Reflection

https://myq.quinnipiac.edu/committee/icm/SitePages/Writing%20for%20interactive%20media%20reflection.aspx

The future of Patches

            The voice that I have created through Patches is not going anywhere. I plan on using this voice as a foundation for my own personal endeavors in the real estate market as they get closer and closer. I want to continue exploring new areas of real estate that I am not as familiar with because just like the areas that I focus on have great opportunity, so do other areas that I am not as familiar with. I am glad I have become a more well rounded individual on this topic and I plan to continue building my knowledge base so that I can capitalize on all of the opportunities that are available to me.

            It is also a lifelong dream to start my own real estate corporation. The research and work that I have done over the semester can also serve as a foundation to this start up. I have become religious with reading articles and following along with the housing market. I check it constantly. This is an excellent habit that I have formed in this class which will be very useful if I am to start up my own business. I am also now familiar with not just one dimension of the real estate market. Creating the voice Patches has enlightened me to many things. A lot of the habits that I have formed over the course of this semester will help with my success in the real world.

            First it has enlightened me and showed me how little I know about the real estate market as a whole and how much more there is out there to learn about. When I started this class I really only knew one dimension of the real estate market working alongside my dad. After following the news on this subject so closely it has motivated me to continue educating myself so I can increase my chances for success in this field. The second thing that it has enlightened me on is how fortunate I am to have all of the experience that I do in this industry. I have been fortunate enough to have my father as a mentor in the real estate market. Other people are not as fortunate as I am and when they think of real estate they get very intimidated.

            Once this class is over I want to move forward with this voice in an even more unique way. I want to start a real estate community on social media platforms. The idea that I have in mind is to create a facebook page where people who do business in real estate can converse and network with each other. This can help people with finding investors and projects that will fit their budgets and needs. The reason I want to create this page is because I have seen how important it is to have trust worthy partners in this industry. My dad has several strong relationships within this industry that are based mainly on trust and transparency. This trust allows for mutually beneficial relationships. This facebook page will really help people find partners in the real estate industry. It will also allow people to bounce their ideas off people and get feedback from others with experience.

Financing...A final post

         The voice that I have created is Patches Mack. I still stand strongly behind this voice and believe in it. So far in this course I have been forced to focus on areas of my topic that I am not as comfortable with. It has really made me a more well rounded individual in the real estate market and it has increased my passion even more for this topic. I really want to stay focused on financing in the real estate industry. Weather it is someone's first home or their fifth home financing is always a huge question mark, and it is a question mark that holds a lot of people back most of the time. For me personally, I have been working with my dad my whole life in the real estate industry and not even realized how much I have learned from him. He has a full time job, and he still manages to finance not only the money for real estate projects, but also finances the time in his busy schedule. I strongly believe that people who are just graduating college, who have limited cash flow, can find ways to finance a house and prevent renting.

            I am 23 years old and it will be time for me to begin my own personal entrance into the real estate market, which will probably mean buying my first house. This does not seem to scare me like it does a lot of other people because I have been dealing in this industry my whole life and learning along the way . I can only imagine how people who don't have any experience in this field feel when they think about purchasing their own house. When I put myself in other peoples shoes who are in my similar situation I feel overwhelmed for them. It is a scary thought being tied down by a mortgage for a huge part of your life. The mortgage rates are constantly changing and depending on what kind of mortgage you are looking to take out will ultimately determine the rate that you will be paying.

            People graduating college really need to capitalize on their resources that are right there in front of them. For example, college friends and family. My brother just split the deed on a condo with another couple and was able to purchase the property up front with a low mortgage rate. It was a five year mortgage and at the end of the five years they will probably sell and go their own separate ways. This is a much more wise decision than renting because you are paying for something that will eventually be yours. Once the two couples are done paying off the condo they will then be ready to move on to the next chapter of their life and possibly have kids. They will also be much more financially stable and be able to afford a house that can be only theirs. There are so many other ways to finance projects like this if people are willing to exploit the resources that are available to them. When my brother explained to me what he was doing I thought it was a brilliant idea. He trusts the people that he split the deal with and he knows that he does not plan on having kids for at least five years so this is the perfect time for a project like this. This kind of activity gets me very enthused to start my own endeavors in the real estate industry.

            Another solid resource that people can use is their families. A lot of times parents would be more than happy to finance a real estate project with their loved ones. This means that their name goes on the deed to and is split up fairly between the two parties purchasing. This is just another way to make the burden lighter on graduates who do not have the cash on hand to purchase a house up front. Although the bank may not trust a couple of graduates, the graduates families would certainly be the opposite. I have worked along the way with my father in his real estate business and he has a number of different partners and investors that he has built strong relationships with. Often times he splits the house between three or four people, and when it is ready to be re sold the profits are evenly shared between the existing parties. This divides up the risks and helps people not feel as overwhelmed with projects like this. I saw the perfect example of using family as a resource. A family owned a house that they rented out to college kids. The dad talked with his son and said if you can keep this house rented until it is completely paid off then I will give you fifty percent of the houses value once the house is sold. The house is still rented to this day and has been ever since. This individual had the connections in the school with his friends to make sure that the house stays occupied by good tenants. This is just one example of how people can use family as a resource.

