Investing in real estate is a great way to get rich. For example, you can simply buy a house cheaply and make improvements, then quickly sell it for more than you paid for it. When you ask most people what the secret to success is, they will tell you that the secret to remodeling a house is not just your job, but also finding the right house.
Hunting for good real estate
First, check with your local courthouse for new bankruptcy or foreclosure filings to find a good home to invest in. Also look in the local paper for “handyman specials,” call local real estate agents, and place an ad in the local paper. Second, it knocks on doors to find and ask if the owner is interested in selling. Surprisingly, many are interested in selling but have yet to contact a real estate agent. If they’re not interested in selling, ask them if they know anyone who is. Third, find the ugliest house in the nicest neighborhood and one that doesn’t need structural or system repairs. This is the ideal type of house to flip.
Take from the cost of decoration.
First quote for the necessary construction materials in a large store. Visit the contractor supply section, and then you should be able to get a nice discount on all your remodeling work. Visit a used building supplies store, they can save you a great deal of money if the supplies are in good condition. Paint everything you can, including appliances that work well but look old and worn. Painting is the cheapest and best way to quickly improve a house. Determine which jobs you’ll need help with and call a local licensed handyman for an hourly rate. List the help of friends and family; or hire local teens for jobs you need help with.
Learn about resources
First, wander around the big flea markets to find permanent stalls. Some used building vendors have been in the same flea markets for over 20 years. Second, look in your local classifieds for people who advertise used materials and supplies. Local classifieds are a great source for used appliances in good condition. Third, check out the hotels and apartments that are remodeling and talk to the owner or builder. You may be able to get used supplies or materials just by moving them out of the way. This is a great source for rugs, lights, and cabinets.
sell the house
First, determine if you should sell on your own, based on real estate commissions and your bottom line. A real estate agent can save a great deal of time because they already have qualified buyers available. Second, advertise in local newspapers and online. You can place classified ads online or set up a web page just for the house. Be sure to include the sale price and have photos for potential buyers to see. Third, organize a well-publicized open house. Have coffee and snacks on hand that will make people feel more at ease. Keep a sign-up sheet with the names and phone numbers of the people who will attend. Have soft background music that gives the open house a “home” feel. Pass out a flyer that has a picture of the house and pricing information; attach a business card. Return all phone calls and answer all questions as soon as possible.