Archive for August, 2009
Rehab-Real-Estate: Fixing and Flipping a House the Right Way
August 15th, 2009
Carrie Dawson asked:
If you think that it is a bad idea to fix and flip properties amid the ongoing economic recession, you might want to change your opinion about the rehabbing business. Renovating and reselling distressed and fixer upper homes are a great way to make money amid these trying times. It is because it is easier to find affordable houses than before as dozens and dozens of motivated home sellers are more than willing to sell their properties at very low prices.
Rehab-Real-Estate.com | Fixing and Flipping a House the Right Way
Obtaining fix and flip projects is one of the most popular ways to invest in real estate in recent years. In fact, more and more people are keen on being a rehabber of properties, with many office workers leaving their usual nine-to-five jobs to focus on their chosen career.
If you keen on pursuing a career in the rehabbing business, the first thing you should do is to obtain a good source of funds. As we all know, an investor needs a considerable amount of money to buy and renovate a fixer upper home. Therefore, it would be best for you to have a sufficient cash reserves.
You can do this by obtaining loans from traditional lenders such as banks, credit unions, and mortgage companies. You can also seek the assistance of hard money lenders in case you don’t qualify for a bank loan because of your poor credit score.
When fixing and flipping properties, having a sound business plan can help you get the results you are expecting. Therefore, you should not forget to create a budget and a work schedule to ensure that your fix and flip project will run smoothly. Such a strategy will also help prevent you from wasting too much time and money on a particular fixer upper home.
Marketing is also an important aspect of rehabbing houses. Thus, you need to have a sound strategy on how you will be able to flip the property that you have just fixed. However, you shouldn’t advertise the house you want to fix and flip until the repairs are at least 95% complete. Inquiring home buyers marching to and fro inside the house might distract your laborers and disrupt the rehab work.
Meanwhile, to succeed in the rehabbing business, you should never stop learning new skills after a successful rehab. You should continue to educate yourself with the latest trends in the real estate market. So for your quality real estate education needs, visit Rehab-Real-Estate.com.
If you think that it is a bad idea to fix and flip properties amid the ongoing economic recession, you might want to change your opinion about the rehabbing business. Renovating and reselling distressed and fixer upper homes are a great way to make money amid these trying times. It is because it is easier to find affordable houses than before as dozens and dozens of motivated home sellers are more than willing to sell their properties at very low prices.
Rehab-Real-Estate.com | Fixing and Flipping a House the Right Way
Obtaining fix and flip projects is one of the most popular ways to invest in real estate in recent years. In fact, more and more people are keen on being a rehabber of properties, with many office workers leaving their usual nine-to-five jobs to focus on their chosen career.
If you keen on pursuing a career in the rehabbing business, the first thing you should do is to obtain a good source of funds. As we all know, an investor needs a considerable amount of money to buy and renovate a fixer upper home. Therefore, it would be best for you to have a sufficient cash reserves.
You can do this by obtaining loans from traditional lenders such as banks, credit unions, and mortgage companies. You can also seek the assistance of hard money lenders in case you don’t qualify for a bank loan because of your poor credit score.
When fixing and flipping properties, having a sound business plan can help you get the results you are expecting. Therefore, you should not forget to create a budget and a work schedule to ensure that your fix and flip project will run smoothly. Such a strategy will also help prevent you from wasting too much time and money on a particular fixer upper home.
Marketing is also an important aspect of rehabbing houses. Thus, you need to have a sound strategy on how you will be able to flip the property that you have just fixed. However, you shouldn’t advertise the house you want to fix and flip until the repairs are at least 95% complete. Inquiring home buyers marching to and fro inside the house might distract your laborers and disrupt the rehab work.
Meanwhile, to succeed in the rehabbing business, you should never stop learning new skills after a successful rehab. You should continue to educate yourself with the latest trends in the real estate market. So for your quality real estate education needs, visit Rehab-Real-Estate.com.
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First time home buyers find lowest interest rates and housing prices in 8 years
August 15th, 2009
Tegan DeClark asked:
Marco Island, FL. May 27, 2009 — It’s the best time in eight years for buyers to get into the property market according to the latest sales statistics. This has taken housing affordability in the US to levels not seen since 2001. A combination of depressed housing prices, record low interest rates and the government homebuyer’s credit has recently improved sales for single family homes.
