CENTURY 21 CUDDY



Posted by CENTURY 21 CUDDY on 9/1/2019

You can make money by investing in real estate. One way you can do this is by flipping houses. Flipping a property refers to when you buy a house to sell it for profit. The purchase is a short-term investment that requires much planning as it could be quite dicey. Buying a home to sell is a great way to make money, but it requires skill, careful consideration, research, and sometimes pure luck. No matter what kind of property you decide to invest in, there are many things to consider when you are getting ready to start flipping houses.

There are two main types of house flipping:

- A real estate investor purchases a house that could potentially increase in value if repaired and updated. After completing the renovation, the investor makes money from selling the home for a higher price than the total cost of the purchase and improvements.

- A real estate investor identifies an undervalued property in the market in a neighborhood with fast-rising home values and holds the property for some time until the house has a higher value. They then resell the house profitably.

Common types of property to flip

- Single-family houses: These are the most common types of homes to flip. These include bungalows, semi-detached houses, townhouses, and freestanding homes. They are the easiest to buy and sell as they are most readily available.>

- Multi-family residences: You can renovate the existing units or add more units to the property to make it more attractive to buyers.

- Retail properties: You can buy a property and restore it to make it suitable for specific use as a restaurant, bar, or store.

- Land: This is the most difficult as there are more processes involved and building on a new property is more expensive than renovating an existing one.

Benefits of house flipping

- You have a significant level of control over many elements of the project through research and analysis

- You can flip any house as long as it fits your needs and requirements.

- The team you hire can significantly influence the success of your flips like an experienced real estate agent, an interior decorator, and a reputable contractor.

Disadvantages of house flipping

- You might lose your money if you don't get all the expenses right or you run into unexpected costs

- Sometimes you have to pay capital gains taxes when you sell a house.

- You may end up spending more than you should on a home if you misjudge the neighborhood.

If you are looking to start investing in real estate, flipping houses is a great way to start. Speak to a real estate agent and an experienced contractor to begin.





Posted by CENTURY 21 CUDDY on 7/21/2019

Contrary to huge homes and apartments seen in the latest TV shows and movies, not everyone wants a mansion for their next home. The downsizing and tiny homes craze sweeping the nation might be the best solution for you or your buyer. Smaller homes appeal to more than just singles and new homeowners. Empty nesters, divorcees, newly-retired and even simply families looking to trim down their lifestyle can all benefit from smaller homes.

Benefits of a Small Home

Small homes are great for the eco-friendly buyer. They naturally use fewer materials and less energy than larger homes even without additional green engineering. You can leverage that environmentally friendly mentality even more by getting your home even further off the grid. Adding solar panels, low energy lights, and xeriscaping the yard and bring even more "green" buyers your way. Small homes already have lower utility costs. 

Worried about maintenance costs? Small homes are the answer! With less square footage, fewer furnishings and a smaller roof, your small home is even simpler to take care of. Not only will any required maintenance move faster, smaller means cheaper, too. This makes them an excellent property for renters, so think about small or tiny homes in great locations for the perfect investment properties.

If you definitely want to own your own home but are worried about being "house poor," a small house is the best choice. They tend to have lower cost overall which leaves you more money for local entertainment, travel, hobbies, fashion and more. Smaller spaces mean you have to pay attention to your furnishings and storage solutions to not overwhelm your space. This can be helpful in keeping your possessions manageable and teaching kids or roommates how to work together to use space. Speaking of kids, they will be happy too, because a smaller home means less to clean. Everyone from 9 to 99 can get excited about fewer chores. 

Think that a small home might be the one for you? Ask your agent to help you find the best small homes in your area!





Posted by CENTURY 21 CUDDY on 7/7/2019

After a massive investment in real estate, the next step is managing your property investment effectively. As a property owner, there are some specific management requirements that you must consider. Here are some tips to follow for successful property management.

Take the Maintenance Seriously 

Keeping up with your maintenance is one of the most important things that you should. It is essential to do so because you are legally responsible for the responsible for making the house safe for habitation. That is, you should keep the areas of the home in a good state, and provide a place for the tenant to throw their garbage. A poorly maintained property will not be attractive to prospective tenants. People will not be willing to stay in a pest-infested house with plumbing issues.

Avoid Tenant Turnover

It is essential to keep your tenants happy so they will not have any cause to consider another house due to inconvenience, negligence, or other issues. What you can do to keep your tenant satisfied is simple; responding to repair request is one of the ways to make them happy. Also, make sure you go for other good tenants. One of the reasons most tenants relocate is that they are not in good terms with their neighbors; hence, you have to be cautious in this area. You can weed out the bad tenants by putting strict tenant screening procedures in place. 

Do not disobey the Landlord Tenant Law 

The law gives you a structure to follow, which will streamline your management process and make you avoid some mistakes. For instance, you will be familiar with the rules of the amount to collect a security deposit and when you should return the money. Furthermore, the law will provide you with a tenant evicting process and what can make you evict a tenant in your state. You need to get yourself acquainted with the statewide landlord rules and also check your local town for any new laws.

Hiring a Property Manager

Sometimes, the task of managing a property can be overwhelming. You can consider hiring a property manager. Hiring a property manager is not cheap, and it is a critical decision; hence, you need to be sure of your financial standing before making your decision. Also, you have to remember that there are bad eggs among the property managers that can destroy your rental property; therefore, you need to screen them thoroughly before hiring. 

Having a property manager will ensure that you can get the best from your property and investment.







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