Archive for the 'Real Estate' Category
March 31st, 2012 -- Posted in Real Estate |
If you are interested in a career in real estate, the steps you will need to take are relatively straightforward. Nonetheless, it doesn’t mean that it is easy to become an agent. If you hope to launch a career in this field, you will need to dedicated a great deal of time and effort to your studies.
Taking Real Estate Classes
The first step to becoming a real estate agent is to take the proper classes. Often, you can take classes at a local community college or other facility that provides continuing education classes. Before signing up for the classes, however, make sure the courses are approved by your state.
In order to become a real estate agent, you must first complete schooling through an approved program. If the program is not approved by the state, you will not be allowed to complete the examination that is necessary for obtaining your license.
Taking the Real Estate Exam
By completing your coursework, you should be well prepared for the real estate examination. Nonetheless, it is essential to study for the examination before taking the test, as it can be a bit trickier than you might think. For example, some of the questions on the exam ask you to apply the concepts you have learned in your real estate classes, which means successfully passing the examination requires more than just memorizing information.
Some people do pass the test the first time they take it, but be prepared to take the test multiple times in order to finally pass it. Once you do pass the test, you will finally be able to work as an agent.
Building a Reputation
Of course, launching a career in real estate requires more than just taking the proper courses and completing an examination. If you hope to build a client base and to be successful in the field, you need to establish a reputation and build up a base of contacts.
In order to get your foot in the door in the real estate world, you will need to lean the tricks of trade from other professional in the field. One great place to start is at your local board of Realtors, which can be found in most large cities. These groups and clubs meet on a regular basis in order to exchange information, which is very helpful for a real estate agent that is just getting started in the field.
Continuing Your Education
After you have completed the coursework and passed the examination, you will have to take additional classes in order to maintain your licensing. Therefore, you will need to be prepared to continue taking real estate classes even after you have successfully launched your career.
By taking these continuing education classes, you will also stay up to date in the latest changes in the field. This will ensure that you are capable of serving your clients to the best of your abilities, which will further help with building your reputation and solidifying your career.
March 27th, 2012 -- Posted in Real Estate |
If you are thinking about investing in real estate, now is a good time to do it. With foreclosures on the rise, investors have a unique opportunity to cash in on a failing housing market. Homeowners are sliding into preforeclosure at an all time high and savvy real estate investors see this as a chance to obtain new property.
Preforeclosure is a term that refers to the period of time before foreclosure on a home begins. During this time, the homeowner is not making house payments as in default status on their home loan. This means the bank has filed foreclosure papers, but the sale or auction of the home hasn’t occurred. With a fist full of hundred dollar bills and the right knowledge, the real estate investor can pick up the home at a substantial discount. The following are a few inside tips that demonstrate the type of advantages investors have in a preforeclosure market.
Preforeclosure is an opportune time for investors for several reasons. First, when a home is on its way to foreclosure, no one is making payments on the property. This gives the investor leverage because he or she can essentially hold costs and use that weight to get a better deal on the home.
As always, investors should pursue highly motivated individuals who want to sell their property. A homeowner in preforeclosure with the bank hounding them constantly is undoubtedly a highly motivated seller. Lenders in this situation are like the homeowners. They need to liquidate loans gone bad because they don’t want to actually repossess the property. With that said, it is easy to see that large discounts can be negotiated.
One of the main keys to successfully investing in a preforeclosure market is to get in and get out before the actual foreclosure and auction occur. If you can negotiate a transaction during pre-foreclosure you avoid the stress of competing for a home in an auction environment. Auctions only leave room for the investor to make poor decisions. Preforeclosure deals keep the investor in control which is a good place be.
Investors, who plan on purchasing and holding the property, generally need a little more money or credit to do so. However, during the preforeclosure market, the investor is essentially taking over where the homebuyer left off. The investor doesn’t need to qualify for the home loan but instead can take over payments and not be personally liable for property. To boot, the investor can benefit from the tax advantages the homeowner no longer qualifies for. This is possible by taking the title to the property and putting it in a land trust.
