翻卖房子（flipping）的四项“新”规则
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TangMu Song
May 15, 2013, 4:39:08 PM5/15/13
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翻卖房子（flipping）的四项“新”规则
By commonsense888
除了做地主，另一个房产投资的方法就是翻卖房子（flipping)， 下面的文章列了四项“新”规则，不知是否真的是新的。第一选好地点，（现在的热
点：佛州，亚利桑那的图桑，Richmond, Virginia; and Charlotte, North Carolina,） 第二，现金是
王，第三适度装修（多做表面文章，如地板，门窗，简单厨房装修），最后是做好短期持有的准备。
看来翻卖房，可以有70%的回报。不怕烦，有做项目经验的，有资金的也许可以一试。有一经纪一直想拉我一起做，但我不是很感兴趣，没时间和精力。
作者认为现在是翻卖房子的理想时机，现在还不进场，你一定是“疯”了。"In some ways, this is a dream
environment," Heller says. "You would be crazy to be on the
sidelines."
The New Rules of House Flipping
ReutersBy Chris Taylor | Reuters – Thu, Apr 18, 2013 10:51 AM EDT
Reuters - A vacant, boarded up house is seen in the once thriving
Brush Park neighborhood with the downtown Detroit skyline behind it in
Detroit, Michigan March 3, 2013. REUTERS/ Rebecca Cook
NEW YORK (Reuters) - When the housing market went bust, house flippers
went into hibernation. Now, as the recovery creeps along, bargain-
hunters are once again looking for homes to fix up and resell for a
quick profit.
Just take a look at the numbers. Home values are on the rise, with a
year-over-year price increase of 11.6 percent, accordiing to the
National Association of Realtors. Inventory has cratered to levels not
seen since 2005.
Irvine, California-based RealtyTrac, an online marketplace for
foreclosure properties, says that flipping - defined as buying and
selling a property within six months - rose for the second year in a
row, up a slight 0.33 percent in 2012 after logging a 12 percent
increase in 2011. Those deals were churning out real gross profits, at
an average of $37,375 per transaction for all of 2012.
Today's flippers have learned some hard lessons. The housing crash of
2006-2011 wiped out more than $7 trillion in household wealth across
the nation, according to data from the Federal Reserve. The fallout
left countless speculators holding properties they could no longer
move.
This time, homebuyers are being more selective - putting more money
down and making calculated bets on smart renovations.
"There are fewer real estate investors now, compared to during the
boom. But this time, they have really done their homework," says Andy
Heller, author of "Buy Low, Rent Smart, Sell High: Real Estate
Investing for the Long Run."
Here are a few tenets to hold close, as you tiptoe back into this
dangerous game:
1. Pick your spots
The best places to flip in 2012 included Orlando, Florida; Richmond,
Virginia; Tucson, Arizona; and Charlotte, North Carolina, according to
RealtyTrac. Flipped homes in Orlando, for instance, were bought for an
average of $100,397 and sold for an average of $174,895, for gross
profits of almost $75,000.
Jon Maddux, a San Diego-based house flipper and founder of the site
AfterForeclosure.com, also found luck in Atlanta, Georgia - far beyond
his local region. The one-year average price increase their stands at
13.4 percent, according to the S&P/Case-Shiller Home Price Indices, 2
percent above the national average.
Last year, Maddux, 39, and a business partner bought two single-family
homes. The first they bought for $62,900, put in about $28,000 of
renovations, and sold for $139,000. The second house they purchased
for $79,000, chipped in $25,000 to rehab, and sold for $149,000.
A caveat: Since home prices are not exactly secret information, it
means if you find a promising area to invest, other flippers will
likely be there, too.
2. Cash is king
During the housing boom, late-night infomercials blared about how
anyone could flip a home without putting in a dime of their own.
But this time, banks have tight restrictions, and that means real
estate investors coming in with all-cash deals have the upper hand.
They can move faster and offer quicker closes than, say, first-time
homebuyers who are constantly having to wrangle with their bank.
Even better, having cash on hand "can actually generate you some
significant discounts on the deal," says Heller.
