Steps to Making Money Buying Investment Property

April 9, 2011 - PRLog -- Wholesale Houses - Maryland – DC – Northern Virginia: You’ve heard all about it. You’ve known for years that the only way to really make any money is to do it through real estate. That’s a pretty big field and there are several different jobs you can hold in the real estate job market. The one you are interested in though is buying cheap houses and turning them over for a profit.

While it’s true that one can make money with real estate, you must have some resources in place to do it right. Otherwise, you could lose money. You could actually lose some serious money if you are hasty or don’t do your homework when you buy.So what are the steps to making money in real estate as an investor? There are several steps, but don’t worry. They are done one at a time and you will make your decisions as each phase comes up. It will depend on what the market is doing when you make your decisions.

Assuming you’ve purchased a viable profit opportunity, you will complete your rehab of the property once you are the official owner. This can cost somewhere in the neighborhood of $10k to $20k as a general rule of thumb. That’s not an unrealistic amount where full rehabs are necessary.When the rehab is complete, you’ll decide whether to sell or rent and hold on to it for a while. If you sell you can sell using an FSBO site or sell it to another investor. If you decide to rent you can choose to go the traditional route or get into the Section 8 rental market.

If you rent to Section 8 tenants the Federal Government supplements rent for those qualifying low income families. Some landlords like this situation because they will always get paid every month. On the other hand, the house must have certain standards that may be beyond what even your local building codes require.Another option is to offer it as a lease option to someone who wants to buy but isn’t qualified for a loan. Their credit may need cleaning up or they don’t have a down payment saved up.

You can offer the chance to put part of their rent toward the down payment, then after a pre-agreed time period they go the bank for a loan using the down payment they’ve saved through your rental program. In the case of default, the house rolls back to you.

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Peter Gauthier is know as "the guy that buys and sells houses like kids trade baseball cards" in Maryland, DC and Northern Virginia! Invest in wholesale real estate for little cash and little risk! Visit his website at http://www.CheapMetroHouses.com!