Finally, while a preforeclosure market can be exciting, it still requires the investor to be smart and focused with his or her investing decisions. The savvy investor will not jump on every deal that comes across his path, instead, the idea is to develop and stick to an investing plan that will pay dividends down the road.
Incoming search terms:
- how to buy pre foreclosure apartment buildings no money down
March 25th, 2012 -- Posted in Real Estate |
For all of you aspiring real estate entrepreneurs and investors who want to make money in the real estate game Lease Options and Options are great way to accomplish this with little money or no credit. Let’s examine the beauty of making money in real estate using this creative way.
Lease Options and Options. Lease options are a great way to take control of a property without owning it. In a lease option scenario you would take control of the property by leasing it from the owner with the option to buy it.
When you lease the property from the owner of course “subject to” their existing mortgage you must have in your lease agreement the right to sublease to a tenant buyer. Buying a property “subject to” the current mortgage loan it simply means that you don’t get new financing, you would just leave the existing loan in place and take over the payments.
Once you have made a “subject to agreement” with the seller you would then sublease it to your tenant buyer. When you sublease to a tenant buyer, the difference between the payment on the mortgage and the rent that you would collect from your tenant buyer would be your “spread” or the monthly cash flow that you would receive.
In addition, to this fabulous arrangement you would also make money when that tenant buyer has paid you a non-refundable deposit to move into the house. The deposit would go right in your pocket. Sounds pretty good doesn’t it?
This non-refundable deposit would be applied as a down payment for them on the house and subtracted from their purchase price. Furthermore, you make money on the back end when that tenant buyer finally gets financing and buys the house from you.
When the house is bought by the tenant/buyer the owner’s loan balance is paid off and if they had any equity and they were willing to leave some on the table, your back end profit would derived from that.
Your back end profits would be the difference between the price that you optioned to buy the house for from the owner and the purchase price that you gave to that tenant buyer. Sound easy doesn’t it? Well, in reality it is.
Let’s move on to examine a straight option. In a straight option you would simply get an option to buy a property at a specific ideal price. An ideal price would be a price that would allow you to make a substantial profit when you’ve have sold the property.
For example, a house by the lake is appraised at $700,000 and has been on the market for a while and the owner is willing to sacrifice some equity to get rid of it.
You’ve negotiated with the seller to get an option to buy the house for $600,000 and you then turn around and sell that option to a buyer for $650,000 .You just made $50,000 and everyone benefits from your efforts. The seller sold a house they had trouble selling and the buyer of your option and the house instantly gets $50,000 of equity from the house and of course you made your $50,000.
In conclusion, as you can clearly see using the Lease Option and Option methods are creative ways that A Real Estate Investor or Entrepreneur can use to easily make money in real estate.
March 23rd, 2012 -- Posted in Real Estate |
When you make an offer to purchase a property, you will sign a purchase or purchase and sales agreement with the seller. This document will be the binding contract and agreement between you and the Seller and the provisions in that document will spell out certain events which must take place before your escrow can close.
Within the purchase agreement will be a provision for the scheduled date of closing. A date is normally filled in when the offer to purchase is made by the buyer. Once your offer is presented to the seller, the seller may choose to change this date before accepting your offer.
Both you and the seller will come up with a closing date which seems reasonable. The closing date should allow you enough time to apply for and obtain a mortgage, if you will be getting a loan to help finance your purchase, and the seller will choose a closing date which allows ample time to move out and find a new home or property.
The closing date which is agreed upon should also take into consideration such contingencies as property inspections, the title report review, and any special circumstances, such as one or more parties being out of town or out of the country, an estate or probate situation, or other complications which may involve legal assistance.
To set a reasonable closing date, both parties need to understand what their individual responsibilities are before closing can occur.
You and the seller should list the tasks you each must perform and then try to calculate a time limit for each of these tasks. The seller, for example, may find that there are liens or other encumbrances on the title of which he was not aware, and these clouds on the title will need to be cleared up before the title can be transferred. The property inspection might show up minor defects which the seller may be required to repair, or major defects might become evident, in which case you and the seller may need to come to an agreement as to who will pay for these repairs.
