Volume 2: Episode 7: What You Need To Ask Your Buyers When Wholesaling Houses
One of the ways we make a quick return on our investments, with less stress and effort that comes with the traditional flip, is selling houses wholesale.
What this means is we purchase a distressed property below market value and sell to a buyer who is looking to either flip or rent that property.
Real estate guru Michael Owen explains more in this video:
When it comes to making money on house flips, you have to provide the greatest value to the potential homebuyer at the least expense to you. The greater the wow factor, the less time your property will sit on the market, and the quicker you can be onto your next investment.
High end finishes can really help 'wow' a potential buyer. Saving money on those high end finishes increases your profit. In this video, I explain to you how I got a $2500 custom wooden counter top for under $500. That is a savings of over $2000.
My wife found a sponsored link on FaceBook for these awesome wooden counter tops. They were running at a little over $100 per square foot. The counter top in the video would have cost nearly $2500. Instead, I went to an auction site online and got a similar wooden slab for under $400. Applying some stain and varnish, gave me the beautiful result you see in the video.
So with a little bit of online shopping, and a bit of ingenuity, you can...
When you are selling your house or investment property, you want to sell it for the highest price possible, with the minimum amount of time on the market. This maximizies your profit.
Paying attention to these key details will help make this happen. The first impression a buyer gets is the most important impression. You want a prospective buyer to feel good when they look at your property.
The first thing a buyer sees is the yard. The yard has to look well-maintained and manicured. The lawn has to be mowed, the edges have to be cut. Hedges and shrubs need to be trimmed. Tree canopies should be at least 7 feet off of the ground. Fences should be in a good state of repair. There should be no sign of trash on the property. A well maintained yard implies that the house itself has been well maintained by the owner.
Inside, the house...
Host Michael Owen discusses the importance of doing your due diligence when it comes to flipping houses.
While this is not an exhaustive list, missing any one of these details can reduce your potential proft. Or worse yet, it could put you in a loss position on your flip.
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