Real Estate Resources

Nashville Real Estate Agents

2006-12-27T20:27:00.000-08:00

If you are buying or selling a house in Nashville, there's a new free report called "The Secrets Real Estate Agents Don't Want You To Know."

The report is available at the following web address:

http://www.10report.com/realestate.htm

Destroy The Greatest Real Estate Myth And You’ll Come Out Better Off!

2005-11-08T07:59:00.000-08:00

By: Noel Peebles

Weve all heard it said, The most important thing in real estate is LOCATION, LOCATION, LOCATION! For years real estate agents have been peddling that line. To that I reply, RUBBISH, RUBBISH, RUBBISH!
Weve all heard it said, The most important thing in real estate is LOCATION, LOCATION, LOCATION! For years real estate agents have been peddling that line. As many will say, its the reason why real estate does or does not sell.

To that I reply, RUBBISH, RUBBISH, RUBBISH!

Sure, location is important, but to elevate it to the status of the most important reason is in my opinion, unjustified.

In truth, there are 4 key factors that determine whether or not real estate sells. They are:

- PRICE

- CONDITION

- MARKETING

- LOCATION

Youll notice I put location last on the list. Now dont get me wrong, location is important, but to say it is the most important factor in any real estate sale is just not true! Let me explain...

Of the four, location is perhaps the least important because of one often overlooked point, which is Location cannot be changed by anyone in the real estate negotiation process. Just think about that for a moment. Location cannot be changed by anyone in the negotiation process. So, unless you can put your house on wheels, it will stay where it is, meaning you (and your potential buyer) must accept the location as a fixed negotiating point.

Now, there are possibly a few exceptions. For example, it is not uncommon to move a house on the back of a truck from one location to another. In fact, I once watched as a multi-level hotel was lifted and moved on rails from one side of a busy city street to the other. It wasnt a small building, so I couldnt believe what I was seeing!

Also, without physically moving a property, it is possible in some circumstances to have a property rezoned by the local authorities. It does depend on your laws relating to where you live. However, I have seen properties triple in value when they were rezoned from rural to commercial. But, as I say, the laws are different from country to country.

Anyway, unless you can alter the location or status of the location, you must generally accept the location as being fixed. Which brings us to the other three points price, condition and marketing. All three are variables that you can control. Here's what I mean:

1. You can raise the condition of your property to meet your asking price. Or...

2. You can lower your price to meet the condition of your property. And then...

3. You can run a powerful marketing campaign that makes your property stand out from every other property in town.

Do you see what I mean? You can change the price, change the condition and change the marketing... but the location of your property remains static.

So, to say that LOCATION, LOCATION, LOCATION is the number one reason why a property does or does not sell is just a real estate myth. The truth is; price, condition and marketing rate as more important factors in the real estate negotiating process.

Noel Peebles, Market Leaders ebooks.

Noel Peebles is author of the best-selling ebook "Home Selling Secrets Revealed." For details http://www.forsalebyownerguide.com

NOTE: The following information must be included if you reprint this article:

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Ex Real Estate Agent reveals the quick and easy secrets to selling your own home without an agent and avoid paying $5,971$8,329$12,963 or more in real estate commissions! http://www.forsalebyownerguide.com

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About the Author

Noel Peebles has a wealth of experience including brand marketing with a major advertising agency, and as Director and Strategy Advisor with an internationally aligned marketing communications company. His skills include television and radio production, news-media and catalogue advertising, direct response marketing, research, media negotiation, sponsorship development, and public relations and franchise marketing consultancy.

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Edina Minnesota's 20/20 Vision

2005-11-07T17:09:00.000-08:00

Edina has always been a community that has recognized the importance of the past while preparing itself for the future. From its incorporation in 1888 as a milling area on the banks of Minnehaha Creek, Edina has evolved to be a model among municipalities in the Twin Cities metropolitan area.

In 1998, the Edina City Council began a very exciting project. With the assistance of Hoisington Koegler Group and Ehlers & Associations, the City began assembling "Edina's Vision 20/20," a long-range plan that will guide the City in its continued evolution. The project is now complete.

Edina's Vision 20/20 is both a long-term vision for the City as well as a short-term strategic plan of three to five years. From a visioning perspective, it examines where the community has been, where it wants to go and how it will get there. From a strategic planning perspective, it examines the challenges and opportunities that have been identified as having the highest priority within the community.

The final report of the plan listed nine objectives, or goals. What is important to note is that those objectives were formed based on public participation. The goals came from the concerns of residents.

In the spring of 2003, the City Council revisited the plan and made note of accomplishments to date. In addition, the plan was rewritten to include new and revised objectives.

Put simply, Edina's Vision 20/20 was written to improve the quality of life here.

While the edge of urbanization has long since passed through Edina, the City is expected to continue its pattern of sustained growth into the next century. In addition to growth-related transportation challenges, Edina will need to address issues related to: accommodating infill and redevelopment opportunities, problems associated with through-traffic and addressing the transportation needs of those needing or choosing other transportation modes.

For more information go to http://www.commercialrealestateinsider.com/Edina/edina-reality.html

Top Ten Most Searched States for Online Homes Listings

2005-11-07T13:33:00.000-08:00

By: Laura Martin
December 10, 2003

Virginia Beach, Va. New York and California are the most-searched states for real estate listings on HarmonHomes.com, a leading real estate classifieds Web site for homebuyers.

Recent data show the top ten most-searched states on HarmonHomes.com are (in this order) New York, California, Ohio, Florida, Pennsylvania, New Jersey, Illinois, Texas, Virginia and Georgia.

While HarmonHomes.com features a national listings database, this information corresponds with markets that are historic strongholds for Harmon Homes magazines. Harmon Homes has 13 publications in New York, 11 in California and 21 in Ohio. HarmonHomes.com and Harmon Homes are both divisions of Trader Publishing Company.

We are very pleased that search activity on HarmonHomes.com is increasing, said Rick Murchake, general manager of HarmonHomes.com. This shows that more and more homebuyers are using the Internet as a key resource when searching for a home.

In fact, according to the 2003 National Association of REALTORS Profile of Home Buyers and Sellers, 65 percent of homebuyers use the Internet in their home search. Thats more than other information sources such as newspaper advertising at 49 percent, open houses at 48 percent, and home books or magazines at 35 percent.

Headquartered in Virginia Beach, Va., HarmonHomes.com is a leading provider of online real estate classified ads. As a division of Trader Publishing Company and part of Traders family of over 20 Web sites, HarmonHomes.com provides a comprehensive homes-for-sale database for homebuyers while serving as a convenient and effective advertising forum for real estate professionals. For more information about HarmonHomes.com, call toll-free 888-632-6111 or visit www.HarmonHomes.com.

###

Laura Martin
Marketing Coordinator
(757) 321-8471
(757) 321-8355 (fax)
laura.martin@harmonhomes.com

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Is it time to stop filling your Landlord’s Wallet?

2005-11-02T07:15:00.000-08:00

By: Josh Dorkin

As a renter, you are subject to the whims of your landlord. They work at their own pace, and improve their property as they see fit. You have no control over the property that you reside in. Do your floors need to be resurfaced or your carpets replaced? Sit around and wait for your landlord to do it. Do your walls need to be repainted? Ask the landlord.

It sometimes feels like youre living at home with mom and dad again, doesnt it?

So, its just easier to keep paying rent, right? Dont forget . . . the landlord can raise rent on you over time.

You can afford your own home!

Unfortunately, most people fear that qualifying for a loan will never happen. This is not true. Competition between lenders has increased drastically, causing them to come up with more and more products. There is likely a product out there to help you afford your own home! You just have to do some work and find the right information.

While owning your own home may take some work, it is certainly worth it

* You can deduct the cost of your mortgage interest from your taxes
* Closing costs involved with the purchase of your home, and property taxes are often deductible
* Historically, real estate prices have been cyclical, but over the long term, prices have generally risen.

Think about it . . . if you pay $600 a month, your landlord ends the year with $7,200 of income from you alone. After five years, thats $36,000 that youve paid out (odds are your rent would have gone up over that period, so the amount youve paid out is likely much higher.) From this money, your landlord is not only getting income, but also getting tax deductions, business write-offs, and capital appreciation. Youre busy making him rich! Dont get me wrong, you did have a place to sleep at night . . .

Okay, so I definitely have an opinion here. Do whatever you can to get out there and find a home to buy! You and your wallet will thank me.

Remember: Make sure you do not stretch yourself too thin with your payments. Buy only what you can afford. Be sure to consult with an attorney or accountant to protect yourself.

Learn more about investing in real estate at BiggerPockets.com Real Estate Investing Community - http://www.biggerpockets.com. Discuss any real estate issues at our investing forums - http://biggerpockets.com/ipw-web/bulletin/bb/.

This Article may be be reprinted in its entirety, but reprints must contain the included weblinks.

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Working With Your Real Estate Attorney

2005-10-25T07:14:00.000-07:00

By: W. Troy Swezey

Purchasing or selling a home will probably be one of your largest and most important financial transactions. Before signing a contract to purchase or sell a home, both buyer and seller should consult an attorney to assure that the real estate transaction will be handled legally and professionally.

Although an attorney is not a required part of the process, particularly in many states where escrow companies will attend to all closing transaction details, an attorney can protect your interests and help you resolve any potential legal problems before entering a legally binding contract.

Sometimes buyers feel the need to sign a contract quickly and dont have time to initially consult an attorney. In these cases, buyers can include language in the contract that will allow their attorney time to give final approval on the agreement usually within three to five business days. This allows both buyers and sellers to expedite the contract process without fear of inadequate legal representation.

For the rest of the article go to: http://www.commercialrealestateinsider.com/Articles/Working-With-Real-Estate-Attorney.htm

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How To Buy Property With No Money Down

2005-10-24T07:36:00.000-07:00

By: Daniel Cobb

Learn how to buy real estate with no money down.
Buying property without putting any money down is really not as difficult or as complicated as it may seem once a person understands how and why the process works. Along with everything else in a real estate contract, the amount of the down payment (amount may not be negotiable if paying with certain types of loans) and who pays it is negotiable. The primary key to buying real estate with no money down is getting the seller to pay or give credit at closing for the buyer's down payment.

In order to find a seller that is willing to pay a buyer's down payment certain types of property or property sellers must be targeted. First, the buyer must look for property that has been on the market for a long period of time or property that is being advertised as a must sell. Secondly, the buyer must find property where the seller advertises him/herself as a motivated seller or the asking price of the property has consistently went down (or back and forth) several times.

One might justifiably ask: why would a seller want to pay a buyer's down payment? Let's examine Table A to find the answer.

For the rest of the article visit: http://www.commercialrealestateinsider.com/Articles/Buy-Property-With-No-Money-Down.htm

Comparing The True Cost Of Obtaining A Home Loan

2005-10-21T14:14:00.000-07:00

By: W. Troy Swezey

Home buyers are often confused about where to begin in their search for a home loan. The process is usually narrowed down to finding which institutions provide the lowest settlement costs, but the different types of lending institutions and the variety of lending programs available can make the search a slow, difficult experience.

Real estate settlement costs are fees buyers normally pay when purchasing a home such as legal services property insurance, mortgage loan financing and title services. In the past, consumers would have to call each lender, request an estimate of their settlement costs and compare all of the results to find which lender offered the lowest total settlement costs.

The Department of Housing and Urban Development, however, recently revised the Real Estate Settlement Procedures Act (RESPA) which now makes it easier for consumers to estimate various settlement costs through computer loan origination programs. In this manner, consumers can access a computer listing of various programs offered by lending institutions.

The computer search speeds the process of reviewing various programs and allows participants to arrange financing with the listed lender. Buyers using a computer loan origination program may be required to pay a fee for this service, but many buyers feel the convenience outweighs the cost. Still, the new RESPA changes require a real estate broker with a computer loan origination program to inform the buyer that the service is only an option and that non-listed lenders may offer lower rates or fees.

The new Federal Regulations also permit real estate brokers to offer more comprehensive services to home buyers by allowing brokers to enter into controlled business arrangements with other companies associated with the home buying process. Real estate brokers were always allowed to refer buyers to lending institutions, title companies and escrow companies, but they were not permitted to accept compensation from those institutions for giving a referral. The RESPA changes now allow real estate brokers to enter into partnerships or actually open their own mortgage service institutions. This allows brokers to provide virtual one-stop shopping by handling the entire settlement process.

RESPA changes were made to help home buyers learn about and obtain mortgage services more conveniently. Since RESPA helps consumers to understand the process of home ownership, the regulations may encourage more potential buyers and further stimulate the real estate market.

About the Author

W. Troy Swezey is the author of COMPARING THE TRUE COST OF OBTAINING A HOME LOAN." As a Realtor at Century 21 Paul & Associates, he has helped many individuals with their real estate needs. Visit his web site to download his free e-book, REAL ESTATE SECRETS EXPOSED. http://www.TroyIsMyRealtor.com or mail to: TroyC21@usa.net

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Getting Real About Real Estate

2005-10-20T07:29:00.000-07:00

Save big money by not using real estate agents to buy your home (what the realtor's don't want you to know can save you big bucks!) Private investors are the secret.
Buying real estate is a complex process, with lots of 'nickel and dime' fees. But what is the biggest fee that is actually REDUCEABLE, 97% of us don't even question it?

You got it: The real estate agent's commission. What I'm going to share with you is what every agent doesn't want you to know. It won't make me popular with agents, buy hey - this is YOUR wealth at stake.

It's an amazingly ignored fact, but true: Real estate agent fees are negotiable. In my area of California, it's typical that real estate agents take 6% of the sale price! And honestly folks, there are many great real estate agents out there. Some of my best friends, and two of my family members are agents. BUTdo they really deserve 6%? I think not!

Think about it. When I bought my first property, I plunked down $225,000. The agents walked away with $13,500! Just for looking on a computer to pull up why I told them I wanted, and driving me around to look at a few homes.

Don't get me wrong - agents can provide an invaluable service, especially in competitive bid situations or complex real estate deals (which often an attorney will be involved with - and can be hired separately). The typical home purchaser, or seller, may not need these services.

Today is different. The multiple listing service (know as MLS listings) is commonly available on the web. There are web sites that search for exactly what you want! Need 2000 square feet? 3 bedrooms, 2 baths? A certain zip code for a residence? No problem. A few keystrokes and your list of dream homes is there on your computer, with pictures! (see resources below).

Now I just need an agent to open the door and show me around - but do I? Many sellers will be interested in showing you their home without an agent, especially in these lean times when so many sellers are motivated to make deals.

Remember that home for $225000? Some years later I sold it for much more as the market value had appreciated. BUT - I used a fixed fee broker to list my home (you can buy homes through these folks too.)

This time, it only cost me $2,000 to sell my house!

Which would you rather pay, $13,500 or $2,000? Tough choice eh?

Many companies have popped up to help owners and buyers connect, and save on fees. Many options exist, so do your homework before enlisting your next agent:

Ask yourself is there another way to buy or sell a home Check the web for resources Look for agents and brokers the specialize in a set or reduced commission Look for private investors, they often buy and sell real estate at a discount Ask your agent for a discount (very realistic these days compared to the "boom years" of yesterday) Do your diligence: Talk to your attorney, accountant, and tax professionals about your choices before you make them.

Go for it! http://www.massagehome.com/grs

About the Author

Steven enjoys writing and teaching others on the special topics of wealth, health, and human potential. Steve left a lucrative career in biotechnology to fully pursue his passions in 2000. Now he writes, trains, and coaches full time in San Jose, CA. If you enjoyed this article you may enjoy Steve's tele-class: Infopreneuring MBA (Massive Bank Account!) at http://www.teleclassinternational.com/catalog.phtml?keywords=info01

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Understanding Counter Offers Can Have Its Benefits

2005-10-19T05:50:00.000-07:00

Learn how to use counter offers to make quicker and more favorable real estate deals.

The counter offer is a vital part in the negotiating process of purchasing real estate. It can often determine if you get a good deal or a less favorable one. Ironically, most people (including most real estate professionals) never really have or use a strategy that makes counter offers work in their favor.

When dealing with counter offers the number one mistake most people make is not having a method to determine each counter offer's anticipated purchase price. The problem is that when finding an anticipated purchase price for the next counter offer most people tend to just take the amount that is in the middle of the last two offers on the table (see table 1 below).

Table 1

Original asking price

Buyer's offer

Seller's counter offer

$100,000

$90,000

$95,000

A much more effective way of choosing a counter offer's anticipated purchase price is to start with a predetermined group of percentages that decrease in value. For example: 55%, 40%, and 25%. Then when it is time to make a counter offer use the group of percentages to determine the counter offer's anticipated purchase price. In this example: the first counter offer would be 55% of the in-between amount of the first two offers on the table, the second counter offer would be 40% of the in-between amount of the last two offers on the table, and the third counter offer would be 25% of the in-between amount of the last two offers on the table.

When dealing with counter offers using this technique will benefit whoever uses it (buyer or seller) in several ways: It will let the other party involved in the transaction (buyer or seller) know that the final offer is close to being made. It will help to make the negotiating process quicker by creating fewer counter offers. It will help increase the chances of an offer being accepted because the other party involved (buyer or seller) will anticipate the final offer being reached.

It is important to remember that the percentages used in this technique can vary per individual person or deal. There is no strict formula for this technique except that you counter with a preset percentage of the in-between amount of the last two offers on the table and decrease the percentage used in the formula with each consecutive counter offer made.

Lastly, it is important to remember that the asking price is not the only thing that is negotiable in real estate transactions and that other elements of the contract such as down payment amount, closing terms, etc. can be used to help leverage the negotiation of the asking price.

About the Author

Daniel Cobb lives in Chicago, Illinois and is a former realtor who is now a real estate investor. He is also author of the e-book, "Complete Guide To Investing In Real Estate Through Government Scavenger Sales" - an informative e-book on how to purchase real estate through government auctions.

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Investing In Real Estate, How Do I Get Rich?

2005-10-18T10:42:00.000-07:00

Fundamentally, you have three ways to make money when purchasing investment property. The first is to lease the property for an indefinite period at rents that exceed the cost of holding the asset. The second is to purchase the property with the intent of renovating it to substantially increase the value and selling it quickly. The third is to find properties that need to be liquidated quickly at a substantial sacrifice to equity. An investor can acquire these properties and immediately sell them for a substantial profit.

