Is Flipping Houses A Safe Investment Strategy?

If you’re planning on making investments in the future, you may want to consider investing in real estate. The United States real estate market has been on an upswing over the last few years. Because of this, a growing number of people are looking into alternatives to real estate investing that will allow for them to secure strong ROIs.

If your strategy is to flip houses, you should show a bit of caution. Flipping homes can be a safe investment strategy, but it’s not the right choice for everyone.

You Need To Look Closely At The Market You’re Buying In

Not all housing markets are the same. While the markets in some areas are very healthy, other housing markets are still struggling. Before you buy, you need to learn as much as you can about the market you’re going to be buying in.

Gather plenty of information on local market trends. See how quickly homes in the area are selling. Research the sales prices of comparable homes. Pay close attention to the types of upgrades these homes have.

You don’t want to sink money into a piece of property that’s in the wrong location. If you’re planning on flipping a house, buying in the right area is essential. Remember, you can change every element of the home, but you won’t be able to alter its location. Buy a house in a place that’s in demand.

Consider All Of The Costs

A lot of people underestimate the costs of home renovations. If you don’t take all of your expenses into account, you may wind up spending a lot more than you meant to. These kinds of miscalculations can seriously eat into your profits.

You need to look closely at the costs when you’re deciding what sort of renovations you should make. You shouldn’t just look at the price of materials; you need to think about the cost of labor as well.

Make The Right Kinds Of Upgrades

If you’re planning on flipping a home, you can’t just make a few minor upgrades and call it a day. You need to focus on the kinds of renovations that provide a return on investment. Homeowners should focus on upgrading kitchens and bathrooms before they move onto other rooms of the home.

If you can increase the total square footage of your home, the value of the property should rise by just a bit. Finishing a home’s basement can be a brilliant idea. You may also want to think about upgrading your outdoor living space. Try to make your backyard feel like a natural extension of your home.

Look Closely At Your Timeline

If you’re currently paying a mortgage, you won’t want your home to remain on the market any longer than it has to. Every month that your home stays empty is going to cost you. If your renovations take longer than expected, it could severely cut into your profits.

You should expect that there will be some delays during the renovation process. Most home renovation projects don’t go smoothly from start to finish. If your schedule is very tight, you may wind up spending money above and beyond your budget. Make sure you have a flexible schedule for your project.

Work With A Realtor

If you’re going to be flipping houses, you won’t want to do everything on your own. You’ll be much better off if you opt to work with a realtor. A skilled real estate can help to ensure that your investment will wind up paying off for you.

A realtor can start looking at potential buyers before your completion of renovations. They can bring people by to see your home right away. As long as you partner with the right realtor, you should be able to find a buyer in no time!

It’s smart to be cautious if you are going to be flipping houses. You should look carefully at all of the risks involved in proceeding. If you’re investing, you’ll want to ensure that you see a full return on that investment. If you learn more about flipping houses and what it entails, you’ll be able to make sure that you will earn all of your money back.


Landlord Rights: What You Need To Know

If you’re a landlord, you need to start looking closely at your rights. If you don’t know what your rights as a landlord are, you won’t be able to exercise your rights. Below, you’ll find a few things that are important to know.

Landlord Rights Vary From State To State

The rights you have as a landlord will vary based on the state that where the property resides. Some states are more favorable to tenants. In other states, landlords have the upper hand.

Because different states have different rules and restrictions, it is essential for you to be aware of the rights that you have in your area. Read up on local laws. Make sure that you are following the rules in your state. Looking at regional regulations can ensure that you can fully exercise your rights as a landlord.

Advertising A Rental Property

You need to be cautious when you are advertising a property for rent. While you should do everything in your power to attract potential tenants, you need to make sure you are accurately advertising the property. If you misrepresent the property, the tenant could take you to court later on.

Try to use factual statements in your ad. Instead of saying that an apartment is in “perfect condition,” you may want to state that it was recently updated. Being careful about your wording will help you to avoid problems in the future.

Repairs

It’s likely that your property or properties will need repair work from time to time. If one of your properties needs repairs, you need to make sure that those repairs happen.

If one of your tenants is dealing with a minor issue, you may be able to wait a few days to resolve the problem. However, if they’re dealing with a significant problem, like a lack of heat in the winter, you need to respond to their issue immediately.

If you fail to make repairs to your property, your tenant may be able to withhold rent and take you to court. If you want to be a landlord, you need to make sure you are able to make repairs in a timely manner.