Distressed properties, such as foreclosures accounted for just over half of all transactions in March. Current average home prices in historically exclusive areas such as Southwest Florida are dramatically down, the average sale price of a single family home last month was $486,418 compared to $1,039,786 in February 2005
The government is giving a tax credit of up to $8,000 for first-time homebuyers who purchase a home before December 1, 2009. To qualify, the buyer must not have owned a property in the three years prior to purchase.
Long-term mortgage rates have hit record lows recently with 30 year fixed rate at 4.79% and 15 year fixed rate at 4.51%
The recent incentives have given homebuyers a break, which might have otherwise have put off the American Dream. Many are seeking the cheapest properties on the market, which in boom areas, is comprised primarily of foreclosures, short sales, bank-owned properties and distressed sellers. In addition, the inventory levels are dropping, with the nationwide inventory at 9.8 months.
Bronwyn Jones from Independent Brokers Realty on Marco Island has seen a dramatic increase in new buyers since January. “We have had at least a 50% increase in clients interested in foreclosures, especially bank-owned. Interest in condos have dropped, due to the difficulty in obtaining financing with the new lending restrictions.” Many first time buyers are turning to other options in order to own a home “Seller financing is a popular option, as well as some bank-owned foreclosures are offering excellent low rates for financing”
First time homebuyers who are taking advantage of the buyers market are getting younger too. 45% of buyers purchasing a primary residence in 2008 were under the age of 35, according to a recent survey by the National Association of Realtors.
This is all positive news for economy but, be warned, if buyers have not purchased anything within the next year, they will probably wish they had.
Marco Island, FL. May 27, 2009 — It’s the best time in eight years for buyers to get into the property market according to the latest sales statistics. This has taken housing affordability in the US to levels not seen since 2001. A combination of depressed housing prices, record low interest rates and the government homebuyer’s credit has recently improved sales for single family homes.
Distressed properties, such as foreclosures accounted for just over half of all transactions in March. Current average home prices in historically exclusive areas such as Southwest Florida are dramatically down, the average sale price of a single family home last month was $486,418 compared to $1,039,786 in February 2005
The government is giving a tax credit of up to $8,000 for first-time homebuyers who purchase a home before December 1, 2009. To qualify, the buyer must not have owned a property in the three years prior to purchase.
Long-term mortgage rates have hit record lows recently with 30 year fixed rate at 4.79% and 15 year fixed rate at 4.51%
The recent incentives have given homebuyers a break, which might have otherwise have put off the American Dream. Many are seeking the cheapest properties on the market, which in boom areas, is comprised primarily of foreclosures, short sales, bank-owned properties and distressed sellers. In addition, the inventory levels are dropping, with the nationwide inventory at 9.8 months.
Bronwyn Jones from Independent Brokers Realty on Marco Island has seen a dramatic increase in new buyers since January. “We have had at least a 50% increase in clients interested in foreclosures, especially bank-owned. Interest in condos have dropped, due to the difficulty in obtaining financing with the new lending restrictions.” Many first time buyers are turning to other options in order to own a home “Seller financing is a popular option, as well as some bank-owned foreclosures are offering excellent low rates for financing”
First time homebuyers who are taking advantage of the buyers market are getting younger too. 45% of buyers purchasing a primary residence in 2008 were under the age of 35, according to a recent survey by the National Association of Realtors.
This is all positive news for economy but, be warned, if buyers have not purchased anything within the next year, they will probably wish they had.
How To Flip A House And Be Financially Independent
August 12th, 2009
Chris Chico asked:
To become financially independent many people learn how to flip a house. This process could not be simpler to understand and it is even easier to execute once the basic methodology has been understood. It is a simple process that typically involves four steps: first, identify a potential house to purchase. Second, acquire the funds needed to purchase the property. Third, negotiate an acceptable buying price for the property. The fourth and final step is to then find a buyer that is willing to buy the newly acquired for a higher price.