Essentially, these three concepts have made more millionaires than any other type of venture in human history. Having said that, why aren't you creating your wealth with real estate? For many, it is fear; for others it is lack of capital. However, for all, it is merely a lack of understanding. People buy and sell real estate with no money down all of the time, and real estate has always been a much safer investment than the stock market.

So how do you get started?

The first step is always education. Start reading books about real estate investments. Go the book store or library and learn the fundamentals. You don't need to be an expert, but you must understand the process. Find a realtor that works with investment properties and ask questions. Do the same for mortgage brokers and banks. Sit down with a loan officer or mortgage broker and determine how you would finance an investment. Ask questions and
find real estate and finance professionals that can help protect your interests as you learn.

The next step? ... Find the properties.

With the aid of the real estate professionals, determine the best type of investment for your lifestyle, financial position, and risk profile. After you determined best type of property to maximize your return, begin searching for your investment. For this, the internet has become an invaluable, time saving, tool. Search for potential investments at sites like freeForclosureSearch.com (http://www.foreclosurefreesearch.com/index.cfm?rsp=2428) or Reals.com (http://www.reals.com) In addition, you can look through your local paper, visit county the county recorder, and call on the resources of your network to find the opportunity.

But how do I recognize the opportunity when I find it?

Valuing a potential investment is not as difficult as it may seem. For investors looking to receive a return for charging rents, evaluation software such as IP Ware (http://www.freetrainer.com) aids in finding the maximum return on investment. For investors that are looking to renovate and re-sell, comparable values of the surrounding area can be a good foundation. Finally, for those that are looking for people that must sell at a substantial sacrifice, mortgage lenders, tax records, and financing groups can be a significant source of information.

Investing in real estate is a simple process. It is merely a matter of locating a potentially good investment. Determining how to best leverage that investment. Then using your resources and relationships to minimize your risk, and maximize your return. There is a myriad of resources available to beginning real estate investors. Isn't it time you took advantage of the opportunities in real estate and started building your wealth?

+++++++++++++++++++++++++++
Barrett Niehus, http://www.freetrainer.com is director of IP Ware Real Estate Investment Analysis Software, http://www.freetrainer.com. He has written extensively on investing, and is an advocate of wealth creation and retention through real estate.

Barrett Niehus, http://www.freetrainer.com is director of IP Ware Real Estate Investment Analysis Software, http://www.freetrainer.com. He has written extensively on investing, and is an advocate of wealth creation and retention through real estate.

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Timing Is Everything When It Comes To Buying Homes

2005-10-17T06:26:00.000-07:00

The old adage that timing is everything especially applies to buying a new home. And trying to be at the right house at the right time and get it for the right price can be tricky. Here are some guidelines to assist you:

Turn to the real estate section of your Sunday newspaper. Monitor the market and tract home prices. Expect to spend 90 days watching the real estate market through advertisements. Question and investigate homes that are advertised month after month. Hard-to-sell properties could either be a warning sign or simply overpriced for the value.

When a real estate agent provides you with descriptions of homes currently on the market from the Multiple Listing Service (MLS), ask for a list of homes that were on the market within the last six months or year in the same neighborhood. Compare asking prices to actual sales prices for the same type homes.

In addition to monitoring housing prices, learn to identify hot, up-and-coming neighborhoods by tracking selling prices from week to week. If one neighborhood experiences price booms while other house prices are sluggish, its clear which community to invest in. If youre passionate about an upscale area and on a budget prepare to buy a fixer-upper and invest some money in renovation. Conversely, beware of buying a beautiful home in a marginal area. You may not get your money back when you sell.

Keep close watch on the fluctuating mortgage interest rates. Low interest rates are the most inspiring reason to buy property. Watch the rate of United States Treasury Bills. According to Sonny Block, well-known talk show hose and real estate author. T-bills are a sure way of predicting the rise and fall of mortgage rates.

Also watch the national Discount Rate, the rate at which banks can borrow money from the government. When the Discount Rate drops, banks pay less for borrowing the money and in turn reduce mortgage rates to the borrower.

Predicting when a market is ripe for home buying is not an exact science even for real estate experts. However, by following these simple tips and staying on top of real estate trends, sales patterns and interest fluctuations, you are sure to get the best house for your buck.

About the Author

W. Troy Swezey is the author of TIMING IS EVERYTHING WHEN IT COMES TO BUYING HOMES." As a Realtor at Century 21 Paul & Associates, he has helped many individuals with their real estate needs. Visit his web site to download his free e-book, REAL ESTATE SECRETS EXPOSED. http://www.TroyIsMyRealtor.com or mail to: TroyC21@usa.net

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WHY WOULD YOU NEED A HELP-U-SELL REAL ESTATE PROFESSIONAL WHEN BUILDING A HOME?

2005-10-11T08:14:00.000-07:00

BY TONY DULGEROFF

THERE IS NO COST TO YOU!

And for a limited time, we may even compensate you! Thats correct. Youll get a check from us at closing if you agree to follow certain easy steps in our Help-U-Buy program!

All compensation given to a Help-U-Sell real estate professional is recognized by the builder as a marketing fee and will not have any impact on the cost of your new home. Builders desire, expect and encourage our participation.

Savings through knowledge and negotiation

Are you getting the quality and value that you are entitled to? Tony Dulgeroff is an experienced agent with vast knowledge of home construction and knows what you should receive and what extras might be available. Price and terms are always negotiable within any real estate transaction, even with new construction. Here at Help-U-Sell our goals are service and savings.

Making a strong investment

Give your investment the best opportunity for appreciation. Questions concerning site location, the builder and the builders reputation, design, dcor, and quality of the materials used are all very important. Tony Dulgeroff and the Help-U-Sell Team know you are not just building your new home today, but you are building an investment for tomorrow.

Having the benefits of representation of an experienced professional

Designating a Help-U-Sell real estate professional as your buyers agent gives you added strength and leverage. You can feel confident that your agent will always have your best interests in mind during the entire process.

For more details about home construction, Ann Arbor area builders, the home building process, and the Help-U-Buy program contact Tony Dulgeroff.

Tony Dulgeroff
Help-U-Sell Spectrum Realty
Saline, MI 48176
(734) 883-9597
Homes@Mgoblue.com
http://www.WolverineRealEstate.com

Help-U-Sell Spectrum Realty
Saline, MI 48176
(734) 883-9597
Homes@Mgoblue.com
http://www.WolverineRealEstate.com

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7 Questions To Test The Loyalty Of A Real Estate Agent

2005-10-10T09:29:00.000-07:00

By: Noel Peebles

Buying or selling a home can be especially difficult when dealing with an incompetent or disloyal real estate agent. Now, don't get me wrong, I'm not out to knock realtors.

I'm the first to admit that many agents are excellent and worth their weight in gold. However, most real estate agents fall into one of three categories: good, average or poor.

Then, there is that worrying small percentage of agents who are downright incompetent. Every industry is inflicted with this type of person and I suspect the real estate industry has more than its fair share of incompetent agents.

The truth is; a good and a bad agent have one thing in common their job is to be a deal-maker. But, be warned - some real estate agents will perform all sorts of tricks to stitch up a deal. This is fine so long as they are not stitching up the buyer or the seller. There's nothing wrong with enthusiasm to pull a deal together - it is to be
applauded. However, a good agent needs to remain professional and ethical at all times throughout the selling process.

Unfortunately, most homeowners are reasonably inexperienced when it comes to buying or selling a property. They rely greatly on the perceived ability of the agent they are dealing with. In reality, most homeowners are fair game for a disloyal, dishonest, or incompetent agent!

In any negotiation, WIN WIN deals are the best. But, sometimes when buying or selling a house, things happen to benefit just one party the buyer, the seller or possibly just the real estate agent. Therein lies the danger. Who is the real estate agent really working for? Where do his or her true loyalties lie? With the seller, the buyer or themselves?

These 7 questions will help you decide who the agent is really working for. Visit any open home and test these questions out on an agent. Good or bad, the answers will reveal something about that agent and his or her ability and true loyalties. If the real estate agent betrays the seller, they will betray you as well. If they defend the seller, its likely they will defend you too. Ask the real estate agent these 7 questions:

1. How much will the seller take?
You may learn the bottom price that the seller will accept.

2. How much do you think the home will sell for?
You may discover that the agent has an opinion less than the asking price.

3. When does the seller need to move out?
The agent may reveal an urgent deadline. This could be an advantage in negotiating a lower price.

4. Why is the homeowner selling?
The agents may reveal a confidential reason for selling.

5. How long has the property been on the market?
The agent may reveal if, or why, the property has been difficult to sell.

6. Who priced the property?
The agent may be quick to deny any involvement and in some cases may blame the seller for being greedy.

7. What other homes are there in competition to this property?
This is particularly useful information, so long as the agent gives you an honest answer. Ask the agent to show you some of these competing properties.

These questions are simple and not hard to ask. However, failing to ask these types of questions can put a buyer (or seller) at the mercy of a disloyal, dishonest, or incompetent agent. Buying or selling a home is a big investment for most people; so it is well worth the effort to select an agent you can trust and have confidence in.

Home Selling Secrets Revealed

Tips and ideas on how to get top price selling your home, how to choose real estate agents, or advertise your house for sale privately. http://www.instantsellhome.com

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Remove the Gorilla if you want to Sell your House

2005-10-06T07:19:00.000-07:00

Remove the Gorilla if you want to Sell your House
Author: Bryan Falls

Gorillas and house buyers do not mix. A gorilla lounging on the couch quickly dampens potential buyers enthusiasm about purchasing your home.

Not that it is really the gorilla's fault. Guerillas and house tours go together like ketchup and a bowl of corn flakes.

For this reason very few people will show their house with a live gorilla roaming around. However, many people are attempting to sell their houses while entertaining a different kind of gorilla.

This kind of gorilla comes in the forms of odors, clutter, and eye distracters. If you want to sell your house, get rid of these gorillas.

-The Gorilla of Odor

A prospect's nose will instantly notice this gorilla as they enter the house. The memory of this odor will be seared in their mind. Quite likely they will remember your house by the "fragrance" they encountered when they walked in the door.

Kick out the gorilla by removing the source of smell. Shampoo the carpets. Take out the garbage and anything else producing an odor. Use a product like Nok-out or one with enzymes to remove odors from curtains, carpets, and spots. Smoke odors, pet stains, and more can now be easily removed with these products.

Try airing out the house. Open the windows and let fans move fresh air in. Turn on a dehumidifier in the basement.

Replace the smell by burning scented candles. Every scent from pumpkin pie to sliced oranges is available. Throw a pie in the oven.

Wipe down the furniture with a dust rage dampened with a fragrant cleaner. This will instantly give your house a nice fragrance.

With this gorilla out of the way, you are now ready to tackle the next one.

-The Gorilla of Clutter

Clutter refers to anything out of place and in the way. It could be newspapers, clothes, boxes piled up, papers on the desk, dirty dishes, etc.

A pile of clutter on the coffee table or in the bedroom can be nearly as distracting as a live gorilla. Not only does it discourage and zap your energy, but it makes your house look small and messy.

Get rid of it. Throw it in the dumpster. Hide it in the closet. Clear the desk. Wash the dishes or stack them in the oven (just don't preheat the oven with them in there). Note. If the prospects are going to be viewing the oven or closet, don't put the clutter there!

Decluttering will not only encourage and motivate you, it will keep the buyer focused on the positives of your house.

-The Gorilla of Eye Distracters

A gorilla doing pushups in the kitchen is distracting. Almost as distracting are holes in the wall, cracked windows, etc. Eye distracters keep prospects from fully appreciating the good points of your house.

Take a notepad and start outside your house. Walk past it while taking notes of what is really distracting. Does the siding need washing? What about the Lawn?

Walk in the front door and then through each room. Put a star by the main distracters in each room. Now go back and fix them. Touch up with a little paint. Fix any holes.

Good job. With three gorillas out of the way, the potential buyer can now fully appreciate your home.

Bryan Falls is editor of Keys2Homecare.com. Learn how to easily prepare and sell your own home. http://www.keys2homecare.com/sell/

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There Is Money In Pre-Foreclosures

2005-10-05T05:53:00.000-07:00

By: Daniel Cobb

Learn how to purchase real estate for well below it's market value through the use of pre-foreclosures.
Dealing in pre-foreclosures can be very profitable if you know how to find and acquire these these type of properties. Purchasing pre-foreclosed property just means that you purchase real estate from an owner who is in default on their bank loan and have been notified by the bank with a foreclosure date.

Purchasing this type of property from the owner before the bank foreclosure date does have some benefits:

1) The value of the property can be well over the amount you purchase it for.

2) Property is usually acquired from the owner for only a few thousand dollars.

3) The previous owner of the property will now have the cash to find a new home or place to live.

4) Closing can take place in only a few days since it is a cash deal and you are dealing directly with the owner of the property.

In Dealing with pre-foreclosed property there are also some vital things to consider before purchasing:

1) Know the entire amount of equity that is in the property.

2) Know the entire amount that needs to be paid to the bank to stop the foreclosure.

3) Know the entire amount needed to pay off the entire bank loan.

4) Know if there are tax liens (or any other type of lien) on the property.

Great deals can be found in dealing with pre-foreclosures however, all of the previous information should be completely considered before purchasing pre-foreclosure property. This information can usually be found by searching public records.

Now that you know some of the advantages of purchasing pre-foreclosure property and what to consider before purchasing it, the next step is to know where to find these properties and what to say to their owners. Finding these properties can usually be done by searching public records. Usually there are companies or organizations that have already collected this data for specific areas or locations and will sell it to interested investors for a few dollars. Contact your local government to find out more info.

May you have success in dealing with pre-foreclosure real estate.

Please visit RealtyCapitalist.Info to view a sample letter that can be sent to owners of this type of property.

About the Author

Daniel Cobb lives in Chicago, Illinois and is a former realtor who is now a real estate investor. He is also author of the e-book, "Complete Guide To Investing In Real Estate Through Government Scavenger Sales" - an informative e-book on how to purchase real estate through government auctions.

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How To Simplify Your Real Estate Buying/Selling Experience

2005-10-04T06:40:00.000-07:00

By: W. Troy Swezey

Todays real estate consumer has a lot to consider during the sale or purchase of a home. Be it waiting for the right buyer/seller, mortgage rates, or the moving truck, the experience can take a bit of patience on the part of the consumer. With this in mind, it is incumbent upon real estate brokers/agents/firms to institute services that will the buying/selling process hassle-free.

Realizing this trend is not going away, the CENTURY 21 System has worked to improve the experience of buying or selling a home through the CENTURY 21 Preferred Alliance Program. The program offers consumers and brokers access to strategic alliances with various links to home-related value added products and services. Making the process easier and much more convenient.

Among the products and services offered through these alliances are ADT Home Security Systems, CENTURY 21 Home Protection Plans and Budget Truck Rentals, just to name a few. The programs are offered at preferred pricing for all CENTURY 21 clients. Therefore, the programs involved focus heavily on the immediate, yet long-term value of the service/product for the consumer. For example, homeowners will have their lawn equipment, home warranties, and home security systems for many years of use. All of which come as a result of their purchase/sale through the CENTURY 21 System.

Todays consumer demands that a real estate firm provide more service than just the sale and the purchase aspect of the transaction. With that in mind, our Preferred Alliance Program has been well received and very popular as a result. Customer satisfaction rates are soaring, post-transaction surveys have been very positive which has bolstered the overall success of the program among consumers.

About the Author

W. Troy Swezey is the author of HOW TO SIMPLIFY YOUR REAL ESTATE BUYING/SELLING EXPERIENCE." As a Realtor at Century 21 Paul & Associates, he has helped many individuals with their real estate needs. Visit his web site to download his free e-book, Real Estate Secrets Exposed. http://www.TroyIsMyRealtor.com or mail to: TroyC21@usa.net

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The Real Estate Market in Spain: Making Profits Out of Sand

2005-09-10T05:58:00.000-07:00

By: By Ofer Shoshani
July 6, 2005

The Real estate market in Spain keeps gaining momentum and is of a vital interest among overseas investors. Property prices in the country continue growing at rapid pace due to a sustainable development in many areas of the mainland and the islands.

Spains pleasant climate, low cost of living and specific slow pace of life attract more and more real estate investors from many countries of the world and northern European countries in particular. Spain boasts of plenty of magnificent places that encourage tourism, from international playgrounds on the Coast to inland areas such as Granada and Seville. Investing in Spain real estate promises favorable rental income flows with the healthy capital return on top.

The popular areas among real estate investors are Madrid, Barcelona, Valencia, Andalucia, Seville, Granada, Malaga and many others. But, the most popular real estate investments are naturally the Coasts. Be they golf courses in Coastas or rural hideaways and whitewashed village houses in inland areas, property market in Spain has shown a sustained growth in prices and such tendency is likely to continue in the future.

Buying real estate in Spain makes sense for a number of reasons. Spanish constitution guarantees that your home is your private property only, irrespective of citizenship. Then, real estate property prices are growing and are expected to continue growing in the future. Moreover, buying property gives you the right of living in the country for 90 days per half of a year. In addition, the visa may be renewed every year for an unlimited number of times. There are beneficial loan terms in Spain and you can receive property immediately after having paid the first payment.

However, as attractive as any investment in property may appear, making a profit out of it is a skill (and not a right) which requires experience, and usually, a lot of hard work. Some of the best investments fail for reasons which never could have been anticipated and others fail for reasons which should have been anticipated. In all investment, regardless of how good it may appear initially, there is always a risk. However, good judgment, experience and careful research are usually up to canceling out the majority of this.

Please enjoy my article, the are many more beSpanish.com
Ofer Shoshani
Editor
http://www.bespanish.com

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THE TRUTH ABOUT REAL ESTATE INVESTING…IS IT RIGHT FOR YOU?

2005-09-06T06:49:00.000-07:00

You have probably been hearing, seeing and reading that real estate investing is the best thing since sliced bread. There are many late night cable television infomercials spewing out sales pitches for courses that teach you how to buy residential real estate no money down or for next to nothing. Furthermore, polished pitch men on the advertisement emphasize that it is so easy that anybody can do it. They smugly show you that it is simple as they pencil out on the back of a napkin how you will supposedly make a fortune in real estate. Then these real estate investment course promoters show actual interviews of people who have reportedly made gobs of money with the course system.

