Rovan Singh is a very successful entrepreneur and seasoned real estate developer who is prolific in the field. He also founded his family’s business, which functions internationally and reaches a wide geographical range of people, particularly in Italy and Canada. He has a proven record of determination and skill and continues to improve his craft through education, research and a hands-on approach. Rovan will undoubtedly continue to have a successful career and emerge as a leading real estate investor in his area and beyond. Below are some words from him about the benefits of mortgage protection insurance:
A Beginner’s Guide To Flipping Houses
Flipping houses is a preferred investment strategy for many in the current real estate market. This method of real estate investing may seem simple but requires the potential investor to learn and follow a number of essential steps.
The following is a guide for beginners to become familiarized with the house flipping process.
Investors should understand the numbers of a particular deal before attempting to do anything more. This includes purchase price, the cost of closing, taxes, insurance, repair costs, and other expenses.
There are just as many numerical considerations when it is time to execute the flip of the house. Essential numbers at this point in the process are holding costs, after repair value, and days on the market.
The choice in financing for an investor will have a significant impact on the deal. The house can be purchased in cash if the investor possesses the funds. When this is not an option, lender financing can be sought to execute the purchase of the house. Hard money and other private lending money options are also available.
Choose The Right Market
Not all markets are created equal. Each specific market will present its own set of challenges and perks. The real estate investor should choose an area that appeals to them and appears capable of maximizing a return on their investment.
Look For Deals
Now that the investor knows the market he wants to penetrate and how he plans to finance the purchased property, it is time to locate the deal. Investors can use agents to help with this process, or, can choose to search for deals on their own. Either way, investors must realize that many properties must be examined before finding the best deals.
Build A Team
A team should be assembled while the investor searches for a house to purchase. Plumbers, electricians, painters and other contractors will be needed. It may be a good idea to hire a general contractor to oversee the project.
Once the home is acquired, the investor should move forward immediately. Idle moments equal lost money. Things will often not go as planned. Investors should meet all challenges head-on and should avoid any delays to the process.
Maintain A List
The final stage of the flipping process is listing the home for sale. Where an investor lists the property for sale will play a role in how long it takes to sell the house. A common mistake of house flippers is overestimating the value of the home they wish to sell. Despite the work put into a home, it will likely not sell for much more than other homes in the area.
Keep in Mind
Flipping houses is in no way an easy road to riches. However, this real estate method is a solid investment strategy that if done correctly can be done repeatedly to realize long-term success. The tips above are the perfect primer for the beginning real estate investor looking to enter the house flipping market.