Make money selling houses
With the right knowledge, selling homes for a profit can be achieved as a regular source of income. When selling homes, it is important to know the market trends in your area. Acquiring knowledge of property financing, housing terms and real estate transactions will enhance your ability to sell homes for a profit.
Instructions
1. Secure funds to buy and sell houses with. Look to your personal savings account, family, friends or angel investors for start-up money. Inquire about pre-approval financing from your bank before you start looking for houses. By doing this, you will know the price of houses you can buy and consequently sell. Specialize in a certain area such as single-family housing, multiple-family homes or manufactured houses. Decide the amount of time you will hold the property before selling it. Invest in a reasonable amount of renovations.
2. Contact a real estate agent to gain access to an available listing database. A competent real estate agent will be able to inform you of new, reasonable deals as they post. By securing a real estate license, you will be able to access the database yourself. Take a real estate course in sales, home inspection or appraisal. By possessing this knowledge, you will be able to cut costs on hiring professional services.
3. Search for locations where property sells quickly. For example, property in close proximity to schools and manufacturing areas generally sell faster than most areas. If the location is not desirable then it might take a long time to sell the home. Visit the local court house to view planning for your targeted area. This will provide a good idea of things that might bring an interest or profit in your area. If local plans detail a future mall in the area then it might bring a demand for housing and rising values in that area.
4. Before buying a house, inspect it thoroughly for electrical, plumbing, termites or construction issues. Find out about all issues before buying a house. Add up all contractor fees and the buying price. If the costs are too much then don't buy. You are buying property to sell for a profit.
5. Buy a home that is priced below market value as this is the key to making a profit selling houses. In order to make this work, you have to sell the house for more than what you paid for it including renovations, closing costs and other fees. Limit your repairs to the bare minimal. Find deals by going to court house auctions, scouting neighborhoods and placing advertisements in newspapers.
6. Market your properties. Once you are finished with renovating your home, search for quick ways to sell it. Advertise in newspapers, real estate magazines and online. Construct a website with your listings and business information. Inform family, friends and acquaintances of your listings. The key is to quickly sell your homes in a timely fashion. Place advertisements stating that you will buy houses for cash. Sometimes motivated sellers will get rid of their houses for pennies on the dollar.
Tags: real estate, will able, buying house, court house, estate agent, family friends