Although it is true that fortunes can be made in real estate it is actually more likely that it will be the guru owner of the real estate course than you! The reason is that real estate investing is a lot harder than most people realize. When you buy, rent, and sell real estate as opposed to stocks you are dealing directly with people and there is not organized exchange to keep things standardized.

Don't forget that courts see it as their duty to protect the shelter of families even if they are non paying renters who are total deadbeats. Another problem is that many contractors who do odd fix up jobs for real estate rehabbers are drifters with as many personal and financial problems as bad tenants. They damage houses and are down the street as soon as they get a little cash out of the hapless real estate investor.

It also takes many years to learn how to properly assess value in a town or neighborhood and get the required experience in real estate closings to not have the big profits you initially think you see in a deal leak out. The key point of this edition of the Wallet Doctor is that real estate investing is a business. Like any other business it requires constant dedication and education. If you work full time it means losing your free time to your rentals and rehabs.

If a property doesn't sell or if the tenant doesn't pay you will have to lose part of your salary to cover the mortgage. You should enjoy your regular full time job because you selected it. If you prefer cookouts and trips to the beach over collecting rent and repairing your residential real estate investment then the stock market is a better place for you.

Ps. If you are interested in real estate investing I have a list of reliable real estate investing courses as well on my website!

ABOUT THE AUTHOR: Dr. Scott Brown, Ph.D., a.k.a. The Wallet Doctor, is a successful futures trader, real estate investor, and stock investor. Dr. Brown holds a Ph.D. in finance from the University of South Carolina and a Master in International Management from the prestigious American Graduate School of International Business a.k.a. Thunderbird. His 1998 articles in Technical Analysis of Stocks and Commodities were prophetic in predicting an impending stock market crash. He has helped many people become profitable investors teaching them to look out over many years to spot stocks that are low and primed for rise in the new bull market. His second article met with approval by Dr. Bob Shiller of Yale University. Dr. Shiller is the economist that Alan Greenspan most highly regards who coined the term Irrational Exuberance. In 1998 he was shouting out to the world to get out of the stock market but now he is shouting to everyone that it is time to get in! The Wallet Doctor is not only sought after for investment advice and coaching in stock investing but also in futures trading and real estate investing. He also teaches investing in Spanish and Portuguese. For more information visit Dr. Browns site at
www.BonanzaBase.com or sign up for his investment tips at www.WalletDoctor.com

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Real Estate Investment Requires A Team

2005-09-03T19:59:00.000-07:00

Real Estate Investment Requires A Team
By: Steve Gillman
July 10, 2005

I had a hard time at first with real estate investment. One of the reasons was that I tended to be a "lone wolf," trying to do too much myself. I've since learned that to really do well investing in real estate, you need to have a team of people you can trust and rely on. Here are some possible team members, and what they need to be on the team.

1. Real estate agent. A licensed agent with experience in the area you invest in and access to the MLS (Multiple Listing Service), can be a great help. If she is a seller's agent, she can still ethically bring the best deals to you once she knows you're a serious buyer.

2. Real estate attorney. This should be someone familiar with the laws and legal customs of your area, and have experience with the type of deals you intend to do (If you are buying rentals, she should be familiar with doing evictions, for example.)

3. Accountant or bookkeeper. Keeping proper books for real estate investments is getting more complicated with all the tax-law changes. Find someone that understands the law, and what you want.

4. Mortgage broker or banker. The first can offer many options, but the second can make the loan decision. Each has their advantages, and you could use both. In either case it's important that they understand what you want (fast closings, lower interest, corporate loans?)

5. Appraiser. Not only can a good appraiser give you an accurate valuation of a property, but they should be able to suggest ways in which you can raise the value of a property. Use someone that will talk to you.

6. Inspector. In some areas it is easy to become an inspector with little experience. It's best if you use one that is or used to be a contractor, so he can find the problems AND give you some idea of the cost of repairs.

7. Insurance agent. A good one will understand what you want, and find ways to save you money. Insure all your properties with one agent, and you're likely to have discounts available, and better service.

8. Escrow officer. They will usually be with a closing company. Look for someone that's efficient, and can explain things clearly to both sides. If he is confused by a slightly creative contract, he should educate easily or be replaced.

9. Cleaning person. Having a trusted person or crew ready means a fast turn around when you buy a rental or rehab project.

10. Property manager. Be sure that the company you hire has experience, is responsive, and will have time when you call. A good property manager can tell you BEFORE you buy, what you should get for rent in a given area.

Real estate investment is less stressful and more profitable with a good team on your side.

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Real Estate Clubs Hot Among Investors

2005-08-24T06:35:00.000-07:00

Real Estate Clubs Hot Among Investors
By: Charles Essmeier
May 24, 2005

Six or seven years ago, the stock market was booming, Internet companies that no one had ever heard of were valued at billions of dollars, and anyone and everyone was investing their money in tech stocks. Then, in 2000, the stock market crashed, the Internet companies closed their doors, investors lost trillions of dollars, and life went back to normal, more or less. Five years later, tech stocks are nowhere near their 2000 peaks, but investors are salivating again. This time, theyre putting their money in real estate, and theyre forming real estate clubs to help them achieve greater success.

There were investment clubs in the 1990s, where a group of people with common investing interests met regularly, pooled their money, and invested in stocks as a group. A few of them did well enough that they made national news. Now the equivalent is the real estate club, but in these clubs, its every person for themselves. Rather than pooling money for common investments, members meet to share advice, lessons learned, and stories of their latest acquisitions. Its difficult to say how many real estate clubs exist in the United States, but estimates suggest that there may be thousands of them. Real estate prices are at record levels, particularly on the East and West coasts, homeowners have record amounts of equity in their homes, and with the stock market still crawling along, people are putting money in real estate and helping each other do it.

The typical real estate club has anywhere from a handful to several hundred members, and they typically meet once a month or so to share their experiences. Those who have been investing for years can share what theyve learned with newcomers how to invest, how to avoid risk and minimize losses, how to find quality properties, and how to deal with the legal aspects of real estate investing. Many members are interested in learning how to buy prepare a fixer upper for market. That particular area of investing has a lot of potential pitfalls, and can easily turn into a money drain for those who arent careful, and stories of what to do and what to avoid are common.

Real estate clubs are popular across the country, and not just in areas with rapidly rising real estate prices. Those who are interested in meeting with others to learn about real estate speculation can probably ask a local realtor for information. Otherwise, type real estate club into your favorite Internet search engine, and you will undoubtedly find a club in your area.

Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including http://www.End-Your-Debt.com, a Website devoted to debt consolidation information and http://www.HomeEquityHelp.net, a site devoted to information on home equity loans.

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The Best Way To Get Real Estate Listings

2005-08-22T19:58:00.000-07:00

The Real Estate Industry is HUGE and is a golden opportunity for real estate agents. National average home sales exceed $200,000.00 and real estate commissions are big and plentiful.

No wonder so many people are getting licensed as real estate agents. And why not? You can make a lot of money selling real estate. But being licensed is only the first step, as more and more people are getting licensed to cash in on the
opportunities.

The Second Step.

The most successful real estate agents have lots of listings. Although getting them is easier said than done, you can do it if you have a good real estate listing system. With listings you triple your chances of earning commissions and bonuses. When the listings sell you'll be paid a listing fee, a sales fee, or both. Conversely, if you
don't have listings you'll only get paid when you sell a property.

A system that some work to near perfection focuses on Expired Real Estate Listings, which are a great source of leads. You dont have to spend a lot of time or money prospecting for them, as they're always just a couple of keystrokes away.

Go ahead, lets try it right now! Log onto your Multiple Listing System service, print out an update report and wah, lah! In seconds you'll have a complete update of all the expired listings for any time frame you want.

The MLS update report will provide you with just about everything you need to know to relist expired real estate listings. You can get the seller's name, mailing address, property address, phone number, type of property, current asking price, price reductions during the listing period, how much the taxes are and anything else that you even think you might want to know about these properties.

Unlike fsbos, cold calls and other lead generating systems, owners of expired listings are almost always warm, responsive prospects. Also, they are typically still Realtor friendly and are already sold on the idea of doing business with a real estate agent - again.

But wait a second. Although expired real estate listings are easy to find you still need to know what to do to get them.

Converting Expired Listings to New Ones

Converting expired listings to current listings is like most other things. You have to have the right tools and skill set to get the job done, or else you end up wasting lots of valuable time and money. In this instance it could cost you tens of thousands of dollars in lost commissions.

Owners of expired listings are as close to a captive audience as you're going to get in real estate. Many still want to sell their properties and may be tired of being stuck. Stuck with bad tenants, double mortgages, property taxes they'd hoped to avoid having to pay.

Sure, some change their minds and decide not to sell. But many are still primed to relist again and are waiting for the right Realtor with the right approach. That can be you as easily as anybody else. But you have to come prepared, or
don't come at all.

With so much at stake and so much money to earn do yourself a favor and get yourself a real estate listing system. Even as you read this agents with systems are getting listings.
Whats that phrase again? He who hesitates _____!

Without a system of some kind you might be yet another person who tried and failed. But with one you can become an impact player and making a good living doing what you want to do.

Remember, owners of expired listings have a problem that you can help resolve. But in order to get their business you must come with your "A" game.

If you don't have a real estate listing system you should get one. The few dollars you spend now will be returned a thousand times over and may prove to be one of the best investments you ever made.

Lanard Perry is the author of "Farming Expired Listings" Your Personal Guide to Real Estate Listing Success. Visit his site at http://www.farming expiredlistings.com for a
FREE Sample Chapter.

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Real Estate Investing - Ten Myths

2005-08-18T12:22:00.000-07:00

Real Estate Investing - Ten Myths
By: Steve Gillman
July 9, 2005

Is real estate investing only for the wealthy? Can you buy with no money down? Do you have to know the "right" people? Let's answer by looking at some of the myths of real estate.

1. Real estate investing is for the wealthy. Money helps, but my first real estate investment was a $3,500 lot - which I sold for a profit two weeks after I bought it. Small deals, partners, low-down deals, or just putting aside $7 per day for a couple years until you have enough money for a downpayment - these are some of the ways to start with a little and invest in real estate.

2. "0 down" isn't possible. I sold a rental property for $1,000 down because I trusted the buyer to make the payments, and I wanted the 9% interest and higher price. He could have gotten a cash-advance on a credit card for another $30 per month and made it a "0-down" deal. "No money down" means none of YOUR money down, and yes, it happens.

3. "0 down" is the best way. If you don't invest some of your own money, you'll have higher payments. You'll also spend more time finding suitable properties, and pay more for them (generally cooperative sellers want more for their cooperation - I do). There are 0-down deals out there - they just aren't always worth doing.

4. You need experience. Experience helps, but you get it by investing. Start with common sense, ask how you can lose money, be willing to learn the numbers, and you can start where you are.

5. Some investors have a "knack" for making money. Sort of. More accurately, some just took the time and risk to learn the market and continue their education.

6. You need to know the "right" people. It helps, so start the process. Talk to investors, real estate agents, landlords, etc.

7. You have to be great negotiator. If you learn to run the numbers and make the offers based on them, you can be the worst negotiator and still do okay.

8. You need insider knowledge. Understand one deal, and you are on your way. Read and read more, but the best "insider" knowledge comes from experience.

9. Fixer-uppers are safe. People have the idea that doing the work themselves is the safest way to assure a profit. Not true. Mis-planned "fix and flips" have bankrupted even experienced investors. Most poorly purchased rental properties will only eat a little money every month.

10. The key is lowball offers. The numbers have to work, and you need a plan. You can offer MORE than the market price and make money investing in real estate, if you understand creative financing - and how to do the math.

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The Key to the Real Estate Investing Vault

2005-08-11T07:17:00.000-07:00

The Key to the Real Estate Investing Vault
By: Jason Van Orden
July 30, 2005

Why do so many people struggle to get going in real estate investing? Many creative real estate investors get burned out because investing just eats up their time and energy. It drains them to be constantly making cold calls, driving neighborhoods and knocking doors. They cling to every little lead that comes along, whether it is a motivated seller or not.

I imagine you are attracted to real estate investing to enjoy success. You want to be in control of your time and your income. So what is the secret?

***A Continuous Stream of Motivated Sellers Who Contact You***

To make money in real estate investing you have to close deals. To close deals you need to find deals. Creative real estate investing deals come from finding motivated sellers with a problem that you can solve.

There are two ways to find motivated sellers, you can chase after them or you can get them to come to you. Which do you prefer?

If you fill the pipeline with a stream of motivated sellers who CALL YOU, then you will not have a problem closing real estate investing deals on a regular basis. Let me outline the benefits to having the motivated sellers contact you.

1. The Motivated Seller Will Have an Open Mind Making Your Job Easier

When you go to the store and a salesperson approaches you, what is your response? Usually you put up a wall and try to get rid of them, right? No one likes a sales pitch. (Well, except for me because I am looking to learn from it, but I am a geek like that.) But when you go looking for something your mind is open. The motivated sellers you work with are the same. If they come to you, they will be predisposed to do business.

2. Negotiations on Your Real Estate Investing Deals Will be Easier

When a motivated seller comes to you first, you are in a stronger negotiating position.

Also, if you are producing a regular stream of leads you can pick and choose your real estate investing deals. You wont desperately cling to each lead. When you are in a position to say no and walk away with confidence, you will have the upper hand in negotiations.

3. You Will Save Loads of Time and Energy

Talking to a seller who is not really motivated is draining! You have probably experienced this a time or two or even a hundred. It is like pulling teeth to get the information you need and it usually leads nowhere but to discouragement.

When the sellers come to you, they already have a certain degree of motivation. You automatically weed out the time-wasters in your marketing.

To ultimately succeed in creative real estate investing without burning out, you need to get the motivated sellers to come to you on a consistent basis. This is done using marketing campaigns that are response-driven.

When I realized this, creative real estate investing became more enjoyable. My job got tons easier. It was exciting to try different marketing campaigns and to watch the motivated seller leads come in. This one little change in your real estate investing mindset can make all the difference in your success.

About the Author: Jason Van Orden has published many articles and courses on finding motivated sellers and succeeding in creative real estate investing. For more tips and a free course, visit http://www.Find-Real-Estate-Investing-Deals.com

Top Ten Suggestions for Selecting a Real Estate Agent
By: W. Troy Swezey
June 30, 2003

In order to find a real estate broker or agent who meets your needs and makes your buying or selling experience a positive one, Century 21 Real Estate Corporation recommends you:

DO NOT blindly walk into or call a neighborhood firm and ask for an agent at random.

Ask friends and family for recommendations.

Interview several real estate agents: Find out their history with the brokerage, their experience and background. Gauge their knowledge of your favorite towns. Ask for a list of previous clients and their phone numbers.

Pay attention to whether a potential agent is listening closely to what you say. Is he or she asking follow-up questions which prompt further explanation and help him or her understand exactly your needs and wants?

Give a potential agent the opportunity to educate you. A good agent should walk a customer through the buying or selling process before ever showing properties or discussing a specific transaction.

Have a good idea of what you expect from an agent and communicate those expectations. How often do you want to hear from your agent? Do you want to hold meetings at your house rather than the real estate office?

Weigh the benefits of working with an experienced agent versus a novice. An experienced agent may have more insight, but a new agent may have innovative ideas or more energy and time.

Find an agent who complements your personality. If you like to start your day at 7:00 a.m., don't choose an agent who arrives to the office at 10:00 a.m. If your preferred method of communication is e-mail, don't choose an agent whose most advanced technology is a fax machine.

Evaluate the agent's firm and/or office. Look for a real estate organization whose agents can empower you with real estate expertise and resources and provide first-rate customer service.

Look for an agent who will be your partner. Find someone you trust, who will give you the facts, help you make intelligent, well-informed decisions and work with you throughout the entire process.

About the Author

W. Troy Swezey is the author of Top Ten Suggestions for Selecting a Real Estate Agent." As a Realtor at Century 21 Paul & Associates, he has helped many individuals with their real estate needs. Visit his web site to download his free e-book, REAL ESTATE SECRETS EXPOSED. http://www.TroyIsMyRealtor.com or mail to: TroyC21@usa.net

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203(k) Loans Can Be Beneficial

2005-08-03T05:49:00.000-07:00

203(k) Loans Can Be Beneficial
By: Daniel Cobb
July 22, 2003

203(k) loans can be very beneficial.

Learn how to use only one loan to both finance and repair real estate.

It doesn't matter if you are new to the real estate investing business or have been a real estate investor for years, one thing that you will eventually encounter is the need for capital to either buy property that needs repairing or repair property that you already own. The problem is that most lenders do not want to finance borrowers for the purpose of buying or repairing property that are fixer uppers or handyman specials. This is because lenders often see this type of property as an unstable investment. Even if a borrower does find a lender that will finance them for property that is in need of heavy repairs, the 203(k) loan amount will be based on a percentage of the current value of the property. Unfortunately, this amount is usually not enough to do all of the repairs or work that is needed.

A simple solution to this problem is the FHA 203(k) loan. The FHA 203(k) is a loan that is secured by the Federal Housing Administration that is used by borrowers for the purpose of fixing up or rehabbing real estate. Some of the advantages of a FHA 203(k) loan are:

1) borrow up to 110% of the after completion value of the property

2) take out one loan to cover a property's purchase price and cost of rehab

3) refinance existing housing

4) finance 100% of the cost needed to improve the property

5) and much more.

To learn more about the FHA 203(k) loan (such as loan limitations, property qualifications, etc.) contact your local FHA approved lender or visit the HUD website at http://www.hud.gov/offices/hsg/sfh/203k/sfh203kc.cfm .

About the Author

Daniel Cobb lives in Chicago, Illinois and is a former realtor who is now a real estate investor. He is also author of the e-book, "Complete Guide To Investing In Real Estate Through Government Scavenger Sales" - an informative e-book on how to purchase real estate through government auctions.

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Real Estate, Invest and Succeed

2005-08-01T17:44:00.000-07:00

Real Estate, Invest and Succeed

By Barrett Niehus
http://www.freetrainer.com

Many people are reluctant to invest in real estate because they don't completely understand the nuances surrounding the investment. However, once they understand the fundamentals, real estate can provide a significant return with relatively low risk. Investing in real estate is merely a matter of understanding how income streams cover the costs of maintaining the asset, and making sure that the income also provides the desired return on the investment.

