Flipping Commercial Real Estate by toriola1


									                                                Presented by Daniel Toriola

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                              How We Made $45,000 Fixing And Flipping A Mobile Home
                                                              By Don Glasgow

    In April of 2005, my Mom (who, like me, is also a real estate agent) was looking through our local
“Thrifty Nickel” weekly classified ads newspaper. She saw a very interesting ad and brought it to my
attention. The seller who placed the ad offered to sell six mobile homes, all on their own lots. The
mobile homes were real property, not mobile homes located on rented lots. They were all being offered
with seller financing.

The seller lived out of town and when we called him, he told us the mobile homes had been empty for
a couple of years. He said to drive by them and then call him back if we were still interested.

Of course we, (my Mom, Dad and I), went to look at them immediately. One was occupied by a
transient squatter, so we couldn’t get in to that one. Four were literally falling apart from rotten roofs
and all the rain we had been getting. The last mobile home was in good enough condition to consider.
We called the owner and asked him to meet us, so we could get in to look at it.

Our initial inspection revealed outdated appliances (think yellow and avocado colors). There was
rotting under the kitchen sink, and an ugly master bath shower that had been painted in order to make
it “look better”. There were different types of carpeting in each of the rooms, and there were water
leaks in the roof in various places.

Of course if you have ever worked on a fixer-upper you know that what you see on the surface is not
the only work that needs to be done and we took that into account.

We went ahead and bought the mobile from the owner for his asking price of $65,000 by putting
$5,000 down and creating seller financing for the balance at 8% interest for 30 years with no balloon
payments. I think our payment was about $500/month.

We put about $10,000 and a ton of sweat equity into the property over the next 90 days.

As we were working on the mobile home, we found lots of extra things that needed to be fixed. For
example, we took out the old shower stall in the master bath so that we could put tile in. After it was
out, we found that the flooring under the shower and under the hot water heater, located directly
behind the shower, were rotted through. The rotten flooring had to be replaced, and then the hot water

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How I Made $200,000 Fixing Up Houses Part Time, Make money repairing houses, buy, fixup and sell homes for profit!
                                                                                                                     Page 1
                                   Presented by Daniel Toriola

heater had to be replaced. Those were just one of several unanticipated costs and repairs.

Other items of repair or upgrading included:

•Replacing all of the carpeting.

•In the kitchen: replacing the kitchen sink, repairing the rotten floor, painting the walls and cabinets,
adding a dishwasher, a disposal, and then replacing the stove and the refrigerator.

•Repairing the roof and then painting the ceiling where the water staining had occurred.

•In the master bathroom we replaced the vanity, the mirror, and the lights. We also tiled the shower
and tiled the floor. This work is what really sold the home…it looked awesome!

•Outside we cleaned up the knee high weeds, removed dead bushes and trees, trimmed the
over-grown shrubs and then planted lots of flowers.

•The home also included a sunroom which had rotten walls, and ceiling from the leaking roof. The
sunroom was also heavily infested with termites. This room had to be almost totally rebuilt. Termite
eradication was $500.

•We also hauled away seven large trailer loads of trash and remodeling debris.

•Nearly all of repair and remodeling work was done by my dad. (Way to go dad!)

When finished, we ended up putting the mobile home up for sale at $130,000. This was three months
after we bought it.

We had it for sale for about three weeks and then withdrew it because we started thinking about using
it as a rental. It would have rented for about $800/month giving us about $300/month positive cash
flow, before expenses.

The day after we took the home off the market, we received an offer from a buyer for $120,000, cash,
which we accepted.

After the remodeling dust had settled, we made $45,000. This was a tidy profit for 90 days of fix up
work. We haven’t been able to find anything like this deal since then, but we keep looking!

This content is provided by http://DonGlasgow.net and may be used or republished only in its entirety
with all links included. More investing articles:
http://www.stgeorgerealestate.info/RealEstateInvestingInformation. &

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                                                Presented by Daniel Toriola

                                                 Flipping Commercial Real Estate
                                                                  By Kim Lee

 Are you interested in making money with commercial real estate? If so, one of the best ways that you
can do this is by flipping these properties. Chances are that you have heard of flipping residential
homes. But there are a lot of people who are not aware that this can be done with commercial real
estate as well. Flipping the commercial real estate is a great way for you to make a lot of money. But
just like most things, you need to know what you are doing before you can get started flipping
commercial real estate.

The first step of flipping commercial real estate is to find a property that fits the mold. After all, you are
not going to be able to flip a property that is already in great condition. You will instead have to find
something that is a bit run down. This way, you can buy at a low price and then sell for much more.

Once you have located a property, the next step is to negotiate the best possible price with the seller.
Remember, flipping commercial real estate starts with getting a good deal on the sale price. The
cheaper that you buy the property for, the more you are going to be able to make when you resell it in
the future.

After you buy the property, the real fun starts. This is when you actually begin to flip it. During this
process you will want to do whatever it takes to get your property up to par with the rest of the real
estate in the area. While you are doing this, make sure that you keep a close watch on your budget.
Remember, the only way that you make money is to keep costs to a minimum and then sell at a high

As you can see, flipping commercial real estate is a great way to make money. If you think that you are
up to buying, fixing, and selling, you will want to look into this way of investing. Even though flipping
commercial real estate is not right for every investor, there is a large group or people who make a
killing this way.

For more Information check http://www.rentinsingapore.com

Kim Lee writes for Singapore's Rental Portal http://www.rentinsingapore.com

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                                               Presented by Daniel Toriola

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