How to Buy Fixers for Profit

Do you dream of becoming a multi-millionaire real estate investor? Here's how to get started: find a bargain "fixer-upper" owned by a worried seller. The hardest house for a homeowner to sell is a "doghouse," "dump," or "fixer-upper." These run-down houses turn off most home buyers, who don't have the money to cover the down payment, plus closing costs, new furniture, carpeting, appliances, roof repairs, and other deferred maintenance required to bring the home back into top condition.

As you look through the classified ads or at real estate listings, keep an eye out for terms like "handyman special," "as is," "fixer," or other tell-tale phrase. Ask your buyers agent to list these words when scanning the Multiple Listing Service for you.

Why Home Sellers Accept Rock-Bottom Prices

Home owners' troubles often keep them from staying on top of their home's maintenance. Circumstances such as divorce, job loss, devastating illness, assorted addictions, or other personal problems quickly overcome distraught home owners, forcing them to sell. These home owners can't keep up with monthly mortgage payments and/or repairs because of financial or physical limitations. When these troubles arise, their home becomes a low priority and sometimes goes into foreclosure.

Find "Triple-D" Deals

Home sellers with three problems offer breaks to beginning real estate investors. A "Triple-D" deal is a Doghouse, involved in a Divorce, and in Default. The label "doghouse" comes from Southern California real estate agents who described the worst fixers this way. You may have seen ads for "ugly" houses. Often these "tired" houses need only cosmetic work in order to compete for resale with other homes in the area.

How to Compete in a Seller's Market

Once you've found a property that you can turn from doghouse to dollhouse, find out the seller's problem and then offer a solution. Distraught sellers commonly experience financial difficulties and need cash as soon as possible. Therefore, if you're ready to close rapidly, you'll be set to negotiate a lower sales price. Sellers with problems love it when an offer to purchase says "close in 10-14 days."

How to Complete a Fast Sale

Find an experienced lender and get yourself not only "pre-qualified," but also "pre-approved." Taking that second step assures worried sellers that you already have your loan in place for their property, and this puts you well ahead of other potential buyers.

Use a trusted closing or escrow agent who knows what they're doing; one not over-worked. Even in todays busy market, you can find an officer who can help you close in two weeks, when your financing is prearranged.

Real estate investing should be fun as well as profitable. Keep in mind that you're seeing potential when you view fixers. Enjoy your property search!

Copyright (c) 2005 Jeanette J. Fisher. All rights reserved.

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79 Ways For Kids To Exercise- - Indoors Or Out

79 Ways for Kids To Exercise Indoors or Out

Do you spend all your free time watching TV or playing video games? Two hours of TV or video games a day should be your limit, if you want to be healthy and strong and develop your creativity. Here are some exercise ideas!

1. Walk your dog

2. Walk your neighbors dog (with permission from your parents and your neighbor, of course)

3. Fly a kite

4. Toss a Frisbee

5. Ask your parents or grandparents to take you to a state park or other area where you can take a nature hike. Look for unusual plants, insects or wildlife and take samples or pictures for your science class or show and tell

6. Ride your bike

7. Skate

8. If you have a yard, pick up sticks or trash

9. Pull weeds

10.Rake the yard or garden

11.Play tag 12.Play hopscotch

13.Have a hula hoop contest, and see who can keep the hoop up the longest

14.Learn to juggle

15.Jump rope (boxers do it, and look how strong & healthy they are!)

16.Visit the zoo, amusement park or museum (lots of walking)

17.Wash the car

18.Have every family member wear a pedometer, and have a daily challenge to see who can take the most steps. Losers do winners chores the next day!

19.Shoot hoops

20.Play soccer

21.Play softball

22.Play badminton

23.Have a water balloon fight

24.Put on your bathing suit and run through the sprinkler

25.Go swimming (never without an adult to supervise!)

26.Give the dog a bath. The bigger the dog, the more exercise you'll get!

27.Sign up for a charity walk-a-thon with your parent, grandparent, or other relative. Youll help raise money for a good cause and get in shape at the same time. If your town doesnt have a walk-a-thon, start one for your favorite charity

28.Do jumping jacks

29.Do push-ups

30.Put on an exercise video and get a good workout

31.Do sit-ups

32.Learn to play golf, or caddy for someone else

33.Play tennis

34.Play miniature golf

35.Go bowling

36.Learn to twirl a baton

37.Take a class in martial arts and learn to defend yourself

38.Build a fort and play cowboys and Indians

39.If you have a two-story home or a home with a basement, carry out-of-place items up or down stairs, one item at a time

40.Run the vacuum

41.Wash windows

42.Clean your room

43.Ride your skateboard

44.Learn yoga, either at a class or from a video

45.Race-walk

46.Have relay races with your friends or family

47.Play touch football

48.Learn ballroom dancing

49.Learn hip-hop dancing

50.Take classes in ballet, jazz or tap dancing

51.Join a clogging or Irish step-dancing club

52.Learn to play an instrument and join the marching band

53.Join a gym or work with a private fitness trainer

54.Practice turning cartwheels in the yard

55.Walk on the beach and collect shells

56.Set up an obstacle course in your back yard, and practice going faster and faster through it

57.Have a tug of war

58.Get several parents & kids together and have one-legged sack races

59.Learn to water ski (again, make sure you have adult supervision at all times!)

60.Learn to surf (same as number 59)

61.Play hockey

62.Climb the monkey bars or a climbing wall

63.Go horseback riding

64.Learn gymnastics

65.Play volleyball

66.Play table tennis

67.Use normal household items and form a rhythm band. March around the house or neighborhood playing your instruments

68.Pull your little brother or sister around the yard in a wagon

69.Play croquet

70.Have a long-jumping contest with your friends, and see who can jump the farthest

71.In the winter, you can ice skate;

72.Ski- - either downhill or cross-country

73.Build a snowman

74.Build a snow fort and have a snowball fight

75.Go sledding

76.Shovel snow off your sidewalk or driveway

77.Take your dog outside and play fetch in the snow. Most dogs love snow!

78.Take a walk in the snow, then try to step in your own tracks all the way back

79.Shovel snow off someone elses walk, either as a favor or to earn money

What are you waiting for, kids? Start moving!!

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Refinance Rental Property - Don't Sell It

You own a rental property for years, and never see the "big pay-off." Is it time to cash in on your investment, now that you've paid down the mortgage, and values are up? Maybe not.

The Problem With Selling

Selling means you'll have to pay a large capital gains tax. This can be avoided if you reinvest through a 1031 exchange, but then the point is that you want your money, right? Also, a good rental gets more income as rents go up. Do you want to lose this inflation-indexed retirement plan? What's the alternative?

Refinancing Rental Property

Have you considered that if you refinance, you can get much of your gain out of the property, without paying a penny in taxes? Borrowing money is not a taxable event. You can take it and spend it however you want, and still keep your rentals.

Let's look at an example. Suppose you have owned a small apartment building for years. You bought it for $240,000, with a downpayment of $40,000, and mortgage payments of $1650 monthly on the balance. Now it is worth $400,000, you only owe $120,000, and your cash flow is around $800/month. How do you get at that equity?

A bank will probably loan you 70% of the value, or $280,000. After paying off the first mortgage, you are left with $160,000. With todays lower interest rates, your payment on the new mortgage will be about the same. At most you might lose $50/month in cash flow.

An even better scenario: Use $40,000 for high-return upgrades to the property, such as carports or laundry rooms, and then raise the rents. You could have $120,000 left over to spend any way you want, AND have higher cash flow. Does that sound better than selling your retirement plan? Don't sell. Refinance that rental property!

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