In its simplest form, a real estate investment consists of purchasing a piece of property through a mortgage, renting the property at a monthly rate, and using the rent to cover the cost of the mortgage and any expenses. The amount left after the mortgage and expenses are paid is your net monthly income. It's that simple.

To determine if a property will provide an acceptable return on your investment, you merely have to look at comparable rents in the area, estimate how what percentage of your property will be vacant at any given time, and determine what your monthly cash flow will be. Most of the numbers are relatively reliable because comparable rents won't change significantly, and the bank will calculate your payments down to the cent. The variable such as maintenance and management vary, but can be assumed relatively accurately.

Fundamentally, investing in real estate is not difficult. The concept of using rent to cover your expenses and pay you a return is not difficult. Once it is reduced to its most basic concepts, real estate can provide a significant return on investment. As a real asset, it will provide less risk than a bond or stock, and can create a continual income stream while equity and appreciation accrue.

+++++++++++++

IP Ware, http://www.freetrainer.com is a Dynamic Real Estate Analysis Software that allows you to calculate real returns on Residential and Commercial Investment Property.

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Resources for Online Real Estate Courses

2005-07-31T09:18:00.000-07:00

By: Jeff Lakie
July 28, 2005

You've made the decision to move ahead in the real estate world and get your real estate license through an online course. Navigating the waters of online real estate courses can be tricky, as there are so many institutes, colleges and universities online which promise you the best education programmes. With all of the information that's available, you'll probably need some help. Here is a guide to resources for online real estate courses.

One of the best online guides to help you get started is Elearners.com. This is a great site, that is easy to navigate and fun to use. It offers extensive links to a comprehensive database, which will help you to find that online real estate course that is just right for you. The webmasters also maintain a large collection of FAQs, or Frequently Asked Questions, which will most likely answer many of the questions that you have about getting your degree online. For example, there are questions and answers regarding the types of technological requirements that are needed for online courses.

It is also very important that you verify your online school's accreditation before you officially enrol in your real estate course. This is a significant step, because you need to be sure that your college is approved to teach your real estate programme. Accreditation can be verified by several agencies, but the most reliable agency is the Distance Education Office, which will be happy to help you.

Finally, if you are relying on financial aid for online real estate courses, the Department of Education is a great place to start the application process. You can download your Free Application for Federal Student Aid, or FASFA, for short, at their website. You can also fill it out online, thus speeding up the application process.

Earning your real estate credentials through an online programme should be a rewarding and enjoyable experience and there are many great resources to help you get started.

Matt Norman is the founder of http://www.fast-online-degree.com a website providing information on learning online

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Real Estate Value: Knowing yours is Key to Mortgage Success

2005-07-19T14:33:00.000-07:00

The value of the real estate you own, whether it is your personal residence or an investment property, is critical to your mortgage and financial success. If the balance on your mortgage is close to or higher than the value of your property, your real estate is not the financial machine it should be. Therefore, if you want to be successful in real estate ownership of any kind, you absolutely must know how to determine the value of your property.

Now, there may appear to be a simple solution to this problem, you say. Get an appraisal. Sure, this would work, but appraisals are not cheap. For residential property, they begin around $175 and range to $400. For investment real estate, they can be much higher. Imagine owning 25 houses and needing to know the value for each. You certainly wouldn’t want to pay for 25 appraisals. So, here is a simple formula for learning the value of your property.

1. Learn the average rate of appreciation in the neighborhood where the real estate is located. Almost any property will increase in value two to three percent each year, even in depressed areas. So, if your rate of appreciation is three percent and you paid $100,000 last year for your house, it is now worth at least $103,000, based solely on appreciation. You can learn this rate by calling a local realtor. Remember, in affluent neighborhoods, appreciation rates may range from four to eight percent.

2. Estimate the value of any improvements, using a ratio formula. That is, if you improve the structure of the property (new roof, deck, automatic garage doors, windows, etc.), all for about 30 to 40 percent of what you paid for the improvement. Now, this is a variable, depending on location, so don’t take this as an absolute. So, last year I put all new windows in my house. It cost $10,000. I assume I can add $3,000 to $4,000 in value to my house. Cut that ratio to 15 percent for cosmetic improvements like paint, carpeting and landscaping.

3. Know comparable sales within one mile and within the last year. For example, if a house one block away that is almost identical to yours in dimension and style sold last month for $150,000, this is a great starting ground for your value. Now, remember your home may have things the other house didn’t have, increasing your value even more.

4. Other home’s asking price plays a small role. Realtors know their business. If you see a comparable home in the neighborhood, being sold by a realtor, check the listing price. Although not nearly as important as the other parts of the formula, this certainly plays a role in determining the value of your property.
So, use this formula, learn the value of your real estate, and you will wield an amazing amount of financial power.

Mark Barnes is an investment real estate and real estate finance expert. Get his free mortgage finance course at http://www.winningthemortgagegame.com. Mark is also the author of the new novel, The League, a shocking, sports-related conspiracy. Learn more about his suspense thriller at http://www.sportsnovels.com.

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Title Insurance Protects Your Financial Investment

2005-07-08T18:29:00.000-07:00

Title Insurance Protects Your Financial Investment

By Neda Dabestani-Ryba

You purchase homeowners insurance to protect yourself financially in case something happens to your property or its contents. However homeowners insurance won't protect your financial interests if a matter arises regarding past ownership of your property. That is where title insurance comes in.

Only the title to the land and not the land itself can be purchased. So, unless a homeowner possesses a clear title, he or she risks losing his/her home and the land under it. Title insurance guarantees the title as reported.

Actually there are two types of title insurance: lender policy and the owner's title insurance. Most lenders require a loan policy when they issue you a loan to protect their interest (the amount they loaned you) should a problem arise. The policy amount decreases each year and eventually disappears once Advertisement the loan is paid off. Therefore the owner should also have title insurance to protect his/her financial interest. Only owner's title insurance fully protects the buyer. Should hidden defects surface at any time challenging an owner’s rights, the title company will defend the title, in court, if necessary, and cover the owner’s losses up to the full value of the policy.

But before title insurance is issued, the title company (or attorney, depending on the local practices and laws) performs a title search. A title search involves searching public land records to ascertain if the seller has the legal right to sell the property. The title company will:

conduct a chain of title, which is a review of the owner history of the property, checking for who purchased the property, who sold it, and when;
perform a tax search to verify the present status of taxes;
conduct a judgment search to determine whether there are any general liens against the property;

and, sometimes even, conduct on-site inspections to verify lot size, the location of improvements, and evidence of unrecorded easements.

According to the American Land Title Association, 25 percent of title searches find a title problem that is fixed before the insurance is issued. At this point, you may be wondering why you even need insurance following an exhaustive title search. Unfortunately, it’s nearly impossible to guarantee a title is clear of hidden defects—those circumstances that could find you in a tug of war over the property. Examples of hidden defects include mistakes in interpretation of wills and other legal documents, liens for unpaid estate or inheritance taxes, deeds by persons of unsound mind, impersonation of the real owner, forgery, missing or undisclosed heirs, falsification of records, and confusion stemming from similar names.
Your home is probably one of your largest investments. For a one-time premium, you can have peace of mind for as long as you or your heirs retain the property. Talk with your real estate professional for more information on title insurance and selecting a title company.

About the Author

Neda Dabestani-Ryba is a licensed Realtor in Maryland. She is a member of the President's Circle of Top Real Estate Professionals. She can be reached at (800) 536-3806 or visit her website for more information: http://neda.dabestani.pcragent.com/ Prudential Carruthers REALTORS is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.

A Marketing Plan - The Thing That Makes Deals Happen!

2005-06-29T05:39:00.000-07:00

A Marketing Plan - The Thing That Makes Deals Happen!
by Ben Innes-Ker

You’re a Real Estate Entrepreneur or Investor, and you’re out there in the market place looking for deals. I have a question for you.

Are you doing a bit of advertising and just hoping that a deal will fall in your lap, or are you operating in a way that makes certain it will happen. If you don’t have a process for making sure deals happen, you don’t yet understand the importance of having a marketing plan.

The sad fact is that even after all their training, less than one percent of all real estate entrepreneurs and investors actually have a marketing plan. Even though it’s very simple, don’t underestimate its power.

The Most Important Thing About Marketing is to Have a Marketing Plan!

1) It’s a concrete result you put out for your mind to seize on and strive to achieve.

2) It allows you to clarify exactly what you want to achieve in the coming 30 days.

3) It allows you map out the activities needed to achieve that plan.

4) It allows you to plan in advance to delegate off the lower paying activities, so you don’t end up doing them.

5) It allows you set time deadlines, to hold others accountable so everything gets DONE!

6) It results in you being free to concentrate on your highest payoff activity: Making Offers on Great Deals!

7) You have a business that operates consciously, not by accident.

More people fail in real estate because they simply do not have a plan or goals. You should have a detailed marketing plan of what you want to accomplish and how you are going to accomplish it.

And, don’t be vague, either. Things like, I want to make more money than I can ever spend, and I want to be rich, and I want to make $10,000 a month, are not plans. They are too vague, and they won’t help you get there. Be as specific as you can possibly be.

In planning for monthly revenue, try to put your money goals in cash income, not gross revenue. I know gross revenue is what you’re used to thinking in, but cash is obviously more important. It’s what you take to the bank, and it’s what pays bills.

First, examine your current numbers. More than 80 percent of all real estate entrepreneurs know how many houses they are buying each month, but they don’t know where those houses came from and how many leads they had to process to develop them into the single deal. And, this is a deadly sin.

You Simply Must Know How You Are Currently Doing

You should know:

1) The total leads that call each month (each week is more manageable),

2) Where those leads come from,

3) How many “qualified” seller prospects (i.e. those that you are willing to invest follow-up in if they don’t sell now; they have motivation, you are interested in the house.) you get each
month,

4) The ratio of total to qualified,

5) The number of deals you close,

6) The ratio of closed deals to qualified leads – for each lead source

7) How much you make from each seller,

8) How much it cost you to acquire a new seller.

With this information you can look at your current resources, look ahead, and then plan out what you want to have happen. The number of deals you want to do, the amount of money you want to make.

For example, let’s say you are bringing in around $10,000 a month and your average deal gives you $5,000. Yes, I know that’s low, but for the sake of example. That’s two deals a month. These are cash proceeds and after expenses you net 50 percent of your gross or $5,000 a month. And let’s say that you want to double your net income next month.

You will have to get twice as many deals to double your business. Goal? Four deals a month, or one a week.

Let’s say you currently get one deal a month from a classified ad, and one deal a month for mailing expired listings. But, you get ten qualified calls a month from his classified ad and 10 qualified prospects calling a month as a result of mailing expired listings. So, you currently close ten percent of your prospects.

First, you can improve on this situation by improving that twenty percent closing ratio. By improving your closing ratio by things like more precise targeting, the present lead-flow would stay the same, you’ll get your same twenty real prospects and achieve your goal of doing four deals next month.

But assuming that’s not something you have control over right now, the other way to double your income in the next month is to double the number of qualified prospects you talk to and make offers to. So instead of getting 20 qualified leads to call, you would need 40.

Your plan to get forty qualified prospects would need 10 to come from expired listing mailings, 16 to come from flyers in target neighborhoods, 4 from business cards handed out everywhere, 6 to come from signs placed in the ground at high traffic count intersections, 10 to com from classified ads that drive people to the website. Total: 46 prospects. Cool! That’s six to spare.

With this number of leads coming in you have what is needed closed four deals and reach your goal of doubling your net income. Actually, it’s more than doubling because your fixed expenses don’t increase with the income.

You should have a monthly plan. Schedule thirty or forty minutes out of one day to make up your monthly plan and see how you did last month. Schedule this time and keep to it. Don’t do any work or take any calls during this time. Keep it strictly for planning. If you do this and you allow yourself to get into the whole spirit of planning, and making things happen on purpose, you will easily double your income in twelve months.

Your Monthly Plan Should Include The Following

1) A goal for total net income.
2) A goal for number of deals signed up
3) A goal for number of appointments made.
4) A goal for number of qualified, interested sellers.
5) A goal for total number of leads.
6) Average net income from each deal.
7) The number of prospects you have to generate to reach your goal.

A detailed plan to generate the number of prospects you need. Your plan doesn’t have to be typed out or put into a computer. It can be handwritten on paper. It doesn’t have to be pretty.

Scratch pad plans are good enough. The important part is that you do a plan every single week and keep on top of things.

This is a simple thing to do, but it is just as easy to not do. Blowing it off is the equivalent of you absolving yourself of responsibility for your business. On the other hand, taking the time to think through your goals each month, both for income, and marketing activity, then committing them to paper will make things start happening by plan and put you in control of your business.

About the Author

Ben Innes-Ker has been a full time real estate investor for 7 years and is author of the Motivated Seller Magnet - Automatic Lead Generating System. He is constantly fine-tuning his marketing and business systems to make his investing more profitable with less effort, so he can spend more time enjoying life with his wife and 2 young children. He shares these unique profit making systems with his Power Marketing Members.

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Real Estate Investing: What's the Best Way to Get Started

2005-06-28T05:53:00.000-07:00

What's the Best Way to Get Started?
by Barry Grimes

That’s probably one of the most common questions asked by people wanting to begin real estate investing. Another common question is, “How do I find a mentor to work with?” Of course there is no one perfect answer for everyone. It depends on a number of factors including; money available, goals and current skill level. But, for my money the answer to both questions is bird dogging or as I call it Real Estate Jobbing.

A Real Estate Jobber is a person who finds qualified leads for professional Investors, through a variety of sources using a systematic process.

Why Real Estate Jobbing?
You can start in your spare time.

There is absolutely zero financial risk.

There is practically no start up costs.

You don’t need money or credit.

You can gain hands on experience without risk.

You can find out if real estate investing is really for you, before spending hundreds or thousands on books, courses and other learning aids.
Your job is simply to supply quality leads and it’s the Investor’s job to handle the rest of the process.

You Earn While You Learn

For each lead that an Investor is able to close on, you will be paid a referral fee. There are several types of referral fee arrangements that can be made including:
A flat rate.

A percent of the purchase price rate.

A net profit rate.

Rates that combine more than one method.
Build Mentor Relationships

There is no doubt that mentoring is the most efficient way to learn, but it can be difficult to find a mentor to work with. Do you really think seasoned Investors have time to mentor everyone that asks? Separate yourself, and bring something of value to the table. By supplying good, quality and qualified leads you are saving your Investors time and helping them to make money. Now an Investor will be more willing to help.

Start in Your Spare Time

You can easily start out as a Jobber in your spare time. You don’t have to quit your job; in fact I would not recommend that. You work from home, and you may be able to do much of the lead finding research on-line.

Anyone can become a Jobber. There are no special qualifications, education requirements or specialized experience required. Your age, gender, race, background, geography or current occupation does not matter.

The skills you develop will carry over. As you gain experience you will work closer and closer with your Investors, and learn the business first hand. When you are ready to take the next step, you will know how to find profitable leads. As an Investor you must be able to find motivated sellers, that’s one thing that will never change.

What Makes a Successful Jobber?

You must know your Investor’s needs. Know what types of properties, what price ranges and what locations they are looking for, and prefer to deal with. The Investor is your customer, and you must give him or her what they want.

The successful Jobber is like a real estate detective. The client is the Investor, the case is to find motivated sellers, the reward is the referral fee and leads represent clues. A good detective will investigate as many clues as necessary to solve the case. Likewise a good Jobber will generate and investigate as many leads as necessary to find the truly motivated sellers.

You must provide complete information to your investors. It takes much more than an address and phone number for an Investor to make a decision. The Jobber goes the extra mile and uses the public records and other sources to provide as much information as possible for Investors.

You must be (or learn to be) organized. Jobbers use a systematic approach for generating and qualifying leads. If you are disorganized it will be very difficult to stay on top of your business. Anyone can learn to be organized.

It all boils down to providing good, quality information, which saves the Investor time and helps them to make money, that’s the goal of a Real Estate Jobber. If you achieve this goal, then your Investors will be more than happy to help you learn the business, and pay you very well for your efforts.

It’s Not Easy

Real Estate Jobbing is a great, risk free way to start your Real Estate Investing career. You earn money while learning the business first hand. But, it’s not an easy get rich quick program.

You will have to put forth some effort to be successful. You will need to generate hundreds of leads, which takes some time and commitment. You will need to look up the property information for each lead and present the leads regularly to your Investors. You must be able to motivate yourself to keep finding leads, even when it seems like none of them are panning out.

Real Estate Investing is not for everyone. Jobbing is an inexpensive way to find out if it’s for you, before you spend hundreds or thousands of dollars on courses, books and other materials. Find out what’s involved first hand, experience the challenges as well as the rewards.

You get paid to find motivated sellers while saving Real Estate Investors time and money, all while learning the business; it sure sounds like a win-win situation to me.

About the Author:

Barry Grimes is the author of the Real Estate Jobber course, and private investor. He spent 20 years in various executive positions in the healthcare industry. After organizing and being involved in several down-sizings, Barry’s mission is to help people understand the importance of taking control of their lives, and not trusting their future in the hands of someone else. Barry also manages his own publishing and consulting companies.

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7 Selling Mistakes You Don't Want To Make!

2005-06-26T11:13:00.000-07:00

7 Selling Mistakes You Don't Want To Make!

Mistake #1 -- Pricing Your Property Too High

Every seller obviously wants to get the most money for his or her product. Ironically, the best way to do this is NOT to list your product at an excessively high price! A high listing price will cause some prospective buyers to lose interest before even seeing your property. Also, it may lead other buyers to expect more than what you have to offer. As a result, overpriced properties tend to take an unusually long time to sell, and they end up being sold at a lower price.

Mistake #2 -- Mistaking Re-finance Appraisals for the Market Value

Unfortunately, a re-finance appraisal may have been stated at an untruthfully high price. Often, lenders estimate the value of your property to be higher than it actually is in order to encourage re-financing. The market value of your home could actually be lower. Your best bet is to ask your REALTOR® for the most recent information regarding property sales in your community. This will give you an up-to-date and factually accurate estimate of your property value.

