Fixer Uppers: The Money Making Formula

Written by Steve Gillman


Making money with "fixer-uppers" isn't about repairing drywall or planting flowers. It's about usingrepparttar right approach fromrepparttar 140306 start.

A Big Real Estate Mistake

Many people buy and sell a fixer-upper like this: They buy a house, fix it up, then add some amount (say $10,000) that's in their head onto their costs. Then they putrepparttar 140307 house up for sale for this price. This is so wrong.

Would you buy a house according to whatrepparttar 140308 seller has into it? Of course not. You look at what similar houses are selling for to determinerepparttar 140309 value. So if you have $110,000 into a fixer-upper and similar homes are selling for $105,000, how much can you get? It doesn't have anything to do with what you've spent, does it?

The Fixer-Upper Formula

1. Determine how muchrepparttar 140310 house will sell for when you're done fixing it up. Ask an appraiser for help, or look at what similar houses have sold for (not list prices). What it's likely to sell for isrepparttar 140311 only meaningful definition of value when dealing with fixer-uppers.

2. Calculate all costs: buying costs, including closing, fees, etc.; repair costs; carrying costs, including interest on loans used to buyrepparttar 140312 house, property taxes, insurance; selling costs, including commissions, fees, title policy, etc. Subtract costs fromrepparttar 140313 expected sales price.

A Summary of the Fair Credit Reporting Act

Written by Gary Gresham


This summary ofrepparttar Fair Credit Reporting Act will explain what you can legally do if you want to repair your own credit report. No matter what you hear, you can dispute credit information on your credit report if you understandrepparttar 140299 legal rights you have under this law. The Federal Fair Credit Reporting Act was enacted byrepparttar 140300 United States Congress in 1971. In summary, it says thatrepparttar 140301 credit bureaus must investigate a consumer dispute if they want to challenge credit information on his or her credit report. It also states that credit bureaus are required to completerepparttar 140302 investigation within a 30 day period. Ifrepparttar 140303 credit bureau finds thatrepparttar 140304 disputed information is inaccurate or cannot be verified, they must promptly delete that information. But there are some cases when a consumer dispute can be ignored byrepparttar 140305 credit bureaus. If you challenge a negative credit listing onrepparttar 140306 basis of things like health problems, divorce or job loss,repparttar 140307 credit bureaus are entitled to ignore those kinds of disputes. The information you dispute must be either old or incorrect. You must file a valid dispute whererepparttar 140308 credit bureaus can contactrepparttar 140309 creditor and confirm thatrepparttar 140310 new information you gave them is accurate and can be verified. Ifrepparttar 140311 credit bureau does not receive verification fromrepparttar 140312 creditor within 30 days,repparttar 140313 Fair Credit Reporting Act saysrepparttar 140314 credit bureau must promptly delete that credit listing. Even thoughrepparttar 140315 process sounds simple,repparttar 140316 credit bureaus make it more difficult than you can imagine. The credit bureaus don't likerepparttar 140317 credit repair companies or anyone offering instruction on how to repair your own credit report. Why? Because it means more work for them.

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