The first step of any real estate investment is to find and identify a potential property. A potential property can be identified by its sound appearance, availability, and, most importantly, a low asking price. It is a good idea when searching for a property to invest in to research the surrounding real estate market. Real estate is valued on a comparative basis. This means that the price of a particular house is based on the value of similar houses in the immediate area. By studying these properties a smart investor can identify those houses which are priced below the comparative market value.
A house may be priced below market value for many reasons including poor condition, foreclosure proceedings, tax liens, or any number of other reasons. A great way to find houses that have been foreclosed on is to contact your local bank or lending institution. Properties with tax liens against them can be found at the court house or local tax office. Once you have identified a promising property, you have to acquire the funds necessary to retain ownership of the house. If you are not an experienced or wealthy investor, then this could be a tricky and confusing process. The first thing to remember is that a bank lends money in order to make money. If they do not think that your investment opportunity will be profitable, then they will be unlikely to extend the needed or requested funds. Therefore it is important to be as prepared as possible when answering the loan officer’s questions. Have facts about the property, the surrounding market place, and your personal financial history at hand and accurate. Do not attempt to mislead the officer. They will find out the facts eventually and any dishonesty will hurt your chances of completing a successful loan application.
Once the property has been identified and the money acquired, then you must negotiate the best possible asking price. This step in the process can mean the difference between an ultimate profit or loss at the end of the day. Again it is important to have your facts. Know the comparative market place and make sure you have identified the possible negatives of the house in question that may force the owner to lower the asking price. Remain confident and always stand firm with any and all offers.
When you have gained ownership over the property, then the final step to learning how to flip a house is to locate and extend an offer to a potential buyer. Again negotiation is key to the success of the transaction. Highlight the positive aspects of the house and only accept an offer that nets a profit. Follow these steps and you will be flipping house in no time.
To become financially independent many people learn how to flip a house. This process could not be simpler to understand and it is even easier to execute once the basic methodology has been understood. It is a simple process that typically involves four steps: first, identify a potential house to purchase. Second, acquire the funds needed to purchase the property. Third, negotiate an acceptable buying price for the property. The fourth and final step is to then find a buyer that is willing to buy the newly acquired for a higher price.
The first step of any real estate investment is to find and identify a potential property. A potential property can be identified by its sound appearance, availability, and, most importantly, a low asking price. It is a good idea when searching for a property to invest in to research the surrounding real estate market. Real estate is valued on a comparative basis. This means that the price of a particular house is based on the value of similar houses in the immediate area. By studying these properties a smart investor can identify those houses which are priced below the comparative market value.
A house may be priced below market value for many reasons including poor condition, foreclosure proceedings, tax liens, or any number of other reasons. A great way to find houses that have been foreclosed on is to contact your local bank or lending institution. Properties with tax liens against them can be found at the court house or local tax office. Once you have identified a promising property, you have to acquire the funds necessary to retain ownership of the house. If you are not an experienced or wealthy investor, then this could be a tricky and confusing process. The first thing to remember is that a bank lends money in order to make money. If they do not think that your investment opportunity will be profitable, then they will be unlikely to extend the needed or requested funds. Therefore it is important to be as prepared as possible when answering the loan officer’s questions. Have facts about the property, the surrounding market place, and your personal financial history at hand and accurate. Do not attempt to mislead the officer. They will find out the facts eventually and any dishonesty will hurt your chances of completing a successful loan application.
Once the property has been identified and the money acquired, then you must negotiate the best possible asking price. This step in the process can mean the difference between an ultimate profit or loss at the end of the day. Again it is important to have your facts. Know the comparative market place and make sure you have identified the possible negatives of the house in question that may force the owner to lower the asking price. Remain confident and always stand firm with any and all offers.
When you have gained ownership over the property, then the final step to learning how to flip a house is to locate and extend an offer to a potential buyer. Again negotiation is key to the success of the transaction. Highlight the positive aspects of the house and only accept an offer that nets a profit. Follow these steps and you will be flipping house in no time.
