By Kevin Myers
Ok, i'm going to provide that Myers may perhaps paint too rosy an image approximately what upkeep will fee and what the IRS says approximately taxes. even if, for my part, it's the so much important and useful consultant i have examine determining up fixer-uppers, rehabbing them, after which promoting them for revenue. For someone with a few more money during this bottomed-out financial system, now's the best time to select up this publication, research it completely, then commence an all-out look for the cheapest fixer uppers out there with strength. After rehabbing, you'll promote them reasonable and nonetheless make a revenue. I hugely suggest this ebook. I merely want I had the money to do what I simply advised. stable success.
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Extra resources for Buy it, fix it, sell it: profit!: [a comprehensive guide to no-sweat money-making home rehab]
End up with your fair share of successful deals, and at a price that allows you to earn a good profit. See Chapter 18 on success stories for one of the great REO tales of all time! Government REOs—Steals and Deals from the Bureaucracy The Department of Housing and Urban Development (HUD) is the federal agency that provides insurance to lenders against the risk of loan default through its FHA loan program. When a default occurs, the lender forecloses, files a claim with FHA, and the property is conveyed to HUD.
Am I willing to make the necessary commitment to make this complex venture work? Getting Started Before you actually go out and start looking at properties, there are two important steps you must take: Figure out your funding plan and find your real estate agent (in that order). First, you need to figure out where the money for purchase and rehab will come from. As discussed in the rehab project plan, the two primary sources of funding for rehab properties are seller financing and private mortgage lenders, or a combination of the two.
The ceiling has water stains, holes, or cracks. • There are holes in the drywall or plaster walls. • The bathroom has soft, water-damaged flooring. • There is mold around tiles in shower or tub. • Kitchen cabinets are falling apart and missing hardware. • Light fixtures are broken or missing. • Furnace is not operating properly. Is this really the house you’re looking for? You bet it is! This is exactly the house you’re looking for. It’s a real mess all right, but it appears that the key structural components are sound (this will later be verified by a professional inspector).