Real Estate

Considering flipping a house in a hot realestate market. Any tips? Weblinks are awesome!
I wrote hot market because Im not from the states… Im in a market thats has 26% increase for the last 2 years. Ive already bought 2 houses and sold one. One i live in. Were considering buying a cosmetic house to work on and sell. My fiance is a carptenter.

Make sure you have at least 1 year worth of Principle and Interest payment on the home you are going to purchase in reserve.

Also, take into account the taxes and homeowners insurance.

Oh don’t forget the money you may need to dump into the house to get it ready for sale.

Also, take into account a 6-7% fee to sell the home through a qualified Realtor!

Be careful, be very careful!!

My wife met a guy at a realestate seminar. At one of their "hook up with other investors" sessions she met a guy who seemded credible. He is from Utah -Bob Noxon-case you can look him up- , we are in Wisconsin. He had a house he was going to buy and flip for huge profit but needed a cash partner. After getting a contract written (w/o a lawyer) where he put up some stock as collateral – she wired him the cash ($60,000). She was promised 1% per month simple interest and the money back regardless of what happened with the house deal by April 1st. A few weeks ago he said that the house deal did not close because the seller tried to raise the price so my wife told him to send the money back because the deal was then over. She reached him a couple more times since then to get him to send the money back and he said that he would – but no wire transfer yet. Since last Friday we have not been able to reach him – his v-mail is full and he does not answer page’s to his cell or his e-mail.

Doesn’t your contract tell you what your remedies are? You need to contact the attorney that drew up the contract.

For more information about this property, please contact First Team Real Estate at 866-938-5812.
View all our videos at http://www.youtube.com/FirstTeamProperties
Company website http://www.firstteam.com
MLS ID: S602378

Reduced to sell! Location, Location, Location, this is the one! Much desired Garden Villa condo in Senior Community (55+). Golf course view and tucked away from the street noise. Nice bright & open floor plan with lots of storage and privacy. This is an elevator building on first floor with laundry right next door. Well kept courtyard with sitting area to relax and enjoy the good life. Kitchen has newer glass top stove/oven/microwave (electric) and fridge with ice maker. Some newer double pane windows in living room and bedrooms, ceiling fan, radiant heat, plus TWO heat/air wall units (living room and master bedroom). Nice size balcony that looks over a part of the golf course and even has a mountain view backdrop. The condo is mostly original, well kept, clean and neat, will be sold with or without furnishings ‘as-is’ with no warranty. List price does not reflect value of furnishings.

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im looking to buy my first home this year or next year and renting it out is that too much for a 19yr old?

If you can qualify for an investment loan you can do this. Renting your house is not a business though.

Personally I think you should buy for yourself first and get an idea of what maintaining a home is all about. Renters are hard on property and would likely eat you alive.

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If a house has a 2nd mortgage and the house goes into default. I heard this from a "So called investor" that if you buy the note on the 2nd and the first wants to foreclose, you can catch the payments up and assume the 1st mortgage on the house. So you are assuming a loan with out qualifying for it. I don’t believe this to be true but i don’t know for sure.

It is essentially true. If you purchase the 2nd, then you now have an "interest" in the property. The primary note holder will most likely deal with you as long as you make the catch-up payment and then continue paying. However, they may also exercise their "Due On Sale" clause and call the note. Unless you are an experienced investor or have someone willing to mentor you, this is a rather risky way of making money in real estate. I am the guy that buys the first lien position notes and wipes out the seconds. Happens all the time…

Property is in first stage of Foreclosure.

Probably not. It is probably the amount of money that the loan is in arrears. Then you would have to finance the actual amount left on the loan. Now it could be a property tax forclosure inwhich case, the property could be owned outright by the owner but they owe 29,000 in taxes and you can buy the property simply by paying the owed taxes. It is something worth checking out.

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After I pass my state exam I want to get straight to work. Will you realestate agents out there discribe what it took to sell your first house and what I can do to prepare my self to be an all-star realestate agent.. Im really curious of what you all do on a day to day basis…

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