Lisa Bradley - Re/Max Vision



Posted by Lisa Bradley on 10/8/2019

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 Lisa Bradley on 10/1/2019

If you list your home and fail to stir up interest in it, there is no reason to panic. In fact, there are many quick, easy ways to ensure your house consistently garners homebuyers' attention.

Now, let's take a look at three tips to help you showcase your home to dozens of prospective buyers.

1. Bolster Your House's Curb Appeal

How your home looks to potential buyers can have a significant impact on the house selling journey. If your residence appears drab and cluttered, buyers may be reluctant to set up a home showing. However, if you enhance your residence's curb appeal, you could make your home an attractive choice to buyers.

To upgrade your house's curb appeal, it is essential to mow the lawn, trim the hedges and perform other lawn care tasks. Don't forget to repair or replace any damaged home siding too. Because if you make your home's exterior appealing to buyers, you may find that many buyers want to check out your house as soon as possible.

2. Eliminate Clutter

Clutter is a problem that home sellers must eliminate. Otherwise, excess items scattered throughout a home may make a residence appear small.

For those who want to cut down on clutter, it may be beneficial to rent a storage unit. You can rent a storage unit close to home that enables you to keep various belongings safe until your residence sells.

If you are ready to get rid of assorted items, you can host a yard sale or list these items online. You also may want to donate unwanted items to a local charity or give them to family members or friends.

3. Employ a Real Estate Agent

When it comes to generating interest in a home, it often helps to hire a real estate agent. This housing market professional knows how to promote a residence to buyers, and ultimately, ensure a seller can reap the benefits of a quick, profitable property selling experience.

Initially, a real estate agent will walk through your home and perform an in-depth analysis. He or she next will work with you to craft a house selling strategy and showcase your residence to buyers. Finally, if you receive an offer to purchase your home, a real estate agent will help you assess this proposal and determine how to proceed.

Let's not forget about the assistance a real estate agent provides after you accept an offer to purchase, either. At this point, a real estate agent will guide you through the closing stages of the home selling journey. And if you have any concerns or questions along the way, a real estate agent is happy to address them.

If you find that buyers are hesitant to view your house, you may want to revamp your property selling strategy. Thanks to the aforementioned tips, you can revise your house selling plan and take the necessary steps to get buyers interested in your residence.




Categories: Uncategorized  


Posted by Lisa Bradley on 9/24/2019

A home selling budget can make a world of difference, particularly for individuals who want to avoid potential problems during the property selling journey. Yet crafting a home selling budget may be difficult. Thankfully, there are lots of things you can do to simplify the process of creating a home selling budget that matches your finances.

Now, let's take a look at three tips to help you create an effective home selling budget.

1. Analyze Your Home's Condition

The condition of your home can have far-flung effects on the home selling journey. If your house requires a wide range of repairs and upgrades, you will need to budget accordingly. Otherwise, assorted home problems may go unaddressed and could make it tough for you to maximize your house sale earnings.

Consider the buyer's perspective as you assess your house. That way, you can identify minor and major home issues and include various property repairs and upgrades in your house selling budget.

It may be beneficial to hire a home inspector too. If you have a property inspector assess your house, you can receive expert insights into myriad home improvements.

2. Determine If Professional Home Improvement Assistance Is Needed

If you find you need home improvement assistance, you should plan for the costs of hiring professionals. By doing so, you can avoid the risk of overspending to improve your house.

Reach out to dozens of home improvement professionals in your city or town. If you shop around for home improvement professionals, you can boost the likelihood of getting the best prices.

Don't forget to ask home improvement professionals for client referrals as well. If you get client referrals, you can gain firsthand insights into what it is like to work with a home improvement professional before you make your hiring decision.

3. Collaborate with a Real Estate Agent

A real estate agent can provide extensive support throughout the house selling journey. In fact, he or she may help you budget for all stages of the home selling journey and ensure that you won't have to break your budget to achieve your desired results.

Typically, a real estate agent will offer tips and recommendations to help you enhance your residence before you add it to the housing market. In many instances, a real estate agent can provide suggestions so you can upgrade your residence on your own. Or, if you require additional assistance, a real estate agent can put you in touch with the top home improvement professionals in your area.

A real estate agent also is happy to provide expert guidance as you navigate the home selling journey. This housing market professional can help you make informed decisions as you try to sell your home. As a result, a real estate agent can help you make your home selling goals come true.

Ready to sell your house? Take advantage of the aforementioned tips, and you can prepare a successful home selling budget.




Categories: Uncategorized  


Posted by Lisa Bradley on 9/17/2019

Here are five things you need to put in check before putting your house out for sale:

Curb appeal and Entrance

The saying "don't judge a book by its cover" does not apply to real estate. Both the front and back of the home should be eye-catching. Making sure to mow the lawn, plant flowers, ensure paint is fresh, and the door is free from cobwebs or dirt, check that screens aren't sagging or broken and that the porch is clean and free from debris.

Paint

Applying a new coat of paint will make your house look fresh, clean and updated. It's like a bit of skincare for your walls and will cover all the cracks, chips, and the occasional dent. Before you paint, cover any holes with putty and sand them smooth, and for more significant damage, spray texture to make it look less noticeable. Also, don't forget to look up; if your ceiling looks old, give it a fresh coat of paint as well.

