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Which type of neighborhood is best for flipping homes?

When looking for an investment home that you eventually intend to flip it is important to remember that the location is just as vital as the actual home.  It is feasible to earn a profit in nearly every area but certain areas make it easier on the investor.

Top Qualities

When people pick out an automobile they focus on the features that are important to them and their current lifestyle.  In a similar manner, you can consider the following neighborhood features when considering an investment property:

  • Homes that sold recently sold quickly and had strong interest
  • Declining numbers of rental properties
  • Homes at least 20 years old that will likely need significant rehab
  • Steady values or, even better, increasing values
  • Average age of homeowner is elderly; these people are potentially moving to better climates or downsizing
  • Increased number of people moving from differing areas; signifies popularity

Three Types of Areas to Examine

In order to assist you in determining where to look for the right homes, here are three types of neighborhoods to consider.

  • Rebounding areas – There are times when an older, well established neighborhood will undergo a major overhaul.  Many of the owners have made the decision to remodel the interior.  In some instances the owners may be undertaking expansive additions.
  • New housing clusters – When an area becomes popular many builders will start developing new subdivisions.  The existing homes in the immediate area could be ripe for flipping.
  • Farming region – Established real estate agents like to focus on an preferred area and call it their “farming area.”  They send out regular postcards and newsletters to the residents so that when a home comes up for sale they usually think of that agent first.  A home investor can follow a similar strategy and be the first to know of a potential home for sale at a discount.

Keeping Your Ear to the Ground

Some investors like to focus on their own zip code or a nearby area.  This makes it easier on them because they already know a bit about the location.  There is no long distance commuting to check out a potential property. Sometimes, neighbors can actually provide a good tip that leads to a purchase.  And the local gossip is usually easy to find.

However, this only makes sense if the area is holding steady or rising.  A neighborhood suffering from falling values, crime, or an imminent new highway is not a good choice, no matter how close it is.

Don't Get In Over Your Head

This should come as no surprise, but it is also important to remember your financing.  Finding a great home at a 40% or 50% discount is worthless if the home is $50,000 more than you can afford.  Always keep the price in the forefront of your mind since it is a very important piece of the elimination process. If a neighborhood is out of your price range, focus elsewhere.

Following a well-designed plan is important for almost everybody.  Building a business, planning a party and even putting together a family vacation all work more smoothly when there is a good plan in place.  Buying a home for flipping is no different.

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A huge boon is being enjoyed nowadays by real estate sales agent from REOs. Notwithstanding the current perks of a revived economy, the fact remains that more and more homes and properties are available for sale from financial establishments, lenders and mortgage companies. These companies normally send request to REO agents to conduct BPOs or broker price opinions. With the amount of time and the quality of information needed, REO agents can sometimes experience a quandary on how to address this demand with insufficient time at hand. Fortunately, today’s online development opened up a new avenue of virtual assistance that is meant to augment the reliability and efficiency of REO and BPO transactions.
Property Valuation Information Gathering
REOs usually require broker price opinion when valuing properties in its current market. This could be for refinancing or when foreclosure is imminent. A lender or mortgage company may require a full appraisal from a real estate agent specializing in REO and completing BPOs. Collation of important data to support this transaction can be performed by a virtual assistant. In foreclosure cases, BPO requests to real estate agents are often required by the lender to come up with a reliable estimate of current face value of the property vis-à-vis its mortgage balance. Solutions are then made after these valuations. Gathering of essential data can be delegated to a virtual assistant.
Lead Generation Support
We all know how cutthroat the competition can be in the real estate business whether REO or not. Real estate agencies and individual agents often have so much on their hands to handle inquiries and marketing tactics. REO/BPO virtual assistants offer reliable registration and asset management follow-up on various banks and lenders. This allows you to gather more sources of REOs for re-sale later on. To aid on these purported re-sales, these virtual assistants can generate lead generation services that usually include pulling or scrubbing of FSBOs, database importation and, most importantly, follow-up calls and setting up of appointments.
Virtual assistant BPO services, however, depend largely on the data provided. Some agents prefer supplying their own data gathered and have VAs provide results via specialized online tools designed to analyze these data. Some real estate agencies or agents also prefer VAs to do their own investigation on various data as provided by banks or lenders.
Managing and Coordination of Transactions
Another important function that real estate VAs with specialization on REO and BPO is in coordinating and managing of transactions involved. This could be in marketing via online avenues, arranging purchase agreements and collation of data during closing. Broker price opinions can vary according to transactions or circumstances involved with a particular property or properties. While a real estate agency or independent agent may recourse to focusing his attention to certain aspects of the business, a VA can effectively give a helping hand in using up-to-date tools for analyzing value of similar surrounding properties and current sales trend in the area. These professionals are also keen in coordinating repairs, clean-up and other arrangements with contractors when getting ready for a property sale.
There is no doubt that today’s REO business is work intensive. For real estate professionals to make it to the top, they must be more driven in terms of efforts and technology. With more and more banks and lenders using online platforms, it is only fitting and practical to make use of technology-driven virtual assistance services to successfully manage voluminous data needed to achieve your goals.

Photo Source: http://www.meridianreaz.com/
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Busy business owners, executives and professionals sometimes have a hard time coping with their workload and get overwhelmed by all the tasks. There are times that they feel swamped and because of that feeling of helplessness, nothing gets done in the process. If this is the kind of feeling or atmosphere that you have, it might be time to hire an assistant or a virtual assistant to ease up on your busy schedule and for you to be more productive.

Now, finding the perfect assistant might seem easy at first glance seeing that there is an increase of virtual assistants in the web but it really is not as easy as you think. You will need to find one that fits your criteria and requirements and your budget as well.

Here are some helpful tips on how you can find the perfect VA for yourself or for your business:

1)    Figure out your budget and how many hours of work you need. It is very important to figure out how many hours of work done per week you need for a VA and how much you are prepared to pay. This ensures that you don’t go over budget and your VA can work on the amount you provide.

2)    Check what type of work you need done. You need to figure out what kind of work you need from the VA so that you can explain to your VA what tasks you want and therefore prevent wasting the VA’s time or yours for that matter.

3)    Gather as many candidates for VA as you can. Receive as many applications as you can and prepare a shortlist for your interview based on the VA’s qualifications and experience. Spend adequate time in recruitment for your VA since you want someone who can work with you well, so invest the time. Be sure that even if you have chosen the successful applicant that you also keep in mind 1 or 2 next to that applicant if in case the successful one does not work out well.

4)    Make sure that you and your VA agree on a trial period for work. Having a trial period ensures that you are really sure of the fit of the VA and your needs. Also this is sort of an adjustment period for the VA and you and will show or somehow predict the kind of work relationship you both will have.

5)    Agree on scope of work and specific terms of the VA’s contract. Agreeing on specific terms of employment and the scope of work will ensure that all needs are met and expectations are covered both on your side and the VA’s as well. This bodes well for everyone concerned and prevents miscommunication and disagreements for a better working relationship.

Sometimes finding the perfect VA is easy and sometimes it is not. The tips above are designed to be helpful in guiding you to meeting the VA that can satisfy your needs, if not exceed them. Sometimes also it could be a trial and error method. Different approaches work as well.

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