These types of events are not unexpected in a property purchase and should cause no delay in the closing, as long as they have been provided for ahead of time. Before setting the closing date, try to think of any situations which must take place before you go to closing.
The seller may request that the closing date be contingent upon the sale of his present home. This date may be rather arbitrary, but a tentative 30, 60 or 90 day closing date could be set and when the actual closing date can be set, then an addendum to your purchase contract can be drawn and signed by both you and the seller. In this case, you would want to be sure to notify your escrow or closing officer of any changes in the date for closing.
Keeping the escrow officer informed of exact dates is very important, as she will be prorating and calculating certain expenses and credits, such as interest, taxes, and insurance and these will be calculated right up until the day of closing.
The lender may have an important role in setting the closing date. Your loan may take longer than traditionally expected, perhaps you have additional items the lender needs to verify, or perhaps you are self-employed and the lender will require profit and loss statements and other documentation to document your financial profile. Perhaps the lender will require that certain repairs on the property take place before they will agree to fund the loan.
To avoid any unnecessary delay in closing by a lender, you might want to consider getting pre-qualified by a lender and asking them if they see anything unusual in your credit which could hold up your loan. If property repairs are required, you could ask that money be held in escrow for these repairs, rather than hold up the agreed upon closing date.
The closing agent may have a role in controlling the closing day. Check with the escrow officer to get an idea of how long it will take to issue the title reports and how long it will take to prepare the closing documents.
Schedule your closing as soon as possible in the transaction, as escrow officers often are busier on some days than others and you would want to be sure to reserve your time and day. When scheduling your closing with the title or escrow company, let them know that you want ample time to go over and review all the paperwork.
Oftentimes, buyers and sellers are rushed through this critical process, as the closing agent may have a busy schedule that day and these documents are all standard and commonplace to her. Closing agents may forget that each provision and each commitment listed in a document may be new to the party and will need to be explained carefully.
When an attorney is involved in the transaction, whether representing the Buyer or the seller, normally the attorney will explain each provision in detail. Keep in mind that the escrow officer or closing agent is a neutral third party only.
The title company cannot give legal advice or interpret documents for you. The closing officer can explain each item and review how the numbers were calculated, but for any legal opinions, you will want to consult with your attorney.
Richard Reichmann is internationally known as a millionaire maker. He’s a leading consultant in real estate and internet marketing strategies that are profit proven.
Incoming search terms:
- rent proration in michigan buying apartment
March 19th, 2012 -- Posted in Real Estate |
When you make the decision to sell your home, you are under no obligation to hire a real estate agent or broker to help you with the sale. Nonetheless, most people prefer to hire a real estate agent in order to better protect themselves and in order to put themselves in a better position to successfully sell the home in a short amount of time.
When you hire a Realtor, you gain access to a wealth of knowledge that will help keep you out of trouble and will help provide for a smooth transaction. Here are just a few things that your real estate agent knows that you probably do not.
The Federal Fair Housing Act
According to the Federal Fair Housing Act, you cannot discriminate against someone when selling a home. The act defines seven different classes that are protected against discrimination, these include:
- Race
- Color
- National origin
- Sex
- Religion
- Handicap
- Familial status
If you do not enlist in the help of a real estate agent, you put yourself at risk of violating this act if you refuse to sell your home to an interested buyer. In addition, you might even accidentally violate these laws without realizing it. For example, there are certain words that cannot be included in your advertisements for your home because they are in violation of the Fair Housing Laws. Some of these words include:
- Bachelor apartment
- Children welcome
- Couples
- Gentleman’s Farm
- Golden Agers
- Handicapped
- Integrated
- Married
- Mature
- Mother-in-Law quarters
- Professional
- Seniors
- Singles only
- Sports-minded
As you can see, some of these terms seem perfectly innocent. Therefore, it is a good idea to get the help of a real estate agent so you can tap into his or her knowledge and experience in order to stay out of trouble.
