Bought at $585,000
Spent $65,000 on renovations
Total cost: $650,000
Total market value: $800,000
Total profit of equity: $150,000
I primarily focus on finding areas which I see as “up-and-coming.” They’re typically located next to other areas which have recently seen a large price increase. From my perspective, people get out priced in an adjacent neighborhood and slowly migrate further out. So I like these areas that are just on the outskirts of another location which saw a huge growth of demand, thereby driving up prices. As businesses and people continue to move outwards, prices tend to increase.
I also check daily for new properties that come on the market. I like to focus on homes that need as much remodeling as possible – preferably cosmetic remodeling, such as floors, paint, kitchen, bathroom, and landscape. These are simple and non time-consuming which give you a quicker turn-around time to finish the project.
It’s important to move quickly when you find a good deal. Other people are out there trying to find the same thing, so when you find something, act on it. Get it locked in contract asap. Otherwise you might be left in a multiple counter offer, competing at top dollar to buy the property.
When bought and done correctly, you will be left with extra equity which you can then refinance, pull out your money, and then repeat the process.
Thank you so much for watching!
For business or one-on-one consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com
The Millionaire Real Estate Agent: http://goo.gl/TPTSVC
Your money or your life: https://goo.gl/fmlaJR
The Millionaire Real Estate Investor: https://goo.gl/sV9xtl
How to Win Friends and Influence People: https://goo.gl/1f3Meq
Think and grow rich: https://goo.gl/SSKlyu
Awaken the giant within: https://goo.gl/niIAEI
The Book on Rental Property Investing: https://goo.gl/qtJqFq
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