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Flip This House- How to Know If a Property Is Worth the Work

Flip This House- How to Know If a Property Is Worth the Work

By: Christina Traffanstedt

Flip This House– No matter where you go, there is always going to be plenty of real estate for sale. The hard part is not finding a property to buy, but rather how to evaluate it once you find it and how to tell if it will be a profitable flip. You will never know for sure exactly what it will sell for but with these tips, you can make an educated guess.

Here are a few tips for determining if the properties you find are worth the work…

TS Dreams LLC Flip

TS Dreams LLC Flip

Know the ARV- the After Repair Value (ARV) is one of the most important numbers you will have to come up with during a flip. Knowing what the property is worth as is, and how much it will be worth when it is all fixed up and updated is what will tell you if it is a good deal and how much you an afford to spend on repairs. To find the ARV you need to comp the area, find houses of similar size on as close to the property as possible that have sold. Compare these houses to the one you are looking at and get the average amount that your property could most likely be sold if fixed properly. Don’t look for the highest sold price, you don’t want to overestimate how much it will really be worth and then not be able to sell it for that. Once you know how much the ARV is, and how much it is worth in its current state, you can estimate how much you will need to spend in repairs and see how much profit you will make of it.

Good Damages vs. Bad Damages- know the extent of the repairs that will need to be done. For a flip to be successful, you want to have some sort of damages or upgrades to do that will increase the value of the property, but there are good damages and bad damages. The good damages are the ones that can easily be fixed with the right contractor like holes in walls, old paint, broken kitchen cabinets or appliances, etc. these are what make it worth less, they’re the reason the property is cheaper to begin with. The bad damages such as foundational issues, termites, roof damage, septic issues, etc. are what you want to look out for. A bad roof could be the difference between killer profit and just breaking even or actually losing money. I’m not saying that a bad roof means there is no deal, if you can still get the property for a low enough price that it will still make a profit after repairs and feel comfortable undertaking a big project, by all means go for it.

Know the Market- we’ve all heard it a million times, when it comes to real estate it’s all about location, location, location. It’s not just an old saying, it’s actually very true. Just because a deal looks good on paper, doesn’t mean its fool proof. Always make sure to do your due diligence; check and double check comps, drive the neighborhood, walking through the property multiple times, get a contractor and/or an inspector out to give you their professional opinion on what all needs to be done, get multiple bids from contractors or handy men to know exactly how much the repairs you need will cost to flip this house, etc. Keep in mind, some areas just don’t have a good market from time, being or knowing someone who is local to the area will come in handy because there’s some information that isn’t always online or laid out in front of you, there are many aspects that you just have to learn as you go.

Balance: Work Smart and Still Have a Life

Balance: Work Smart and Still Have a Life

By: Christina Traffanstedt

Balance- Most people who work from home, especially those with families or other responsibilities will at one point or another struggle with the age old question of how to balance work and play time, is there a secret? The answer is yes, there is a secret formula that makes this hurdle much easier to get over when working from home and now is your chance to find out. It varies for everyone but in general changing your surroundings, working in increments, having a set sleep schedule, or a combination of these helps for most people.

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Surroundings– We all know the saying, it’s all about location. This stands true for business as well. For some, it’s easier to differentiate work and play by changing their surroundings accordingly. For most of us, working pool side sounds like a dream but for some of us, it’s hard to stay focused on work in the wrong environment. Getting an office space or setting up a room or area in your house can help. Having a designated office space to work, can help some to flip the switch in their focus easier.

Take Frequent Breaks- Numerous studies have been ran and the general consensus is that working for about an hour at a time with 15-20 minute breaks in between helps you to stay alert and productive. Our attention spans are only so long and taking frequent breaks to refresh and reset can help exponentially. It can also be helpful to try to get your most important tasks done as early as possible, because in general we are all more sluggish after lunch.

Create A Schedule- For me personally having a set schedule of work hours helps a lot. For example, if I know that I am going to work specific days from 9am to 3 or 4pm a day, I can try to schedule my personal plans and meetings accordingly. Of course things come up and sometimes your schedule gets changed but that’s the beauty of creating your own schedule, you can afford to be flexible when you need to be.

