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Erin Cureton: How to Form a Team to Buy and Sell Foreclosed Homes |
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Written by Erin Cureton
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Tuesday, 14 October 2008 08:57 |
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Buying Realtor You want to find a realator who specializes in selling foreclosed properties for banks. These realtors work for one or more banks. They work on a volume basis they have to turn multiple properties a month to make a profit. Ask for people who buy and sell houses which realtors are in this business.
by ErinCureton
Buying Realtor You want to find a realator who specializes in selling foreclosed properties for banks. These realtors work for one or more banks. They work on a volume basis they have to turn multiple properties a month to make a profit. Ask for people who buy and sell houses which realtors are in this business.
Mortgage Professional You need a mortgage professional who will be honest with you and work quickly for you. Today's mortgage market is different than it was one month ago, six months ago, a year ago. Your mortgage professional must be up to date with the change in the market. Many times the mortgage professional at larger lending institutions will be more capable of adjusting to this market and the changing needs of it. I do not endorse any lender over another, but I do get financing from Wells Fargo and Countrywide, two of the nations largest mortgage lenders.
Selling Realtor If you get the right buying realtor, they won't have time to sell your home. They are too busy with their bank contracts. You need a selling agent that is well versed in your city, or even in your neighborhood. The key is to find an agent who is honest with you to price your home correctly to ensure a sale. Time is money when you are flipping a house. Price it wrong and you could carry a property months longer than you should. Mortgage, taxes and utility payments can easily run into the thousands of dollars and cost you time gong towards your next project.
Home Inspector If you don't get this right it can cost a lot. Imagine buying a house without running radon tests or asbestos tests, only to find out months and tens of thousands of dollars later that you can't sell because the beautifully remodeled home is contaminated. he key to choosing a home inspector is to make sure they hold certifications and can check your investment for mold, radon, lead paint, and asbestos. Also, if you pay attention to the home inspector reports, you will learn what to look for when you first visit a house.
Contractor As the investor, a lot of what you need to know to buy wisely is learned by working with your contractor. The contractor controls the pace of work. The contractor also spends your money for you. They help you to develop and adhere to a budget. Some people walk into an investment property, see holes in the walls and ceilings, and get scared off. I walk in, see those same holes, and know that for $400-$1,000 there are no more holes in the walls, the plumbing is repaired and I can move onto another phase of my renovation.
Suppliers If you decide that you are going to make a living flipping houses, here's a hint: Don't buy retail! Home improvement stores like Home Depot and Lowes charges 20-40% markups for nearly every product on their shelves. To save money on supplies, you need to find a wholesaler and establish an account with them.. Typically you can find a wholesaler by Googling for it or in the phone book under Building Supplies - Wholesale. To get an account, you need a company name, a credit card and a bank account, that's it.
CPA Now is not the time to buy TurboTax or do your own 1040EZ. In fact the 1040 will never be EZ again. You have profit and loss from outside of your normal job. You will need the help and experience of a CPA who is familiar with real estate investing. Also, don't wait until tax time to find your CPA. Find one early, interview them and get their advice months ahead of time. This will make the tax season a whole lot easier and less stressful.
Attorney Not always an essential member of the real estate team, a real estate attorney can help you avoid some land mines as you grow your business. They can help you decide whether you should incorporate, form an LLC or go it alone as a sole proprietor. A real estate attorney can save you money on title work, can draw up rental/ lease agreements and can advise you on tax strategy when buying and selling your real estate.
Insurance Agent You need an agent you trust. Ask the tough questions so that your exposure will be at a minimum. Are you covered in case of loss from fire, flood, theft, or injured workers/ tenants. If your policy leaves you exposed in any one of these major areas, your work could all be done for nothing.
Friends & Family Friends and family: two of the greatest words in the home renovation language. They will often offer you hours of unsolicited advice (often good advice) and hours of free labor. Jobs like light demolition, painting, cleanup and many yard projects can be handled by anyone who owns a home. Therefore if you have friends and family you have a light work crew. If you feed them well, provide a frosty beverage or two, and don't overwork them, the friends and family work crew will have fun, make your job more fun and most importantly work for free.
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