2024 Olympics: What to know — and who to watch — during the 3X3 basketball competitions in Paris

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A roadmap to follow for the 3X3 basketball competition during the 2024 Summer Olympic Games in Paris.

Athletes to watch

Jimmer Fredette, United States: The 35-year-old Fredette, who became a superstar at BYU and was the 10th overall pick in the 2011 NBA draft, headlines the American men’s team. He began playing 3X3 in 2022 and was named USA Basketball Male Athlete of the Year in 2023.

Canyon Barry, United States: The son of Hall of Famer Rick Berry played collegiately at the College of Charleston and Florida. He was the 2017 Academic All-American of the Year and has a bachelor’s degree in physics and masters degree in nuclear engineering. He is known for his unorthodox underhand free-throw shooting, which helped him shoot 88.3% from the line as a senior.

Strahinja Stojacic, Serbia: Stojacic started playing 3X3 full time in 2018 and has been ranked as the world’s top player for most of the past two seasons. The son of a professional basketball player, Stojacic is known for his epic dunks and is nicknamed “Doctor Strange.”

Hailey Van Lith, United States: Van Lith also helped the U.S. win gold at the 2023 FIBA World Cup. Van Lith, who plays at TCU, was named MVP of the 2019 FIBA 3X3 Under-18 World Cup after leading the team to a gold medal.

Storylines to follow

The U.S. men’s team will compete in the event for the first time after failing to qualify in the inaugural contest in Tokyo. The addition of Fredette has vaulted the team to gold medal contenders this time around after the USA won silver at the 2023 FIBA World Cup and gold at both the 2022 FIBA AmeriCup in Miami and the 2023 Pan American Games in Santiago.

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Rhyne Howard, who plays for the WNBA’s Atlanta Dream, is on the U.S. women’s team alongside Van Lith, Cierra Burdick and Dearica Hamby, who is replacing an injured Cameron Brink. Howard played 3×3 for the first time with the U.S. at a training camp in Springfield, Mass., in April.

Serbia is ranked No. 1 in the world and is expected to contend with the United States for gold after winning bronze in Tokyo. Led by Stojacic, Serbia beat Team USA 21-19 to win the last World Cup.

Key dates

Pool play runs from July 30-Aug. 4. Semifinals and medal games are Aug. 5.

Reigning champions

Women: United States
Men: Latvia

How to flip a house: A beginner’s guide

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Dori Zinn | (TNS) Bankrate.com

Tune in to HGTV on any given day, and you’ll come across programs where smiling people transform eyesore properties into jaw-droppingly beautiful homes. Sometimes these magicians are professional real estate investors, sometimes they’re just ordinary individuals — but they almost always resell the newly renovated property for a tidy profit.

Welcome to the lucrative world of flipping houses. According to real estate data firm ATTOM, nearly 68,000 U.S. homes were flipped in the first quarter of 2024 alone — that’s one out of every 12 homes sold. What’s more, ATTOM data shows that the flippers typically earned a gross profit of more than 30 percent on each transaction.

Of course, house flipping in real life is almost never as easy as it looks on TV. If you’re interested in giving it a try, here’s a guide to flipping houses for beginners.

What is house flipping?

House flipping is when someone buys a property, holds on to it for a short time and then sells it for a higher price. The quick-turnaround resale is why it’s called a “flip.” So instead of buying a home to live in as a residence, you’re buying it as an investment — in effect, speculating in it as you would a stock.

Sometimes, flipping houses means you buy a fixer-upper and renovate it to make it market-ready; other times, it means just holding the property until the market shifts and you can sell it for more than you paid for it. Either way, the goal is to buy low and sell high, earning a profit in a relatively short amount of time (usually within a few months to a year).

House flippers need a lot of money on hand for the upfront costs of purchasing, carrying and renovating the home, and they have to budget very carefully to make sure they don’t spend more than they’ll be able to earn back in resale. They also need a team of trusted contractors and service providers at the ready to get any needed work done as quickly as possible.

Pros and cons of flipping houses

There are many rewards associated with house flipping, but there are serious risks, too.

Pros

— Potential for big profits: The typical gross profit (the difference between the median purchase price paid by investors and the median resale price) for house flips was $72,375 in the first quarter of 2024, according to ATTOM. That’s a very nice amount for a short-term job, to be sure, but keep in mind the high levels of spending required to get there.

—Improving neighborhoods: Flipping houses can help turn around property values in areas where neglected or derelict homes are dragging down prices. “Most of the houses I buy are in a distressed condition or coming from a distressed seller,” says Matt Aitchison, a real estate investor and host of the podcast The 6 Figure Flipper. “The ability to truly solve someone’s problem while making a significant profit that can be used to build wealth is an amazing thing that I love about flipping.”

