Is the Boom Over?
It of course depends on who you talk to about this. As I am writing, the profits of doom are in panic mode, which is sending panic throughout our country. Granted, real estate is correcting itself at this moment, but habitancy are still buying. This is not the first time we have experienced a slow or soft market, nor will it be the last. Foreclosures are at narrative highs. Why you may ask? It is simple. habitancy bought houses they couldn't afford. The low interest rate, coupled with adjustable rate mortgages, or Arm's, gave habitancy a false sense of what they could afford. Now that the rates are climbing, folks just can't afford it.
Diy
There are more houses to sell right now, than there are buyers. This is what you would call a buyers market, and the habitancy who are not in panic mode are the ones who will find the motivated sellers, and make great deals.
I am not in panic mode. The shop Will definite itself, as it's been doing for decades. The deals are still out there and, if you are careful, and watch what you buy, you can still make some very good deals.
America will continue to grow by leaps and bounds, and habitancy will continue to need housing. I will continue to buy and flip houses, because the shop will allow it. If I stopped now, I would be missing opportunities of a lifetime. I will never believe that the boom is over.
As I said before...foreclosures are at a narrative high. The question now is seeing a lending custom that will of course give you some money. It's kind of sad to me, that We, the American people, bailed these jerks out...and now we can't get a loan because they want to hoard Our money. It's Not Our Fault that they were greedy and gave a loan to every Tom, Dick, and Harry out there. Anyway, We are suffering the consequences of Their actions. Don't let that stop you. There is someone out there that will loan you the money. It is just going to take You to do the research, and find them.
Recap
Flipping homes is just like any other business. You have to watch the lowest line at all times. You make money when you buy, not when you sell. This is true in firm as well. If you sold watches that cost you 5 dollars, and sold them for 10 dollars, you will make 5 bucks on the deal. If you bought those same watches from an additional one source for 1 dollar, you would make 9 bucks on the sale. It's all in how you buy them. See what I mean?
You must make a realistic budget, and stick to it. Don't let personal taste get in the way. Also funds your time wisely. Remember to make time for your family. No number of money is worth giving up your family time.
Use pro habitancy to perform your goals. Real estate agents, mortgage brokers, normal contractors, and any tradesmen that you need when you are not comfortable with doing it yourself, will all be part of your success.
Keep yourself insulated from negative people. They may mean well, but will have you doubting yourself. When I tell habitancy what I do for a living, most of them say, "Cool, I've all the time wanted to do that".
Flipping is not easy work. You must be physically and mentally prepared for the adventure you have decided to sink your teeth in to.
Have Fun!!! If you don't have fun in this process, then you are in the wrong business. Life is too short, and doing anything you don't of course love is a waste.
The Art of Flipping Houses Part 12
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