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When it [link widoczny dla zalogowanych] comes to real estate investments, your ability to determine [link widoczny dla zalogowanych] the value of properties [link widoczny dla zalogowanych] right away is the cornerstone to your success. Without it, you are doomed to fail. Therefore, you need to learn this skill set. Don't worry. In this real estate investing 101 article, you will learn everything you need to know about it
As hard money lenders, it's [link widoczny dla zalogowanych] our job to come up with very powerful techniques to [link widoczny dla zalogowanych] help you determine if a property is really worth it. You've gotta learn some simple real [link widoczny dla zalogowanych] estate investing 101 terminology in order to be able to sort different properties out
The first real estate investing 101 term we can begin with is ARV - after repaired value.
Here's what ARV means:
After Repaired Value is the worth of a home after the new repairs are made
When you are working on the improvements, you want to make sure you are doing repairs that gives you more than a hundred percent return.
If you spend a thousand dollars on something, you want to be sure that you get a two thousand dollar return. So, if you are investing in carpet or paint, for instance, you make sure that you earn [link widoczny dla zalogowanych] two thousdand dollars from an investment of thousand dollars [link widoczny dla zalogowanych] you spend. Now, there is always a particular task that you are just going to break even on.
At certain properties, the doors could be in a very bad condition. If that's the case, you'll have to spend thousand bucks or more replacing them. Make sure that you hit even with these repairs.
There are always certain repairs which aren't going [link widoczny dla zalogowanych] to give you a [link widoczny dla zalogowanych] dollar for dollar return on investment. It's essential that you take care [link widoczny dla zalogowanych] of certain basic things though
Replacing the driveway even if it has a big crack isn't going to add value to the property
Investing $20,000 on certain improvements is never going to add $20,000 in sale value to the property. You have to focus on the right things. Make use of the 80-20 rule to determine what improvements will increase the sale value and focus on that.
You need to do everything that you can do to focus on the things that will increase the appeal of the property. Work on the kitchens and the bathrooms. That's what the ladies look for. If the kitchen is great and the bathroom's are easy to clean, your property will seem very attractive to the prospect. Therefore, you can sell it for more..
The key is to make your prospects imaginge themselves living in a home like this. You have [link widoczny dla zalogowanych] to make them feel. Tap into their imagination by making the property seem as attractive as possible. If you invest in kitchen and bathrooms, the property will seem more appealing and they will feel an emotional connection with the house.
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