Property Records of Nevada researched that the seller paid $80, 000 quite a while ago and completed a comfortable rehab of the property which may have cost up to $35, 000. If she distributed it for FMV, she could have essentially only broken even together with holding costs. The seller is certainly entitled to generate a profit but the wannabe investor was being seduced by the agent to adopt the deal. Again, nothing completely wrong with salesmanship, but my question to the investor was, “How can someone shell out the dough, and what is the end goal with it?”
This came to my mind last night when answering a call from a wannabe investor. She asked in case a specific property was a deal because Realtor® said she could “steal” it from the homeowner for $6, 000 below the listing price. The Fair Market Value of the property was $125, 000 along the listing price was $165, 000.
Renting vs. Investing
She thought she would rent it for $1, 500 monthly which was reasonable. The next call was to tell us that she didn’t have enough money to buy it so she would use hard money. At 13% a month the price of the money would be $1, 550 a month in just interest payments or $50 over her rental income. This doesn’t take into consideration taxes, insurance, and repair expenses.
Fix and Flip
A fix and flip side gig or businesses are what it sounds like. Fix and flip is where anyone can find a property that is in bad condition fix what needs to be fixed and flip it for profit. This will usually come as a short-term investment strategy used by a trained eye. This strategy is done with a budget in mind to make the biggest profit possible.
Higher Price After Rehabilitation
This actually is a method that national gurus teach to ensure that after losing money for a long time, the investor may be in a position to sell at a higher price after rehabbing the home damage from the tenants but would have to feed a money pit for a long time.
As buyers expressed concerns about her strategy along with the high price, she went into the “Zombie Rising Mode” of how she has been trying to find a deal for a year and has been unable to do so. She has had a few “mentors” including one who, following what she paid her, told her to perform nothing yet as the marketplace wasn’t right according to the Property Records of Nevada.
Out of Focus
She had turned into a Zombie Real Estate investor staggering around wanting to make anything and everything work, constantly failing with no possibility of success on the horizon and being killed off again and again by bright shiny objects.
Zombie Real Estate Investors Don’t Listen to Advice
She went on and on regarding the courses she had taken as well as the ones she was considering. People call these the latest “Bright Shiny Object” (BSO) or perhaps the slow bleeding of fresh investors because these courses are well advertised and marketed, but provide no support to the purchaser. What anyone might have to think about on any course is, “How’s that on his or her side?”, if the answer isn’t “great”.
Wholesaling
In summary, it may be best to obtain the fundamentals of wholesaling under the belt rather than starting with exotic methods that may not yield enough results before a head breaks. With wholesaling buyers should be able to make a steady cash flow and be able to pick and choose the best possible deals to keep for renting or for rehab projects. Otherwise, the wholesalers locally will be the ones creating wealth for themselves.
Who are the Professionals at the Property Records of Nevada?
The Property Records of Nevada is a real estate company based in Henderson, Nevada that helps new homeowners along with real estate agents and brokers. This company generates in-depth property history reports for any home in Nevada. The report will include a large number of helpful subjects like sales records, land information, major renovation details, and much more. This is helpful for homebuyers that want to know more about a specific property and on planning on placing a bid. Real estate agents and brokers use the report to know a lot more about a property that basic data can’t provide.
Media Contact
Company Name: Property Records of Nevada
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Address:2657 Windmill Pkwy #257
City: Henderson
State: Nevada
Country: United States
Website: https://propertyrecordsofnevada.com/