which of them could work in what situations. This will require you to devote time – a lot of it – but this will assure you of a very systematic way of going through the whole house flipping process.