State Real Estate Laws
Although there are similarities in real estate laws from one state to the next, each state has its own set of rules that must be followed. If you do not understand these laws or are unaware of these laws, you can inadvertently break the law when selling your home. In addition, by not being fully aware of your seller’s rights, you might actually lose out on money during the transaction.
Taking Advantage of Connections
Aside from legal matters, a real estate agent simply has a vast number of connections that makes it possible to sell a home more quickly and for a higher asking price. Similarly, since people come to real estate agents when searching for homes, you are able to tap into a much larger market of interested buyers when you get the help of a real estate agent.
Since a Realtor has experience with selling homes, he or she can also provide you with tips to help increase the market value of your home and to make the process go by more quickly. For example, small things such as painting a room a different color can go a long way when it comes to increasing the appeal of the home. By taking advantage of the realtor’s expertise, you just might have a much more profitable selling experience.
Eric Bramlett is the broker & co-owner of One Source Realty in Austin, Texas. Eric currently manages his Austin Real Estate Guide, his Northwest Austin real estate company’s website, & his Steiner Ranch real estate Guide.
March 14th, 2012 -- Posted in Real Estate |
If you’ve decided to build a custom home, choosing the right builder could be the single most important decision that you’ll make. Choosing the right builder can cut your costs, reduce construction time, ensure high quality construction and generally make building your custom home a far more pleasant and exciting process. There are many builders of custom homes in Atlanta, and choosing the right one is a matter of research and interviewing until you’re satisfied that the builder you choose will deliver your new home complete, on time and within budget.
Finding Builders of Custom Homes in Atlanta
Your first step is to contact your local home builders association for a list of members who work on custom homes. In Atlanta, the Atlanta Home Builders Association is the local arm of the National Association of Home Builders. Working with a member of a home builders association offers you some very clear protections and assurances.
The HBA can provide you with a list of builders of custom homes in Atlanta and its surrounding area, as well as help you with many of the questions and concerns you may have about working with a professional home builder. Getting started is as simple as browsing the directory on the HBA web site for members and certified members.
Check your local real estate listings and with local realtors to find out about new project construction and home building in your area. Looking at listings of new construction and under construction housing will give you an idea of the costs and styles of building common to each builder and give you a head start on finding just the right builder for your new home.
Research Builders of Custom Homes in Atlanta
Once you have a list of custom home builders, it’s time to do some homework. Keep in mind that your home is quite possibly the largest and most important purchase that you’ll ever make, and the builder that you choose is one that you’ll be working closely with for some months to come. Take the time to find out about your prospective builders’ reputation, professionalism and quality of work before making a final decision.
One of the best ways to learn about a builder is through the work that they’ve done. Ask builders you are considering for a list of their recently completed and under construction homes so that you can visit. Many builders will even be willing to provide you with the names of home owners with whom they have worked and who would be willing to talk to you about their experiences with the builder.
The National Association of Home Builders suggests that prospective buyers get the addresses of homes that the builder has completed and drive by on a Saturday morning when the home owners are likely to be outside doing chores or enjoying the day. Be frank with them – tell them that you are considering working with the company that built their home and were hoping they might give you an idea what it was like to work with them.
Most homeowners will be happy to share their experiences with you. You’ll get a very balanced view of the builders you’re considering this way. A homeowner who’s pleased with their experience will be happy to share with you, and those who had problems will be at least as happy to save you from repeating their mistakes.
Some of the questions you might ask include:
Are you happy with your new house?
Were there problems during construction? If so, were they worked out quickly and completely?
Were you happy with the level of communication you had with the builder?
Would you work with this same builder if you were to buy another house?
Contact the local NAHB and ask if there are any outstanding complaints about the builders that you are considering.
Interviewing Builders of Custom Homes in Atlanta
When you interview builders, have a list of questions prepared, and bring along a notebook so that you can take notes. It will help you later if you’ve recorded your impressions. Some questions you might ask include:
What is your experience and how long have you been in business?
