Are You Financially Prepared to Flip Houses?

Which House Should I Flip?

The $10,000 question (actually in most cases, this question is worth much more than 10 grand): which house makes a good fix-and-flip candidate? Well there are plenty of attributes to consider when trying to answer this question. The first thing you should do is pre-qualify an entire area or neighborhood. When doing this, there are a number of factors you need to research. However, after you qualify an area (we can call this your “farm”), finding potential fixer-uppers will be much easier.

When qualifying an area, start at the city-level and look at data that is readily available on the Internet. First and foremost, check the quality of the school district within a city you’re analyzing. Make sure it ranks above average within your state. Second, check the crime rate for that city. Make sure it ranks below average for your state. If both of these results are satisfactory, it’s time to hone in on the neighborhoods within that city.

When qualifying a neighborhood, it’s best to choose a neighborhood that isn’t “slum cheap” but also isn’t “yuppie rich”. You want to find a nice medium price range of homes that is both comfortable for a wide market of buyers in your state and has a good level of desirability. The larger your market, the better your chances of selling a property quickly.

Choose cities and neighborhoods that are within a comfortable distance from your home. You will likely make over a dozen round-trips to this property, so unless the profit potential is enormous, try to choose something close enough that will be “worth the drive”. The final factor when choosing a neighborhood is to look at the past sales within the last year or two and figure out the answer to this question: what is the average number of days does it take to sell a home in this neighborhood? If the answer is “less than 90 days”, that indicates that there is a level of desirability and demand – something that definitely makes houses in this neighborhood desirable to you. There might be websites on the Internet that provide this information – if not, seek out your Realtor.

Once you have your target neighborhoods and you know what type of houses go for what kind of price, finding potential fixer-uppers becomes much easier. More often than not, these properties will come in the form of foreclosures. Have your Realtor conduct daily searches for you. Next, you’ll need to determine what your operational budget is. This is the amount of money that is readily available to you for rehabilitating properties. To reduce your personal financial risk, do not include money in your bank account(s) when calculating this number. Simply add your available credit lines on your credit cards. For example, if you have $2,000 left on a Visa and $7,000 on a Home Depot card, your operational budget is $9,000.

After hammering down what your operation budget is and you find a potential fixer-upper, have your Realtor give you a ball-park estimate as to what it would sell for in a fixed-up state. Likely, your Realtor will review past sales of comparable properties in that same neighborhood to come up with an accurate guess. Take that number and subtract 10% (this represents bargaining room with buyers) – this is your estimated sale price.

Finally, decide how much money you feel is worth all this effort. This becomes your target profit. Now you can determine how much you can afford to offer for the property by doing some quick math: (estimated sales price) – (operational budget) – (your target profit) = the maximum price you should pay for the property Now that you know the maximum price, be sure to offer well under it to allow for some bargaining room.

If a property is located in a “qualified area” and passes the “quick math” test, you have a strong potential candidate for a possible fix-and-flip property! For more free articles and previews to The Field Guide to Flipping Homes, visit the official site at www.homeflippingfieldguide.com!

Flip A Restaurant

When most people pay attention on the houses, it’s a good chance for you to flip commercial real estate. Restaurant is an important component of commercial real estate. If you are fortunate and invest on it, you would earn a big sum of money. Here we will teach you how to flip a restaurant.

Step1

Learn everything about flipping real estate. business management and food-service management that you can before stepping into this endeavor. Find someone who has done this successfully and ask for advice or consider a partnership.

Step2

Collect information from a restaurant buyer. Consider the location of the restaurant, the type of cuisine served, the type of lease or deed that will be carried by the owner, the physical appearance of the establishment, operations and staffing.

Step3

Educate yourself. Learn everything about flipping real estate, business management and food-service management that you can before stepping into this endeavor. Find someone who has done this successfully and ask for advice or consider a partnership.

Step4

Choose your cuisine. Provide something not available in the area, rather than trying to compete with many similar restaurants. This decision will help you in remodeling and in hiring.

Step5

Hire your workers. Contact many contractors and see what each has to offer and for what cost before making your decision. Look into other jobs the workers have completed. Try to select employees you feel can work together as a unified team and will invest themselves the establishment.

Step6

Meet your codes. Make sure all equipment is working properly, that the restaurant meets building codes and fire codes, and that the kitchen, preparation and serving each meet health codes.

Step7

Publicize, publicize, publicize…and then open your doors. Get the community’s attention through fliers, newspaper and radio advertisements and word-of-mouth. This will help you get the attention of potential buyers, who will be looking for a promising establishment to purchase.

Step8

Consider bringing in an operations analyst and/or having your restaurant appraised. You may also hire a restaurant consultant, who can walk you through the process of both establishing and selling the restaurant.

Step9

Advertise to sell the restaurant through word of mouth and through magazines and websites directed specifically toward restaurateurs. Keep the price profitable for you, but reasonable to buyers based on the local economy.

Step10

Keep neat, organized and accurate books from day one. Be prepared to show potential buyers exactly where your profits and expenses are coming from. Also have copies of the lease, code regulations and other important information compiled in advance.

Step11

Allow potential buyers to watch your business in action.

Step12

Prepare a business purchase agreement form. Get professional legal advice for this step, if needed.

Step13

Draw up a contract, including a brief Buyer Disclosure form. Sit down with your restaurant buyer and make sure every transaction and agreement is indicated in writing before signing the contract.