3. Renovations matter, but stick to a budget
In today's market, you will likely only get a bargain if the house is
in truly rough condition. There is no shortage of homes that need
upgrades, though. In 2012 there were 1.8 million properties in America
with foreclosure filings, according to RealtyTrac, many of them in
poor condition.
While every property is different, Maddux suggests spending up to
around 25 percent of your expected sale price on necessary upgrades.
Exceed that level, and the economics of your flip start to get
riskier, with scant room for error if buyers do not show up.
The renovations that offer you the most money back upon resale,
according to Remodeling Magazine's 2013 Cost vs. Value Report: Unsexy
projects like window replacements, minor kitchen remodels and fixing
garage doors.
Heller likes to focus on the basics - doing a fresh paint job,
installing gleaming new floors, fixing any problems like leaks - and
then providing an additional "improvement allowance," so the new buyer
can tailor the home to their personal specifications.
With his latest project in Marietta, Georgia, he bought a single-
family home for $205,000. Heller put in $17,000 worth of upgrades,
most of it for a paint job and new flooring. He got an offer within a
few weeks for $270,000.
4. Be prepared to hold
Back in 2003 the Federal Housing Administration (FHA) instituted anti-
flipping regulations, prohibiting insuring a mortgage on a property
owned by the seller for less than 90 days.
Those rules have been waived since 2010, in a bid to support the
housing market. But a quickly-flipped home requires documentation on
renovations, as well as additional appraisals, to justify a much
higher resale price if the deal involves an FHA-insured loan. And in
practice, many skittish banks still adhere to the 90-day rule, says
Maddux. That is why the average flipping time from purchase to resale
is just over that level, at 106 days, according to RealtyTrac.
"That seems to be the sweet spot for a profitable deal," says Daren
Blomquist, vice president at RealtyTrac. "Back in the housing bubble,
many flippers were solely relying on price appreciation, sitting back
and selling for big profits within a month or two." Now, real
improvements are needed, he says.
Do not expect to flip the property within days and realize lightning-
quick profits. You may want to rent it out for a while as the housing
market continues to recover, says Heller, in order to cover some costs
and eventually secure an even higher resale price.
"In some ways, this is a dream environment," Heller says. "You would
be crazy to be on the sidelines."
By commonsense888
除了做地主，另一个房产投资的方法就是翻卖房子（flipping)， 下面的文章列了四项“新”规则，不知是否真的是新的。第一选好地点，（现在的热
点：佛州，亚利桑那的图桑，Richmond, Virginia; and Charlotte, North Carolina,） 第二，现金是
王，第三适度装修（多做表面文章，如地板，门窗，简单厨房装修），最后是做好短期持有的准备。
看来翻卖房，可以有70%的回报。不怕烦，有做项目经验的，有资金的也许可以一试。有一经纪一直想拉我一起做，但我不是很感兴趣，没时间和精力。
作者认为现在是翻卖房子的理想时机，现在还不进场，你一定是“疯”了。"In some ways, this is a dream
environment," Heller says. "You would be crazy to be on the
sidelines."
The New Rules of House Flipping
ReutersBy Chris Taylor | Reuters – Thu, Apr 18, 2013 10:51 AM EDT
Reuters - A vacant, boarded up house is seen in the once thriving
Brush Park neighborhood with the downtown Detroit skyline behind it in
Detroit, Michigan March 3, 2013. REUTERS/ Rebecca Cook
NEW YORK (Reuters) - When the housing market went bust, house flippers
went into hibernation. Now, as the recovery creeps along, bargain-
hunters are once again looking for homes to fix up and resell for a
quick profit.
Just take a look at the numbers. Home values are on the rise, with a
year-over-year price increase of 11.6 percent, accordiing to the
National Association of Realtors. Inventory has cratered to levels not
seen since 2005.
Irvine, California-based RealtyTrac, an online marketplace for
foreclosure properties, says that flipping - defined as buying and
selling a property within six months - rose for the second year in a
row, up a slight 0.33 percent in 2012 after logging a 12 percent
increase in 2011. Those deals were churning out real gross profits, at
an average of $37,375 per transaction for all of 2012.
