Charming classic Bay front cottage in the small beach community of Slaughter Beach. Cottage style home w/ wrap around porch, wood floors, & recent energy upgrades. Very Strong rental history. Sold As-Is &partially furnished. Enjoy the peaceful sight
Listing Courtesy of RE/MAX REALTY GROUP REHOBOTH
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When it comes to making the most of Delaware real estate, knowledge is power. The schools didn’t teach us anything about selling a home or how to decide which home to buy, yet those are subjects that have lasting impacts on our lives. When such key decisions are in our immediate future, we come face-to-face with the importance of making the right choices, asking the right questions—and engineering the best deal.
Whether or not you’re about to head a foray into Delaware real estate, here are a number of excellent recent books that will help arm you with actionable knowledge:
100 Questions Every First Time Home Buyer Should Ask
This book is a general go-to reference for buyers (and I think for sellers as well: being able to put yourself in the shoes of potential buyers is essential for intelligent marketing). Answers to the “100 Questions” are provided by top brokers from around the country, so every detail won’t necessarily answer our Delaware real estate specifics; but on the whole, this book is concise and informative. The questions are arranged in an easy-to-read format, separated into chapters like “Putting Together the Deal” and “How Do I Know What I Can Afford to Spend.” Readers rate it very highly.
Smart Essentials for Selling Your Home
Solid, practical information that can be invaluable for homeowners about to enter the Delaware real estate market. In the same way that 100 Questions book is also useful to sellers, this one would make excellent reading for itinerant home buyers who’d like to know what’s important to sellers…thus being one step ahead when it comes to striking a win/win deal. Smart Essentials is mercifully short: just under 100 pages.
Buying a Home: Don’t Let Them Make a Monkey Out of You
Newly updated and with the highest reader reviews, this one is most appropriate for potential buyers with little or no previous real estate experience. As author Musgrave puts it, the object here is “to convey to the reader only the necessary information—and not one word more.” The extremely easy-to-read, informal approach is a welcome departure for first-timers: no wonder readers are almost unanimous in agreeing that if first-time home buyers read just one book, this is a worthy choice.
Investing in Real Estate
A newly written follow-up to the 2008 best seller, this is an accessible starter book that addresses most of the key issues that successful real estate investors learn to evaluate. The index is especially useful for locating individual topics quickly (something eBook readers don’t need to worry about: they just highlight a search term).
Thinking of buying or selling real estate in Delaware? Knowledge truly is power—and I’m here to share what I know and to bring it all to bear on your behalf!
Savvy shoppers; don’t sit on the sidelines, call/text 302-228-7871 or email me, Russell Stucki, REALTOR ® of Beach Real Estate Market to provide detailed information on Delaware homes for sale, investment and commercial properties, luxury and waterfront homes, condos/townhomes, new construction, lots and land, farms and equestrian properties located in but not limited to Bethany, Bethel, Bridgeville, Dagsboro, Delmar, Ellendale, Fenwick Island, Frankford, Georgetown, Greenwood, Harbeson, Laurel, Lewes, Lincoln, Milford, Millsboro, Millville, Milton, Ocean View, Rehoboth Beach, Seaford, Selbyville, Delaware.
In conjunction with the rise in house prices, the profit potential for flipping a home in Sussex County is once more drawing the entrepreneur-minded.
Flipping a home is the process of purchasing a property—often one in a rundown condition—then improving its value and reselling it for a quick profit. Quick is the key word in this strategy, since a fast turnover allows capital to be devoted to purchase and renovation rather than operating and maintenance costs. It’s why successful house flippers generally focus on quick gains over maximizing profits.
While this has proven to be a lucrative strategy in the past, financing has always been the first major hurdle for anyone flipping a home in Sussex County. If you’ve been noticing some of the inviting house-flipping prospects in Sussex County, several financing routes sometimes make such a deal possible:
Larger Down Payment
Flipping a house in Sussex County in the current lending market will often require a significant down payment. Since launching the project might require at least 25 - 40% for financing, it’s essential that you prepare sufficient cash reserves to complete the renovations envisioned—and successful house flippers suggest you add 20% to the cost estimate!
Seller financing—a mortgage provided by the home owner—is also called a ‘purchase money’ mortgage. Sellers may be willing to provide financing if they have had trouble selling their property, which is often the case when a Sussex County home flipper believes its value, can be greatly enhanced by repair or remodeling. Seller financing would be more common were it not necessary that the original owner own the home outright.
Hard Money Loan
Hard money loans—also known as short-term bridge loans—are another common source of financing for flipping a home in Sussex County. Hard money loans are backed by the value of the property rather than the credit record of the borrower, and typically feature a lower loan-to-value ratio than found in a bank mortgage. The added risk has a cost: expect to provide a large deposit and a premium for the loan (often 8% or more).
While sub-prime mortgages may no longer be as readily available as they once were, there are still multiple sources of financing for entrepreneurs who can spot profit possibilities for flipping a home in Sussex County. With real estate prices continuing to rise, this spring again holds promise in the house-flipping arena. Call/text 302-228-7871 or email me, Russell Stucki, REALTOR ® of Beach Real Estate Market to provide detailed information on Delaware homes for sale, investment and commercial properties, luxury and waterfront homes, condos/townhomes, new construction, lots and land, farms and equestrian properties located in but not limited to Bethany, Bethel, Bridgeville, Dagsboro, Delmar, Ellendale, Fenwick Island, Frankford, Georgetown, Greenwood, Harbeson, Laurel, Lewes, Lincoln, Milford, Millsboro, Millville, Milton, Ocean View, Rehoboth Beach, Seaford, Selbyville, Delaware.