            The Patches voice was designed to educate people on the real estate market. It was created to help eliminate the doubt that a lot of people have when they are looking for a place to live. Real world examples are the best way to do this. The best way to tell people how they can finance real estate projects of their own is to show them how! Just like in this class, you are showing us how to write for social media, because showing and real practice is the best way to learn. 

Best piece to date

How to flip a home for profit

            Flipping homes is an occupation that can be practiced by all. People working full time can do this on the side, and people can even make this a full time job for themselves if they know what they are doing. Profits can be astronomical if the process is executed properly. Just follow this step by step guide on how to flip a home for profit and you may be pleasantly surprised with the profits that you generate for yourself. Another great part about flipping homes is you don't need any qualifications or educational background to do it, it can be one hundred percent self taught. Flipping homes has lead a large amount of people to financial freedom and can do the same for you.

            The first step to flipping a home is to understand the risks that come with it. Flipping a home means that you will be acquiring a large sum of debt temporarily. The plan is obviously to purchase a house below market value and make renovations increasing the value, quickly reselling that property for a profit. Once the renovations are finished and the home is ready to sell for a profit, a buyer does not always materialize as quickly as one would think. This means you may be stuck hanging on to that property for longer than expected, paying the mortgage on it and property taxes for the time period that you own it. This may force some to sell the house for a lower price than they are asking and essentially making no profit, wasting loads of time, and possibly losing money. Fully understanding these risks will make sure you reduce the risks as much as possible before you get started on the project giving yourself the highest chances for success. It will also make sure you prepare for the worst case scenario so you are not scrambling for answers if things don't go as planned.

            Once you understand the risks, it's then time to find the right location. There are three famous words in real estate which are location, location, location. Popular locations can be anywhere near the coast, a major city, or a major attraction, the best way to be sure is to do the research necessary. Use the resources at your disposal to find out all you can about a location. Looking at home values in a certain area and seeing what homes are on the market for in that area is a great way to do it. It is also important to speak to real estate agents in that location for some valuable insight on what attracts people to that area and whether or not he/she thinks flipping a home in this area is a profitable opportunity. It is best to pick a location you are familiar with already, this will save you a lot of grief. Possibly a place you have vacationed at many times before, or places you visited often growing up.

            The next task is to find a home that you think has potential! Some great resources for this assignment is looking at homes that have been foreclosed on by the bank, homes for auction at real estate auctions, and distressed properties. Often times great deals are found at all of these locations because it puts the buyer at a slight advantage over the seller. If you are lucky you will pick up a solid property for lower than market value. This is where your negotiating skills will come in to play. If the bank wants X amount of dollars for a certain property, it can't hurt to throw them a vernal offer much lower to try to reduce the price. Verbal offers do not legally bind you to buying that property which makes it a useful tool when negotiating a purchase with different sellers at a time.

            When you feel that you have found the perfect property, you need to analyze that property and crunch the numbers. This entails going through that property with a home inspector to find out what that home needs for repairs. If you have a lot of experience at flipping homes you can even do this yourself. Get a number for what the repairs will add up to costing. You will already know what you paid for the house, then you need to find out what repairs will cost, and speculate what the market value will be once renovations are finished, you will easily be able to tell if you can make a profit off the flip. Remember that your time is also a very valuable asset, when you are crunching the numbers you need to know how many hours you will spend dealing with this property during the time period of the flip, this leaves you with a daunting task of putting a value on your own time.

            Once you have crunched the numbers you need a timeline. This timeline should be the blueprint for the flip. This is one of the most important parts of the task. It should include when each repair should be done along the way, and it should include when you want the house to go back on the market. Your timeline should be very detailed and include every step along the way no matter how big or how small. If you do not finish the flip within your timeline it will mean that costs will begin to rapidly increase for the entire project which could turn in to a complete disaster.

            After the timeline is created you now need to figure out how to finance the operation. Assuming you have enough cash on hand to fund the project you will not need to find investors or assess short term mortgage rates. If you do not have the cash reserve that some are fortunate enough to have, you will need to assess short term mortgage rates to purchase the home and or find suitable investors that will expect a return on their investment. Keep in mind all of the information that you have gathered before this step will most likely need to be presented to any investor and the more detailed and well thought out your project is on paper the better chance that an investor will be willing to invest in the project.

