FLIP THAT PROPERTY - MAKE MONEY FAST
Here are some basic information on how to flip a property and make good NET revenue in only 4-6 months. For more detailed information please call me at 416-704-6880.
I will be able to show you my extensive portfolio on fliping real estate homes in East Mississauga, Rockwood Village, Applewood Hills, Cooksville, West Toronto, Etobicoke, Clarksson Village, Port Credit and other neighborhoods within Great Toronto area.
I specialize but I am not limited to small investments purchasing real estate homes up to $500,000
STARTER'S GUIDE-WHAT YOU NEED TO KNOW
1. Ideally you should have 20% downpayment of the purchased price. This is important since you will not have to pay for mortgage insurance if you can put down at least 20% of that purchased price. For example if your downpayment is only 5% then on top of your mortgage ammount another 2-3% will be added which is basically your NET INCOME bank will take away from you. On a $200,000 purchased price it can be up to $6,000 dollars you will have to pay extra on top of your mortgage at the time of selling the property. THIS IS YOUR NET REAL ESTATE INCOME.
If you don not have 20% down but still would like to start making money by renovating the properties and reselling them, please do consider it. You will make little bit less then ideally but on your next one you will have 20% down, already.
2. Your closing costs on a purchase will typically be $1,300-$1500 to the lawyer and 1% of the purchased price to the province of Ontario for Land Trasfer Tax.
If you are buying in the city of Toronto,Etobicoke,Scarborough,York and North York additional 1% will be added for the city tax. However, new Major Rob Ford promised to cut this tax. Hopefully for 2011 already.
Also if you are a FIRST TIME BUYER you do not have to pay any tax if you buy UNDER $200,000. I repeat:YOU DO NOT HAVE TO PAY ANY TAX.
3. Your renovation costs will vary but most of my small real estate investors keep these costs within $15,000-$20,000 dollars
4. I offer great commission discount to my investors and renovators. You need to contact me to learn more and establish commission discount for your investment.
5. Your NET income will also vary, but on an average small investment up to $200,000 in purchase price the typical range is from $15,000 up to $30,000 NET REVENUE
There are many more TIPS I can give you on fliping and renovating the properties but I would have to meet you in person to discuss these details.
Please click on the link below and see how my real estate investors successfully transformed some of the properties in no time (One to Five days on the market!)