Mistake #3 -- Forgetting to "Showcase Your Home"

In spite of how frequently this mistake is addressed and how simple it is to avoid, its prevalence is still widespread. When attempting to sell your home to prospective buyers, do not forget to make your home look as pleasant as possible. Make necessary repairs. Clean. Make sure everything functions and looks presentable. A poorly kept home in need of repairs will surely lower the selling price of your property and will even turn away some buyers.

Mistake #4 -- Trying to "Hard Sell" While Showing

Buying a house is always an emotional and difficult decision. As a result, you should try to allow prospective buyers to comfortably examine your property. Don't try haggling or forcefully selling. Instead, be friendly and hospitable. A good idea would be to point out any subtle amenities and be receptive to questions.

Mistake #5 -- Trying to Sell to "Looky-Loos"

A prospective buyer who shows interest because of a "for sale" sign he saw may not really be interested in your property. Often buyers who do not come through a REALTOR® are a good 6-9 months away from buying, and they are more interested in seeing what is out there than in actually making a purchase. They may still have to sell their house, or may not be able to afford a house yet. They may still even be unsure as to whether or not they want to relocate.

Your REALTOR® should be able to distinguish realistic potential buyers from mere lookers. REALTOR®s should usually find out a prospective buyer's savings, credit rating, and purchasing power in general. If your REALTOR® fails to find out this pertinent information, you should do some investigating and questioning on your own. This will help you avoid wasting valuable time marketing towards the wrong people. If you have to do this work yourself, consider finding a new REALTOR®.

Mistake #6 -- Not Knowing Your Rights & Responsibilities

It is extremely important that you are well-informed of the details in your real estate contract. Real estate contracts are legally binding documents, and they can often be complex and confusing. Not being aware of the terms in your contract could cost you thousands for repairs and inspections. Know what you are responsible for before signing the contract. Can the property be sold "as is"? How will deed restrictions and local zoning laws affect your transaction? Not knowing the answers to these kinds of questions could end up costing you a considerable amount of money.

Mistake #7 -- Limiting the Marketing and Advertising of the Property

Your REALTOR® should employ a wide variety of marketing techniques. Your REALTOR® should also be committed to selling your property; he or she should be available for every phone call from a prospective buyer. Most calls are received, and open houses are scheduled, during business hours, so make sure that your REALTOR® is working on selling your home during these hours. Chances are that you have a job, too, so you may not be able to get in touch with many potential buyers.

(c) Copyright 2005 Madan Ahluwalia. All rights reserved.

Madan “Raja” Ahluwalia is an Attorney at Law and Realtor. Raja offer his real estate clients a counseling-based approach to home buying, where the client’s long-term goals are the most important consideration and outweigh the benefits of any single sale. Raja possesses a thorough understanding of the real estate market and trends, based on years of involvement in real estate. He provides expert insights and helps clients understand timing, pricing and financing issues. Contact Raja at raja@kw.com or 650.430.4023.

USED THIS BIO

Madan “Raja” Ahluwalia is an Attorney at Law & Realtor. Raja offers his clients a counseling-based approach to home buying, where the client’s long-term goals are the most important consideration. He possesses a thorough understanding of the market and trends, based on years of involvement in real estate. He provides expert insights and helps clients understand timing, pricing and financing issues. Contact Raja at raja@kw.com or 650.430.4023.

About the Author
Madan “Raja” Ahluwalia is an Attorney at Law & Realtor. Raja offers his clients a counseling-based approach to home buying, where the client’s long-term goals are the most important consideration. He possesses a thorough understanding of the market and trends, based on years of involvement in real estate. He provides expert insights and helps clients understand timing, pricing and financing issues. Contact Raja at raja@kw.com or 650.430.4023.

Brought to you by http://www.commercialrealestateinsider.com

6 Things to Consider Before Refinancing

2005-06-23T19:53:00.000-07:00

Author: Rob Sallay

Perhaps you’re a homeowner in need of some quick cash.

Maybe you want to consolidate your debts so you have better control of your money.

Perhaps a lender is urging you to refinance because interest rates are low, and he has a too-good-to-be-true deal that will shorten your current loan’s term.

Here are 6 essential questions to ask yourself before making the decision to refinance.

1. What’s My Motive—and What Will It Cost Me?
Before you even consider a refinance, ask yourself this fundamental question: “Why do I need it?”

“Many times, people take out a new, larger loan to pay off credit cards, automobiles or even to purchase another home,” says Norm Bour, host of the nationally syndicated U.S. radio program The Real Estate & Finance Show, and an experienced mortgage lender. “Sometimes they need the money to do home improvements or renovations.”

If, however, you want to lower your current loan payments or switch to a different type of loan, you must calculate the benefits before going the re-fi route.

“If someone is going from a fixed loan to another fixed loan, my general benchmark is to see a 1% reduction of interest rates to justify it,” says Bour, who also teaches money-management classes in Southern California. “Sometimes the borrower goes from a fixed-rate loan to an adjustable to lower his payments. Sometimes he does just the opposite—maybe to get away from interest-rate volatility. These are very personal decisions, specific to each individual client.”

2. How Long Will I Be in the Property?
You may already know—or suspect—that you will not live in your current home beyond a certain timeframe (perhaps 5 years). If this is the case, why would you even consider a 30-year loan?

“Sometimes, an adjustable-rate loan or a ‘hybrid’—say, a 5-year fixed, then converting to an adjustable—makes the most sense,” Bour says.

3. What Am I Worth?
Do your homework before trying to qualify for a new loan. You should know:

• The approximate market value of your property, as “loan to value (LTV) is one of the primary factors that control interest rate,” Bour says.

• Your credit score, which will affect your overall ability to secure a loan, as well as the interest rates offered and the options available to you.

4. Do I Have a Competent Loan Officer?
In certain cases, refinancing may not yield “a monetary savings, per se,” Bour says. This means there must be “compelling reasons” to secure a new loan, he emphasizes.

“A good loan officer will ask a series of questions to help the borrower identify his best option,” Bour says. The officer should:

• Assess your current monthly cash flow and potential future risks.

• Calculate your monthly savings if you were to refinance.

• Determine how long it will take you to break even.

• Fully explain the different types of loans and interest structures.

• Disclose all closing costs and “hidden” fees (origination fees, escrow, title, underwriting, interest, taxes, insurance, prepayment penalties, etc.).

• Treat you with respect and as an individual—not come up with a one-size-fits-all, cookie-cutter approach to your financial future.

5. Do I Need a Second Opinion?
Because lenders have an interest (pun intended) in having you sign on the dotted line, it’s often worthwhile to seek advice from a certified financial planner or other expert who has no investment or agenda when it comes to your refinancing decisions—especially if you’re a first-timer who lacks fluency in real estate issues.

Accept your limitations, and have enough smarts to ask for help. A lot of money is riding on this decision, so never let pride get in the way of making the right choice.

6. Will This Hurt My Credit Rating?
“While refinancing, in and of itself, will do very little damage to credit scores, what will cause harm is excessive shopping amongst too many lenders,” Bour says. “Each time a credit report is pulled by a ‘potential grantor of credit,’ it shows up as an ‘inquiry’—and each inquiry drops the credit score by a little bit.

“In the United States, the laws have changed over the past few years, and inquiries do not have the same negative impact as they used to. Most credit bureaus will now look at a ‘cluster’ of inquiries over a short period of time as being one inquiry.”

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Mortgage Relief specializes in assisting Australian families with mortgages by making their monthly repayments more manageable and decreasing their overall debt and total interest paid over the life of their mortgage. Mortgage Relief is a mortgage refinance provider that it part of Australia’s largest Debt Relief™ organization. Visit Mortgage Relief on the web at http://www.mortgagerelief.com.au or contact them directly on 1300 789 014.

About the Author
Rob Sallay

Brought to you buy http://www.commercialrealestateinsider.com and http://www.condosearchsource.com

5 Things to Look for in a Property Appraiser

2005-06-21T20:47:00.000-07:00

Author: Mary Collins

Homeowners who are seeking a property appraiser often ask “How should I choose which real estate appraiser to use?” When selecting a property appraiser to use keep the following in mind:

Always make sure a property appraiser is licensed or certified by the state to perform real estate appraisals. While state licensing and/or certification isn’t always an indication of quality, it ensures that an individual is has met certain standards and been authorized to perform property appraisals. Some states do not require licensing to perform real estate appraisals. It is unwise to use the services of any professional who is not licensed or certified.

Don’t be afraid to ask an appraiser for a copy of their license. A good appraiser will readily provide this documentation. Copies of licenses are commonly requested by mortgage brokers and loan officers. Once you get a copy of their license, it’s a good idea to check with the government agency which issued the document to ensure the license is active and in good standing.

Many excellent real estate appraisers carry a professional designation. The most widely known industry designations are SRPA, SRA and MAI. These designations are issued by the Appraisal Institute. These designations demonstrate an appraiser's commitment to continuing education and ethical standards. Oftentimes, the standards required to obtain these designations exceed those set forth by state licensing/certified requirements.

Ask the real estate appraiser what percentage of their work is performed in the neighborhood in which the property is located. Appraisers who do a lot of their work or live in a particular area often have a deep knowledge of property values in that area. Additionally, they are more likely to know how “neighborhood variables” such as school districts and fire departments affect the property values in the area.

Lastly, find out if the property appraiser has experience performing appraisals for consumers as opposed to real estate professionals. Mortgage brokers and loan officers have distinctly different needs than homeowners. An appraiser who understands the needs of homeowners is more likely to help you learn about the appraisal process and answer questions you may have along the way.

About the Author
Mary Collins currently works for http://www.find-appraisers.com and is a consultant with experience in the real estate industry. She and the staff at Find-Appraisers.com are focused on helping consumers and real estate professionals quickly find licensed/certified property appraisers in any county across the United States.

Brought to you by http://www.commercialrealestateinsider.com and http://www.condosearchsource.com

5 Questions you must ask your realtor before you list your house for sale.

2005-06-20T20:31:00.000-07:00

5 Questions you must ask your realtor before you list your house for sale.

Your house is a major part of your life and when it comes time to sell it you need to get the best possible price. Here are some things to ask your prospective realtor before you list your house for sale.

1 How many homes have you listed and how many homes have you sold in the last 6 months? You are looking for a realtor that has experience with homes that are just like yours and from the same neighborhood. They can tell prospects about the schools, churchs etc.

2 Could you send me some info about yourself? You always need to do some research on someone that is listing your house. If they dont have promotional materials odds are they are not professional. If they avoid your request they will probably take a back seat when someone is looking to buy your home.

3 What is the average time when it comes to listing and actually selling a house? If they are moving houses too quickly they might not be getting the best prices that they can.

4 How long have you been in business? You always want someone with experience that is a no brainer.

5 Do you have assisants in case I need to get in touch with someone? Every real estate agent has assisants if they are serious about their work.

This is just a list to go by before you sell your house. Your main goal is to get the best possible price. If you want ask around your neighborhood or go to the local community meetings and ask around. Odds are someone in the room has bought a house in the neighborhood.

For more tips like this visit A1-Moving-Supplies.com

About the Author
Vince Ohare is a free-lance writer that has been published on many internet topics. This article can be republished as long as the links stay intact.

Brought to you by http://www.commercialrealestateinsider.com

4 Good Reasons to Get a Refinance Home Loan

2005-06-17T06:35:00.000-07:00

Refinance Your Home Now and Lower Your Interest Rate

What is a refinance home loan?
A refinance home loan or a home loan refinance is a new loan obtained through your lender or a new lender to pay off existing loan. However, you may opt to apply for a lower interest rate and or cash out on your homes equity.

When should I refinance my home? It is a known fact that interest rates are lower than they have been in years. This is due to our fast paced and ever changing economy and market. Now would be the perfect opportunity to refinance your home to obtain a lower interest rate. Even a .25 difference can save you thousands of dollars a year in mortgage payments.

Why should I refinance my home?
There are several reasons home owners decides to refinance. The four most common reasons include:
To obtain a lower interest rate
Home owner generally are aware of interest rate down fall. They take advantage of this opportunity by applying to a refinance loan to lower their existing interest rates and save money on mortgage expenses. The money that a borrower saves on mortgage expenses can be invested in other financial investments.
To receive a refinance cash out
Some home owners who have enough equity accumulated in their homes refinance to cash out their equity and get a lower interest rate
To make home improvements
Sooner than later you will find that maintaining your home is hard work (not to mention quite expensive). In most cases, home owners will pursue a refinance, rather than a personal loan, in order to save on interest rates. A personal loan may have higher interest rates and are normally, not as large as a home improvement loan.
To change loan programs
A majority of home owner refinance because they are not satisfied with their current loan program. They may be under a 5 year arm, but somewhere down the line they decided they would prefer a 30 year fixed loan. Whatever the reason may be, a refinance home loan will solve the problem.

What are the benefits of refinancing my home?
There are several benefits included with refinancing your home, including:
Your credit may be in better standings then before you purchased your home, now you can refinance and obtain a more suitable loan, with lower interest rates and terms.
Or, you can obtain a home equity line of credit and have cash available when you need it.
With refinance cash out, your lender can consolidate your bills and pay off all of your debt. You will not have to deal with the hassle by yourself.

What are the different refinance loan options?
As with a traditional loan, refinance home loans offer some of the same loan programs, such as:
10/15/30 year fixed
Zero Down
Interest Only
And so on

Where can I refinance my loan?
You can apply for a refinance home loan through your current lender. Or you may search for a new lender more suitable to your financial needs. This search can be done by internet search, flipping through the yellow pages, or consulting with your real estate agent.

About the Author
Khali S. founder of Home Loan Guidance - a free online guide to help discover more home loan options secrets.

Brought to you by http://www.commercialrealestateinsider.com

10 “No Money Down” Ways to Buy Real Estate

2005-06-15T05:39:00.000-07:00

Turn the Television on any Sunday morning and you’ll find yourself in the middle of a “how to buy real estate” infomercial. Can you really buy a house with no down payment? Can you really make thousands or millions of dollars buying real estate. Of course the answer is “yes” and “no”. The real question is, are you willing to pay anywhere from $500 to $5000 for the information, classes and hotline? Most important are you self disciplined enough to follow the program.

Before you spend money on these expensive programs, here are my top ten “no money down” ways to buy real estate. If you’re self disciplined and willing to hear the word “no” many times before you get a “yes”, then maybe you can buy a house without a down payment.

1. First is to check out the many new zero down programs now available from lenders. Especially if you’re a fist time buyer. Also FHA and VA have loans that may not be zero down, but are very close.

2. Borrow money for the down payment – Borrow the money from family, friends or a business partner at a high interest rate or a percentage of the profit when the property is sold

3. Raise the price and lower the terms – Offer the seller more than he is asking provided he is willing to accept the down payment in the form of a note. If the seller is asking $150,000 with $15,000 down and willing to carry the balance of $135,000. Try offering $155,000 in the form of a promissory not instead of cash. The seller gets a little more money for the additional risk.

4. Borrow against a life insurance policy – Many life insurance policy’s let you borrow against the policy for the purpose of investing in real estate or other investments.

5. Use other property as collateral – Create a note on existing property that you or a partner own and use it as the down payment for the property you are buying.
6. Home equity loan – Home equity loans are generally easy to qualify for as long as there is adequate equity in the property.

7. Seller refinance – Have the seller refinance the property, receiving the cash he needs from the proceeds of the new loan, the buyer gives the seller a note for the balance of the seller’s equity.

8. Find an investor – There are many people who have money but no time. Their current profession keeps them too busy. Work out a deal where they put up the money and you split the profits when you sell.

9. Lease with option to purchase – Lease a property with the right to buy it at some future time. Provide for the rental payment to be credited towards the down payment if you decide to exercise your option.

10. Give them something they need – If the seller is planning to purchase something in the future that you own or can buy, use it as a trade. This can be anything such as furniture, boat or motor home.

About The Author
Richard Massey is a note broker with United Financial Resources and a real estate investor. You can get more information at http://www.unitedfinancialresources.com or to read more articles go to http://unitedfinancialresources.com/news.html

Brought to you by http://www.commercialrealestateinsider.com and http://www.condosearchsource.com

10 Easy but Essential Steps for Home Selling Success

2005-06-14T06:42:00.000-07:00

10 Easy but Essential Steps for Home Selling Success
Author: Rhiannon Williamson

They say that the whole process of selling up, buying new and moving on is one of the most stressful series of events any of us goes through in a lifetime: and yet with careful planning, attention to detail and a clear focus, the whole process can be relatively stress free.

While there will always be factors outside the control of any home seller, those factors that fall within their control sphere can proceed fluidly and smoothly when they take the time to plan and think one step ahead.

By following these 10 easy but essential steps I can guarantee you home selling success!

1. Get free valuations and priceless advice.

Real estate agents will give you a home valuation for free because ultimately they hope you’ll engage their services when it comes to selling your home. Therefore use the experience of a handful of local and trusted agents who are renowned for their selling success and invite them to come and value your home. Then, ask them their opinion on what if anything can be done to raise the value of your property to the maximum.

Real estate agents spend their entire professional lives examining properties, they know what attracts a buyer, what turns a buyer away and what can and should be done to a property to enable the seller to get maximum returns from his property – request advice based on the benefit of their experience. Most real estate agents will be happy to give you any tips they feel are applicable to your home because if you can increase the value of it, they can raise the price of it and if they are asked to represent you they will ultimately make more from the sale! It is a symbiotic process!

This whole first step will arm you with two priceless facts – firstly you will know how much money you can work with when budgeting and planning for your next home. Secondly you will have a fair idea of what action you should and can take to ensure you get the maximum price for your home thus allowing you to begin planning the work that needs to be done.

2. Speak to your current mortgage lender.

You need to contact your current mortgage lender and ask them what penalties and fees you will incur for early repayment. Inform them that you are intending to sell your home and they will give you an up to date statement of the amount remaining and exactly how much selling up is going to cost you in real terms.

3. Work out total selling, buying and moving costs.

To assist you with this step ask one of your valuation real estate agents to give you a break down of all the local fees, taxes and costs you will likely incur when selling and buying. These will most likely include the real estate agent’s fees, a lawyer’s fees, surveyor’s costs, potential gain taxation and also consider factoring in the percentage of any annual taxes or charges on your home that you will have to pay.

