Flipping Houses in Texasis easier than you think. Well, you don’t have a magic set of rules to abide by, but there are a few things that you should bear in mind as that is something that will make your journey easier.
- Be Picky about your location: The one thing that can make or break any fix-and-flip venture is the location of a house. Be sure that you are picking out undervalued properties in desirable, “value-add” locations with increasing home values, good available schools, and employment rates that are also on the up. These are some of the things that can maximize profit margins.
In Texas, you also need to pay attention to architecture. Buyers will be drawn to the suburban, ranch-style homes that are designed to make the hot Texan summers more bearable. We advise you to perform extensive research on the real estate market before you decide to make any purchase.
- Secure Financing: Don’t you have adequate experience in Flipping Houses in Texas? Then, it can sometimes get tricky to garner the funds that are needed to start the project. All you need to do is to perform a quick online search and look for custom-made private real estate loan service providers from where you can access loans within a week of applying for funds.
- Make sure that you are making a profit: You would be forgiven for losing track of your finances and spending more than what you had originally intended to owing to the occasionally complex steps of the fix and flip process. However, to avoid this pitfall, the renowned 70% rule is a good one to go by, according to which you must never pay an up-front price of more than 70% of a house’s RAV.
- Take into consideration your exit strategy: A key part of your business plan for a fix-and-flip investment is the determination of an exit strategy. Those offering flipping services will ask you what your end game is. You have a wide plethora of strategies to choose from, so make sure that you make a wise pick.
A step-by-step guide to execute a Probate Sale
If you are the executor of an estate, executing a Probate Sale quickly will enable you to hand over the remaining assets as soon as possible. Here are the basic steps of making a Probate Sale:
First up, you should begin advertising the house for sale once you receive confirmation from all the beneficiaries that they agree to sell. An experienced estate agent who deals with probate houses will help you create an attractive listing and that is something that would entice potential buyers. This consists of any relevant information about your probate property such as fittings and fixtures that are included in the sale.
Once you find a buyer, it is time to draw up contracts between both parties which are then thoroughly supervised by estate agent advisors. It is he who is entitled to the responsibility of ensuring that everything goes smoothly throughout until completion.
The final step involves contacting the solicitors who would provide the necessary documents that will allow you as a property owner or executor to complete the Probate Sale. This usually involves a ‘grant of representation’ which establishes the fact that you are legally able to act on behalf of the deceased person during this entire process.
How long it would take for a Probate Sale to be completed?
Once the contracts are signed, it usually takes between three to six months for a Probate Sale to be completed. This is because there is the involvement of a large number of paperwork in transferring ownership and also in the settlement of accounts between both parties before everything can go through smoothly.
Here, you should also note that sometimes it might take longer if there are problems with any items included within the Probate Sale which didn’t appear in the inventory list at the time the executor first took ownership of the estate. If something like this comes up, additional time will be required for investigation, extra research, or court proceedings depending on the situation.
Key Takeaway
Many people who undertake a Probate Sale or Flipping Houses in Texas do so without having to go through any ruckus, but still, you should have a better understanding of the entire process as that is something that would make the entire process run smoothly. Acting as an executor who is responsible for executing a Probate Sale or dealing with one when purchasing a house requires deep knowledge at every step as that is something that will help you get a deal over the line. Hope this blog has helped you in the same.
