The Wealth Steps Blog
The Wealth Blog is meant to inform you of new content added to the site with newest on top. It will also serve as a mini-journal of my wealth building journey, updates and recommendations.
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3/9 - House #3: Final Analysis
My third try at flipping real estate property is complete and here are the final numbers...
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House Flip #3: Marketing and Negotiating
House #3 is sold. These are some of the marketing and negotiating tips that made it happen along with the (drumroll)...profits!
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House Flip #2 Under Contract!
After what has felt to me like an eternal listing period we finally got House #2 under contract.
It seems that the marketing and price changes made a difference. We got a lot of traffic through the house once we made those changes. It seems there is a threshold, at least in this area, at the $100k price range. Plus the looming expiration of the tax credit probably helped. I'll keep that in mind for the next house flipping adventure.
I talked to the mortgage lender the buyer will be using to get an idea of the buyers ability to qualify for the loan. The good thing about the contract is that the buyer has strong finances and a high credit score and since they are seeking an FHA loan that will help tremendously.
The contract price was slightly lower than asking price. Although this will make for a disappointing profit, at this point I am grateful there will be a profit. Considering the difficulties I have had with this property, I am just trying to salvage this investment, sell it and move on to the next one...lesson learned.
Keeping fingers crossed that everything works out.
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Property Investment Update: House #2 and #3
Just wanted to give you a property investment update on the status of house #2 and house #3. As you might know I am selling investment property that I have purchased from the banks, have done total renovations on them and I am no trying to sell. Otherwise known as house flipping...
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House #3 Under Contract !
After approximately 25 days on market, House #3 is under contract as of today. I say this with controlled optimism as nothing is final until we close but at the very least is a sign we got things right with this house. We'll see...
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Feng Shui Wealth Tips
Feng Shui wealth tips for wealth building. Using the ancient practice of Feng Shui to generate wealth in your life.
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House Flipping
I am going to start flipping my first house soon. I have a full time job and hopefully with your advice I can profit and eventually leave my full-time
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House #3 is Complete and For Sale!
The final pictures of my latest attempt on how to flip a house in this market.
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Budget Planning
We have many things hitting us at once, we are glad we stumbled upon this 3 weeks ago. Recently married, no children, new mortgage. We want to set
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Tips on Budgeting : The Spending Plan
One of the best tips on budgeting I can give you is to create a spending plan - without a plan, nothing happens. A spending plan is part of your personal finance budgets. In fact my spending plan is part of how I make a budget...
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Share Your Stories, Comments, Questions
Commenting is open for some articles on the site, at the bottom of the page. More to follow.
Ask a question, answer a question, share your story or leave a comment...
Your feedback is important, please join the discussion.
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Personal budgeting question
When you are creating a budget how do you decide how much to allocate to each category and how do you decide the categories you use? My husband and I
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Flipping Homes for Profit | Flipping Houses After Foreclosure
Flipping homes for profit after foreclosure, house #3. Pictures and list of repairs for flipping real estate.
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The Way to Wealth: Planning Your Year
It is that time of the year; when I review the year that just passed and update my annual plan for the upcoming year. The way to wealth has to be planned for and is achieved by setting goals.
I find some time by myself so that I can deeply and honestly review where I have been and where I want to go. Then I use this format to create my annual plan and make sure I stay on track on the way to wealth...
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Investing in HUD Foreclosures
I have seen several questions relating to how HUD foreclosures work and most importantly - if you want to invest in them - how to figure out if they are a good deal.
HUD foreclosures can be very lucrative (I have purchased three already) if you understand how they work, get the timing right (it's an auction) and you have accurate calculation of repairs. This post goes into the details of doing just that...
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Do It Yourself Debt Relief
Solutions to credit card debt. The five crucial steps of do it yourself debt relief that anybody can do. A free credit card debt relief program that really works is within your reach now.
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Credit Card Debt Solutions
Credit card debt solutions services have been made into a profitable and sometimes fraudulent business. As such many people have been duped to believe that solutions to credit card debt can only be done through a credit card debt solutions service...
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The Foreclosure Investor: Budgeting and Scheduling Projects
Of the many skills that one has to develop as a foreclosure investor, when you take on fix and flip projects like I did on House #2, budgeting and scheduling go hand in hand. The following house flipping tips...
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Your Plan for Wealth: Setting Meaningful Wealth Building Goals
Creating a plan for wealth and how to set meaningful wealth goals on the way to wealth.
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Calculating Net Worth – The Quarterly Update
Calculating net worth is a key part of personal finance management. In a previous post I detailed how I calculate net worth. Knowing your tangible net worth is important but the real benefit comes when you track it over time.
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House #2: Security Tip for Your Foreclosure Property Investment
How to deal with a break-in at your foreclosure property investment. Foreclosure investment property is vulnerable to theft and vandalism, as I recently found out, this is how you can protect yourself.
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Importance of Personal Finance | Personal Finance Basics
Why you need to understand the importance of personal finance or risk being broke forever. Personal finance budgets and basics that will help you build wealth.
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Doing a Tenant Background Check
I have used the following tenant screening tips to conduct a tenant background check in order to fill vacancies at my rental properties.
But, unlike all the generic tenant screening tips you find on the internet from authors that don’t even own a rental property, these ones I have learned and used from experience.