Add to these expenses the costs you will incur when buying a new home and remember to include any deposit, mortgage arrangement fees, survey costs and insurances.

And last but not least, get a rough quotation for removal costs which are easy to gauge based on the size of your home and the distance you are likely to move.

4. Work out your budget.

By taking the original valuation sum given to you by the real estate agent and then deducting all of the totals from step 3 you will (hopefully) be left with a positive number! This is your clear profit, this is what you can then use towards your new home.

At this stage, if you have additional sums saved and you wish to add them to the above to increase your purchasing power you should do so. You will be left with an amount you can use as a down payment on your new home.

5. Get a loan agreed in theory.

Now you have to approach a mortgage lender and work with him to determine exactly how much you can comfortably afford to borrow. He will take into account many factors but these will include the amount you have as a down payment and the amount you earn. Ultimately he will arm you with a budget with which you can now work when searching for your new home.

6. Begin searching for your new house.

Now you have a budget to work with you can begin the exciting process of searching for a new home. It may seem dull to have to get all the financial facts and figures in place before heading off to find that dream house, but by doing all the ground work first you will be less likely to fall in love with an unsuitable, unaffordable home. You will not have set yourself up for a fall; you will once again have set yourself up for success.

7. Give your home a makeover!

Take the advice given to you by the real estate agents and get to work with the repairs, renovations and heavy work needed to bring your house up to the top of the market.

8. Find the best real estate agent.

Having already met and worked with real estate agents for the valuation of your home get back in touch with your preferred agent and ask them to revalue and then market your home. If you are in doubt about which agent to choose speak to any friends, family and colleagues in your local area who have recently bought, sold or rented property through an agent and ask for personal recommendations. You need to feel comfortable with the agent you choose to represent you, you need to make sure they will sell your house as quickly, efficiently, honestly and effectively as possible and that they are trust worthy to be left to show viewers around your home.

Once you choose your agent go through their entire marketing strategy for your home and make sure you are comfortable with their approach and that they are going to do everything required of them to assist you. Furthermore, ask them to revalue your home based on the work you have done to it and any market movements that have occurred in the interim.

9. Remember - first impressions count!

Now the time has come for buyers to begin viewing your home. You have to go over every single aspect of your home with a very critical eye and consider what the potential purchaser will make of every aspect. Their first impression of your home will be as they look at it from the sidewalk, ensure the outside of your home is as clean, tidy and well presented as possible and then walk through every room and the garden and look at it with fresh eyes. What will a buyer’s eye be drawn to, the beautiful proportions of the room or the dirty window and vase of dead flowers?

Because first impressions count so very much take the time to consider every aspect of your home and then make time to clean, polish and present your home in the very best light possible.

10. Be as flexible as possible.

If you can be quick to react to a viewing request and flexible when it comes to a contract completion date you will be doing everything within your power to enable your buyer. By remaining on top of the upkeep of your home you should be able to say ‘yes’ to a viewing request at the drop of a hat. And if you remain on top of your home search and are at least mentally prepared to move out swiftly – even if this means moving into rental accommodation for a short period – you will be doing absolutely everything within your power for home selling success.

About the Author
Rhiannon Williamson is the publisher of http://www.shelteroffshore.com/ - for offshore and international real estate investors.

Brought to you by: http://www.commercialrealestateinsider.com and http://www.condosearchsource.com

A Process of Discovery - (Commercial Mortgage Brokerage Defined)

2005-06-13T04:43:00.000-07:00

- A Process of Discovery - (Commercial Mortgage Brokerage Defined)
Author: Gregg Winter

At its highest level, commercial mortgage brokerage is a collaborative process of discovery. On the borrower side, the more the broker is able to learn about the property and the borrower’s needs, the more effectively he can focus his thinking and utilize his experience to assist the borrower in structuring the deal. On the lender side, a good broker carefully cultivates an effective and aggressive group of lenders. These are the kind of worthwhile relationships that can only develop over time. With each and every deal the relationship is tested and seasoned with mutual respect. The bar is raised. The boundaries are stretched. The stakes are always high because of the faith that has been placed in the broker by the client. Therefore, if disappointed by a lender’s execution, or by changes that (hopefully won’t) occur from the time a lender quotes a deal to the time the lender issues a commitment letter, that lender may never have another chance to win over that broker.

Part of the value, therefore, of a seasoned mortgage broker, is accumulating and honing these performance-based lender relationships to a fine edge so they can be brought to bear on an individual borrower’s transaction.

At a sophisticated level, commercial real estate financing requires finesse, experience and the aforementioned carefully cultivated, time-tested array of “arrows” in the broker’s “quiver”. Or, to state it more generically: to be effective, one needs the right tool at the right time to accomplish a particular job.

What are the implications of all this for the borrower? In return for a mortgage brokerage fee, all these time-tested lender relationships and the broker’s insight, judgment and advisory skills are leveraged by the borrower for a finite period of time without the need to employ such expertise on a permanent basis. All in all, I’d say it’s an amazingly efficient arrangement.

So, who should you turn to when it’s time to reach out to a broker? Which company should you choose? As in any endeavor, there’s a pyramid of quality and expertise: plenty of mediocrity at the bottom, some decent performers in the middle and a small number of virtuosos at the top. As in choosing a doctor, a lawyer, a contractor or a vacation, nothing beats a word-of-mouth recommendation from someone you know and trust. Next there’s old-fashioned due-diligence which would include doing a web search and reviewing newspaper articles (for example its easy to search the archives of the NY Times), calling accountants and lawyers active in real estate for recommendations, and asking for references from the broker’s past clients. Ultimately, it will come down to a face-to-face meeting, the answers to your questions, and your gut feeling about the broker, his ethics and his company. The depth of the organization is quite important because a great broker must have top-notch administrative, analytical and processing support to be your optimal choice.

When you consider that the owner of an apartment building, office property, shopping center or owner-occupied property will live with the economic consequences, restrictions and conditions of a new mortgage transaction for years, the best option for an owner is unlikely to be achieved by picking up the phone and calling one or two familiar banks. The smart owners know this and are happy to “outsource” the mortgage brokerage function, knowing that they will get the benefit of the broker’s knowledge of the current marketplace.

Since the lending landscape is a constantly moving target, the “alpha” broker guides the client, mindful of the client’s desired loan structure, incorporating late-breaking news and knowledge of shifting market dynamics to fine-tune his approach to best achieve the client’s objective.

You may be asking how, exactly, this knowledge can benefit the borrower, so here are two possible examples:

Lender X recently lost two valuable employees, the shop is overwhelmed and the broker absolutely knows that even though he’s closed hundreds of millions of dollars of business in the past with lender X, and the borrower likes lender X, at this moment in time lender X is not the right choice, and the broker must advise the client accordingly.

Treasury rates drop significantly – prompting a suggestion by the broker to suddenly switch from lender “A” to lender “B” because lender “A” (despite the fact that it offers a better spread than lender “B”) will not be able to lock the interest rate for two more weeks. Lender “B”, on the other hand, can rate-lock immediately. The borrower should employ the broker that will offer him this option when circumstances so dictate, not the broker that will sit tight knowing that the client is already signed up. The broker that is willing to disclose any problems that arise immediately and help the borrower switch to “Plan B” is (of course) infinitely more valuable than the one that doesn’t want to rock the boat.

Clearly, you want the broker that will dig deeper and seek to protect your interest, which brings us to the next rather important point:

What to absolutely avoid in a commercial mortgage advisor: brokers who tend to utilize a small number of lenders regardless of the diminishing effect that will have upon the advice that they can offer their clients. As efficient and convenient as this may be for them, it screams disrespect for their clients. You want a broker that enjoys going the extra mile and pushes to find the best solution in any market condition. Also to be avoided are firms without enough support staff to truly serve the borrower’s needs. The phrase “the devil’s in the details” must have been coined with complex commercial mortgage transactions in mind. There is a lot of work that must occur between the acceptance of a term sheet and the closing of the deal. Make sure that the firm you put your faith in is adequately staffed to keep the paperwork flowing smoothly.

Make the most of your next commercial real estate transaction by taking the time to identify the right advisor to assist you. Tap into the wellspring of knowledge and expertise as needed, knowing your broker is up to speed with all the nuances of the current lending environment. Bringing that expertise in at an early stage will almost certainly ensure that your project will go more smoothly.

Gregg Winter - President
Winter & Company Commercial Real Estate Finance
13 East 37th Street, NYC 10016
gregg@winter1.com
www.winterandcompany.com

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Real Estate Investing – “The Neighborhood Factor”

2005-06-12T10:01:00.000-07:00

Real estate investing can be a dream career when the process of buying and selling is mastered. The biggest challenge in real estate investing is not the money to get started or the availability of the product. Real estate investing’s biggest challenge is judgment. Personal decisions in making the purchase, fixing up the right things, and making the sale require judgment that comes from experience. The second and 100th property should involve better judgment than the first.
An approach to the first acquisition in a real estate investing career involves analysis of the neighborhood.

If the target property is located in a familiar neighborhood, an analysis is clouded by past memories and feelings. Familiarity can preclude objectivity.

And if the target property is located in an unfamiliar neighborhood, the analysis is shrouded in immediate impressions that may or may not be accurate.

Real estate investing today must consider unfavorable elements like drug and prostitution traffic, crime statistics, and the overall visual impression of neighborhood negligence and abuse by property owners and/or tenants. The windshield view will not reveal the whole story.

Research at city planning and the police department might be a starting point, if the initial drive through the neighborhood does not arrive at a negative conclusion. Casual conversations with neighbors might provide clues. Watching from a perch unobtrusively during certain hours might be helpful, such as after school is out and after dark.

If analysis leads to the formation of good judgment, time is needed to assess “the Neighborhood Factor.” When I plunged into my first year of real estate investing, no one warned me of “the Neighborhood Factor,” and still I sometimes overlook it even millions of dollars in property purchases later. Buying $1 million in rental houses during my first year, and another $1 million in properties the next year did not leave me much time for analysis. However, when placing a makeover house on the market after the work is completed, “the Neighborhood Factor” has often come back to haunt me.

The bottom line for developing judgment about “the Neighborhood Factor” is the consumer’s windshield view. The real estate investor can become enamoured over the potential profit margin in a “good deal.” But the home-buyer and house-hunter make instant assessments upon a first approach to the house for sale. Their initial impression of “the Neighborhood Factor” is untrained and irreversible. And in real estate investing, the prospect’s first impression of “the Neighborhood Factor” overshadows their impression of your labored makeover. More times than I like to admit, I have created a “Dream House” from a junker, only to experience a slow sale because of “the Neighborhood Factor.”

Phil Speer, Ph.D., started his real estate investing career 25 years ago. Without the availability of credit and using only a $10 bill, he purchased $1 million in properties in his first year, and had accumulated $10 million in properties by his fourth year. He was featured in a Wall St.Journal editorial as most successful investor in the Nothing Down Real Estate Movement, and was honored with a Caribbean cruise as top investor of the year. In his hometown of Nashville, Tennessee, he has been a businessman and Human Resources Consultant for 30 years. He is an author, speaker and seminar director. To learn how to profit in real estate investing, even without cash or credit, read his report at http://www.CashinHouses.com/. Subscription is free to his Fix-up Ezine - http://www.AAREIT.com/.

Real Estate Values or Just Bad Habits

2005-06-09T06:49:00.000-07:00

There are several small businesses that retain hundred year old traditions. Hand-dipped chocolates, fresh flowers and cloth napkins on every table in a restaurant, or mints and roses on a guest's pillow at a B&B. Loyal customers come to expect these little perks or tokens of quality in the product and changing your traditions might mean the loss of your evangelical customers. These are unspoken signs of a company's value system and devotion to the customer. Then, there are traditions that are a little harder to explain.

There are two curious habits in the real estate industry that have always baffled me. They are age-old traditions and the public has come to accept them as part and parcel of the product. But are they a reflection of company values or just a couple of really bad habits?

The first....Why do real estate agents put their picture on absolutely everything? Real Estate agents are there to sell houses, people come to the agent to buy a house not because the agent has auburn hair or because he is smiling. The image presented through this type of marketing is that of an egoistical, self centered, self serving person.

I have asked many agents why they do it...the answers range from; because the company requires it, simple I don't knows, to I need it to stand out from the competition. (If all the competition is doing the same thing, how does that set you apart?) There are many people who have their own businesses and are sole-propritors from hair dressers to contractors, pool cleaners, consultants and lawyers but they don't plaster their headshot all over everything that relates to their business. There could be some reasons why they don't. Sending the wrong image of self importance is one. Another reason is aging. As people get older they become less satisfied with the way they look, a little less hair, and few saggy chins, smile lines that have turned into furrows. Real Estate agents face this problem head on...they just leave the same picture on their business card for their entire 25 year career, a nice youthful look. Finally, since marketing materials cost money and space is at a premium maybe they think it is better to use that space showing the product or benefit to the customer instead of a self portrait.

The second tradition that seems more like a bad habit is to have flyers and doorhanger bags strewn all over a neighborhood, and scattered on your prospective clients front porch. If it is a particularly popular neighborhood this means you find this stuff at your doorstep 3-5 times a week thanks to 10 or 15 different agents! I've even seen this stuff delivered on Sundays. It's really convenient for thieves..they know you've been away on vacation even if the mail is being held at the post office. How many people pick up those flyers while vowing to NEVER do business with the agents who turn their yard into a landfill's delight! It also is baffling that real estate agents see themselves on the same level as pizza places, gardeners, and the local handy man, all of whom market this way too. I have never seen a professional lawyer, doctor or accountant, market themselves in this manner.
At some point one's values should win over tradition. Respecting the client (and their front porch), making the client's/prospect's priorities your priorities must become the focus of a successful career. Common sense and creativity should come together with customer service, and bad habits should be broken, even if all the competition plans to carry on.

I would like to encourage all real estate agents that might read this. Be a leader, put a picture of a door knocker or house on your business card. I know its a radical idea, but take the challenge! Wouldn't that space be better used talking about your specialties or how long you've been in business? Who knows, you might even generate some goodwill by not cluttering up a porch with flyers that go straight into the trash.

Meredith Gossland is the owner of Lasting Impressions 2, a small business marketing service, in Los Angeles. http://www.lastingimpressions2.com

brought to you buy http://www.commercialrealestateinsider.com and http://condosearchsource.com

An Investor's 1st and Most Important Lesson

2005-06-06T15:04:00.001-07:00

Are you ready for the lesson that will put you ahead of 99% of all real estate investors?
Here it is in a nutshell …

USE AS LITTLE CASH AS POSSIBLE!

The days of mortgage burning parties are long over. But you will still meet people who believe that it is good idea to pay off the mortgage on a property so that they can have big cash flow.
Why do people want to own real estate free and clear?
Because they believe it's the way to make more money.
But let's do a little number crunching:

THE OLD WAY
Use $40,000 of your personal savings to buy a house with 20% down and get a loan for the rest.
You may cash flow $400 per month.

And on this one house you will also be getting …

A. Equity build up like a personal saving account.
B. Good appreciation as the house goes up in value.
C. Great tax deductions that will lower your tax bill.
THE NEW, SMARTER WAY

Use an $80,000 new business line of credit instead of your own CASH and buy 2 houses.
You may cash flow $200 per house per month for a total cash flow of $400 a month.
And you are making money on TWO pieces of investment real estate instead of one.
You're also getting …

A. DOUBLE the equity build up.
B. DOUBLE the appreciation.
C. DOUBLE the tax deductions.
AND YOU NEVER USED A DOLLAR OF YOUR OWN CASH. The entire down payment came from a new business line of credit!

------------------------------------------------
Pssssssst … Want to hear a bit more?

There are other simple ways to do this no money down stuff and get FOUR houses instead of just two.

For example, the simplest way to do no money down real estate deals is by getting your credit score to stay above 680.
Then you find a good mortgage broker that offers 100% LTV* real estate financing to the clients that they work with.

*LTV = loan-to-value; the percentage relationship between the amount of the loan and the appraised value or sales price (whichever is lower).

IMPORTANT: Make sure that your mortgage broker has closed this kind of loan recently with a REAL client. You want to know that they have experience closing these kinds of loans.

Forget about your bank. Find a mortgage broker that has already done 100% LTV loans. Don't let them tell you that they can do it. Make sure you verify that they have already done it many times.

Next, write your purchase agreements with wording on the addendum that states the deal is …

SUBJECT TO SELLER PAYING $4000 OF BUYERS CLOSING COSTS.
Now you have reduced your cash needed to close by $4000, if the seller accepts. And if the seller says “No” …

Just tell them you will raise your offer by $4000 so they can pay your closing costs.
NOTE: If you are making offers on real estate that has rent paying tenants, the seller will be giving you the rents and damage deposits when you close the deal.
When they turn this CASH over, you can use it to pay for the property in most cases.
----------------------------------------------------
Is there a better way?

Of course! The best way to buy real estate is with a system that gets you cash advances from new business lines of credit.

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Using Revocable Land Trusts For Ownership of Real Estate – Part 3

2005-06-03T06:36:00.000-07:00

Other Steps to Setting Up a Trust

You may want to find a real estate attorney in your area who knows trusts and have them review the documents to be sure they meet the legal needs of your state. There are likely some special state requirements. Tennessee is a very liberal state when it comes to land trusts so there aren’t many specific requirements for trusts.

However, it may be a challenge to find an attorney who knows anything about revocable land trusts. I had them reviewed by my usual attorney and all they could say is that their office doesn’t condone them because they believe the sole purpose of these trusts is to avoid due-on-sale clauses. While they got that benefit right, they didn’t understand the other benefits of land trusts. They did say that these trusts are not illegal, but that they just don’t like them. They obviously knew very little about land trusts since they couldn’t say what it was they didn’t like other than the due on sale clause issue.

Probably the better thing to do to verify if the forms are all right for your state is to take them to a title company for review. You’ll need to develop a relationship with a title company anyway so this would be a good start. And you likely won’t have to pay for them to review the documents. You may want to choose a title company that has offices in Illinois since this is where trusts first started in the United States. You could also check your local law library to see if they have state specific forms.

The most important thing is to take a blank copy of a Warranty Deed to wherever your deeds are recorded. In Tennessee they are recorded at the Register of Deeds. Have them look at the form to see if they need anything changed to fit their recording purposes. They’ll sometimes change their requirements. I recently had to add a “New Owner” text box to specify who the new owner is. In the example I gave where Jack Jones is the owner, the new owner is the “Jones Family Trust.”

