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Actual for You - Flipping Houses Ethics: Helping Motivated Sellers - Without Ripping Them Off
Sure, it’s tough to pull the trigger and buy a home, especially as a first-time buyer. The big hit of covering both a down payment and closing costs is enough to scare any prospective buyer into staying a renter. When you combine the fact that you’ll be responsible for any fixes the house needs and that it’s pretty difficult to just pick up and move, owning your own home gets more frightening by the minute. But fear not, the advantages of owning a home far outweigh the risks. So if you’re already looking for a home, continue to do so. If you’re a renter, it’s time to reconsider.Benefits:Save big on taxes.When you own a home you’ll have to pay a mortgage and property taxes. It stinks, we know. However, the interest on those bills can help. They’re fully deductible for both federal and state income taxes. The first few years of your mortgage payments mostly go towards
These people don’t just want to sell, the truly need to. And they’ve reached a point that their motivation is big enough to warrant selling the property through unconventional means, and probably at an unconventional, below market price.
The fact is, motivated sellers are the life-blood of real estate investing and the house flipping business. In order for real estate investors to be able to purchase a property at a low enough price
Affiliate Article Marketing – Can It Really Help?Affiliate article marketing – article marketing for affiliates? Yes, that is what I say…and article marketing can boost your traffic, affiliates, and if you boost your traffic, you know what happens! You get more business, and you make more money!One thing that is really nice about affiliate article marketing is that the visitors who come from an article you have written are generally presold on whatever you send them to, as long as you write the article in the sale spirit as the sales page is written. This means that article-generated traffic is more likely to buy from your affiliate web site than many other forms of traffic.You see, people read your article, like your style and want to learn more. So you send them to the affiliate page, and they are hyped up, want to learn more, and buy the product. And you, th
In fact I’ve written entire chapters about it in my own flipping homes continuing education materials, so my students know exactly how I feel about this.
But a troublesome trend of investors in the flipping houses business who are all too willing to bend the rules – or even break them outright – for the sake of a deal has led me to pen a series of articles on the ethics of real estate investing – and particularly in the area of flipping real estate, which is my specialty.
To this end I feel it would be appropriate to talk about how to ethically navigate the often murky waters of fairly working with motivated sellers when flipping real estate.
But before we go there, we should clarify exactly what a “motivated seller” is.
Sellers Versus Motivated Sellers
A seller of real estate is someone who wants to sell a piece of property, whereas a motivated seller is someone who truly NEEDS to sell their property. This house has become a monkey on their back, and they’re willing to do a lot more than the average person to get out from underneath it.
Now most people typically decide to sell a piece of property for an ordinary reason, like a growing family needing more space, better school district, job opportunity, simple convenience, “moving on up” to the east side, etc.
But when someone really NEEDS to sell, it’s a different story. These people are typically dealing with things like foreclosure, a time-sensitive job transfer, medical expenses, divorce, notable damage, unpaid taxes, settling an estate, pending bankruptcy, and the like. We’ve all either known or actually been the people who find themselves in these unfortunate circumstances.
These people don’t just want to sell, the truly need to. And they’ve reached a point that their motivation is big enough to warrant selling the property through unconventional means, and probably at an unconventional, below market price.
The fact is, motivated sellers are the life-blood of real estate investing and the house flipping business. In order for real estate investors to be able to purchase a property at a low enough price
Would you know what to do, if you have the misfortune to be involved in a road traffic accident?If you are a driver, then sooner or later, you will be involved in a road traffic accident. Hopefully, not as the main participant.Here's a quick outline of the actions required at the scene of a road traffic accident:Stop your vehicle, and turn off the engine.Stay calm and do Not Panic. If other people see you panic, then they may start to panic as well, which will only make the situation worse.Check yourself and your passengers for injuries. Then check the other drivers/passengers involved. Do Not move anyone who may be injured.Where possible move your passengers away from the roadway, out of harms way. But they should remain at the scene of the accident.You should warn oncoming traffic (all directions) by activating your hazard warning lights
To this end I feel it would be appropriate to talk about how to ethically navigate the often murky waters of fairly working with motivated sellers when flipping real estate.
But before we go there, we should clarify exactly what a “motivated seller” is.
Sellers Versus Motivated Sellers
A seller of real estate is someone who wants to sell a piece of property, whereas a motivated seller is someone who truly NEEDS to sell their property. This house has become a monkey on their back, and they’re willing to do a lot more than the average person to get out from underneath it.
Now most people typically decide to sell a piece of property for an ordinary reason, like a growing family needing more space, better school district, job opportunity, simple convenience, “moving on up” to the east side, etc.
But when someone really NEEDS to sell, it’s a different story. These people are typically dealing with things like foreclosure, a time-sensitive job transfer, medical expenses, divorce, notable damage, unpaid taxes, settling an estate, pending bankruptcy, and the like. We’ve all either known or actually been the people who find themselves in these unfortunate circumstances.
These people don’t just want to sell, the truly need to. And they’ve reached a point that their motivation is big enough to warrant selling the property through unconventional means, and probably at an unconventional, below market price.
