Do you dream of becoming a multi-millionaire real estate investor? Here's how to get started: find a bargain "fixer-upper" owned by a worried seller. The hardest house for a homeowner to sell is a "doghouse Joakim Noah Jersey ," "dump," or "fixer-upper." These run-down houses turn off most home buyers, who don't have the money to cover the down payment, plus closing costs, new furniture Michael Beasley Jersey , carpeting, appliances, roof repairs, and other deferred maintenance required to bring the home back into top condition.
As you look through the classified ads or at real estate listings, keep an eye out for terms like "handyman special Charles Oakley Jersey ," "as is," "fixer," or other tell-tale phrase. Ask your buyer's agent to list these words when scanning the Multiple Listing Service for you.
Why Home Sellers Accept Rock-Bottom Prices
Home owners' troubles often keep them from staying on top of their home's maintenance. Circumstances such as divorce, job loss, devastating illness Bernard King Jersey , assorted addictions, or other personal problems quickly overcome distraught home owners, forcing them to sell. These home owners can't keep up with monthly mortgage payments andor repairs because of financial or physical limitations. When these troubles arise, their home becomes a low priority and sometimes goes into foreclosure.
Find "Triple-D" Deals
Home sellers with three problems offer breaks to beginning real estate investors. A "Triple-D" deal is a Doghouse, involved in a Divorce Willis Reed Jersey , and in Default. The label "doghouse" comes from Southern California real estate agents who described the worst fixers this way. You may have seen ads for "ugly" houses. Often these "tired" houses need only cosmetic work in order to compete for resale with other homes in the area.
How to Compete in a Seller's Market
Once you've found a property that you can turn from doghouse to dollhouse, find out the seller's problem and then offer a solution. Distraught sellers commonly experience financial difficulties and need cash as soon as possible. Therefore, if you're ready to close rapidly, you'll be set to negotiate a lower sales price. Sellers with problems love it when an offer to purchase says "close in 10-14 days."
How to Complete a Fast Sale
Find an experienced lender and get yourself not only "pre-qualified," but also "pre-approved." Taking that second step assures worried sellers that you already have your loan in place for their property Phil Jackson Jersey , and this puts you well ahead of other potential buyers.
Use a trusted closing or escrow agent who knows what they're doing; one not over-worked. Even in today's busy market, you can find an officer who can help you close in two weeks, when your financing is prearranged.
Real estate investing should be fun as well as profitable. Keep in mind that you're seeing potential when you view fixers. Enjoy your property search!
Copyright (c) 2005 Jeanette J. Fisher. All rights reserved.
Jeanette Fisher, author of "Doghouse to Dollhouse for Dollars," Sell Your Home for Top Dollar--FAST Mark Jackson Jersey , and other books teaches professional real estate seminars and interior design college courses. For interior design articles see > For more real estate investing articles see Spending Money For The Wrong Reasons Self Help Articles | January 22, 2010 Spending money recklessly can be hard to over-take. There are things you can do to curb over-spending and feel better about yourself.
There are many people who just can`t control their spending habits. And this only becomes a problem when other areas in life begin to suffer. This suffering can be intrinsic, financial or just in general whether it`s with family, friends or work. There are often reasons why someone has the need to spend and it`s often when those issues are addressed, that the over-spending stops.
Spending money can become like an addiction. It can be so habit forming that it becomes who you are and what your routine looks like. You might be in the habit of going to the store and buying whatever you like and over buying on things Walt Frazier Jersey , just because you can at the time. Often a shopper with a problem will buy on impulse and will buy in quantity or quality. That means that they may be able to buy four dresses without trying them on, or they may have no thoughts against buying an item not needed even when it costs too much money.
Feeling like you have an addiction to spending money means that after you make your purchases, you feel over-whelmed with guilt and grief. You might get home and not even know what possessed you to buy some of the things you did, but might feel too ashamed to take them back.
When you have family members and friends that are questioning your spending money, you might have some insight into what they see. Often you may not notice how other people view you because they do not say anything Anthony Mason Jersey , but when they do voice an opinion, it may be time to listen to what they have to say.
Spending money on items that you may not need can take a heavy financial burden on you and your family. You might be neglecting on important items or bills in order to pay for impulsive items. This kind of stress can put a heavy toll on someone living alone, or in a family. Financial stress is one of the number one causes behind divorces.