— Diversify your investments: Investing in different types of assets is often considered a good way to reduce risk. As an alternative to stocks and bonds, real estate is one of the most popular long-term investments: Adding real estate to your investment portfolio can help diversify your holdings, and flipping properties lets you cash in those investments.

Cons

— Potential for big financial losses: There’s no reward without risk. House flipping comes with a lot of pressure to buy wisely and move quickly. If your property sits on the market, you’re responsible for paying all of its costs, including the mortgage payment (if you’ve financed it), property taxes, homeowners insurance and homeowners association dues. “It can be financially draining,” Aitchison says. For this reason, it’s important that you have some capital set aside in case your flip is a flop.

— Likelihood of significant problems: Finding a home that can be bought cheaply enough to flip for a profit can be tricky. Flippers could be looking at much higher-than-anticipated costs if unexpected issues arise. “What if you open things up and you find asbestos? Mold? Termites?” says Amanda Pi of Pi Home Solutions in Ridgewood, New Jersey. “There are tons of different things you could find when you do renovations.”

— Possible legal issues: If you buy a home that turns out to have title issues, or the buyer finds issues you didn’t fix or address appropriately, there’s always the potential for lawsuits. Having a solid team looking out for your interests is important, says Aitchison: “(I’ve) seen a lot of lawsuits on both sides. Having a great real estate attorney is part of having the right team members in place.”

How to flip a house, step-by-step

— Set a budget: House flipping is expensive, and the first step is to make sure you have your finances in order. If you’re a first-time flipper, whatever amount you think is enough probably isn’t, says Pi. Don’t go in conservatively — she suggests multiplying your current budget by five. If you’ll be financing the purchase, make sure you’re preapproved for a mortgage before you start looking.

— Find a property: Next, look for properties that fit your finances. Browse through foreclosures, auctions and short sales to see what best matches up with your budget and renovation ability. A local real estate agent who has experience working with flippers can help you find properties that will give you the best return on your investment. (However, you may have to pay them a commission fee, which will eat into your profits.)

— Make an offer: When you find the right property, it’s time to make an offer. Professional flippers often consider a home’s after-repair value to help them determine how much to bid — and keep in mind that in popular markets, you may well be bidding against these pros. You might want to have multiple properties in mind in case you’re outbid on your first choice.

— Set a timeline: Once you’ve bought a home, the clock starts ticking. The amount of time you’ll need to get it resale-ready will depend on how extensive the required repairs and upgrades are. Whether it’s one month or six, give yourself enough time to get the work done, and factor in time for building inspections (if needed).

— Hire a contractor: Unless you’ve got the chops (and time) to handle repairs and renovations yourself, you’ll want to hire reputable tradespeople. Some contractors have full teams to work on all areas of the home, but not all. Check licenses and references before you commit to anyone, and also make sure their quotes are in line with your budget and they can meet your timeline.

— Sell your property: After all updates have been made, it’s time to put your property up for sale. A real estate agent can help you price and market the home (though again, you’ll likely have to pay them a commission). If you make a profit, congratulations — you can put the money toward buying your next flip!

Common house-flipping mistakes

While there is financial opportunity in flipping houses, don’t get into it without significant capital, guidance and preparation. Here are some common mistakes to avoid.

— Not having enough money: Keep to what you can afford. Not every project is a TV-worthy transformation with a giant payday; some flips can be modest clean-and-repair jobs that help you gain experience and confidence. “Everything adds up quickly, and contractors (can) take advantage if you’re a novice,” says Pi.

— Thinking it’s easy: While you don’t need a license to flip homes, it’s not as simple and fun as TV shows portray it. “It takes time and money, and (you) shouldn’t go in blindfolded,” Pi says. “There are lots of amateurs. They get burned and lose a lot of money.”

— Not building the right team: It’s crucial to work with experienced, reputable people, Pi says. Your team might include a more experienced mentor, a real estate agent, a contractor, a home inspector, an attorney and even an accountant.

— Not giving it your full attention: Flipping houses is much more difficult when you also have a regular day job. “It’s not a good side-hustle,” Pi says. “If issues come up on-site, someone needs to be there. If you’re going to do it, do it full time.”

Bottom line

When it comes to flipping houses, it’s easy to be blinded by the potential for huge profits. But before jumping into a project, be sure you can afford a potential loss. Even if the renovations go perfectly according to plan, the real estate market can be volatile, and high interest rates mean there are fewer buyers out there who can afford a home purchase. Save your future self by keeping a solid emergency savings fund in case you lose money, and be sure you have a trustworthy team to work with before you buy.

