Income Generation Secrets

With little creativity and 3 to 4 months time investment you can create $20,000, $50,000 even $100,000 or more in equity. How? 'Fixer uppers' aka 'handyman specials'. No you don't need to be a handyman you just need to hire one.Find a fixer upper in the area you want to Absolute Success Coaching Review own a home. There are a number of ways you can do it. Ask your realtor to search on Multiple Listings System for 'corporate owned' and/or 'bank owned' properties. Do a Google search for 'Real Estate Owned' or 'REO'; this will give you a list of websites where you can find bank owned properties. These are the terms that lenders use to describe properties that they repossessed though foreclosure and they are more than egger to get rid of them. Also it's a good idea to scan through your local classifieds for ads that contain one of the following: 'motivated sellers', 'handyman special', 'needs TLC'.

Get a repair estimate and asses the after repair value of the property. All you have to do to get repair estimate is find a few contractors who will give their estimate of the work you want to get done. Get at least 3 solid estimates. In order to find out what the After Repair Value of the home will be, simply look at what price properties comparable to yours are sold in the half a mile radius in the last 3 to 6 months. If you really get you mind set on a particular home and seriously considering the purchase you can hire an appraiser. Make an offer on the property and in the contract include clause saying that if an appraisal contingent on the repairs you are planning to complete comes in at less than what you are estimated you can walk away from the deal without any penalties.

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