Another popular property-flipping strategy that is being taught today is concurrent closings, which are better known as simultaneous closings, double closings, and double escrows.
Under a typical concurrent closing scenario, Buyer A signs a purchase agreement to buy a property from Seller B; in the meantime, Buyer A turns around and signs a purchase agreement to [...]
Everyone knows when a real estate deal closes: It’s when you get the keys to the house and the sellers get their money. But when does the closing process actually begin? In truth, it starts when you make an offer to purchase. How that offer is written up determines what steps you have to take [...]
The main reason I cannot get excited about the property-flipping strategies that are being taught today is that they are way too expensive. There are six costs involved in flipping a property that eat up profits just like a Florida sinkhole sucks up fill dirt:
Acquisition costs.
Transaction costs.
Closing costs.
Repair costs.
Holding costs.
Sales costs.
Ask yourself some questions below:
Are interest rates low or high, rising or falling?______
Are housing inventories high and rising, low and falling?______
Are listing times getting shorter or longer?______
Are their housing shortages in your area?______
Can more (or fewer) people afford to buy in your______ area?
Where are you today in the “seven-year cycle?”______
Sometimes, you may want to buy [...]
Perhaps every city had its own pricey area, but the term luxury really only applied to a few tony places such as Beverly Hills or Kenilworth, Illionis, to enclaves such as Philadelphia’s Main Line or to estate areas such as the backcountry of Greenwich, Connecticut. However, priorities for luxury buyers remain the same — privacy, [...]