©2024 Bankrate online. Visit Bankrate online at bankrate.com. Distributed by Tribune Content Agency, LLC.

Today in History: July 20, Armstrong and Aldrin walk on the moon

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Today is Saturday, July 20, the 202nd day of 2024. There are 164 days left in the year.

Today’s Highlight in History:

On July 20, 1969, astronauts Neil Armstrong and Edwin “Buzz” Aldrin became the first men to walk on the moon after reaching its surface in their Apollo 11 lunar module.

Also on this date:

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Today in History: July 15, discovery of the Rosetta Stone

In 1917, America’s World War I draft lottery began as Secretary of War Newton Baker, wearing a blindfold, reached into a glass bowl and pulled out a capsule containing the number 258 during a ceremony inside the Senate office building.

In 1944, an attempt by a group of German officials to assassinate Adolf Hitler with a bomb failed as the explosion only wounded the Nazi leader.

In 1951, Jordan’s King Abdullah I was assassinated in Jerusalem by a Palestinian gunman who was shot dead on the spot by security.

In 1976, America’s Viking 1 robot spacecraft made a successful, first-ever landing on Mars.

In 1977, a flash flood hit Johnstown, Pennsylvania, killing more than 80 people and causing $350 million worth of damage.

In 1990, Supreme Court Justice William J. Brennan, one of the court’s most liberal voices, announced he was stepping down.

In 1993, White House deputy counsel Vincent Foster Jr., 48, was found shot to death in a park near Washington, D.C.; it was ruled a suicide.

In 2006, the Senate voted 98-0 to renew the landmark 1965 Voting Rights Act for another quarter-century.

In 2007, President George W. Bush signed an executive order prohibiting cruel and inhuman treatment, including humiliation or denigration of religious beliefs, in the detention and interrogation of terrorism suspects.

In 2010, the Senate Judiciary Committee voted to approve Elena Kagan to be the Supreme Court’s fourth female justice.

In 2012, gunman James Holmes opened fire inside a crowded movie theater in Aurora, Colorado, during a midnight showing of “The Dark Knight Rises,” killing 12 people and wounding 70 others. (Holmes was later convicted of murder and attempted murder, and sentenced to life in prison without the possibility of parole.)

In 2015, the United States and Cuba restored full diplomatic relations after more than five decades of frosty relations rooted in the Cold War.

Today’s Birthdays:

Former Sen. Barbara A. Mikulski, D-Md., is 88.
Baseball Hall of Famer Tony Oliva is 86.
Artist Judy Chicago is 85.
Country singer T.G. Sheppard is 80.
Singer Kim Carnes is 79.
Rock musician Carlos Santana is 77.
Author and commentator Thomas Friedman is 71.
Rock musician Paul Cook (Sex Pistols) is 68.
Actor Frank Whaley is 61.
Conservationist and TV personality Terri Irwin is 60.
Rock musician Stone Gossard (Pearl Jam) is 58.
Actor Josh Holloway (TV: “Lost”) is 55.
Singer Vitamin C is 55.
Actor Sandra Oh is 53.
Hockey Hall of Famer Peter Forsberg is 51.
Actor Omar Epps is 51.
Basketball Hall of Famer Ray Allen is 49.
Hockey Hall of Famer Pavel Datsyuk is 46.
Supermodel Gisele Bundchen is 44.
Actor Percy Daggs III is 42.
Actor John Francis Daley is 39.
Dancer-singer-actor Julianne Hough is 36.

Saints restart with 8-6 win in Toledo thanks to offensive output

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After their four-day break, the St. Paul Saints returned to play with an 8-6 win in Toledo, Ohio on Friday. The Sa7ints entered the International League break with six straight losses but snapped the streak with a big offensive night.

Randy Dobnak (8-5) pitched five innings, allowing two runs on five hits and three walks. Jeff Brigham earned his first save with 1 1/3 scoreless innings.

But it was the offense that led the way with Chris Williams tallying three hits, including his 11th homer, to go with three RBIs. Payton Eeles had two hits and hit his second homer for St. Paul.

After the Mud Hens opened the scoring in the bottom of the third inning, the Saints went to work with the bats. Williams hit a solo homer in the fourth to tie the game. Toledo took another lead before Eeles homered in the fifth and Williams followed with an RBI single. St. Paul scored five times in the sixth with RBI singles from Dalton Shuffield and Rylan Bannon before Williams plated the final run with a sacrifice fly.

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