Today's flippers have learned some hard lessons. The housing crash of
2006-2011 wiped out more than $7 trillion in household wealth across
the nation, according to data from the Federal Reserve. The fallout
left countless speculators holding properties they could no longer
move.
This time, homebuyers are being more selective - putting more money
down and making calculated bets on smart renovations.
"There are fewer real estate investors now, compared to during the
boom. But this time, they have really done their homework," says Andy
Heller, author of "Buy Low, Rent Smart, Sell High: Real Estate
Investing for the Long Run."
Here are a few tenets to hold close, as you tiptoe back into this
dangerous game:
1. Pick your spots
The best places to flip in 2012 included Orlando, Florida; Richmond,
Virginia; Tucson, Arizona; and Charlotte, North Carolina, according to
RealtyTrac. Flipped homes in Orlando, for instance, were bought for an
average of $100,397 and sold for an average of $174,895, for gross
profits of almost $75,000.
Jon Maddux, a San Diego-based house flipper and founder of the site
AfterForeclosure.com, also found luck in Atlanta, Georgia - far beyond
his local region. The one-year average price increase their stands at
13.4 percent, according to the S&P/Case-Shiller Home Price Indices, 2
percent above the national average.
Last year, Maddux, 39, and a business partner bought two single-family
homes. The first they bought for $62,900, put in about $28,000 of
renovations, and sold for $139,000. The second house they purchased
for $79,000, chipped in $25,000 to rehab, and sold for $149,000.
A caveat: Since home prices are not exactly secret information, it
means if you find a promising area to invest, other flippers will
likely be there, too.
2. Cash is king
During the housing boom, late-night infomercials blared about how
anyone could flip a home without putting in a dime of their own.
But this time, banks have tight restrictions, and that means real
estate investors coming in with all-cash deals have the upper hand.
They can move faster and offer quicker closes than, say, first-time
homebuyers who are constantly having to wrangle with their bank.
Even better, having cash on hand "can actually generate you some
significant discounts on the deal," says Heller.
3. Renovations matter, but stick to a budget
In today's market, you will likely only get a bargain if the house is
in truly rough condition. There is no shortage of homes that need
upgrades, though. In 2012 there were 1.8 million properties in America
with foreclosure filings, according to RealtyTrac, many of them in
poor condition.
While every property is different, Maddux suggests spending up to
around 25 percent of your expected sale price on necessary upgrades.
Exceed that level, and the economics of your flip start to get
riskier, with scant room for error if buyers do not show up.
The renovations that offer you the most money back upon resale,
according to Remodeling Magazine's 2013 Cost vs. Value Report: Unsexy
projects like window replacements, minor kitchen remodels and fixing
garage doors.
Heller likes to focus on the basics - doing a fresh paint job,
installing gleaming new floors, fixing any problems like leaks - and
then providing an additional "improvement allowance," so the new buyer
can tailor the home to their personal specifications.
With his latest project in Marietta, Georgia, he bought a single-
family home for $205,000. Heller put in $17,000 worth of upgrades,
most of it for a paint job and new flooring. He got an offer within a
few weeks for $270,000.
4. Be prepared to hold
Back in 2003 the Federal Housing Administration (FHA) instituted anti-
flipping regulations, prohibiting insuring a mortgage on a property
owned by the seller for less than 90 days.
Those rules have been waived since 2010, in a bid to support the
housing market. But a quickly-flipped home requires documentation on
renovations, as well as additional appraisals, to justify a much
higher resale price if the deal involves an FHA-insured loan. And in
practice, many skittish banks still adhere to the 90-day rule, says
Maddux. That is why the average flipping time from purchase to resale
is just over that level, at 106 days, according to RealtyTrac.
"That seems to be the sweet spot for a profitable deal," says Daren
Blomquist, vice president at RealtyTrac. "Back in the housing bubble,
many flippers were solely relying on price appreciation, sitting back
and selling for big profits within a month or two." Now, real
improvements are needed, he says.
Do not expect to flip the property within days and realize lightning-
quick profits. You may want to rent it out for a while as the housing
market continues to recover, says Heller, in order to cover some costs
and eventually secure an even higher resale price.
"In some ways, this is a dream environment," Heller says. "You would
be crazy to be on the sidelines."
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