Investing in Real Estate: How to Make Good Money
It is unlikely that you will strike it rich overnight. But you can make good money by investing in real estate in Hawaii. With low mortgage rates and scores of attractive properties for sale on the market at present, it is a great opportunity not to be missed.
One of the best ways to make good money right now is by flipping houses. All you need is a solid amount of ‘know-how,’ and the ability to ‘pull the trigger.’
Because of the many foreclosures during recent years, there are scores of houses in many neighborhoods that need refurbishing.
Do not worry about re-selling the house after you restore it. The housing market
in Hawaii has been picking up, inventory is decreasing, and demand is strong.
Many investors prefer a house that needs cosmetic refurbishing rather than functional renovation. Look for good contractors and shortlist one or
two who are willing to offer you the best rates. Prior to buying the property,
do some research. Hawaii, the place where President Obama grew up, has
loads of potential for steady real estate growth, especially over the coming years.
Search for houses that need refurbishing in Hawaii. Find out the price of the
nearby houses that were sold. This will give you an idea about how much you can
sell the house for. Before buying the property, find out how long it has been on
the market. It is often best to buy something that has not been on the market for long. Know what you’re looking for, then move fast when a deal appears.
Make an offer for the house after calculation of certain costs. A successful house
flipper follows the formula of allocating ten to fifteen percent for buying, renovating, and selling costs of the property. Then he sets aside a marginal profit of ten to
fifteen percent. Since you know the estimated selling price of the property, you
can use this formula to make a suitable offer for the property.
If you want to make good money, now is the right time to be investing in real
estate. With a good amount of ‘know-how,’ and the guts to ‘pull the trigger,’ you can be a successful property flipping real estate investor!