Hot Tips For Buying DC Investment Property

Hot Tips For Buying DC Investment Property

Tips For Buying Investment Property in DC

Tip # 1 Learn Networking:
It has been said that your net worth is equivalent to your network. Staying connected to like minded people who are doing similar things will provide many opportunities, from partnering on deals to sharing experiences. Furthermore, having somewhere to get a question answered is a great asset for your investor Toolbelt!

Tip # 2 Become A Deal Hunter:
Make it a point to always be on the lookout for your next potential deal. With the current market conditions, there are many deals to be found.

Tip # 3 Know Why You Want To Invest In Real Estate:
By understanding your reason for wanting to invest in Real Estate, you can make sure your business structure supports that logic.

Tip # 4 Investigate The Neighborhoods You Want to Invest In:
Learn the amenities and the type of communities near a potential investment. It can be a major advantage when it comes time to sell a property.

Tip # 5 Real Estate Investing Can Be Complex
There are many factors that affect the profitability of the investment. Profitability is most dependent upon your ability to find the best possible deal in the market. You must be able to identify the real estate deals that have the best potential and allow you to maximize your profits.

Tip # 6 Learn About Foreclosure
When a person purchases a home, they usually have to take a loan. The lenders, generally banks, keep the title to home as collateral in this case. The ownership of the home is transferred to the lender when the person is unable to pay the installments on time. This transfer of ownership to the lender is called Foreclosure. Buying foreclosures has been compared to playing poker. As an investment, it has its own risk.

Want to Sell Your House Fast in DC? Be Sure It Shows Well

Whether you are selling a house, townhouse, condo or apartment in Washington, DC, there are universal tips that will help it sell. Primary among those tips are making sure your home “shows well.”

Sell your house fast in DC

First impressions of houses for sale in dc goes a long way to determining how quickly houses will sell. Here are a few suggestions that will make your home in DC show well.

1. Be sure the approach to your home is clean, tidy and well groomed. Any brass should be polished, paint on the door should be in good condition and the door should be washed clean of fingerprints and paw marks.

2. If your home is a single family house for sale in DC, be sure the grass is cut, leaves raked, plant beds mulched and weeded, etc.

3. If your home is in a multi-family building, be sure the approach and hall to your home is clean even if it is not your job!

4. Be sure your home is tidy and uncluttered. This includes closets, cabinets, garages, and other storage areas. When “stuffed,” no amount of storage “shows” as adequate. When really messy, no room looks charming.

5. Make any repairs that are noticeably needed. Door handles and locks should fit well and firmly. Exterior doors should shut and lock solidly. Drains and downspouts should be firmly attached and clear of debris so water flows freely. Attached light fixtures should be firmly attached. All switches should turn on whatever they were designed to turn on — light, fan, disposal, etc.

6. Conventional wisdom dictates your home should be “neutralized.” You can’t really go wrong following this advice. You know the drill — beige or soft gray carpet, beige, gray, or taupe walls, white or off-white woodwork and ceilings. Sometimes a very soft gold or a soft sage green can also “read” as neutral.

7. If you have a sure sense of decorating homes (you probably do if family and friends frequently ask your advice and you enjoy making decorating decisions), and especially if you plan to leave color coordinated window treatments, you might leave more definite colors in place understanding that a potential buyer with no imagination might be put off by them and not think to request a “redecorating allowance” in a contract offer. Still, beautiful decorating which is not neutral undeniably attracts some buyers.

8. If your carpet is in poor condition, but you cannot afford to replace it, get several neutral samples in a mid-price range from a local carpet store, spread them on the floor, and add a note stating that you will be glad to provide a carpet allowance from the proceeds of settlement.

9. Dark homes for sale in dc show badly. Make sure lamps are on and lampshades are straight with the seams toward a wall. Make sure there is as much natural light as possible; have curtains, shades and blinds open.

Buyers in dc are looking for a home they can see themselves living in. Follow the above tips and you will position your home to sell quickly.

Fix It Then Flip It in DC

In Washington, DC the act of buying and flipping real estate has been refined to a fine art form. More and more people are making their fortunes in the Washington DC real estate market and its a simple truth that it can be done by anyone. It takes a great plan and some money to invest, but if done right the rewards can be astounding. No other area of dc real estate investment has consistently shown such a high profit margin and such a pattern of growth.

Fix It Then Flip it in DC

So what does it take to successfully fix & flip a home in DC? This depends on you. Are you a bit of a handyman? Or could you cut off your own finger with a spoon? If you are the latter you may want to engage the services of a contractor, it will likely save money, time and band-aids. Whether you choose to DIY or to hire someone to do the fixing aspect of this there are a few things they almost all fixer-uppers will need.

Paint is the most likely of these suspects. Most older homes for sale in DC have a somewhat neglected cosmetic makeup. A new coat of paint both inside and out can take years off a homes appearance and add nicely to its value. One place that usually needs a bit of love is the kitchen. As the highest traffic area in any home, kitchens can deteriorate faster than any other room. If you are looking for a quick way to increase your asking price, install all new appliances and redo the counter tops and cupboards. A modern and inviting kitchen is a great selling point.

If you have purchased a home as a “fixer-upper” chances are there are some aesthetic improvements that are going to be essential in terms of the property itself. To take care of the yard bring in a landscaper to create a new and dynamic flow for the property. New plants and flowers add a beautiful touch to a yard and can be one of the most inviting aspects of a home. The exterior of the houses for sale in DC are critical as the “visual impact” can make or break a sale. Just remember, the new asking price must justify the improvements that you have made. So never forget to plan your improvements carefully.