Are you a member of the BHA?
What is your experience building the style of house that I’ve chosen?
What sort of communication can I expect from you if we work together?
Do you offer any after-sales service?
How will you resolve any problems in my new home?
Do you provide a warranty for our new home?
Can we visit your work site?
Keep in mind that you will be working with the builder that you choose for months, and there will be a lot of contact between the two of you. Choose a builder with whom you feel comfortable and in whom you have confidence.
March 12th, 2012 -- Posted in Real Estate |
Most firms will deal with dozens of real estate ventures at any given time. Multitasking with so many projects requires plenty of management. First, each prospective property must be analyzed to find out if it is viable. Usually this involves a lot of computation and number crunching to determine the long-term profit margin of each holding.
Next, the firm has to keep track of all current assets and finances. Keeping up with these numbers creates an enormous workload for the firm. Relying strictly on paper methods can leave your calculations open to human error. Additionally, using computer software makes the task easier and quicker.
Investment property software is the perfect option for a real estate firm that wants to process investment activity quickly, efficiently, and easily. You can store all of your important information in a digital format, using computer programming to ensure that you arrive at the correct result.
Employing real estate analysis technology will also automate many tedious processes, such as calculating the modified internal rate of return. Instead of dealing with complex math, you can let a computer do it for you! Different software offers different features but there are certain things you can always look for in investment property software.
First, the software should offer an analysis tool that will compute the potential of a property. Typically, it will use the modified internal rate of return. It will require you to enter a few key figures regarding the profitability. Then it will create a profile for that investment, allowing you to quickly compare multiple choices.
When speculating in real estate, it is important to make your plan for the long term, so that you can have a good idea of where your money is going to be at any given time. Different software packages help you plan for the future of your real estate career.
Next, the software package should give you some way of keeping track of each real estate holding, and where all of your money is currently. The more investments you make, the more important it is to methodically keep track of them.
Granted, if you are good with spreadsheets you can store all of your information that way. However, specialized software will speed up the process, enabling you to keep track of your interest in specialized sheets with organizational abilities and computation analysis needed. When you add a new property, you can record how much you are spending on it, and how much you expect it to return. As your investment matures, you can create up-to-date records of its progress.
If you are making just a few small real estate ventures, you can probably manage your property with a simple method of keeping track of them. But when you start juggling multiple investments on a larger scale, you may not have the time to stay closely acquainted with all of your investments. Therefore, you should use investment property software to make sure that you know exactly what you are doing with all of your money.
March 8th, 2012 -- Posted in Real Estate |
Investment property comes in all shapes and sizes, but what happens when it comes within an HOA community? HOA communities are neighborhoods regulated by a Home Owners Association. The organization is run by members of the community who enforce the neighborhoods rules.
The nice thing about HOAs is they serve as a watchdog for the community and thus your property. They make sure lawns are mowed and trash cans aren’t left on the curb. But with the pros come the cons, such as laws that may be more restrictive then you as an investor care to worry about. Here is a quick breakdown of some reasons why HOAs are nice to be involved with.
Pros
1)HOAs provide an additional way to monitor your investment property.
2)Neighbors to your investment property are also monitored. You won’t have to worry about cars on blocks and trash piles popping up around the neighborhood thus driving down the equity of your investment.
3)The majority of HOAs have regulations regarding home elevations and changing them. This makes it harder for other homeowners in the community to change the exterior of their house to a distasteful color.
4)Some HOA communities come with amenities such as pools, ponds, walking paths, parks, club houses, fitness centers, and other attractions.
5)HOAs can foster a sense of community which you can use to your advantage when finding that perfect tenant to fill your investment property.
Of course, HOAs are like a double-edged sword. They come with rules for both your tenant and the neighbors to follow. When you have an investment property in an HOA community, you have to worry about your tenant complying with these rules.
Cons
1)Large recreational items, like portable basketball hoops, can’t be left out at night.
2)Trash cans are required to be put up in a timely manner after trash pickup for the week.