Stay Focused- Most importantly of all, you have to make sure you stay focused. All three of these tips are great and effective if you stick to them and put 100% into your work when it’s time. During the time that you are working, you have to be consistently working you can’t be on your phone, browsing the web, or procrastinating some other way that is what your breaks are for. If you implement these practices and practices like these properly, your time will be much easier managed and you will be much more productive. Implementing systems like this will also give you more time to provide your undivided attention to your family and those in your personal life because all work and no play is just as bad as all play and no work. The key is to find the balance so that it is a win-win all around.

How to Hunt for Deals on Craigslist

How to Hunt for Deals on Craigslist

By: Christina Traffanstedt

One of the best sources for lead generation, one that we use every day all day, is Craigslist. From first glance Craigslist may seem overwhelming with all of the different categories and search options. In this post, I will help you to learn more on how to use Craigslist, how to search it to find good real estate deals, and how to get the jump on the newest postings.

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Hyperlinked Categories– When you first open craigslist you will see numerous categories each with a hyperlink to that search term results. Under the “housing” section there are multiple options, one even being “real estate for sale.” These categories will have basic options and ads for you to click on.

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Searches– On the left hand corner of the Craigslist home page is a search box. You can search for any keyword you can think of here, just type in what it is that you are specifically looking for and it will show you all of the hits for that keyword. Some examples of searches you could type in would be “FSBO,” “Houses For Sale,” or something even more specific like “3br 2ba houses for sale.” You can be as broad or as specific as you want with the search box, just keep in mind that the more specific you are the fewer hits you will get.

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Saved Searches– Once you have established the specific keywords you would like to see results for on a regular basis, you can save your search. After you type in a search keyword, there is a little “save search” option that you can click and be notified by email when Craigslist finds results that fit your search. Again keep in mind that the more broad your search is, the more hits you will get thus the more emails you will get. It is best to keep it somewhere in the middle so that you get enough hits but not so many that your email inbox gets too flooded to navigate.

How to Sell a House in Record Time

How to Sell a House in Record Time

Figuring out how to sell a house, without sacrificing profit, is an issue many homeowners face. A lot of people list their houses, put up the “on sale” signs in their front yards, and then just wait for the best buyers to come to them. These are all appropriate —and very monotonous— steps, but if you want to sell your house in record time, you need other ways to expedite the process.

how to sell a house

 

Have you thought about the best ways to connect, communicate and share information about your house? Look around and you will see an arsenal of technologies you can use in your promotional approach. A plain advertisement on a local newspaper alone may not have the widest reach.

We will demonstrate 5 of the most effective selling tricks in this article.

If you present your house to a greater number of potential buyers, then it is almost certain that chances of getting quality offers will increase, and this will foster competition among offers. Moreover, we can all agree that presentation matters immensely. Receiving a gift is exciting, but what is more exciting than receiving a gift is seeing the beautiful wrapping and wondering, “What could be in there?”

  • Get high quality photos –or even better, a virtual tour of your house on the Internet. Virtual tours give a candid and truthful representation of the entire house. You would be giving a chance to anyone from New York to California to view inside the house. You can enrich the virtual tour by using extra features such as interactive property maps and text descriptions. If potential buyers like what they see, they will certainly want to come see the house in person.
  • Dress up your house before you put it on the market! Get the lawn moved, consider a new landscaping design, new gutters, siding, deck repair, brick and stonework, outdoor furniture in the patio, and a new hammock, have a termite inspection, change those wobbly handles, get rid of the chips and scratches, or repaint the exterior of the house.
  • Make the potential buyers daydream of serene Sunday afternoons in that backyard.
  • Consider leaving some of your personal property behind as a home warming gift for the new owner? Leave your Batista style express coffee machine or your luxury walk-behind lawnmower for example. Your generosity will return to you in full and overflowing measure!
  • Get an investor involved. Investors have been here many times and are comfortable with the process. Many times they can buy your property outright for cash and take all your selling headaches away.

Whether you are selling because you want to or selling because you need to, we are here to help. Contact us now at and find out how to sell a house the simple and stress free way.