Buy A Foreclosure Home

Buying Realtor In order to get the best deals on the market, you need to have a realtor who is plugged into the foreclosure market. Often, these realtors work directly for one or several banks in the area that are trying to get rid of distressed homes. These realtors can give you advice on the market, advice on how to bid for a property, and they often have connections with a mortgage banker who can get you financed in today’s market. How do you find this realtor? Ask around.

Mortgage Professional Find a mortgage broker who will work with you. A young broker is likely to be able to spend more time with you, one with experience will likely ad wisdom to the team. It is important they have the skill and desire to get you the lowest rates, and to close quickly.

Selling Realtor If you get the right buying realtor, they won’t have time to sell your home. They are too busy with their bank contracts. The key is to find an agent who is honest with you to price your home correctly to ensure a sale. You need a selling agent that is well versed in your city, or even in your neighborhood. Mortgage, taxes and utility payments can easily run into the thousands of dollars and cost you time gong towards your next project. Time is money when you are flipping a house. Price it wrong and you could carry a property months longer than you should.

Home Inspector If you don’t get this right it can cost a lot. Imagine buying a house without running radon tests or asbestos tests, only to find out months and tens of thousands of dollars later that you can’t sell because the beautifully remodeled home is contaminated. he key to choosing a home inspector is to make sure they hold certifications and can check your investment for mold, radon, lead paint, and asbestos. Also, if you pay attention to the home inspector reports, you will learn what to look for when you first visit a house.

Contractor The contractor controls the pace of work. The contractor also spends your money for you. They help you to develop and adhere to a budget. As the investor, a lot of what you need to know to buy wisely is learned by working with your contractor. Some people walk into an investment property, see holes in the walls and ceilings, and get scared off. I walk in, see those same holes, and know that for $400-$1,000 there are no more holes in the walls, the plumbing is repaired and I can move onto another phase of my renovation.

Suppliers If you decide that you are going to make a living flipping houses, here’s a hint: Don’t buy retail! Home improvement stores like Home Depot and Lowes charges 20-40% markups for nearly every product on their shelves. To save money on supplies, you need to find a wholesaler and establish an account with them.. Typically you can find a wholesaler by Googling for it or in the phone book under Building Supplies – Wholesale. To get an account, you need a company name, a credit card and a bank account, that’s it.

CPA This is not where you want to save money with turbo tax. An experienced CPA will help you save thousands. Make sure they are familiar with real estate investing. Also don’t wait till after the first of the year. sometimes you can make changes in Nov and Dec that will salve you thousands. Make sure they have degree in accounting, they don’t actually have to be a CPA.

Attorney Not always an essential member of the real estate team, a real estate attorney can help you avoid some land mines as you grow your business. They can help you decide whether you should incorporate, form an LLC or go it alone as a sole proprietor. A real estate attorney can save you money on title work, can draw up rental/ lease agreements and can advise you on tax strategy when buying and selling your real estate.

Insurance Agent You need an agent you trust. Ask the tough questions so that your exposure will be at a minimum. Are you covered in case of loss from fire, flood, theft, or injured workers/ tenants. If your policy leaves you exposed in any one of these major areas, your work could all be done for nothing.

Friends & Family If you feed them well, provide a frosty beverage or two, and don’t overwork them, the friends and family work crew will have fun, make your job more fun and most importantly work for free. Jobs like light demolition, painting, cleanup and many yard projects can be handled by anyone who owns a home.