Invest in Belgium, Romania or any EU country – create income producing assets in the crisis
With the crisis real estate prices have gone down so it is now or never. ....interests for loans are down.
Understand that wealth is generated by owning "income producing assets". Assets are things like: rental houses, rental apartments, businesses, trademarks, copyrights, intellectual property, land, commercial real estate, and the list goes on and on. Just drive around. All the businesses you see and use, the apartment you rent, etc etc...they're all making some guy or gal rich. Who? The one who owns them. So embed that in your mind. No lotto,no Euromillions, no get rich quick crap, lets get real. You get income producing assets and you will get rich plain and simple.
Go from "renting" to "owning". It's a mental barrier for some that needs to be broken, just as much as it is a practical step in this formula to becoming a millionaire. So if you're renting a home or apartment, chances are you're making enough money and have good enough credit to qualify to move into a home. Even if you need to downsize to a smaller condo or whatever, just do it. The key is, you need to own.
Immediately relist your new home at at least 10% to 25% higher than what you paid for it. That's where finding a deal comes in. You should have bought the home or condo at 10% to 25% of a discount knowing full well that you could immediately relist it at that much more. Make it all nice, without spending much on it. Don't do any major renovations. Just relist it higher, but just decorate it nicely like you see on those shows like "flip this house". The crisis makes it more then possible today.
Start looking for a nicer and more expensive home to flip. It still has to be one that you can be approved for a mortgage on; unless the seller is willing to carry the mortgage,in which case you wouldn't need to qualify which is another good scenario to look for.
"House flipping is not something to be entered into without a lot of thought, planning, and research," says Freddy Jacobs,managing director, PBS Worldwide. Before you can make a flip, you must purchase a house. If you're interested in flipping properties, there's a lot to take into consideration. We suggests some tips & tricks:
- Get to know the neighborhood you're targeting. Research price ranges of the houses in that area, how long the average house stays on the market, and what the current market is like.
- Make a list of everything that needs to be renovated in the house and obtain estimates before you purchase the property. Remember, everything costs more than you think, so it's best to estimate on the high side.
- Create a budget. Factor in not only renovations but also how much it will cost to carry the house--pay the mortgage on it--before it sells. Be sure to leave room for "surprises."
- You also need to factor in the amount of time this investment may take, the money involved, and tax implications.
- Compare expenses to profits. Will the property renovations be comparable to other homes in the area and price range at which you'd like to sell?
- "Most importantly, get the professional opinion of a neighborhood-specific realtor on the potential property as well as on exactly what you're going to do with it at what cost.
Repeat the process a few more times. Chances are strong that the most you'll be able to make on a flip is about 100,000 Euro.
Find a few key properties, such as small walk-up apartment buildings, or commercial real estate such as retail bays, or even businesses to buy. You need to be very careful and do your homework because this is what will move you into "owning income producing assets" that will take you up to and beyond millionaire status.
We can help you with your "flipping" adventure in Belgium and Romania.
At this moment the" highest" yields in a short period of time are in Romania.
Contact frjacobs@telenet.be