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 8/4/2019

One of the most famous books around, with over 18 million copies in print, and that holds the title as the longest running "New York Times" bestseller ever, is What to Expect When Youíre Expecting. Now in its fifth edition, this pregnancy bible walks parents through what to expect during the nine months leading up to and including delivery.

Buying a home is nearly as momentous as having a baby, and yet, most potential buyers donít really know what to expect when closing on their home purchase. In fact, knowing what to expect is even more urgent because closing happens in a much shorter time-frame, in as little as 12 days in some cases.

So, what should you expect?

The one part those home-buying reality shows leave out is the closing. So, to many buyers, it remains a mystery until they're in the middle of it. Even real estate professionals get nervous about closing. It's the moment where anything can go wrong, and everything can go right! It begins with mountains of papers to sign and ends with a handful of keys in exchange for a lot of money. So just what is closing and what should you expect?

ďClosingĒ is short for closing the deal or completing the transaction. During closing several significant things happen: Title of your home transfers from the seller to the buyer; the proceeds of the sale (everything remaining after any sellerís fees are paid) distribute to the seller; and if financing the home, the buyer signs the mortgage note, pays fees, insurances, taxes, and real estate commissions. A lot of things happen at closing, so give yourself plenty of time to understand each aspect of the process if itís your first time around.

At the time of closing, your agent and your loan officer will inform you about what you need to bring to the meeting. Bring identification, so have your driverís license or passport on hand. Youíll need a cashierís check for your down payment and the closing costs that appear on your HUD-1 Settlement Statement. This three-page document outlines exactly what your obligations are at closing and in the future. In addition, small items crop up at closing that might need additional funds (furniture you requested the seller leave behind, extra propane or heating oil you're buying directly from the seller) and last-minute requests. 

You'll be signing lots of papers. These legal documents obligate you for many years to come, so make sure you understand them. Also, make certain your name is spelled correctly on every page and every addendum. If you're purchasing with a partner or spouse, make sure the legal designation is as you want it. Changing it later may be difficult.

Recognize that while you may have a close estimate of closing costs, you will not know the exact amount until the day of closing, so round up a bit and have extra funds on hand. Sometimes you can swing a deal for the seller to pay all closing costs, but youíll still be liable for pro-rated taxes, association dues, insurance, and other buyer obligations.

Don't be surprised by fees. Ask your agent to go over all the charges with you so that you know which ones you pay for and which ones the seller pays for.





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.





Posted by CENTURY 21 CUDDY on 4/7/2019

First-time homebuyers are prone to making a lot of mistakes when it comes to picking a home, due to many reasonsóone of which is just plain old inexperience. If you plan to buy your first home soon, these are a few things you want to avoid.

  1. Not having a budget. It might surprise you to know but a lot of first time home buyers donít have a spending budget before they start looking. Or sometimes, they look at houses that are way over what they can afford and end up spelling more money than they ought to. It's always better to clearly define what you are willing to spend on the new house and stick with it. That way you have a more comprehensive search scope that you can share with your realtor.
  2. Being overly emotional. Sometimes you see a house that looks like the builder intentionally had you in mind. But sometimes it's better to put your emotions in check because it might reduce your bargaining power with the seller. Being too excited might even make you oblivious to specific reasons why the home may not be a good fit for you.
  3. Not factoring additional costs of renovations and home improvements. Having a budget and firmly sticking to it is not enough, you also have to take into consideration the costs of any home additions or repair work you think of doing. You want to change the lamp fixtures or faucets in the showers? Be prepared to spend a little more.
  4. Underestimating the costs of maintaining the home. Sure, you get to buy the house at a giveaway price but have you stopped to consider what it will cost you to keep the house in that condition? Lots of first time home buyers don't do this. Electricity bill, gas bill cable bills, and even homeowner association fees are things that any home buyer should consider before concluding on any deal.
  5. Not hiring an agent. Winging it on your own is probably the most common mistake first-time buyers make. In a bid to save some money, they neglect to hire an agent of their own and choose to work directly with the seller or even worse, the sellerís agent themselves. More likely than not, whatís going to happen is a novice buyer who finds himself outclassed by an experienced salesperson.

Whatever you do, avoid these mistakes by contacting a real estate professional in your area.





Posted by CENTURY 21 CUDDY on 11/5/2017

Finding your dream home can be an uphill climb, one that may prove to be both costly and time-consuming. Fortunately, real estate agents are available that can help you discover your ideal residence without delay. There are many great reasons for a homebuyer to work with a real estate agent, including: 1. Industry Insights A real estate agent understands the lay of the land, and as such, can offer insights that you might struggle to find elsewhere. For example, a real estate agent likely works with peers to understand the homes available in certain areas. As a result, this professional may be able to offer comprehensive insights into areas where home values are rising and declining. Furthermore, a real estate agent is happy to share his or her industry insights with homebuyers to help these buyers simplify the process of finding the right residence at the right time. 2. Broad Reach A real estate agent may be able to help you explore recently listed homes, houses with prices that recently were reduced and other residences that meet your criteria. Typically, a real estate agent will work with you to understand your wants and needs and help you extend the scope of your home search. And ultimately, working with this real estate agent will ensure that you can discover a wide range of great homes that will fit your lifestyle perfectly. For homebuyers who want to expand their real estate searches, collaborating with a real estate agent is ideal. With this agent at your disposal, you'll be better equipped to find a vast assortment of houses that deliver exactly what you want and need. 3. Support with Home Sellers As a homebuyer, how will you approach a situation where you want the home seller to complete repairs before you move into your new residence? This can be an extremely tough situation for any homebuyer, but those who hire a real estate agent won't have to worry about dealing with this scenario on their own. Comparatively, working with a real estate agent ensures that you have a friendly, hardworking real estate professional at your side, one who will help you take the guesswork out of the homebuying process. A real estate agent will serve as the liaison between you and a home seller. Thus, any time you need repairs before you finalize the purchase of a new residence, your real estate agent will work with the home seller to ensure these tasks are completed quickly and efficiently. Many real estate agents are available to homebuyers, and finding real estate professionals who possess the skills and know-how to help you discover your dream home can be quick and simple. In fact, homebuyers who evaluate the real estate agents in their area are sure to find a great agent to work with at any time. Choose a real estate agent to guide you along the homebuying process. By doing so, you may be able to speed up your search for the perfect residence and find a home that meets all of your criteria immediately.







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