3)Landscaping and lawn care needs maintained per HOA guidelines.
4)HOAs have been known for developing rules that make the city’s laws look meek in comparison.
5)Some HOA restrict the amount and type of animals community members can own. This could limit your potential renter list.
6)HOAs can regulate the amount of investment property within a community and even make it near impossible for you to lease a home.
Because HOA rules differ based on the community, it is hard to determine if investing within a regulated neighborhood is right for you. If you are thinking about investing in a piece of real estate, find out if it is part of an HOA. If it is, inquire about the HOAs rules. Are they investor friendly? What are the rules? How often are they enforced? What happens if your tenant breaks the rules?
March 7th, 2012 -- Posted in Real Estate |
Living room is an essential part of a home. This is the first room that represents the taste and character of the house.’s owner. That is why living room is should be designed meticulously so it can fulfill it’s functional needs and aesthetic factors.
However before you decide to make over your living room, there are things you should consider so whatever make over you are planning to, it will meet your budget. Especially if you DIY project.
The easiest thing to make over your living look different and standout is by choosing the right furniture for it. If you live in a small apartment or pavilion, then all Modern Furniture will go well with it. However if you after a sophisticated look, Contemporary Furniture will be much help.
Try you change you sofa. Or if you don’t have, add one that suit to the room. Modern Sofa is a catchy thing for a great first impression to overall design. Pick the neutral color like white, grey, brown or black. However if you want a lively feeling, choose a vibrant one like orange, purple or red instead.
After sofa is done, then look for a nice coffee table to compliment the sofa. Make sure it fits well with sofa’s tone. You can choose a glass or fiber one for contemporary look or solid wood for modern taste.
Other things that should come into consideration is the light. Proper illumination in the room will emphasize the distinctive design that you want. In addition to that, pretty accessories would be nice too. Try decorative hanging walls for example.
However, things still be a plan before you do the action. So, do your home work first. Make a plan, draw a raw design, look your budget, and then find items you need. Of course, online shopping is good for option for this.
February 25th, 2012 -- Posted in Apartment, Real Estate |
Owning commercial real estate means having to deal with tenants and the problems they present. But, there are several easy methods for controlling tenants. Keeping them under control creates a more harmonious environment, making the building more attractive to prospective tenants. This level of control is one of the keys to effective property management.
It is the property management that is responsible for making certain that tenants pay their rent on time. An effective property management rule is to require the rent to be collected on the day that is specified in the lease. This keeps any confusion about the due date and other rent issues from getting out of hand.
Tenants must also respect their apartments, which can be hard to enforce. However, it’s part of owning commercial real estate and taking an active role in commercial property management. Avoiding the cost of repairs is the main reason for this type of rule. If a tenant doesn’t respect their apartment, there will be repairs needed when the unit is no longer occupied.
In order to keep peaceful surroundings for all the tenants, they must respect their neighbors. This can be accomplished with specific rules that relate to the way neighboring tenants are to be treated, such as respecting quite hours. Keeping the noise level under control is something that property management must take seriously. If a tenant does not follow this rule, it calls to the property management to enforce it. Many property management companies will have specific rules about the repercussions, which can include a number of warnings before action is taken.
The tenant that moves in and has obvious problems with drugs, there should be steps taken toward property management terminating the lease. These tenants usually have more traffic than the other tenants, and may have other character flaws that will become apparent to property management and tenants. It can also give the building and the property management a bad reputation.
Apartment building investing is one of the first steps many investors take into commercial real estate. Once the property is obtained, the tenants depend on you for property management. If your rules are followed, the tenants will be content and your apartment investing is more likely to pay off in profits.
Commercial property management can be made easier by implementing at least one rule, which is to keep the building in good repair and the exterior trash area clean. This tells prospective tenants that this is a well-run, clean building. This image will bring in the preferred type of tenants to fill your rental units. Remember there are as many good tenants looking to relocate to a new building as there are bad tenants. What kind of tenants you have will depend largely on the type of property management you have in place.
« Prev - Next »
