Real estate is a highly profitable market provided you know what you are doing. If you lack the knowledge and skills, then you will most likely end up losing your time, energy, and money. What you need to make money in the real estate business? Keep on reading below to find out.
There are many ways to invest in the real estate market but regardless of your strategy, there is one thing you need: money. It is the first essential tool you need to get going in the business. It does not necessarily mean using your own money. If you have a lot of money, then good for you. What if you don’t have sufficient money at hand? Well, you just have to be resourceful. You can borrow money from lending institutions or might as well partner with other investors. A good gauge is the 70% rule for real estate.
Financing an investment property can be tough. Hence, you need to have an outstanding credit record to increase your chance of getting approved. It would be a wise decision to get in contact with a mortgage broker and have your credit record pulled out to see if you qualify or not.
Before you purchase a property, make sure you have a very good understanding of what it’s worth. You have to know the current market value as well as the value once it is already fixed up. On top of that, you need to come up with a close to perfect estimate of the flipping cost. Not doing a thorough research and miscalculating the numbers could greatly affect your profit. If you are in the real estate business, you need to have not just the money but the skills and knowledge too. In fact, knowledge is everything. You need to have a full understanding as to what the business is all about. Real estate is a huge industry and there are many ways to make money, but you have to make sure you do it right, or else, all your effort will be wasted.
House flipping is not the only way to make money in the real estate business. Should you wish to find out more, then feel free to contact Doug Clark. He is a seasoned real estate investor and the host of the TV show, Flip Men.
Doug Clark Real Estate
Dunlevy Realty specializes in the sale of foreclosed and distressed properties. These properties include but are not limited to bank owned, reo, oreo as well as government owned and privately held distressed real estate. Fixer upper properties needing rehabilitation to include special funding such as 203k and private funding or mortgages.
The company provides real estate / foreclosure training in its school as well as Foreclosure and Real Estate Products for sale.
Ray Dunlevy is the owner and principal broker of Dunlevy Realty located in beautiful, historic Jamestown. A Rhode Island Native, Ray returned to his home state after a 20-year career with the U.S. Marine corps. As an officer, Ray guided his troops through tough situations by balancing risk with bold, but well-executed action. This experience has been very helpful in building a new career as a specialist in "distressed" properties.
Ray actually began investing in real estate during his military career. He obtained advanced degrees to further his education of all aspects of the world of real estate. Ray also attended a number of investment seminars and you can see the live event reviews from attendees for some of these. As he continued to learn about real estate and distressed properties, he began to teach others what he had learned.
"I quickly realized that I needed to concentrate in one area, distressed properties, if I was going to offer the best service for my clients. If clients want the best, most professional service, then they need someone who has focused all of their energies to learn every aspect of their special area of expertise. I attended live real estate investing events to learn from Scott Yancey, one of the top experts on buying distressed properties as a way to further my education. I believe I am now postioned to really help my clients," Ray said.
Ray is a senior instructor for the RI Association of Realtors and was voted the Educator of the Year Award. Ray also teaches various real estate courses at area colleges and universities. He has served on a number of boards and committees for the Washington County and the Newport County Board of Realtors. He has earned the GRI designation and is a Certified Buyers Representative.
All of the agents at Dunlevy Realty are experienced in the foreclosure and distressed marketplace, but they are also fully qualified to handle conventional real estate. "Geographically, we are well positioned to handle all of Rhode Island," Ray explained.
Ray is very much aware that some people stay away from bidding on distressed properties due to the many misconceptions developed about these types of properties. Ray admits that inexperienced buyers may find that trying to buy a distressed property can be complicated, difficult, frustrating, and intimidating. Ray suggests that you watch the new series on HGTV "Renovate to Rent" starring Danny Perkins and Drew Levin for inspiration on what can be done with distressed properties to make a profit. "If you don't know exactly what you are doing in the distressed market, find a professional who does!" Ray pointed out. That is why Ray now works exclusively with clients in the bargain, distressed and foreclosed area.
According to Ray, the RI market for foreclosed and distressed properties still favors buyers. He points out that historically low interest rates have combined with innovative mortgage programs to make home buying easier than ever. "If you ever thought of buying a home, even if you were not able to in the recent past, this is the very best time to try. Conditions have never been more favorable!" Ray emphasized. There are a number of career opportunities in real estate and the mortgage industry and you can find a job in the industry.
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