Real estate tips and tricks from Armando Montelongo
The Best House to Buy for Flipping
People who want to get into the real estate investing business always want advice about what kind of houses to buy and flip.
From the day I started flipping houses to today, my simple answer has been the same:
Buy houses that you can sell quickly.
So what sells the fastest? The familiar three-bedroom, two-bath house. Most people either grew up in a 3/2 or have lived in one for most of their lives. It’s become a standard, especially among our target audience, the middle-income buyers.
The traditional 3/2 is a good size for the traditional family, and even for a lot of non-traditional families.
Turns out, people also are looking at traditional sizes as well. A recent survey showed that the most buyers were looking for a house between 1,400 and 2,000 square feet.
People are figuring out they don’t need as much space as they thought. Ten years ago, 22 percent of buyers wanted houses with more than 2,600 square feet. Today, that number is down to 18 percent.
The other thing that sells houses fast: A competitive price. You want to know your market and price it below what other sellers are asking.
If you want an exact number, more and more people – 45 percent, in one survey – are looking for houses that cost less than $200,000. And that’s not as tough as it sounds, since median prices are down from $297,000 to $272,900 in the last five years.
One of the blogs from the National Association of Realtors has a lot of good info on median home size and prices on a national basis.
Of course, the other thing I always tell people is to understand their markets. Get to know the area, and get to know the people who know it. Nothing beats knowing your submarkets like the back of your hand. Do your research as you’ve been trained, pick a half dozen zip-code specific (or smaller) submarkets – then get to work.
I can’t refute anything your saying Armando.
Don’t get greedy on your asking price. Singles and doubles are fine. You don’t need a home run because they sit on the market longer. I work with over 20 of your graduates from Boots on the Ground Armando. That is the biggest problem. Investors see the market value says $175,000 for a home once they have it ready to go and instead of putting it back on the market at $150,000 they want to go for the $175,000 which just increased the days on the market. If you purchase a home for $80,000 and put $20,000 why not go for less and a faster turn around because you already have another flip your working on.
If you could educate everyone on this fact Armando I believe it would be well worth it.
I couldn’t agree with you more. Walmart sells everything for less, but they have an efficient system that allows them to sell more items faster so they don’t have to hold out for for the top dollar- they will make it up in volume.
i am looking for a house
Hi,
saw your Email and i would like to know more about how a guy like me with no real estate experience can benefit from being taught over the internet. IF i had one on one training for a couple of hours a week, then i know that i could do it. HELP!
Les Collins
Looking for someone to sponsor me in the Real Estate Business. Unemployed and currently have no funds on-hand. I believe that the time is right to invest while the prices appear to be the lowest ever. Currently, I need a helping-hand up to get my life back-on-track.
Unemployed? Where are you living? Wanting to live? Willing to re-locate to Logan, UT? or SLC? My wealthy brothers found out about these Armando classes of mine & they are the trustees on my Dad’s estate — so they cut back on my cash flow “because they do not trust me & my hare-brained schemes.” — Whatever. — I can (in Logan) get some houses under $100,000 — but I need a helper to run this side of the business. I am a senior citizen — Send me a text, OK? to (435)764-0562.
louis im willing to relocate from tampa i went to the flip and grow rich seminar here
I live in Washington state. Most people wanting to buy in our area, want a place that is 3 bed/2 bath, 1700 sqft and has the main bedroom on the ground floor. 90% of the home in our area are two story buildings.
Hi Jack,
I am also in the Washington state wolf pack. Where are you located? We should network.
You should go on the bus tour very good networking place. I just came from the Oct 2012 tour and it was awesome.
I own my own broker mortgage company. My son and I have a lot of leads for investment opportunity on homes to buy but we need to find investors with money to help us get started. My son is an electrician and I do mortgage loans. Anyone willing to partner with us? We live in Kentucky.
What part of Kentucky are you in? Have you been on a bus tour?
have money. talk to me.
As a Real Estate Broker/Owner of Turner Real Estate Group in Mandeville, Louisiana I face the same challanges with consumers whom I have their properties listed. Price the home to get a many people through the door as quickly as possible. Get paid and move on to the next project or phase of your life.
Hello everyone, I just found out about Armando’s program. I’m feeling disbelief that his techniques really works, but I’m willing to give it a shot. I Have no idea about doing real estate, but I’m excited to learn all the techniques and get all the advice that I can get to get started and make big bucks. I live in central jersey can anyone guide me with advice on how to get started…??
Thank you
Yani
I just signed up for Armondo’s April bus tour. I’m excited to be part of this extraordinary venture. I would like to talk to someone who just came off the bus tour. let me know how your experience was and how you are doing now with investing.
I live in Pittsburgh, PA. We have a growing house marketing in this city. I work for some investors doing remodeling for this people to flip houses. I have the tools, the people and the knowledge to do the job. Unfortunately I don’t have the back up money to start my own bussines. I’m looking for an ivestor wiling to provide the money and I will provide the labor. Is a good market with a lot of potential. Can contact me at kreteman48@yahoo.com. thanks for take the time to read this.
Hi, I’m a 22 year old woman. I have the drive and dominant attitude to take this business venture by storm. I see being in real estate is getting more and more popular every day. I’ve always had a interest in real estate just was never ready to start. I am ready now! I have no experience but learn very quickly. I am unemployed at the moment and have no funds to start. Maybe there is someone out there that will take chance on a young woman. Willing to relocate and do everything I can to succeed at this!
Armando
Congratulations. Your wife is beautiful. Keep her happy and she’ll always love you.
I need to know the “flipping formulas”. I couldn’t write fast enough to keep up with Alex’s lecture on March 15th so my notes are incomplete. Would you please give me the 65% of FMV for ASV
and the % of which of the two that repairs and closing costs should be. Also I need to know where to look to determine
if a flipping house might sell fastest? I can’t get much from MLS because the realtor is beginning to treat me like I am a pest stealing his time. Therefore I need another realtor or another place to liik for that info. I;ve got to find “hyper” neighborhhods some other than the MLS days on the market. Can you suggest some ways that I can search in the Clearwater or Palm Harbor FL areas?
I have 3 houses in site that I will love to flip starting at 25,000 to 70,000 but I don’t know how to get started. Credit is poor and no money in the bank to back me up. So what’s the first step
Get starting by coming to one of my LIVE Events: http://armandolive.com/fb