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Mikhail Dvornikov – real estate new strategy

Daniel by Daniel
May 25, 2022
Reading Time: 2min read
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Mikhail Dvornikov – real estate new strategy
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Mikhail Dvornikov talks about trends in global real estate markets, real estate ratings, rising real estate prices, real estate alternative, real estate exchange, real estate ipio, real estate new strategy, what real estate is best to invest in, the best real estate in the world, where the best real estate, what income from real estate.  Mikhail Dvornikov (Mikhail Vladimirovich Dvornikov) expert in real estate since 1992.

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It all started with the numbers. According to the Mortgage Bankers Association, the home buying market remains in positive territory despite the pandemic and the decline of the global economy. People are still buying up real estate. On average, the number of mortgage applications each month is growing by 6-9%. Most buyers have limited personal finances, so they want to buy as much ready-made housing as possible, that is, satisfying their needs: with repairs, appliances, for some with a pool and a garage. Based on the desires of potential customers, investors buy apartments in a satisfactory condition at a low price, invest in repairs, refurbishing and only after that they put the object on sale again. It’s risky, just like all investing, but the returns are much higher than from simply reselling homes.

Experienced flippers stick to the 70% rule. This means that the house is bought for 70% of its estimated value after the renovation, with a deduction for supplies and professional work.

For example, you realize that you can sell a house in this area for $200,000. On average it will take about $40,000 to make a good repair. So you need to look for an object costing no more than $112,000 (200,000 x 70% – 40,000 = $112,000).

Keep in mind that in more prestigious and expensive areas, in proportion to the cost of the house increases and repair costs. For example, on the coast, where the average real estate price is about $ 1 million, the cost of repairs will be 5 times higher than that of the economy segment, even with a similar area, and will be about $ 200,000. The reason is that at the same cost of construction materials, the cost of labor – the builders – several times higher.

The rule of 70% is not a 30% guarantee of profit, but it helps to sift out unsuitable proposals in the first phase of the search for an object.

Tags: Mikhail Dvornikov
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Daniel

Daniel

I am Daniel Owner and CEO of dsnews.co.uk.

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