The fact is, motivated sellers are the life-blood of real estate investing and the house flipping business. In order for real estate investors to be able to purchase a property at a low enough price
Do you know what happens if you die without a will? The courts will decide who will raise your children, manage your assets, inherit your possessions, and administer your estate. Heirs must usually agree on a court appointed administrator. If some of the heirs are mentally incapacitated, or under age, it gets unbelievably complicated. Add in children and spouses from previous marriages and it can become a seething pot of turmoil for your family.If your second spouse survives you, the children from your first marriage could end up with nothing. The courts may set aside assets to be given to the children when they come of age, that makes it impossible for your spouse to afford your current home or lifestyle.When there is no will and a couple dies together, the state may have to “decide” who died first. If one outlives the other, even by a few minutes, the relatives of the fi
Sellers Versus Motivated Sellers
A seller of real estate is someone who wants to sell a piece of property, whereas a motivated seller is someone who truly NEEDS to sell their property. This house has become a monkey on their back, and they’re willing to do a lot more than the average person to get out from underneath it.
Now most people typically decide to sell a piece of property for an ordinary reason, like a growing family needing more space, better school district, job opportunity, simple convenience, “moving on up” to the east side, etc.
But when someone really NEEDS to sell, it’s a different story. These people are typically dealing with things like foreclosure, a time-sensitive job transfer, medical expenses, divorce, notable damage, unpaid taxes, settling an estate, pending bankruptcy, and the like. We’ve all either known or actually been the people who find themselves in these unfortunate circumstances.
These people don’t just want to sell, the truly need to. And they’ve reached a point that their motivation is big enough to warrant selling the property through unconventional means, and probably at an unconventional, below market price.
The fact is, motivated sellers are the life-blood of real estate investing and the house flipping business. In order for real estate investors to be able to purchase a property at a low enough price
Deep in the heart of an office complex there lies a room that may be filled with floor to ceiling server cages that house multiple web-based servers. In the back of a storefront you may likely find servers working to keep websites operational.A web host is simply a leasing agent for space on an existing server to allow your business website to be accessible by millions of Internet customers. The use of a web hosting service is similar to leasing a storefront as a showroom – it just costs less.However, unlike a typical building lease option, a web host can provide a variety of features that you can customize based on the needs of your online business. For instance, you might need the capability of providing File Transfer Protocol (FTP) to business associates to access company data or new manufacturing specs. You might also need other data management protocols.Most eco
But when someone really NEEDS to sell, it’s a different story. These people are typically dealing with things like foreclosure, a time-sensitive job transfer, medical expenses, divorce, notable damage, unpaid taxes, settling an estate, pending bankruptcy, and the like. We’ve all either known or actually been the people who find themselves in these unfortunate circumstances.
These people don’t just want to sell, the truly need to. And they’ve reached a point that their motivation is big enough to warrant selling the property through unconventional means, and probably at an unconventional, below market price.
The fact is, motivated sellers are the life-blood of real estate investing and the house flipping business. In order for real estate investors to be able to purchase a property at a low enough price
When a person purchases a home, a loan must be taken on a regular basis. The lenders, which are banks in general, keep the title to the home as collateral. When the person is ineffectual in paying the dues in time, the ownership of the home is transferred to the lender. The transfer of ownership is what is called foreclosure. Buying foreclosure has been compared to playing poker. Considering as an investment, it has its own risks. First the lenders will check out if there are any junior liens. When they find any pending loans, they pay off everything so that they themselves have clear title to the property. Once this is done, the lender adds up all costs to the loan amount to be recovered, and again resells the property so that they can convalesce the expenses together with the loan amount. This is an ideal time for investors to buy such property. Buying a Tampa real esta
These people don’t just want to sell, the truly need to. And they’ve reached a point that their motivation is big enough to warrant selling the property through unconventional means, and probably at an unconventional, below market price.
The fact is, motivated sellers are the life-blood of real estate investing and the house flipping business. In order for real estate investors to be able to purchase a property at a low enough price to be a good investment, the property owner must typically be in a situation in which a distress sale makes sense.
Is Flipping Houses a Moral Dilemma?
To many, this presents a moral dilemma. Aren’t real estate investors really just feeding off the desperate situations of needy people? Isn’t this unethical?
It’s a fair enough question. But I quickly and with all integrity submit to you that the answer is unequivocally “NO”, but it bears further explanation.
Let’s imagine for a moment a world without real estate investing. There are a heap of issues with this, but let’s just look at the one of motivated sellers.
In each of our lives, we will find ourselves in bad circumstances, and feeling some level of desperation. It’s unavoidable. None of us can escape it. It’s really just a matter of “when” not “if”.
And when desperate times hit, all we really want and need is a solution, if one is to be found. And if we can find a solution, we will (and should) aggressively pursue it because of the relief it will afford us from our desperate situation, whatever in fact it may be.
Solving “House Problems”
Motivated sellers are people who have a house problem of some sort on their hands. And the longer they have to deal with it, the more it feels like a ticking time bomb. They’re looking – no, they’re earnestly hoping and praying for a solution. And you, Mr. or Mrs. Real Estate Investor, can be just that solution.
In a world of no real estate investors, who’s going to be willing to take a piece of property off your hands immediately, in “as is” condition, and with as few questions asked as possible? In a world without this person, how the desperate property owners in the world ever hope to escape the house problem that’s now sucking the very life out of them?
I would submit to you with absolute conviction and i
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