How much money do you need to put down on a house? What does the house-flipping process look like? I’ll answer these questions and more for you today.
Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Price Evaluation
Call me at (518) 861-7016 for a FREE home buying or selling consultation
Today, I’d like to bust a few common real estate myths for you.
First I’d like to talk about down payments. I recently saw an ad on social media for a $200,000 house and read a comment that said, “I’d love to buy this house, but I don’t have $45,000 to put down to purchase it.” This is a major myth in real estate. Right now in the Capital Region, you can buy a $200,000 house for about $7,000 down.
Additionally, if you are a veteran, you can buy a home with no money down. If you’re buying a home through a USDA product, you can get a house for 100% financing with no money down.
Do you need a huge down payment to buy a home? No; you just need good credit and a good income.
“
You don’t need a major down payment to purchase a home.
”
Next, let’s talk about home flipping. Home flipping shows are becoming more and more common these days. In these shows, people buy cheap homes in California and Vegas, flip them, and net $200,000. The home flipping market in the Capital Region is very active, but I’d like to share the reality of home flipping with you today.
In the video above, you’ll see a home I just flipped. This home was a foreclosure and was vacant for many years. The home was sold at the County Courthouse, and a wholesaler I know bought it for $120,000. He sold it to me two days later for $140,000. Why would I pay this much for the home? I just don’t have the time go to the courthouse and sit through hundreds of auctions. I knew this would be a good house to flip. The wholesaler made a quick $20,000 profit, and I began renovating the house.
I brought in a great crew and over the course of a few months, we were able to fully transform this property. Check out the before and after photos in the video above.
We made a profit of about $30,000 to $40,000, which is about standard for most home flips. But here is why home flipping is such a great business: that home went back on the tax rolls, it was turned into a great home for a great buyer, and we employed several contractors and attorneys to work on the transaction, so all of that money went back into the local economy.
Here’s where you come into play. We’re growing our business and we’re doing much more business on the home flipping side, so if you have a vacant home near your property or you know of someone else who has to sell their home, we can make them a reasonable offer, give them a cash price for their house, and renovate the house for the market. It’s a win-win. If you find us a house you think we could flip, I’ll write you a check for $1,000.
Our business is also growing on the brokerage side, so if you know anybody who is looking to get into the real estate business, please let me know and if we hire them I’ll also pay you a $1,000 finder’s fee.
If you have any other questions about these real estate myths or anything else related to real estate in the capital district, please don’t hesitate to give me a call or send me an email. I’d be happy to help you!
No comments :
Post a Comment