Buying and Flipping Foreclosures

Flipping real estate properties has become a popular method of gaining big money for many people regardless of whether or not they have prior background in real estate. Investors have been drawn to this venture mostly utilizing residential properties. Some achieved great success and have stayed in the business up until now while some became unlucky but continue to do their best to succeed.

It’s true that this venture has huge cash potential but it’s not all easy work. Planning and research before engaging in any project is a good way to start. Do understand as well that basic buying and selling skills are required in this venture in addition to being resourceful in finding the right properties and homebuyers. For those who wish to make it in this field, it’s best to opt for the legitimate ways all the time. Stay away from mortgage fraud and prepare your funds ahead of time to allow you to close on a deal quickly. Learning about your current market condition as well as the comparable homes that sold in your area is also highly recommended.

In searching for properties to flip, one of the best options is to go for foreclosures. These are the distressed homes whose owners have defaulted on their mortgage payments. The property is declared a foreclosure by a lender when a notice of the owner’s default is filed in public records. One way of checking this type of property is through a lending institution or the government’s housing department website. Normally, lenders want to let go of properties they reclaim as fast as possible and most of the time, they hold auctions to sell these properties.

Once you’ve browsed through the list of foreclosures, you can make a short list of your target properties and pick out only the good deals before you begin making a personal visit to their locations. The next step is to find out where to contact the owner after which you can already negotiate to buy the property. Most homeowners are in dire need of funds so start by offering to help them in their situation by paying cash. Be sure that the price is low enough to your advantage. You can also contact the mortgage holder if you’re unsure where to get in touch with the homeowner. This will all depend on whether you are purchasing the house during the preforeclosure stage or after the property has already been repossessed by the lender.

During this stage, make sure that you have prepared a sufficient budget to finance your project. If you’re not using personal funds, you can apply for financing or get a trustworthy partner who can fund your deal.

After you’ve bought the property, take some time to fix it up a bit to make it attractive to your potential buyers. A little upgrade is vital in flipping homes and drawing more buyers. Once you’re done with the renovation work, you now have a choice whether to resell the property by yourself or with the help of a real estate agent or rent it out to ensure regularity in cash flow and to cover your mortgage.

Keep in mind that flipping foreclosures takes a lot of hard work and patience. The real estate market may fluctuate from time to time but know that you can always earn money regardless of its condition.

Flip Video Camera Software Features

Flip Mino Hd Compact and Easy to Use for High Definition Video

It has built-in FlipShare software that allows you to save and organize your videos, create folders to organize your videos, provides the ability to publish your videos online with various video websites, allows you to email your videos to fiends and family, and provides the ability to create custom movies with your favorite music.

At a measly 3.3 ounces, the Flip Mino HD is the world’s smallest HD camcorder. It’s super-sleek, super-slim design, allows it to fit into a small spaces, including any pocket or purse. It is powered by an internal lithium ion rechargeable battery which recharges through the USB connection to your computer.

This incredible camera produces HD 720p resolution for video to enjoy on your HDTV. It also records high-quality MP4 files that can be easily dragged and dropped onto iTunes, iPhoto and iMovie. You have the ability to instantly watch videos on your TV with the included connector cable. Camera features include instant playback rewind, fast-forward, cause, zoom, and delete.

Technical Details

The Flip Mino HD holds 60 minutes of HD-quality video (1280 x 720 resolution at 30 frames per second; 16:9 widescreen) on 4 GB of built-in memory

Weighs only 3.3 ounces

Features one-touch recording and digital zoom

Flip-out USB arm plugs directly into your computer to launch built-in FlipShare

Built-in FlipShare Software

Organize and Save: Watch your videos on your computer whenever you want, and create your own folders to organize your videos, or simply use the automatic date-stamp system.

Online Video Publishing: Upload your videos instantly to YouTube, MySpace, AOL Video and many other websites, all with the click of a button. It’s never been this easy to publish online!

Email Videos: Send your videos privately to family and/or friends. Select from an assortment of greeting cards to personalize your message.

Edit and Create Movies: Edit individual clips and create custom movies, including with adding your favorite music. FlipShare even allows you to capture snapshots from your videos.

What comes with purchase:

Flip MinoHD Camcorder, with built-in FlipShare software

TV connector cable

Wrist strap

Soft carrying case

Quick start guide

Warranty

Make Money Online – Web Site Flipping For You to Make Money

Whenever you want to flip a site, you will need to buy a good, relevant domain name and monetizing the site. These are the 3 main requisites. The domain name that you choose is important. Be sure that it is relevant to the topic of your website. If you are able to, use a relevant keyword, you will get traffic. The search engines rank these types of domain names and sites higher because they think that they are relevant, your job is to make them so and to monetize on that fact. Having said that, if you are not able to find a keyword-rich URL, that’s fine, just make sure that the domain name is applicable to your niche. Google will always reward to those who are relevant.You will need to find a good template. If you are going to make it yourself, this will call for some basic HTML skills since you’ll need to add your copy to the site. You’ll likewise need to be able to link all of the inner pages to and from your home page. This will call for some basic HTML skills too. You could also use WordPress since it is easier to use and there are a lot of free templates and useful scripts for it. Most of these are really user-friendly and you should be able to use them even if you are new to this.If you really would like to make money online with that web site of yours, use graphic design tools. For instance, there are some fantabulous free Photoshop templates that you could use. If you are able to, search for some images to add to your site. You have to be careful though, use only images that you are 100% sure you can use so you don’t get in trouble with the owners of the images. This is a good and quick way to improve the look and quality of your site, thus, the monetary value of said site.

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