After you do set up a couple of properties in trusts you’ll be an old pro. It really isn’t a complicated process once you get the hang of it. And you’ll save thousands of dollars by knowing how to do them yourself!

Tim Bruxvoort
http://www.commercialrealestateinsider.com
http://www.homebasedriches.com
http://www.remedyhomebuyers.com

Note:
This article is not intended as legal advice and should not be considered as such. You should always confirm all matters with a knowledgeable attorney.

http://www.commercialrealestateinsider.com

Using Revocable Land Trusts For Ownership of Real Estate – Part 2

2005-06-01T03:06:00.000-07:00

By Tim Bruxvoort

How Do I Set Up A Land Trust?

Setting up a land trust is extremely easy once you have the right paperwork. In fact, you won’t even need an attorney once you know your paperwork is good for your state.

There are two documents that are used in setting up a Land Trust: Warranty Deed to Trustee and the Agreement and Declaration of Trust. A third document, the Assignment of Beneficial Interest will also be filled out.
Warranty Deed to Trustee
This is the document that actually transfers title to the property into the trust. It is a variation of the standard Warranty Deed that is used on traditional sales. The main thing you’ll need to obtain for this deed is the legal description for the property. You’ll get this from some of the seller’s loan documents.
Agreement and Declaration of Trust

This document defines the terms of the trust arrangement. It essentially clarifies the roles and powers of the Trustee; it lists who the beneficiaries of the trust are (the sellers); and it identifies the property in trust.
Assignment of Beneficial Interest
This document does exactly what its title says. It transfers the beneficial interest, or ownership of the property, from the seller to the assignee. Which in this case is you or your corporation or LLC.

Depending on the situation, this document could go into escrow with an attorney or title company. If the seller were in foreclosure or having any other financial difficulty…then it would be preferable that you hold the beneficial interest document to protect yourself. Although with the property in a trust and the deed is in escrow, there is likely not much that could go wrong. Just make sure that you don’t ever take a property subject to from an owner in financial trouble without getting the beneficial interest assigned to you one way or another. I prefer to have the Assignment of Beneficial Interest in my hands for all my properties.

If the seller is not having financial difficulty then the seller may request that the assignment go into escrow with instructions to transfer it to you or a closing company when the underlying loan is paid off in full. Although most sellers aren’t sophisticated enough to even request this and they’re just thankful that you’re taking their problem off their hands.

Whose Names Do I Use To Fill In The Blanks?

Who should be the Trustee of the trusts you set up? Well, I personally act as the Trustee for my trusts because I really don’t have anyone else that I would consider doing it for me. Remember, the Trustee will need to be someone who could show up at the closings for you.

It would be better for me not to use my own name. When you use your name as the Trustee it still shows up in public records if someone knew to specifically look at a property you own. In the property records it may show up as something like “Jones Family Trust Tim Bruxvoort Trustee.” However, if they did a search for properties you own by just using your name they would still find nothing. If they did a search on “Jones” then they could find the property you own, or in this case have beneficial interest in. So in other words, they would already have to know you own the property before they’ll find you.

If a lawyer suspects that you own a lot of properties and thinks that you have money, they could force you to list all the properties you own or have “beneficial interest” in anyway. That’s why land trusts are only a first level of asset protection. But, they do well to protect you from the unsophisticated lawyers that some of your tenant-buyers can afford. Regardless, a good rule of thumb is to act broke so you have less chance of becoming a target.

If you use someone other than yourself to be the Trustee just make sure your Trustee is someone you can trust and who can be available for closings. An attorney may be a good choice.

The other question is who do you use for the Assignment of Beneficial Interest? I use my company LLC to own my properties. This helps limit personal liability against me should someone decide to sue me. I believe that in some states the Trustee and the Beneficiary cannot be the same person. This is where a good land trust attorney in your state would have to help you if you decide that you want to be both Trustee and Beneficiary.

In Part 3 of this article I will discuss the final steps to setting up a land trust.

Tim Bruxvoort
http://www.commercialrealestateinsider.com
http://www.homebasedriches.com
http://www.remedyhomebuyers.com

Note:
This article is not intended as legal advice and should not be considered as such. You should always confirm all matters with a knowledgeable attorney.

Revocable Land Trusts For Ownership of Real Estate – Part 1

2005-05-31T06:49:00.000-07:00

Using Revocable Land Trusts For Ownership of Real Estate – Part 1
By Tim Bruxvoort

The history of using trusts to own property dates back hundreds of years. It has even been said that trusts began in the days of ancient Rome. While their benefits are well understood by wealthy people…very few people outside this elite group know how and why to use them.

Before we get too far perhaps I should clarify a few terms. What does the term “trust” mean in the context of real estate? A trust is defined as real estate held by one party…the Trustee…for the benefit of another…the Beneficiary. A Trustee can be an individual, such as a family member or friend, or a bank, attorney, or other financial institution.

Most of us have heard about some wealthy individual passing away and leaving his or her wealth to heirs via a trust. This is similar to the type of trust I’m talking about. But specifically, I’m talking about a Revocable Land Trust. This type of trust is solely about real estate and not other type of assets such as stocks, bonds, and other financial assets (except for mortgages and other real estate related financial assets).

What Is A Revocable Land Trust?

A Revocable Land Trust consists of simple paperwork that allows a Trustee to hold legal title to real estate in the land trust. But the Beneficiary still retains all of the rights and conveniences of ownership.

The Trustee only has one responsibility besides holding the title. That is to do what the Beneficiary instructs and to transfer the property of the trust when the trust ends.

The Beneficiary of a Revocable Land Trust has complete control over the property. The Beneficiary manages the property, which includes collecting and distributing income, insuring the property, or directing the lease or sale of the property. The Beneficiary can assign these responsibilities to the Trustee. In fact, the particular trust agreement I use to set up a trust gives the Trustee these abilities.

What Are The Benefits of Land Trusts?

There are many benefits of a Revocable Land Trust. The primary benefits real estate investors are concerned about are itemized below:

1. Avoidance of Title Seasoning Issues

Title seasoning has nothing to do with salt or spices. Now that we are clear on that…title seasoning is a mortgage lender term that simply means that the owner of a property is on public records as owning the property for a specified period of time. Before a property is sold to a buyer, most lenders want to see the previous owner of a property on public records for at least 6 to 12 months.

Why do lenders care about how long a property is owned? It all stems from recent problems with what has been labeled "Property Flipping Scams."

These scams were done in mostly low-income neighborhoods by unscrupulous investors. These investors bought cheap, run-down properties and did quick, shoddy repairs on them. Usually the investor was in collaboration with an appraiser and a mortgage broker. The appraiser came in and gave a bogus appraisal and the mortgage broker got the loan…, which was always for more than the property was actually worth.

The result was an unsophisticated buyer who purchased a home at a greatly inflated price. Of course, the buyer could never resell the house at that price so it ends in foreclosure if the buyer needs to sell anytime soon.

The favorite tool used by these ruthless investors was double-closings or simultaneous closings. This is where the investor goes on title only minutes before title is transferred to the end-buyer. So now many lenders are wary any time they see a simultaneous closing or anything that smells of “flipping” a property.

There is another issue some lenders have with simultaneous closings. That is they don’t want to give a loan to your end-buyer because you aren’t even on the title yet. The property is still listed under the name of the party you’re buying it from.

Having to own a property for 12 months can be a problem for we real estate investors when we are looking for fast cash. If you already have this problem there are mortgage brokers who can get around title seasoning issues and simultaneous closings. But it’s always better to not have a problem in the first place.

Using a land trust may be the best way to solve issues with title seasoning or simultaneous closings. For example, if you buy a property from Jack Jones, then the name of your trust would be “Jones Family Trust.” It depends on the situation, but one way this could look for a seller is like this:

1. Jack deeds the property to the Jones Family Trust with you as Trustee.
2. You and Jack set up the trust agreement with Jack as the beneficiary.
3. Jack assigns his beneficial interest of the trust to you or your company (could be held in escrow)
4. You record the new deed that shows the property in a trust.

Now the lender will see the transfer of title to the trust. But since the beneficial interest is not recorded…they just assume that the property is still owned by Jack Jones. And Jack has owned the property for years.

Then your buyer gets a loan and you provide the closing company with the Assignment of Beneficial Interest that shows your (or your company’s) ownership of the property. Title seasoning issue solved!

2. Avoidance of Liens and Judgments Attaching To The Property

When you buy a property using Lease Option or Subject To techniques, one problem you can run into is that liens or judgments against the seller could attach to the property if the title is not in your name.

With liens or judgments attached to the property you wouldn’t be able to sell it to your buyer!

Perhaps the main reason for using a trust when purchasing properties “subject to” existing financing or with lease options is that they protect the property from judgments and liens against the seller. If a judgment or lien is entered against the seller, it will not automatically attach to the property. Title to the property is no longer in the seller’s name, but in the name of the trust instead.

3. Asset Protection

Even if you own property free and clear…or you used your own credit to buy it…putting the property into a trust can be your first line of asset protection. A trust creates a privacy barrier by keeping your property ownership from becoming public knowledge. By getting your name off the title, it makes it more difficult for anyone to search public records for properties you own.

Not using trusts is like walking around with a sign on your back that says, “Sue me…I own lots of real estate”.

There are no requirements to register a trust as you must with a corporation or LLC so it provides better privacy than even these entities do. The beneficial interest of the trust is not recorded anywhere. So the only people who will even know about your beneficial interest in the trust are yourself, the Trustee, and perhaps an attorney if you use one.

If you have rental properties you should seriously consider placing all of your properties in separate trusts. “Professional” tenants make a career out of suing landlords. Without trusts, these tenants…or their lawyers…can easily look in public records to find out you own a bunch of properties. Then you just may very well be their next “employer” who provides them a big, fat paycheck in the form of a judgment.

A trust is not a bulletproof asset protection strategy...which is why it should be used along with other asset protection such as corporations, LLCs, or limited partnerships.

If you are sued and a judgment is entered against you, even with a property in a trust a creditor can force you to list all assets you own. Of course, the creditor would have to be smart enough to ask you to list any beneficial interests you hold in trust as well...if not, you just wouldn’t mention them. After all, you don’t own the property…the trust does.

But if the creditor does find out you have beneficial interest, you could be forced to sign it over to him or her. In this way, a judgment against you can still attach to all your real estate. This would prohibit you from selling any real estate without first paying the judgment in full. Some attorneys can help you set up more complex asset protection strategies to counter this.

4. Due on Sale Avoidance

When you buy properties “subject to” the existing financing, or even with lease options, you need to be aware of the “due-on-sale” clause in almost all mortgages these days. The due-on-sale clause says that if a property ownership is transferred in any way whatsoever, the lender has the right to call the entire loan amount due. A typical due on sale clause looks like this:

“If all or any part of the Property or any Interest in the Property is sold or transferred without Lender’s prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument.”

With foreclosures near record highs, it’s not like lenders are out there really looking to call loans due when the payments are being made on time. In fact, they would be absolutely crazy to call a performing loan due because it would hurt their ability to make new loans.

One thing that could cause lenders to start enforcing the due on sale clause is if interest rates greatly increase. But unless that happens, why would a lender spend money in legal fees to foreclose a mortgage and put another non-performing loan on its books?

Regardless, land trusts can be used as a way to avoid waving a property transfer in a lender’s face.

The Garn-St. Germain Act of 1982 protects a property transferred into a land trust from the due on sale clause. The clause in this Act says “a transfer into an inter-vivos [between the living] trust in which the borrower is and remains a beneficiary and which does not relate to a transfer of rights of occupancy in the property” is allowable.

Remember, even though the Assignment of Beneficial Interest form transfers the beneficial interest to you, this document isn’t public knowledge so the lender doesn’t know about it.

But you might ask: “Isn’t it illegal to violate the due on sale clause? No! To be "illegal," you must be in violation of a code, statute, or criminal law. There is no federal or state law that makes it a crime to violate a due-on-sale clause. The clause just gives the lender an additional right to call a loan due if they want.

Real estate investors are buying properties “subject to” everyday with very few due on sale clause problems. Real estate guru Ron Legrand has bought over 1500 houses and only had a lender threaten him with the due on sale clause one time. Even then they backed off when they realized it didn’t make sense to pursue.

There are only three ways a lender will find out if the interest in real estate has been transferred.

1. Through a change in name on the deed. But lenders won’t really find out this way since they don’t have people in the Register of Deeds office searching records all day.
2. The name on the check for payment changes. Although, most lenders have processing centers that know nothing about due on sale clauses and they don’t care where the check comes from anyway.
3. The name of the beneficiary on the hazard insurance policy changes. This is the most likely way for a lender to find out a transfer has occurred.

But remember the Garn-St. Germain Act allows a property owner to transfer title into a trust. Lenders are used to seeing the insurance change from the owner’s name to the name of the trust. Property owners transfer title into trusts for estate-planning devices every day.

A lot of investors who purchase properties subject to existing financing don’t even bother to set up trusts. And the majority of them don’t have problems with the due on sale clause. Remember, even if you only lease option properties you’re still violating the due on sale clause. Recording a Memorandum of Option to protect your interests in the property could in theory trigger the clause.

So while triggering a due on sale clause is extremely unlikely, why not implement a strategy that greatly reduces the chance of a problem plus has the other benefits we talked about?

In Part Two of this article, I will talk about how to set up a Land Trust.

Tim Bruxvoort
http://www.commercialrealestateinsider.com
http://www.homebasedriches.com
http://www.remedyhomebuyers.com

Note:
This article is not intended as legal advice and should not be considered as such. You should always confirm all matters with a knowledgeable attorney.

How To Prescreen Potential Sellers

2005-05-26T19:35:00.000-07:00

By Tim Bruxvoort

When a potential seller calls you want to be able to quickly determine whether you are dealing with a motivated seller. You can waste a lot of time talking on the phone with sellers who just aren’t going to give you what you need to buy their house.

One of the first things sellers will ask when they call you is something like, “How does your program work?” or “Can you tell me about what you do?”.

Here’s how you reply and the questions you ask to find out if you have a potential deal or not:

1. “Before I get into what I do can I get your first name.

How did you hear about me? (you need to know what advertising is working)

Well, (insert their name), I am a real estate investor who is associated with a group of investors who has been buying and selling millions of dollars worth of properties in Tennessee and various other areas of the country for the past several years. For those people who qualify, we offer a unique opportunity.

The only way I can tell if you and you house would qualify for our assistance is to ask you some questions about your property. If at any time I feel like I can’t help you then I’ll simply tell you so and make any recommendations I can on what you may try next.“

Can I ask you some questions about your property?

OK, before I do that can I get your phone number in case we get cut off?”

2. “What’s the address of the house?”

3. “Is the house listed with a Realtor? If yes: “When does your listing expire?”

You need to know right away if a Realtor is involved so you can decide how to handle this property. If they have a Realtor and their listing isn’t about to expire soon, then you may have to use a strategy where the Realtor gets paid the commission out of your buyer’s option fee. If it about to expire or there is no Realtor, then you are free to use any strategy that fits.

4. “Can you tell me a little about the house”

At this point you don’t need to concern yourself much about the features of the house. There are ways to make money on just about any house. You just need to get a basic idea about what the house is like so you can ask the following question.

5. “How much work would it take to bring the house up to excellent condition?”

You need to know what the seller thinks about the house so you’ll at least have a general idea of what the house needs for repairs. You don’t always get an accurate picture on this one. I’ve had sellers tell me their house didn’t need much at all and when you go there, it looks like a tornado came through.

6. “Are you building another house, or why are you trying to sell it?”

This question usually gets the seller to tell you the real reason for selling. The “building another house” part takes their minds off the “why are you trying to sell it part” so you’ll likely get a more honest answer. You need to really listen to determine if this seller fits as a candidate for a motivated seller. If they don’t fit then you may just want to move quickly to the last question. If they are selling due to financial difficulties, you’ll want to find out if they are behind on payments and by how many.

7. “How much do you owe on the property?”

Most people don’t have any problem giving you this information. Every once in awhile you may get a little resistance. Just tell them you need all the information to be able to make a good offer on the property. If they won’t answer, they aren’t likely motivated anyway.

Along with finding out how much they owe, you want to find out what their payments are, are taxes and insurance included, what their interest rate is, and what type of loan it is. You also want to find out whether they have any home equity loans or second mortgages.

8. “Would you sell the property for what you owe?”

Asking this question right away before you have any idea what the property is worth, or even what the seller is asking, will ease some of the tension this question can create. Some sellers will be offended by your asking the question if they have a lot of equity. If so, then just say something like, “I guess your property is worth a lot more than you owe” and move on to the next question.

9. “If we had an appraiser come out what would he likely show the value of the property to be?”
You need to find out if they had a recent appraisal or a Competitive Market Analysis (CMA) done by a Realtor…or if they are just guessing.

10. “If I paid you all cash and closed quickly what is the least you could take for the property? Is that the best you could do?”

You may not need to ask this question if they owe what the house is worth. Otherwise, if they answer this question you’ll have a good idea where to start your offer price. You would consider this figure the highest you would pay and try to work down from there. In many cases they won’t give you a price and they’ll want you to make an offer. Or they’ll just say “I don’t know.”

If the seller has already told you they need cash now for some reason, then they obviously wouldn’t be receptive to leasing their house to you. But that doesn’t necessarily rule out owner financing. I’ve had sellers refinance the cash out of their house and let me take over their financing.

11. “Well, from what you told me, I don’t yet know if your property is right for my investment purposes. But I know that I won’t be able to make a profit if I have to go out and get new financing to cash out your loan.

However, I have several ways of buying properties such as lease purchasing your house or just taking over existing payments and maintenance until I could refinance your loan at some time in the future.”

These ways probably wouldn’t work for you would they?”

In most situations you’ll want to ask this last question to really gauge how motivated they are. The last sentence that includes “probably wouldn’t” may seem to some like you’re setting yourself up for failure.

This relates to a science called Neuro-Linguistic Programming (NLP), which studies the structure of how humans think and experience the world. NLP uses the term “mismatcher” for a person who looks for the difference in things rather than how they are alike. Mismatchers always look for what is wrong with something you say and then try to contradict it.

