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April Challenge

Talking about anything that doesn't fit into other categories of this personal development forum

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April Challenge

Post by billionairekid18 on Tue Mar 31, 2009 3:34 pm

Hello everyone. This is going to be my own challenge thread for the month of April. I have one goal that I'm going to be working towards. Flipping one house and making at least $15,000 in profit. This is a big goal that is easily attainable with the right plan of action. I'm currently looking at bank owned homes right now to move forward. I will update a little later on my progress and what I exactly expect to do. I have to do some work right now :o
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Re: April Challenge

Post by JMT on Tue Mar 31, 2009 5:30 pm

so you are in real estate? It´s a tough business but I´m sure you can acheive your goals.

Looking forward to read your success story ;)
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Re: April Challenge

Post by billionairekid18 on Wed Apr 01, 2009 4:33 pm

This morning I have put in the first call on the first property I'm interested in. I have a feeling this one could be the property I buy for a few reasons. It's in a market I know has the ability to move the property, it's close to home, it's at a low enough price range to move, and it appears to be in good condition.

I'm awaiting the real estate agent to call me back right now. Early predictions for profit after paying off the investor show I could make as much as $55,000 on this deal alone. Now, we will have to see what the inside of the home looks like and whether or not I'm going to be able to get the property at the discount I saw it listed for. It is a foreclosure so I'm going for it hard. Deals like this don't sit forever.
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Re: April Challenge

Post by Geofisico on Wed Apr 01, 2009 5:54 pm

The business sounds pretty good, hopefully you are going to do a good deal. Is this your first deal in the real state business? I know that this business involved investing a lot of time in order to analize the market and closing your first deal. Can you give me your impression about this, I like to learn a little about this business.

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Re: April Challenge

Post by billionairekid18 on Wed Apr 01, 2009 6:31 pm

My strategy for investing in real estate is pretty simple. I'm going to pick the brains of the real estate market in my area before I do anything. I am going to contact many agents first, ask about the market, what houses are selling, what is the reason they're selling and note all of this. Then I'm going to pick the agent based on their ability to serve me.

The house part for me is going to be pretty easy. I already know what I'm looking for, my father is a very experienced carpenter and will be able to help me with examining the structural integrity of the home, and so it's just going to be deciding what is necessary to sell the home. I'm going to base my anaylsis of what I do to the home based on what's selling right now. Then I'm going to look for contractors to do the work which is the hardest part.

After setting up a schedule and price range for the work, getting it done is the next part. Then I get the house on the market as fast as possible.
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