Real estate investment – do’s and don’ts
August 12th, 2009
gardnerwilkinson asked:
Real estate investment does not exactly happen when you are desperately in need of a home. Many people who buy homes do it because they expect their investment to grow in the years to come. As you can see, there’s a clear investment angle to the whole thing. So, if your interest in real estate investment is profits and returns rather than a place to stay, you need to be clear in your mind of certain things.
First, be perfectly clear about your reason for investment. Are you investing in a home because you have no other place to stay or are you looking for a way to diversify your investment portfolio? If you are a home buyer who desperately needs a place of your own, then, your focus has to be on getting a house that is livable and suitable for YOUR particular needs. On the other hand, if you want to make profits from your investment in real estate, you must take particular care in selecting prime property. Premium location, high quality construction, good neighbors and useful facilities drive up the price value of your real estate investment.
Every investor wants to buy low and sell high. However, this dream seldom translates into reality. In a good majority of cases, people often miscalculate the timing when they buy or sell. But, if you are a buyer in this market, you have a lot going for you because rates have bottomed out in most places. So, you ARE realizing one end of the transaction. To make your real estate investment even more price effective, choose a structure that needs minimal repair and maintenance. Any expense on the house adds to your cost. If you keep your investment low and are successful in selling high, you can make a good profit.
Since the housing market went up like a pot of firecrackers, investors have been somewhat wary of real estate investment. This is only natural. Many fingers have been badly burnt. To keep yourself from making this mistake, make inquiries into the state of the housing market in your area. If the sale value has been beaten to a pulp by the economy, it makes sense to buy as soon as you can. But, if you buy in an area with a poor sale value (due to reasons like crime, poor sanitation, slums etc), then you cannot expect high returns.
Real estate is a huge investment and the volume of money going out is substantial. Buying a home and paying a high monthly mortgage does not make financial sense because you end up paying much more than the market value of the house. Make your investment only when you have the finance to back you up. Remember that you may have to hang on to your investment until the market bounces back. And no one can say when that will happen.
From the outside, real estate investment may seem to be the easiest way of making money. You buy a rundown house, renovate it and sell it at a profit of 20-25%. What could be easier? Real estate investment can give you huge returns provided you play the game with a complete awareness of the risks involved and make informed decisions regarding your purchase.
Real estate investment does not exactly happen when you are desperately in need of a home. Many people who buy homes do it because they expect their investment to grow in the years to come. As you can see, there’s a clear investment angle to the whole thing. So, if your interest in real estate investment is profits and returns rather than a place to stay, you need to be clear in your mind of certain things.
First, be perfectly clear about your reason for investment. Are you investing in a home because you have no other place to stay or are you looking for a way to diversify your investment portfolio? If you are a home buyer who desperately needs a place of your own, then, your focus has to be on getting a house that is livable and suitable for YOUR particular needs. On the other hand, if you want to make profits from your investment in real estate, you must take particular care in selecting prime property. Premium location, high quality construction, good neighbors and useful facilities drive up the price value of your real estate investment.
Every investor wants to buy low and sell high. However, this dream seldom translates into reality. In a good majority of cases, people often miscalculate the timing when they buy or sell. But, if you are a buyer in this market, you have a lot going for you because rates have bottomed out in most places. So, you ARE realizing one end of the transaction. To make your real estate investment even more price effective, choose a structure that needs minimal repair and maintenance. Any expense on the house adds to your cost. If you keep your investment low and are successful in selling high, you can make a good profit.
Since the housing market went up like a pot of firecrackers, investors have been somewhat wary of real estate investment. This is only natural. Many fingers have been badly burnt. To keep yourself from making this mistake, make inquiries into the state of the housing market in your area. If the sale value has been beaten to a pulp by the economy, it makes sense to buy as soon as you can. But, if you buy in an area with a poor sale value (due to reasons like crime, poor sanitation, slums etc), then you cannot expect high returns.
Real estate is a huge investment and the volume of money going out is substantial. Buying a home and paying a high monthly mortgage does not make financial sense because you end up paying much more than the market value of the house. Make your investment only when you have the finance to back you up. Remember that you may have to hang on to your investment until the market bounces back. And no one can say when that will happen.
