- Property MUST have potential
Don’t get suckered into buying a “Quick Flip” or a seemingly easy flip, KNOW YOUR LOCATION. Homes in certain locations can be gold mines while others are trying to make their way through the dirt. “Location, Location, Location” still rules and remains the most important factor for profitability in real estate investment. Proximity to amenities, peaceful conforming areas, neighborhood status, scenic views, etc. are major factors for residential property valuations.
- Do the math and prepare to take risks
You’re investing a lot of money for a potential payoff in the future, except sometimes that payoff doesn’t materialize or it doesn’t materialize as quickly as you thought. You could get stuck paying a mortgage, property taxes, and continual upkeep and end up selling the home for less than what you bought it for. Look at comparable sales in the market to see what the likely sale price will be and don’t expect a penny over.
The amount of physical work you put into your home could be a potential risk. Can and are you willing to do what it takes to practically build a house up again? If you’ve never done renovations or fixes before, prepare for a curve ball. The less you know, the longer it will take to flip the house.
With your buyers in mind create a comfortable atmosphere to live in. If the surrounding homes give an old town feel, keeping that vibe can be crucial. Spend your money installing a fireplace. Invest into the master bedroom and add a large walk in closet with double sinks in the bathroom. Neighborhoods with schools can attract families so spend your money on making the family room more open and inviting.
You put in so much work into this home you deserve what you can get. Disclose everything that was replaced from the roof to a wire. List new appliances and fixtures and don’t leave out all the warranties and instruction booklets. If you plan on going the real estate agent way choose a reliably, educated agent. Agents who have never flipped houses may not quite understand and most likely won’t be on the same page as you.
With the nights growing eerily chillier and scary movies beginning to inundate theaters, the month of October seems like a march towards Halloween, the favorite celebration of the macabre for children and adults alike. As you are planning your costume and stockpiling candy, remember these facts about the ways in which Halloween has worked its way into American society:
1. Halloween traces its roots back approximately 2,000 years to the Celtic festival of Samhain. The Celts celebrated their new year on November 1, marking the end of summer and the beginning of the cold, arduous winter. Since winter was associated with death, Samhain was seen as a blurry boundary between the worlds of the living and the dead.
2. The Celts carried on some of the rituals of Samhain as they began to adapt Christianity. In a Medieval ritual known as souling, poor children would visit the homes of the wealthy, asking for treats like pastries or ale in exchange for praying for the souls of the homeowner s deceased relatives. While Irish and Scottish immigrants to the U.S. continued variations of souling, the practice of trick-or-treating did not gain widespread popularity until after World War II. The end of sugar rationing, the baby boom, and the development of suburbs combined to cement trick-or-treating as the popular ritual that it is today.
3. A 1991 decision from a New York appellate court indicated that a home buyer may be able to rescind a contract and get the down payment back if the seller concealed that he or she believed the house to be haunted. Laws in most states require sellers to disclose material facts about a property; whether a history of alleged paranormal activity is “material” depends upon a court’s interpretation of the spirit of the law.
4. Halloween is second only to Christmas as the year’s biggest commercial holiday. Kids are not the only reason that Halloween is such a boon to businesses: the National Retail Federation estimates that adults aged 18 to 24 are more likely than any other age group to attend Halloween parties or haunted houses.
Get involved with YOUR neighborhood
A lot of neighborhoods in the southwest are being broken into every day, about every 1 in 30. I reside in the area and just last week a wonderful home was broken into and many things were stolen from the property. Christi wishes she would’ve taken action BEFORE her home was broken into rather than after losing not only her items but also her feeling of safety. I want my neighborhood being scared because it’s HALLOWEEN, not because there are too many home break-ins so I decided to become more invested in my community. A strong community is a safe, happy community so get involved! Your neighbors may have a lot to offer.
A wonderful website I recently stumbled upon and became a part of is www.nextdoor.com. Nextdoor’s mission is to use the power of technology to build stronger and safer neighborhoods. It allows you to stay connected with your neighbors and surrounding neighborhoods. SO what can it be best used for?
Quickly get the word out about a break-in
Organize a Neighborhood Watch Group
Track down a trustworthy babysitter
Find out who does the best paint job in town
Ask for help keeping an eye out for a lost dog
Find a new home for an outgrown bike
Finally call that nice man down the street by his first name
What can I do to protect my home from being broken into? Cameras, Cameras, Cameras. If you didn’t know or haven’t assumed by now, houses with cameras are less likely to be broken into. I simply went to Costco, bought a security camera system, and then called to have it in installed. Total price for the system was about $1600 for me considering the amount of terabytes I have for my continuous recordings which are saved on the hard drive. Instillation can be anywhere between $300 and $600. This is the most important thing when it comes to home security, your hard drive. You must hide your hard drive so during a home invasion the criminal cannot steal your videos of him or her breaking in. You will lose all information regarding who is in your house during the break in if stolen. No, putting it in your master bedroom or computer room may not be the brightest idea, find a creative hiding place.
I have had problems with certain security companies that try to promote their “wireless cameras”, don’t be fooled; this is where a majority of bad live feeds happen which can have a distorted, blurry, or fuzzy video content. Do lots of research if you plan on going with a security company. Some camera security companies ask you to pay a monthly fee for their “special Services” like contacting police when there is suspicious activity or keeping track of who enters your home. Like any random company these are JUST companies, not something meant to save your life so research is crucial when it comes to which ever company you choose. Make sure you see their satisfaction ratings and responding times. A home alarm system may not be a bad addition considering what type of neighborhood you live in.
Introduced in the Assembly AB300 Bill
AB300 was passed this past June 1,2013 making it easier for banks to foreclose on properties in Las Vegas http://www.nevadabusiness.com/2013/06/nevada-homeowners-fared-well-in-2013-legislature-nvar-reports/
With the market going up like it is, why wouldn’t the banks want to foreclose and get their money?