Developing your Real Estate Website Part 3 of 3

The true goal of every investor should be to create as much massive passive income as soon as possible. Passive income means just that, money that comes into your house month in/ month out without you having to do a thing to get it. How can you accumulate massive passive income quickly? Well, if you went out and bought a couple dozen single family houses and kept them, you would create a decent income. Good but not great.

Developing your Real Estate Website Part 2 of 3

If you are looking to fix and flip a home you want to focus on the ARV or after repaired value. That is the price that the house will sell for once it is fixed up. You can get that by reviewing comparable sales through a realtor or online. You want to find homes that have similar square footage, bedrooms and bathrooms, and same style of house. This will help you establish a market value. Once you establish that number, you need to multiply that by .7 or 70% because that’s what most rehab lenders will lend you.

Developing your Real Estate Website

Well, your home is all fixed up, rehabbed, looking pretty, and up for sale. Now you are asking, “How can I get rid of this thing?” First start with the price, you want to make sure you are asking an amount that will be good for you and good for the buyer. If the buyer feels like they’re getting a good deal, that will help you move the property faster. A lot of investors over price their house and end up sitting on it for a long time and they get eaten up on holding costs. So price your fixed up house right and it will move.

Well, it’s time to jump in the water and get your feet wet. The first thing you want to do is get out there and start looking. Talk to real estate agents, look in the classifieds, and keep your ears open for a good deal. You want to find the worst house on a decent street; you don’t want to end up with the nicest, most expensive house on a not so good street. If the house is in a bad area, it will be harder to sell because the location is not that desirable and your prospective buyers will be harder to get pre qualified for financing. Find a house that is structurally solid but needs some major or minor cosmetic attention.

Tighten the boot straps, let’s go on a ride. You are asking yourself is this possible? I already have a nine to five job? My answer is absolutely. I know, because I did it myself, and I’m telling you it is possible. It just takes a solid game plan and focus. I recommend buying a couple rentals and getting your feet wet before you take on this task.