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Tenant Screening Tips
The following tenant screening tips were not borrowed from a website or blog but instead are the ones that I have put into practice when renting my properties and that I just exercised when I recently had top find a new renter for...
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House #2: Flip a House – Final Pictures
Going in we knew that to flip a house in this market it was going to take more than just a “paint and carpet” remodel to flip this house. When flipping houses you need to choose your repairs and upgrades carefully so you cover the “must do” items and still leave room for the “should do” and “could do”.
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Turning Debt Into Wealth: Creating the Habits
Turning debt into wealth can be accomplished by focusing on creating wealth building habits. These habits need to be learned, planned for and put into practice so you can use them to go from debt to wealth.
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Going From Debt to Wealth by Focusing on Wealth
To many people the phrase debt to wealth sounds like nothing more than wishful thinking. You may think that turning debt to wealth might just not be possible because you cannot even fathom how to get out of debt. However, transforming debt into wealth, like any other challenge, is a step by step process that can be overwhelming when looked as a whole but in reality is very doable if the will is there.
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Flip The House Pictures, House Flip, Flip a House
Our plan is to flip the house pictured here. These are the “before” images before the house flip got underway.
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My Current Project: Flip That House
My current project is to flip that house and expand my real estate business. Since the economy has forced me to rethink my career direction and I am now working full time on flipping houses. I believe I can flip this house even in the current economic state we are in.
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The Mortgage Foreclosure Process & The Foreclosure Investor
Understanding the mortgage foreclosure process is crucial when buying a bank foreclosure or FHA foreclosures. Understanding foreclosures will allow you to intelligently become a foreclosure investor and build your wealth. If you want to learn how to buy a foreclosure the following links will help you out.
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Wealth Building Tips From The Millionaire Mind
Wealth building tips you need to know on the way to wealth. These tips on how to build wealth are probably not what you think and they are facts not opinions.
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An Experiential Real Estate Investing Guide
The following pages provide an experiential and on-going real estate investing guide. A lot of what you will find here is both my experience and learned/practiced knowledge. My intent is to share what I learn so you can use it to your advantage.
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How to Build Wealth | Plan For Wealth | The Way to Wealth
Real advice on how to build wealth and not a page to sell you something. Building wealth and creating wealth from home is a process that can be learned by everybody.
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The Best Personal Finance Tip I Ever Got
The best personal finance tip I ever got was responsible for creating a big part of my wealth. This tip should be part of your personal finance plan if you are wondering how to build wealth.
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Final Analysis of My First House Flipping Deal
How to profit from house flipping. Investing in properties after foreclosure can be very profitable and can be done by anybody. I chose to flip this house and I sold it for a very good profit.
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Flipping Houses | The Final Pictures of My House Flip
When flipping houses the most exciting moment is when all the work is done and you are ready to show your house flip. To flip this house I needed it to be beautiful and as you can see from these ...
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Problems When Flipping A House | House Flipping Problems
How to deal with problems when flipping a house. How to flip houses and issues to consider in a house flip.
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Corporate Downsizing: Have I Been Given a Great Opportunity?
As of the middle of August I find myself standing on the wrong side of corporate downsizing. I cannot say that it was a surprise. I was very well aware of the thinning of the bottom line due to the economic recession and knew that layoffs were imminent...
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House Flipping Tips
When explaining how to flip houses one of the best house flipping tips I can give you is to try and consolidate as much work as you can under the least number of contractors. For my project this meant hiring a general contractor to do most of the work...
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Building Personal Wealth part II
Debt management, real estate investing basics and personal finance education are three more strategies that you need to consider on the road to wealth.
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How To Flip Houses – Choosing Repairs/Upgrades (pictures)
When considering how to flip houses in this market I thought long and hard trying to identify the key points that were going to make this a successful house flip. Considering that I purchased this house early in 2009 - in the middle of a dire real estate climate - I knew I had to do much more than the real estate investing basics of paint and carpet if I wanted to sell it.
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Proven Strategies for Building Personal Wealth
The hardest part of building personal wealth is getting started. There are so many unknowns and things to do, but if you follow these tried and true strategies you will be on the way to wealth and better yet you will be attracting wealth into your life.
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Pictures of FHA foreclosures, Government Foreclosures
How to flip FHA foreclosures, see how I flip this house. These are the “before” pictures.
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HUD Foreclosures – Buying a Home After Foreclosure
HUD foreclosures can offer a great investing real estate opportunity. But how do you know you are getting a good deal when buying a foreclosure?
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Flip This House – Creating Wealth With FHA Foreclosures
How to flip this house I bought from HUD foreclosures. House flipping education in real estate investing ...
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Budgeting 101 - Budgeting Resources
Budgeting 101 - Budgeting resources around the web...
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Personal Net Worth – Tracking Your Wealth
Calculating your personal net worth is the most important figure you can have in order to get a view of your financial position. Watching over time how your net worth increases is a powerful motivator and true gauge of your progress in building wealth…
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Real Estate Investing 101 - Finding the Deal
Real estate investing 101 – finding the deal is probably the most important part of the whole investing aspect. Trying to find a deal right now should not be so hard…
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Creating Personal Budgeting Habits
There are a million and one resources for personal budgeting available online, at the library and your local bookstore. So, instead of giving you another recommendation of how much you should allocate for this or that let me show you how I have been doing it and you see if this method is helpful to you...
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