Floors

Flooring gets the most wear of all the parts of your house. If your flooring is begging for some personal care, consider doing so before you put your house on the market. Carpets should be free from stains or damage; tile and hardwood should be clean and free from cracks. Make certain linoleum is clean and free from holes or gouges. Replacing the flooring in the entire house is not advisable unless necessary. Do replace flooring in high traffic areas. If you are in the market to put a new floor in, hardwood is the gold standard for what buyers want most of the time, and there are a variety of cost options for most budgets. 

Roof

Buyers aren't just in the market for a roof over their head; they are looking for a roof that doesn't leak, sag, or need a ton of repairs. If your roof doesn't need a complete overhaul, make sure that there aren't any shingles that need replacing. While you are up there, it is also a great time to clean out those gutters and caulk them.

Windows

New windows are expensive, but nothing takes an older home up a few notches above average than new windows. If you can't afford to put new windows in, make sure that they are cleaned inside and out by a professional to help them look their best. Look at the sills and if they are cracked or yellowing, paint them. Lastly, make sure that the blinds are clean and in good condition. If they aren't, consider replacing the window coverings to make them look top-notch. 

To get a good profit off your home after selling it, you have to ensure a proper and thorough refurbishing. Speak to a real estate agent in your neighborhood on how to get the best value for your home.




Categories: Uncategorized  


Posted by Lisa Bradley on 9/10/2019

While working from home and making your own schedule, either freelance or as a contract worker, allows for a particular type of freedom and control of schedules, a dress codes, income limitations, and your life, when it comes to qualifying for a mortgage, your 1099-MISC status comes with some drawbacks.

The so-called “gig-economy” places workers squarely in the “self-employed” column with its tax breaks that reduce the bottom line, letting you keep more of the money you work for. Unfortunately, the mortgage banking industry has not completely caught up to the new reality. The challenge is differing between “provable” income while retaining the tax advantages of self-employment.

Conventional Mortgage Lenders

Typically, the mortgage industry bases your credit-worthiness on provable income. Underwriters (the folks tasked with determining your creditworthiness) use W-2 forms and tax returns to qualify homebuyers for a conventional loan. Without these standard forms, proving your income is difficult for many self-employed would-be homeowners.

Conventional lenders follow a prescribed formula to prove income and credit-worthiness, so many mortgage underwriters merely look at your after-tax and post-deduction income. The result for 1099 workers is a lower provable income than the reality of most entrepreneurs or self-employed workers situation. Certain expenses such as one-time investments in equipment or product, and some depletions or deductions for your existing home, add back into your income on paper, but qualifying with 1099 income requires extra effort on your part. 

Unconventional Mortgage Lenders

Conventional lenders offer conventional loans. These are loans qualified for selling on to FreddieMac or FannieMae. Alternative loans—those provided by smaller lenders and investors that hope to realize a better return than a conventional loan offers—might be a more likely option for the self-employed. These loans are not without some added risk. To make them attractive to investors, the interest rate on non-conforming loans typically is higher, and down-payment requirements might be higher as well. Some alternative mortgages with lower interest rates or lower down-payments might be available to self-employed borrowers with exceptionally great credit or an extensive portfolio. 

Qualifying

Plan two years in advance: position yourself to qualify for a loan. Once you know where you stand, you can work to move into better condition to qualify. Organize your books and keep accurate financial records. You need to prove your income, so use an invoicing system to show receivables. Often, lenders want to look at two or more years of both tax returns and bank statements. They want to see an average over 24 months to determine your annual income and your ability to pay your mortgage. Keep profit and loss statements, expense reports and a balance sheet. If your accounting is complicated, get professional help. Utilizing a professional bookkeeper and CPA might just save you money and show you have solid business intent.

Save up a more substantial down payment: The more you put down, the less you need to borrow. Showing consistent savings also proves your ability to set money aside and prioritize savings and spending.

Improve your credit score: Sometimes it seems your credit score doesn’t make sense. After all, the calculations and formulas used remain a mystery. You can make significant strides in increasing your score though, by paying attention to two things: payment history and credit utilization. 

  • Payment history is just what it sounds like—the history of how you pay your bills. Avoid paying late and try to pay early. Your payment history makes up more than thirty-three percent of your total score.
  • Credit utilization—the ration of how much credit you have available to how much you’ve used—is another large chunk of your score. If you have a credit card with $2500 available, and you’ve only used $250 (on average) you are using just ten percent of your available credit. On the other hand, if your card only has $250 available and you’ve used just $125 you have used half of the available credit. The higher the percent of your combined usage to your combined credit (all credit cards, personal loans, vehicle loans, etc.) the lower your score.
  • The remaining parts of your credit score relate to the length of time you’ve had credit, how many accounts are new, how often you apply for credit and a mix of other bits of information. To help this area, avoid applying for credit cards, car loans or personal loans (furniture, appliances, etc.) for the two years leading up to when you apply for a mortgage. When you pay off a credit card, cut up the card or put it away, but avoid closing the account. Older accounts have a higher point value compared to newer ones, even if you aren’t currently using them.

Start now working on your credit and establishing the best accounting practices to prove your income. Speak with a mortgage lender for information on what it takes to pre-qualify for a loan in your situation.