You Can Terminate A Lease For Any Reason

When a lease comes to an end, you don’t need a specific reason to terminate it. If you decide that you do not want to continue your relationship with the tenant, you can usually choose to terminate the lease.

With that said, there are some restrictions on lease termination. You need to give your tenant notice if you are going to be terminating the lease. The amount of notice that you must provide will depend on the state. You will also need to make sure that the terms of renewal and termination are outlined in the lease you present your tenant with.

Evicting A Tenant

You can’t evict a tenant for any reason. Typically, your tenant needs to violate the terms of their lease for you to take them to court. In most cases, tenants are evicted because they are refusing to pay their rent.

With that said, eviction laws vary from state to state. Read up on state laws before you file for eviction. You’ll want to make sure you can win your eviction case.

Visiting Your Property

If you want to see your property, you can’t simply open the door and walk in. You need to make sure you give your tenant notice before entering the property.

In most states, you need to give your tenant at least 24 hours notice before you visit the property. Some states may have additional restrictions. For example, you may have to tell the tenant why you are going to be entering the property.

You should never barge into a tenant’s property. If you want to see their property, you need to let your tenants know when and why.

Being a landlord can be a lot of work, even if you work with a property management company. However, your job will get a lot easier if you’re fully aware of your rights. Make sure you know what you can and can’t do.


Five Ways To Earn Money From A Second Home

Do you own a second home? If you own more than one property, you should start looking for ways to get income from your additional home. There countless ways to turn your home into a source of profit. Here are five options you can try:

1. Find Tenants

An effective way of earning income from a second home is to become a landlord. An increasing number of people are choosing to rent properties. Because of this, you should easily be able to find tenants to take over your place.

You can charge your tenants more than you pay your monthly mortgage. However, you will have to be prepared to help your tenants whenever your home has issues. After all, you are still the owner of this property.

2. Put Your Home On Airbnb

If you reside in an area with a lot of vacationers, you may want to consider listing your second home on a website like Airbnb. You’ll get a lot of short-term visitors that way.

You can charge quite a bit of money to the people that rent your home, especially during prime vacation season. Because your visitors won’t be staying in the house on a long-term basis, you won’t have to provide the same support that you would need to offer as a landlord.

If you do decide to rent out your home on Airbnb, you need to be careful about who your renter. Try to work with renters that have positive ratings from previous landlords.

3. Flip Your Home

You don’t necessarily have to hold on to your second property. If you’d like to maximize the amount of money you earn, you may want to list your home and sell it at a high price.

If you intend to flip your home, you’ll want to make sure you do everything you can to increase the value of the property. You should make upgrades that will attract the attention of buyers. Kitchen and bathroom renovations are always a safe bet. Improving your outdoor living space by adding a deck or a patio could also pay off for you.

If you do plan to re-sell your home, you’ll want to take a closer look at your local real estate market. Research the pricing of what comparable homes have sold for recently. Make sure you’ll be able to sell your second home for the right price.

4. Use Your Property As An Office

If you would like to start your own company, you could turn your second home into your base of operations. A house could efficiently function as an office space. In fact, some successful businesses have offices inside homes.

Don’t limit yourself by looking at your home as a residential property. Your home could quickly become a commercial property as well. If you’re looking for a space to run your business, you shouldn’t necessarily purchase or rent a new piece of real estate. You should look at your second home before you look anywhere else.

5. Turn Your Home Over To A Property Management Company

If you want to turn your second home into a passive source of income, the best thing you can do is hand the property over to a property management company. For a price, the property management company will handle all of the details of management. You’ll be able to enjoy profits every month without having to lift a finger.

Working with a property management company could limit your earning potential. Since you’ll be paying the property management company every month, you may not see substantial profits from your home. However, turning things over to a property management company can save you both time and money in the long run.

Take a look at some of the property management companies in your area. Talk to them about what they could do for you. See if you would like them to manage your second home. If you own a second home, you should make sure you’re getting as much as you can out of the property.


The Path to Financial Freedom

We are happy that you could join us here at Transglobal Travel.  If you are interested in gaining the knowledge and wisdom necessary to live the life of your dreams, you are in the right place. We know what it takes to get you on the right track to making smart investments into some of the most beautiful properties in the world.

Financial freedom is closer than you may think.  It only takes a firm dedication to train hard and learn the proven system for investing into vacation rental properties. Our focus is in the areas of the planet that is the most desirable. We aren’t going to tell you to invest in dangerous, unattractive areas. You will only get guidance for ‘A’ level properties. Sit back…and get ready for a fun and lucrative ride.