
Courtesy of BPT
Courtesy of BPT
Courtesy of BPT
So, you have made the decision to remodel your home. Kitchen remodeling is one of the first rooms that homeowners explore with regard to renovations. The kitchen is the main gathering place in the home for families and friends. It is the area where socialization happens frequently, so it makes perfect sense to choose to remodel this room in your home first. The project can be extremely fun and should be looked upon as such. There are so many small changes that can be made to completely transform this room that it is mind boggling. Let us talk a bit about whether this remodeling project is a sound financial decision.
First, you should look at the long-term picture. Are you remodeling the kitchen for your own preferences, or will you be selling the home at any point in the future? In either case, renovations to the kitchen can help save money in the future, however, if you are planning to stay in the home, your choices can help save on your monthly utility bills. You can opt for new energy efficient windows that can save you on your monthly electric payments. You can also install low flow faucets to save on water consumption. Buying appliances that are more energy efficient is a great investment and you will also experience personal satisfaction that your new kitchen is more operational and updated.
If you are planning on selling your home in the future, you can expect a very significant return on your investment. If you ask any realtor, they will tell you that one of the first things a potential buyer is interested in is the kitchen. If your kitchen is fresh and updated with contemporary finishes (counters, cabinets, flooring) it will make your home stand out against homes that have a more dated kitchen. You can expect to get a return of at least 40% of your remodeling investment when you go to list your home.
A home kitchen makeover is a very prudent choice, especially if you can only remodel one room. The kitchen is central to the home and you spend a lot of time there cooking, eating and socializing. The benefits of new and updated appliances, and other elements far outweigh the costs you may incur. You will be surprised at how far you can get on your proposed budget, and you’ll be left with the feeling that it was money well spent.
by: Leonard Simmons
http://www.articlecity.com/articles/home_improvement/article_7310.shtml
Courtesy of BPT
This question is kind of like another question where people can’t seem to agree on the answer; “Which came first; the chicken or the egg”? Real estate investors all have a different opinion when they are asked whether you should find a deal first or start a buyer’s list and then find a deal. For me, the answer has always been “the deal.” If you have a great deal, you can always find a buyer for it.
I had someone email me recently that said they had wanted to begin wholesaling houses for a couple of years, but he just couldn’t bring himself to buy that first investment property. He was afraid he wouldn’t be able to sell it. This man had spent a number of years learning the business, but had become paralyzed with fear over this prospect of putting a house under contract that he wouldn’t be able to sell.
If you are just getting started and you find yourself having the same problem, here are 4 tips for you.
1. Know What a Good Deal Looks Like
This is no doubt the hardest part when you are brand new. You almost always pay too much for your first couple of deals. Before you sign on the dotted line, run your potential deal by someone that is an experienced investor. Marginal deals are hard to sell. If you have any doubt about the numbers or the area where the house is located, just walk away and find another deal. There’s always another one around the corner.
2. Know Where Investors Like to Buy
It won’t do you any good to get a house under contract at a great price if it is in an area where investors don’t like to buy. Ask experienced rehabbers and landlords where they like to buy. Be sure to find out what types of properties they like, and the price range they prefer. In general, you will be pretty safe in bread and butter neighborhoods; the kinds of neighborhoods for first time homebuyers. In my area there is a market for more expensive houses, but there are fewer investors in this group. Buy houses that would work for either a rehab that would be sold to a retail buyer, or a home that would make a great rental and they will always be in demand.
3. Put an Escape Clause in Your Contract
This is vital especially when you are brand new. Make the deal subject to inspection or partner approval. This is your safety net. It will make it easier for you make offers with confidence.
4. Begin Immediately to Build Your Buyer’s List
There is nothing like having a good buyer’s list to call or email when you have a property you want to sell quickly. It is truly a wholesaler’s secret weapon. These folks will be loyal repeat buyers if you always have great deals for them, and if you conduct your business with them in an ethical manner 100% of the time.
Implementing these 4 tips will make it easier to make those first offers and get your first few houses under your belt.
Finding a Buyer for Your Deal
There are a number of ways you can quickly find a buyer for the property you have under contract even if you don’t have a buyer’s list.
You can take the deal to your local REIA group where you will find a group of people that are looking for their next house. At my monthly meeting, we have a table set up for vendors and for folks that want to put out fliers about properties they have to sell. This is usually the first place people head after signing in.
You could list the house on Craigslist. I have sold several properties there, but I would rather much sell to someone at my REIA group; they are usually more experienced investors. But even if they are brand new, they will almost always be educated to some degree if you find them at this meeting. Most investors are more than willing to help them if they can close the deal.
Concentrate on getting a great deal, and you can be sure you will find a buyer.
Author: Sharon Vornholt
Sharon’s Website: http://LouisvilleGalsRealEstateBlog.com
Courtesy of BPT