            Once these steps are completed you are now ready to flip the house and sell. When repairs are made to the house and have met the timeline requirements you have created for yourself, the house is now ready to sell. Selling the house is not an easy task. Remember, first impressions are ever lasting. Most likely you will be left with a house that has undergone some significant changes, the house will be ready to sell but it will be empty! This means you will have to stage the house for the selling process, it is the best way to give off a good first impression and maximize value in the buyers mind. You can rent staging furniture or use other resources you have to make the house look appealing to buyers. It will be very difficult to sell a house that has nothing in it because it is tough for buyers to envision what it would look like when they bring in their own furniture and household items. Buyers need to be able to envision themselves living in this home which is difficult when it is empty. Make sure the house is clean and looks picture perfect, it will significantly increase your chances of selling it. The best way to sell is to hire a real estate agent, this will save lots of time for you and they usually have the resources to attract buyers.

            Finally enjoy the profits from the sale. If the process is done right you can set yourself up for a very nice pay day. Hard work, research, and knowledge are three key benefactors when you consider flipping a home. You may think the process ends here but it does not! the next step is to scroll back up to the top of the page and start the process again! This process can be repeated over and over again and can generate massive profits over the course of time.

Draft 2

So far in this course I have been forced to focus on areas of my topic that I am not as comfortable with. It has really made me a more well rounded individual in the real estate market and it has increased my passion even more for this topic. I really want to stay focused on financing in the real estate industry. Weather it is someone's first home or their fifth home financing is always a huge question mark, and it is a question mark that holds a lot of people back most of the time. For me personally, I have been working with my dad my whole life in the real estate industry and not even realized how much I have learned from him. He has a full time job, and he still manages to finance not only the money for real estate projects, but also finances the time in his busy schedule. I am 23 years old and it will be time for me to begin my own personal entrance into the real estate market, which will probably mean buying my first house. This does not seem to scare me like it does a lot of other people because I have been dealing in this industry my whole life and learning. I can only imagine how people who don't have any experience in this field feel when they think about purchasing their own house. People who are just graduating college, who have limited cash flow, can find ways to finance a house and prevent renting.

            People graduating college really need to capitalize on their resources that are right there in front of them. For example, college friends and family. My brother just split the deed on a condo with another couple and was able to purchase the property up front with a low mortgage rate. It was a five year mortgage and at the end of the five years they will probably sell and go their own separate ways. This is a much more wise decision than renting because you are paying for something that will eventually be yours. Once the two couples are done paying off the condo they will then be ready to move on to the next chapter of their life and possibly have kids. They will also be much more financially stable and be able to afford a house that can be only theirs. There are so many other ways to finance projects like this if people are willing to exploit the resources that are available to them.

            Another solid resource that people can use is their families. A lot of times parents would be more than happy to finance a real estate project with their loved ones. This means that their name goes on the deed to and is split up fairly between the two parties purchasing. This is just another way to make the burden lighter on graduates who do not have the cash on hand to purchase a house up front. Although the bank may not trust a couple of graduates, the graduates families would certainly be the opposite. I have worked along the way with my father in his real estate business and he has a number of different partners and investors that he has built strong relationships with. Often times he splits the house between three or four people, and when it is ready to be re sold the profits are evenly shared between the existing parties. This divides up the risks and helps people not feel as overwhelmed with projects like this.

Draft 1

            So far in this course I have been forced to focus on areas of my topic that I am not as comfortable with. It has really made me a more well rounded individual in the real estate market and it has increased my passion even more for this topic. I really want to stay focused on financing in the real estate industry. Weather it is someone's first home or their fifth home financing is always a huge question mark, and it is a question mark that holds a lot of people back most of the time. For me personally, I have been working with my dad my whole life in the real estate industry and not even realized how much I have learned from him. He has a full time job, and he still manages to finance not only the money for real estate projects, but also finances the time in his busy schedule. I am 23 years old and it will be time for me to begin my own personal entrance into the real estate market, which will probably mean buying my first house. This does not seem to scare me like it does a lot of other people because I have been dealing in this industry my whole life and learning. I can only imagine how people who don't have any experience in this field feel when they think about purchasing their own house. People who are just graduating college, who have limited cash flow, can find ways to finance a house and prevent renting.

            People graduating college really need to capitalize on their resources that are right there in front of them. For example, college friends and family. My brother just split the deed on a condo with another couple and was able to purchase the property up front with a low mortgage rate. It was a five year mortgage and at the end of the five years they will probably sell and go their own separate ways. This is a much more wise decision than renting because you are paying for something that will eventually be yours. Once the two couples are done paying off the condo they will then be ready to move on to the next chapter of their life and possibly have kids. They will also be much more financially stable and be able to afford a house that can be only theirs. There are so many other ways to finance projects like this if people are willing to exploit the resources that are available to them.