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Real Estate

Homes for Sale-Flipping

Everyone has either seen television shows or heard about flipping homes for sale. This real estate strategy involves buying homes for sales for a low price, renovate the homes, and then reselling them for a profit. Some of these professionals make their living by regularly buying and flipping homes for sale making a profit. They sometimes juggle several sales and several renovations at any given time. It is important to know that there is an art learning how to flip a house and make a profit instead of losing money. Make sure that you understand any restrictions and all applicable zoning laws on construction that may apply. From purchasing to flipping, many set a ninety-day time frame.

Step one

Before you even look at homes for sale to buy and flip, you need to determine how you will finance this venture. If you have a background in real estate or construction and have excellent credit, it may be possible to sure from your bank a line of credit. If you do not have these things, you may have to come up with a more creative way to finance a house for sale to flip. This can include finding a partner who will advance the cash that is needed.

Step two

Once you have the financing in place you can start to look for a likely house to flip. There are many characteristics in a house for sale to flip that you want to look for.

• It must be affordable so you can make a profit when you flip the house. You want to purchase the house for the lowest price you can. Check out houses that have been on the market for a while. Talk to the owners to see if they would accept a lower offer because they are tired of waiting for their home to be sold.
• Make sure that the home you are looking at is salvageable. When flipping a house for sale you should only deal with sound properties. Make sure that the foundation is in good shape and you only have to do minimal upgrades to the plumbing and wiring. The roof should also be sound. If any of these are a problem, you may spend more in repairs than you can get back when you try to flip it. Cosmetic renovations can usually be done without spending a lot of money.

Step three

The location of the property is also important. Avoid buying a house for sale in neighborhoods that no one would want to live in. Make sure that the neighborhood will attract many buyers. You want to make sure that when you flip the house you make a large profit or at least break even.

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Real Estate

4 Daily Habits to Adopt for Success in Real Estate & Life

Good habits are the foundation of wealth. If you watch successful people you will see their day is filled with consistent habits that save time, improve focus and ultimately help accomplish more daily. Successful people get up early, learn daily, make lists & set goals and track their progress.

• Get Up Early.

Make the first two hours of your day the most important. It will not only set the tone for the day but will give you a game plan for everything else that follows. These two hours can be used for activities you enjoy such as exercise, meditation or completion of a project or activity from the previous day. The early morning is free from distraction allowing you to do more of whatever you enjoy.

• 20 Minutes Of Learning Daily.

It is important in any business to know what is going on at all times. Trying to master every aspect of the business may seem intimidating but is less difficult if you spend some time on it daily. Regardless of how busy you may be you can squeeze twenty minutes of learning into your daily routine. You can find this time on an audiobook driving to or from an appointment or on the treadmill as you get some exercise in.

• Make Lists & Set Goals.

Success is often easier if you plan exactly what needs to get done. Before you go to bed you should plan for the next day. Tackle the toughest task first and go from there. Planning your goals not only makes you efficient but gives you a sense of direction and purpose. The most successful people in the world have one thing in common, they all say their goals out loud three times daily. This helps to reinforce their direction and keeps them on track in accomplishing their goals. Try it and see how much closer you get to reaching your goals!

• Track Progress.

If you don’t know what is working, is impossible to gauge the results? At the end of every day you should take some time to evaluate what you did to build on your progress. If you failed to do anything, you need to ask yourself why and then develop a new plan to stay on track.

You ultimately control where you go in Life. Changing habits is never easy but is essential for growth. Start by incorporating these four habits into your daily life and see the difference it makes towards your success.

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Real Estate

The Real Estate Resurgence of Glassell Park and Highland Park

Real estate in Northeast Los Angeles has been booming for years. We hear about it on television and in the news. Rarely does a news story get published where the term “Gentrification” is used to describe areas such as Eagle Rock, Mt. Washington and Highland Park, regions where home values have spiked. Is it something homebuyers and home sellers need to know?

By definition, “to gentrify” is to improve a house or district so that it conforms to middle-class taste. The middle class, or Bourgeoisie, is attempting to emulate upper-class standards. In the U.K., the gentry refer to people of high social position, specifically the class of people next below the nobility. Therefor the gentrification of an area is a process whereby those of lower socio-economic status are forced out of a region in order to make it more attractive to the people of higher socio-economic standing. Taking deteriorating inner city homes away from working class families to be renovated and sold to the privileged is also known as progress, or gentrification.

That is precisely what is occurring in the once run down neighborhood of Highland Park. This ongoing restorative transformation has helped to eradicate crime and strengthen the local economy. Juice bars and yogurt shops have sprung up in place of derelict Laundromats and liquor stores. Local businesses are now thriving, where the windows were once boarded up and car carcasses rusted.

Nowhere is this more evident than in the Northeast Los Angeles neighborhood of Glassell Park, where police not long ago bulldozed suspected gang homes in a dramatic crackdown on crime. Soon after, investors began investing in fixing up Glassell Park’s hillside view homes and property values began to rise with new shops and restaurants appearing in direct proportion.

At one time, Eco Park stood as the poster child for gentrification in Los Angeles. This forgotten slum went through a complete metamorphosis in the 90’s, turning it into one of the most sought after areas east of downtown. With Echo Park as a model, the restoration movement has continued its march east, rehabilitating other areas, such as Highland Park and Glassell Park, with great potential.

One telltale sign of the up and coming neighborhood is what is known as the Starbucks phenomenon. If this “7-eleven” of coffee houses has chosen to plant its green lady logo on the block, you can bet your bottom dollar that the ‘Hipsters are coming’or more likely, the Hipsters have already arrived. This of course means that property values are climbing. In the historic region of Highland Park, York Boulevard is now bookended by Starbucks. Having a Starbucks on the corner is clear evidence that a moneyed community is on the rise. The values of homes for sale in Highland Park are absolutely exploding.

Another way of measuring affluence is by exploring the high volume of trendy restaurants, bars, and art galleries not to mention the cafes populated by too cool for school patrons everywhere. This enclave has become a hot spot for exotic dining among foodies and the like. Good eats just seem to go along with gentrification. That is one of the advantages. Today you can find French, Italian, Japanese, Vietnamese, and a wide variety of Vegan food in this once neglected district. It has become an amazing multi-cultural mecca. One more example of economic growth is improved public transportation. Business people can commute from paradise to downtown by train in a matter of minutes.

The median price for a house in Highland Park is now approaching seven hundred thousand. In relative terms, this area is still a bargain in Los Angeles’ exorbitant housing market. As the beautification of these older neighborhoods flourishes in NELA, the real estate naturally becomes more desirable and the property values escalate.