Real Estate Marlon- Wholesale deals are a quick way to make some easy cash. While wholesale is not the main strategy of a sound investor, it is a great way to build capital to allow a new investor to take things to the next level in real estate. The best thing about wholesale real estate is that it takes no cash or credit to get started!
This should be a quick flip, helping a family sell a tax delinquent property!
This should move fairly quickly!! Great deal in south Houston!
Houston needs more multifamily, and office is seeing its most prosperous cycle in more than 30 years, real estate experts at CBRE Group Inc.’s (NYSE: CBG) Houston office said at a quarterly press luncheon Tuesday.
Simmi Jaggi, first vice president with CBRE’s land group, noted the latest trend among master-planned communities in the area is the land tracts surrounding them are going to greatly benefit.
“If you are an owner in a hot spot with premium property, you’re getting premium pricing,” she said. “Land across all industries is hot, and retail has just caught up.”
Alex Makris, senior associate of the retail group, expanded on the sector’s pent-up demand with grocery being a big player in “power center development.”
Some strong retail nodes in Houston, like Willowbrook and the Westheimer corridor between the Beltway 8 and Eldridge, are likely to see some revitalization.
On the property assessment front, Steve Duplantis, senior managing director of the South Central region of CBRE Valuation & Advisory Services Group, said that many properties in Houston have been under-assessed, and some tax increases within the last quarter are reasonable.
Sanford Criner, executive vice president, mentioned this is an interesting time in the downtown office market because there is very little difference between rates being charged on existing Class A buildings and rates at brand-new buildings.
“I see a relatively healthy office market,” he said. “I’m not seeing development at a pace that we can’t absorb.”
Shaina Zucker covers commercial and residential real estate, construction, retail and hospitality for the Houston Business Journal. For her breaking stories and industry insights, follow her on Twitter.
Buy a run-down house on the cheap, renovate it, and sell it within six months for a tidy profit. Home flipping is becoming popular again.
However, it is difficult to find statistics concerning this trend. The problem is that many people buy a house, fix it up, and then sell it by themselves. Thus, it often is not included in statistics published by real estate associations.
The most recent information is from RealtyTrac, which covered January to July in the Midyear 2013 Home Flipping Report. RealtyTrac states that 136,184 single family homes were flipped during the first half of this year. This is a small fraction of the estimated annualized rate of 5.6 million homes sold in the United States based on August data.
While the absolute numbers are low, the growth rate is high. Flipping increased by 19 percent since midyear 2012 and 74 percent since the same period in 2011. However, markets such as Las Vegas, Phoenix, Southern California, and Atlanta reported a slowdown in flipping, while New York, Washington, D.C., and Chicago reported an increase.
By far the most houses were flipped in California and Florida, 18,407 and 17,707 respectively, during the first half of this year. All other states were far below the 10,000 number.
“With the housing market revving up over the past year, we’ve experienced a large influx of house flippers getting back in the game. They’ve been hibernating for quite some time and are ready to come out and play,” according to an article on the Fix&Flip website.
Celebrities Attracted to House Flipping Some Hollywood actors take on house flipping as a hobby. Often, they renovate the house while still living in it.
“Actors Jeremy Renner and Kristoffer Winters, who both appeared in the film ‘The Hurt Locker,’ have done about two dozen house flips in the Los Angeles area,” and got into house flipping during idle times, according to the Realtor Mag website.
Brad Blumenthal, who featured in the classic Quentin Tarantino film “Pulp Fiction,” renovated an estate and listed it for $28.8 million in July. He told Realtor Mag that he has not lost any money on house flipping and would only take on a project if it is a “no-brainer.”
Real estate agents told Realtor Mag that Diane Keaton, Corbin Bernsen, Amanda Pays, Jane Seymour, and other actors have done quite well in the house flipping market, although many of them hire someone to do the renovation.
However, the process is not as easy as it sounds, and Winters admitted, “It’s a big gamble.”
House Flipping Snags “The masses believe in the dream that’s been promised to them, that they’ll be making a fortune in the next six months. … If it were as easy as they make it seem, 286 million people would be flipping real estate,” said Manuel Iraola, president of Miami-based Homekeys.net, in an article on MSN Real Estate.
According to real estate experts, there are a number of drawbacks, the most important one being financing. Getting a loan for the home renovation is not easy. And unless one has cash to cover all contingencies, including materials, unexpected repairs, and so on, one should not even think about taking on a house flipping project. In addition, there are property tax considerations.
Accordingly, the experts say that someone who has never renovated a house should not even consider taking on such a project.
DETROIT (CBS Detroit) When Barack Obama’s administration officials were in town Friday, they announced part of the $300 million in federal funds coming to Detroit would include a blight task force, with an influx of money and energy. Longtime Detroit booster – Quicken Loans’ chairman Dan Gilbert — is on the newly formed blight task force and discussions reveal his plan for Detroit’s face lift aren’t just skin deep. “Getting down all these homes that are blighted and commercial, what we need to do is just stop incrementalizing it,” he told WWJ’s Beth Fisher. “The problem is if you incrementalize this stuff then other people are willing to leave their homes and create more and more blight.” Gilbert wants all the abandoned homes in Detroit to come down fast, even in one fell swoop. Abandoned homes and blighted neighborhoods have bedeviled the city since Detroiters started fleeing for the suburbs in droves more than 40 years ago, with the city losing another 25 percent of its population in the last decade. Deadline Detroit reported Gilbert even talked about erecting a huge billboard somewhere around town with a countdown of buildings as they come down. Detroit has an estimated 78,000 abandoned structures, and teardowns have been a focus of the last several administrations. Ex-mayor Kwame Kilpatrick made tearing down abandoned buildings a focus of his now-defunct administration, but the teardowns happened dozens at a time, not thousands, as Gilbert is advocating. Mayor Dave Bing is in the midst of a four-year plan to tear down 10,000 buildings in the city considered dangerous. Other efforts aimed at reducing Detroit’s abandoned housing problem included a 2012 effort to offer homes that didn’t sell at auction for $500. Even squatters were eligible to buy. Abandoned houses not only bring visual blight and drive down nearby home prices, they also become havens for drugs, prostitution and other crime, police have said. Tearing down houses is expensive, with some estimates at $10,000 each. It also takes widespread organization to deal with surveys, permit processes, taxes, and more.
