Hey DG family I wanted to share my 2nd deal I got done, it took a little longer than I expected but I didn't give up.
Deal #1 - Signed a contract to sell a 2 bed/2 bath/1 car(1525 sq. ft.) yesterday for 63K; Bought it for 52.5K & put in a dishwasher & had the tub re-glazed. It will close next Thurs.
Deal # 2 - Closed today on a 2 bed/ 2 bath/ 1 car
(1595 sq. ft.)Fannie Mae foreclosure, Bought it for 36,350; put in new kitchen, appliances, vanities, toilets, paint & carpet; Spent 8K on materials & it took us about 4 weeks to remodel; Sold it for $ 59,500.
I always recommend you read the contracts you are signing, especially when the contracts are being supplied by someone else. If you are brand new to real estate, I recommend working with a real estate agent. They are training in the state approved contract and can walk you through that. If they do not know the answer to something, ask them to find out from their broker or someone on the realtor board. It is part of their job when they are representing you.
Ever wanted a step by step analysis on how to execute a double close and everything it entails? If you're sitting there thinking yes... you're in luck! Ali takes some time in this week's Student Wisdom to let you know the 6 main steps it takes to perform a double close and some things to look out for. You won't want to miss this.
There are articles all around the media that tell us rising student debt is crippling young Americans’ financial futures. There is no doubt that the numbers are staggering and still going up, and it’s definitely true that this keeps many young people out of the housing market. The “first time homebuyer” is becoming an endangered species.
We’re becoming a “nation of renters” according to many market watchers and economic experts. Home builders are betting on it, with multi-unit housing starts up a whopping 416% from the 2010 low. The U.S. population is still growing, and fewer people are buying homes. They’re not pitching tents, so renting is where the market is moving.
Real estate investors come from all walks of life and in all ages; they are part-timers, full-timers, wholesalers and fix & flippers if their goals are more in the shorter term. There’s nothing wrong with a short term business plan, but we’re all getting older, and we should remember that the reasons many of our customers are long term rental investors are really quite lucrative and secure.
The biggest fear of those in the baby boomer generation is that they’ll run out of money in retirement. Sure, some will have jobs that they can continue, and retirement doesn’t mean what it used to anymore. Others will be unable to stay on in their life careers, and they get reminded of how things may go every time they’re greeted going into Walmart.