Cheap Homes For Sale In Great Towns
Posted by admin in Case Study
Good Homes Under $50,000?
My wife Ana and I found cheap homes for sale all over the country during a seven-week drive, and we even bought one along the way. It was in a pretty little town in the mountains of western Montana, and it cost us $17,500. We spent almost $2000 to fix it up the way we liked it, and lived there for several months before selling it for $28,000. Read the rest of this entry »
How a First Time House Flip Went Bad
Posted by admin in Case Study
Let’s call him John. A bright and hard worker just trading time for dollars at his regular job. His first house flipping experience could have been a lot better.
John was watching “Property Ladder” on the A&E network one day and got the bright idea to flip a house himself. After all, those people were making money. A complimentary show “Flip This House” confirmed that money could be made, lots of money.
If you haven’t seen Property Ladder, it’s a television show that features first time home flippers. Usually in that show the inexperienced flipper, egged on by Kirsten Kemp, make almost a year’s salary or more by fixing up an old house and selling it. Kirsten Kemp is a veteran of flipping houses and is a bit too pretty to be mistaken for Bob Vila. Read the rest of this entry »
10 mistakes that made flipping a flop
Posted by admin in Case Study
Check out this article in USA Today for a reminder that flipping houses is work and has to be done right
If there’s a poster child for everything that went wrong in the real estate boom, it just might be Casey Serin.
In one year, the 24-year-old website-designer-turned-real estate-flipper bought eight homes in four states — and in every case but one, he put no money down. At his peak, in April, Serin had $93,000 he’d taken out of the homes as he bought them. By July, he was broke, desperate for one last deal.
I’ll let you read the full article for all the info but here’s the guts of the 10 mistakes:
- Using ‘liar loans’
- Overpaying
- Lacking cash
- Quitting your day job
- Hiring an unlicensed contractor
- Buying sight-unseen
- Buying out of state
- Buying too many properties too fast
- Underestimating remodeling costs
- Having a poor exit strategy