From the outside, real estate investment may seem to be the easiest way of making money. You buy a rundown house, renovate it and sell it at a profit of 20-25%. What could be easier? Real estate investment can give you huge returns provided you play the game with a complete awareness of the risks involved and make informed decisions regarding your purchase.
Some Great Reasons Why It Pays To Hire A Property Tax Lawyer
August 12th, 2009
Douglas M. Parks asked:
Property taxes issues are often so complex that individual homeowners will become so entangled in the intricacies involved that they will end up losing their way completely. This can lead to many different problems arising as well as becoming involved in disputes and so, the only way to survive such circumstances is to hire a property tax lawyer. Such a lawyer will provide professional grade help and support in making the right appraisal of all of your material possessions in order to only pay the correct amount of property tax.
Internet Is A Good Source
The Internet provides many good leads when it comes to finding a property tax lawyer. Several online firms have on their rosters professionally qualified experts that know how to handle matters pertaining to levies as well as can handle your disputes for you. Before you start looking at the yellow pages it would be a better idea to go online and search for a suitable property tax lawyer.
As a homeowner you would no doubt be aware of the fact that property taxes are actually calculated according to your land’s appraisal value. It is this issue that a property tax lawyer can handle best for you because differences in appraisal values are the main reason why disputes arise. A property tax lawyer will be help to determine the correct appraisal value and also will defines your liability.
In case of disputes, the property tax lawyer will shoulder complete responsibility to get the dispute settled in your favor and will also deal with the government’s tax departments on your behalf. Even when disputes are among owners the property tax lawyer is the person who is most capable of resolving the issues to everyone’s satisfaction.
Another service that a property tax lawyer offers is that they can use their experience and skill to correctly appraise your land and can even argue with the authorities that your land was wrongly assessed which caused you to pay unwanted extra taxes. In addition, such lawyers can also help you understand laws pertaining to exemptions and will suggest to you how to get rebates on the taxes you have paid.
You need to be careful however that you pay your taxes on time and without committing any fraud because in case you try to fraudulently deprive the state of its due taxes you will end up paying through your nose for hiring a tax fraud lawyer to keep you out of jail.
Even when you happen to jointly own property a property tax lawyer is the best people that will help you resolve disputes with the other co-owners and who can also help resolve clashes between you and third parties regarding tax liabilities.
Property taxes issues are often so complex that individual homeowners will become so entangled in the intricacies involved that they will end up losing their way completely. This can lead to many different problems arising as well as becoming involved in disputes and so, the only way to survive such circumstances is to hire a property tax lawyer. Such a lawyer will provide professional grade help and support in making the right appraisal of all of your material possessions in order to only pay the correct amount of property tax.
Internet Is A Good Source
The Internet provides many good leads when it comes to finding a property tax lawyer. Several online firms have on their rosters professionally qualified experts that know how to handle matters pertaining to levies as well as can handle your disputes for you. Before you start looking at the yellow pages it would be a better idea to go online and search for a suitable property tax lawyer.
As a homeowner you would no doubt be aware of the fact that property taxes are actually calculated according to your land’s appraisal value. It is this issue that a property tax lawyer can handle best for you because differences in appraisal values are the main reason why disputes arise. A property tax lawyer will be help to determine the correct appraisal value and also will defines your liability.
In case of disputes, the property tax lawyer will shoulder complete responsibility to get the dispute settled in your favor and will also deal with the government’s tax departments on your behalf. Even when disputes are among owners the property tax lawyer is the person who is most capable of resolving the issues to everyone’s satisfaction.
Another service that a property tax lawyer offers is that they can use their experience and skill to correctly appraise your land and can even argue with the authorities that your land was wrongly assessed which caused you to pay unwanted extra taxes. In addition, such lawyers can also help you understand laws pertaining to exemptions and will suggest to you how to get rebates on the taxes you have paid.
You need to be careful however that you pay your taxes on time and without committing any fraud because in case you try to fraudulently deprive the state of its due taxes you will end up paying through your nose for hiring a tax fraud lawyer to keep you out of jail.
Even when you happen to jointly own property a property tax lawyer is the best people that will help you resolve disputes with the other co-owners and who can also help resolve clashes between you and third parties regarding tax liabilities.