Unfortunately, almost everyone becomes mismatchers when dealing with the sale of their most expensive asset: their house. No one wants to make a mistake in selling it. By essentially saying “this probably won’t work for you” a mismatcher would naturally want to say that it would. It also makes you sound a little reluctant so the seller may try to convince you that buying the house is right for you. The first sentence does this too.

Where the call goes from here really depends on the answers the questions above. If the seller says they are open to leaving the financing in place, then you need to go out and see the house and build rapport before you submit your offers. If not, then you may just want to politely tell them you don’t think you can help them and then end the call.

Tim Bruxvoort

Remedy HomeBuyers, LLC
8161 Highway 100, #194
Office: 615-662-4141
Nashville, TN 37221-4213
Fax: 615-301-8609

Web site: http://www.remedybuyers.com
http://www.commercialrealestateinsider.com
http://www.homebasedriches.com

How To Prescreen Potential Buyers For A Lease Option

2005-05-25T20:42:00.000-07:00

How To Prescreen Potential Buyers For A Lease Option
By Tim Bruxvoort

When a potential buyers calls you will describe the house with all the pertinent details. I find it helps to have the details written out and placed in a file where you can easily get at it. When you start selling multiple properties it gets difficult to keep track of them all. I find it helps to do a very quick run through of the property details with callers and then get to the rent price quickly because you can end up wasting a lot of time talking to people who can’t afford your house. After you give them your rent price, then start with question one below.

During the call you will want to work in the following questions:

“Are you looking to buy or just rent?”

You need to quickly screen out people who just want to be renters.

“What kind of monthly payments are you looking for?”

You need to screen callers out quickly with this question. If they can’t afford the house they are calling about, then add them to your buyers list database to make sure you can call them if you find what they can afford.
“Have you saved up any money for a down payment?”

You may get answers like, “a little,” which usually means next to nothing and they won’t qualify for a Lease Option. Or you may get an answer like “yeah I have some money,” which could mean anywhere from a little to a lot. People never want to tell you how much they do have so you’ll have to work it out of them by saying the following.

“A lot of times people can qualify for a loan and they don’t even know it. Knowing how much money you have to put down will help me determine if I can get you qualified to purchase this home, or whether we need to use a Lease Option.”

“Do you consider your credit to be good, fair, or poor?”

People can usually give you a fairly accurate picture of their credit with this question. Even if they tell you their credit is poor, that may not be a reason to reject them. If they want to buy the house you can always get a mortgage broker involved to tell you what they need to do to improve their credit.

“How much are you paying where you’re living now?”

If they say they can afford a $1300 payment and they are only paying $600 now, you need to find out why they think they can afford a big jump in living expenses.

Once you have answers to these questions you can decide whether or not to let the potential buyer see the property if they are still interested and they can afford it.
Don’t forget to get their name and phone number in case you want to call back later to tell them something you forgot or to check on why they weren’t interested in your house. If you can get these details then maybe you can find out what they didn’t like and fix it.

Tim Bruxvoort

8161 Highway 100, #194
Office: 615-662-4141
Nashville, TN 37221-4213
Fax: 615-301-8609
Web site: http://www.remedybuyers.com
http://www.homebasedriches.com
http://www.commercialrealestateinsider.com

Using Signs for Advertising

2005-05-25T02:50:00.000-07:00

Another really good way to get sellers calling you is through the use of signs that have some variation of “I Buy Houses” on them. In fact, these signs can pull in more calls than almost any other form of advertising, which is why so many investors and other businesses choose to use them.

While large signs such as an 18”x 24” draw the most attention, they are also the first to disappear. The “sign Nazis” are quick to take these and even the 12”x18” signs down. The sign Nazis are either people who just don’t like to see these signs posted, or they are someone employed by the city or county to drive around taking signs down.

If you are like me you really don’t enjoy putting these signs up. So to put them up only to have them disappear in a day is rather discouraging. I have found something that not only costs far less than these big signs, but they also stay up for months in most cases.

The sign I am referring to is a white 8”x 10-3/4” poly-coated cardboard sign. These are white signs made of a thick, waterproof cardboard stock. These have an outdoor durability of 3-6 months. And believe it or not, you will often see signs that you put up months ago rotting on the telephone poles or wherever else you place them. They can stay up that long! If you have ever put up the large signs, you know that you’re lucky if they stay up for a week in most areas.

The other benefit of these signs is that they’re cheap. I pay 55 cents a piece for 100 at a time. The 18”x 24” signs can be as much as $3 a piece. If they disappear quickly that gets to be pretty expensive. And if you factor in your time to drive around and put these signs up, it gets to be super-expensive!

The down side of these signs is that they are small so they have to be where drivers can see them. They work great in downtown areas where telephone poles are close to the road. I put my signs on the bottom three feet of the pole.

Sign Examples

This “Need To Buy A House Fast!” sign is the first sign I put up. I created this it in a handwriting font that I downloaded off the Internet. What I found is that this sign will pull lots of calls from Realtors. At the time I found that rather irritating and I stopped using it (although I think there are still a few up somewhere since I’m still getting calls on it).

Later, when I discovered a way to get Realtors their commissions using Lease Options, I realized that I missed some opportunities to tell Realtors what I do. So I would recommend using it if you want to get your message out to Realtors. It also does pull calls from sellers as well.

The handwriting of this sign makes it look like you are some average Joe that is looking to buy a house. I always just came out and told callers that I’m an investor and that didn’t seem to matter after they were already talking to me.

This “Sell Your House In 9 Days” sign really pulls calls well. People call and ask something like “How can I sell a house that fast?”. I just tell them that I’m an investor and I’ll just buy it and I can close quickly.

This one will eliminate the Realtor calls. I don’t think I ever had even one Realtor call. But I have bought houses from owners using this sign.

Why 9 days and not 3 days or 7 days? Well, most people don’t believe you can buy a house in 3 days, even though the way we buy them we can. Your marketing messages need to be believable. I’m sure using 7 days would work, but to me it just sounds more believable to use 9 days. Other investors have put a lot of testing into 9 days, so if it works for them, why not use it?

The key words to the “I Buy Houses Fair Price” sign is the words “fair price.” Most buyers think they are going to have to take a big loss when they call on these signs. Having “fair price” on the sign lets them know that you aren’t going to have them take a big loss.

Other investors have put out signs that say “I Buy Houses $Cash$.” These signs will get you calls on “junkers” that you could flip to rehabbers, but I’ve bought rehab houses on the “9 day” signs so why go through all the work of putting a sign out that will limit your market?

The other thing to debate is using the word “I” or “We” before the “Buy Houses.” A lot of people feel like they may get ripped off if they’re dealing with some big company. I like to use “I” so my potential sellers feel more comfortable in calling. I haven’t tested it both ways and I know lots of investors use “we” so you can likely use either.

When is the best time to put signs up? I think the safest time is in the middle of the night when there is far less traffic. I’ve tried it during the day and you’ll always be in someone’s way.

Unfortunately for me, I’m somewhat of an insomniac. If I wake up at 3:00 a.m. and don’t feel like I can get back to sleep…I’ll go put up signs. I should actually be hiring someone else to do it now that I can afford it. But I just haven’t gotten around to finding someone to do it yet.

I can’t condone putting these signs up on telephone poles and traffic light meter boxes like I do since it is a codes violation in most areas. So far I haven’t had any call from the city about them. I think that’s another benefit of using such small signs…they aren’t as obnoxious as the big signs. If I ever do have problems, I’ll stick these little signs on poles and continue using them.

To put signs up on telephone poles you’ll need to get yourself a hammer stapler like roofers use to put on the black paper before they shingle. Using one of these you put up a sign in about 5 seconds. It would be considerably more difficult using a regular staple gun.

To put signs up on traffic light meter boxes you’ll need a roll of good double-sided tape. These take a lot longer to put up since you have to cut the tape, apply it to the back of the sign, and peel off the other sticky side. But it allows you to put signs in some really good areas.

If you can’t find someone locally to make your signs, you can contact the shop where I get mine done in Nashville, TN at 615-832-6679 or on the Web at www.signworks-nash.com.

Tim Bruxvoort

Remedy HomeBuyers, LLC
8161 Highway 100, #194
Office: 615-662-4141
Nashville, TN 37221-4213
Fax: 615-301-8609
Web site: www.remedybuyers.com
www.homebasedriches.com

Preparing Your Home To Sell Fast - Part 3

2005-05-24T06:18:00.000-07:00

In Part 3 I'll wrap up with more things you can do to make the inside of your house more inviting for potential buyers.

Sniff Test Time

Have you ever walked into someone’s house and noticed a unique smell? Well chances are your house may have one too. We become desensitized to the odors in our own homes. This may be the time you need to invite a friend over and ask them what they smell in your home.

If you have a cigarette smoker or a cat in your home, there is no nice way to say this…you likely have odors. Send the cigarette smoker outdoors (only while smoking) and clean the litter box daily. It can take people less than 30 seconds to decide they don’t like your house if it stinks.

Buy some odor eating cleaning products or devices, such as carpet freshener or ozone air cleaners. You can try to mask odors with scented sprays or the like, but no matter how much cherry blossom bathroom spray you put on a skunk…it’s still going to smell like a skunk. And besides, some people have allergies to these scented products.

If you have pets, move their beds outside when showing the house to a prospective buyer.

Keep it Clean and Organized

Once you put your house on the market, you need to try to keep it looking as much like a model home as possible. To do that will require you to:

-Keep the kitchen and bathroom counters so clean someone would feel comfortable enough to set their toothbrush down and pick it up to use it again.

-Keep the kid’s toys put away and the house picked up and looking neat and tidy.

-Clean the toilets, sinks, tubs, and showers so they are spotless, make the beds, dust the furniture, vacuum the carpets, and the sweep or mop the rest of the floors.

-Clean the inside of the oven and microwave

-Empty trash containers daily. Especially the kitchen trash that can produce odors.

-Clean the windows so they offer an inviting view of the outside.

Unfortunately, you never know when your house will be shown so you have to keep it looking good at all times. Potential buyers are turned off by messy, dirty houses and most will move on to looking at other houses if yours isn't model home ready.

Your goal is to make your house look like a home with furniture but no one lives there.

Remove the Family Jewels

You’ve probably heard horror stories about the “professional” house shoppers. You know the ones who go around looking at houses for sale just to “case the joint.” Only to later visit to remove some of your valuables.

There are also those shoppers who team up…and while you or your Realtor are showing one of them your nice kitchen…the other looker is in your bedroom stealing the family jewels or anything of value.

If you have any jewelry, money, or any other small valuable items now would be a good time to find some other place to put them. Or put them in a safe. People will be looking through your drawers and cabinets so you can’t really hide anything.

Make it Feel Inviting

Bake some chocolate chip cookies right before an open house and then set them out for prospective buyers to eat. The aroma of cookies makes your house feel warm and inviting. If you don’t have time for that, put a drop of vanilla extract on a warm stove or oven burner and it will smell like you’ve been baking.

Once again take some cues from model homes. Notice the way they “stage” their houses with such things as:

-A welcome mat at the front door
-Clean “guest” towels in the kitchen and bathrooms
-Silk plants in the kitchen and bathrooms
-Potholders and a bowl of artificial fruit in the kitchen
-Nice shower curtains in the bathroom
-Candles in the bathrooms

The more you can make your house look as much like a model home as possible…the faster you’ll sell it at the price you want.

I’ll Buy Your House

If you have a house in Nashville, TN or surrounding area and you don’t feel like going through the hassles of selling your home, or you want to sell quickly, you can call me at 615-662-4141. I may be interested in buying your house for a fair price.

Thanks for taking the time to read this and good luck with your home.

P.S. Here's a summary of just a few benefits to working with me
-I can offer top price for your house without endless haggling.
-You can get quick debt relief. You no longer have to pay mortgage payments on a house you don't want.
-You don't pay any real estate commissions (this, alone, can save you thousands of dollars)
-You no longer have to worry about maintenance or repairs.
-If your house is vacant, you don't have to worry about vandalism, fire, storm damage, broken pipes, or anything else.
-You get your house sold in a few days instead of the several months it often takes with conventional methods.
-You don't have to worry about having your insurance canceled or your rates increased dramatically due to a vacant house.
-I eliminate the cost and hassles of advertising your house for sale.

Sincerely,
Tim Bruxvoort

8161 Highway 100, #194
Office: 615-662-4141
Nashville, TN 37221-4213
Fax: 615-301-8609
Web site: www.remedybuyers.com

http://www.commercialrealestateinsider.com

Preparing Your Home To Sell Fast - Part 2

2005-05-23T07:56:00.000-07:00

In Part 1 I talked about what to do on the outside of your house to make it sell better. Now we will move to the inside.

Once you get the outside spiffed up and ready to go, you don’t want to let prospective buyers down when they come inside. If your home doesn’t smell, look right, or feel right on the inside…all that work you did on the outside will go to waste.
Interior Walls

Really take a look at the paint on the interior walls. I did this recently on my fairly new house and I was shocked to see how dirty some of them looked. When you have kids it especially doesn’t take long. But I really hadn’t noticed they were so bad before I made a conscious effort to look at them. We get so used to seeing our own houses we overlook a lot of things.

You can bet your prospective buyers won’t overlook your dirty paint. It will be one of the first things they notice. Repainting your house is the easiest way to impress buyers and it is one of the cheapest ways to make improvements.

Color choice is another thing altogether. I see a lot of people’s houses that aren’t selling and the color of the inside walls is often why. While you may love hot pink walls, not everyone shares your taste. In fact, if you have any color that is too far off neutral colors…you’re going to have a harder time selling your home.

To appeal to the greatest number of people, your ceiling and trim should be white, and your walls should be in some neutral color like antique white, beige, or cream. These light colors help make rooms more bright and spacious.

If you’ve had any water leaks that stained the ceiling, you need to use a stain blocker and repaint the ceiling. Of course, you make sure the leak is fixed first. If you cover up a stain without fixing the leak, there’s a good chance you could face a lawsuit if you don’t disclose the leak.
Flooring

Just like you did for your paint, take a good look at your carpet. Look for heavy traffic patterns and large stains. If it is not too worn, you may just need to get a good, professional carpet cleaner to come in.

If you have outdated carpet like orange shag, then it must be replaced. If the carpet cleaner person doesn’t think he or she can get the stains out, then ask if dying it would make it look good.

Unless your carpet appears old and worn, or it is definitely an outdated style or color, you probably should do nothing more than hire a good carpet cleaner. If you do choose to replace it, do so with something inexpensive in a fairly neutral color.

Repair or replace broken floor tiles, but don’t replace the entire floor. You’re goal isn’t to make it look perfect. You just want to eliminate negative first impressions for your buyers.
Windows and Doors
While you’re walking around the house checking things out, make sure all of your windows open and close easily. If not, a spray of WD40 lubricant may help. If there are any cracked or broken windowpanes, make sure they are replaced you before you begin showing your home.

Make sure all your doors also open and close without squeaking. Once again, a spray of WD40 on the hinges usually makes the squeak go away. The doors should also open and close without sticking.
Depersonalize and Your Entire House

When selling you’ll want your home to be as impersonal as possible. When a prospective buyer walks in your house you want them to start seeing it as their house. When it’s plastered with pictures of your family, it’s hard for them to do that.

If you’ve ever walked through a model home you’ll have a good idea what yours should look like. There are no family photos. The shelves and tops of furniture aren’t covered in knick-knacks. The home can have decorations that give it character, but not decorations that are “specific” to you.

Box up family photos, collectibles, sports trophies, hunting or fishing trophies, sports team memorabilia, knick-knacks, and anything else that is too personal or makes the house look cluttered. Either rent a storage area to store them or keep them at a friend’s house. If you’ve got anything with your family name on it at the front door or mailbox, you’ll also want to remove that.

Now is not the time to force your political or religious views on prospective buyers. If it’s election time don’t stick a sign in the yard telling people who to vote for. Don’t stick any sign in your yard other than the for sale sign.

Try to keep religious paraphernalia to a minimum as well. You don’t have to abandon your faith, but you may reduce your chances of selling your home if you go overboard. You don’t want to lose a sale because you made someone feel uncomfortable when they were in your home.

If you have adolescent children, limit what they can put on the walls of their rooms. You don’t need posters of scantily clad, tattooed men or women plastered on your walls when trying to sell your house.

Clear The Clutter

Let’s face it…our houses are just one big storage container for all of our stuff. Once again, have you ever seen a model home with closets and shelves full of stuff? No you haven’t. Houses sell much better if you clear the clutter first.

Clearing the clutter is not easy for us to do since we have an emotional attachment to our stuff. But just like the dirty walls, we tend not to notice how cluttered our houses have become.

Take a walk through your house and just take a good look around with the critical eye of a buyer. Do you have too much stuff everywhere? Now’s the time to get some boxes out and start putting away everything that you don’t need. Perhaps you need to halve the amount of knick-knacks that you have on shelves and furniture.

Move to the kitchen and look at the counters. Do you have appliances sitting on the counters that you seldom use? Pack them up. You’re going to have to box up all this stuff when you move anyway. Or pack the little used pots and pans or other stuff in your cabinets and put the appliances in there. Try to leave as little as possible on your counters so they look roomy.

Pack up as much out of your kitchen cabinets as you can. Your buyers are going to need room for all their stuff. If your cabinets are emptied out, they look like they can hold a lot more than if they are jammed full. Your goal is to create as much empty space as possible. The same goes for all of your drawers.

If you have a pantry full of food, start using up what’s in there. You don’t want to haul this stuff to your new house anyway…especially heavy canned goods. Make as much empty space in the pantry as you can so it will look much more roomy.

After you’re done in the kitchen move to the closets and other storage areas. Now is the time to go through your closets and storage areas and see what you haven’t used in years. You could have a yard sale to get rid of it all. But chances are you’ll get more by donating it to Goodwill and taking a tax deduction.

If you have clothes you haven’t worn in awhile but can’t seem to part with (like those platform shoes from the 70’s), pack them up now.

Now that you have everything packed up, what do you do with it all? You don’t want a bunch of boxes in your attic or basement either since your goal is to make the house as roomy and uncluttered as possible. Rent a storage facility or move it to a friend’s garage.

Now take a look around your rooms at the furniture and compare your house to what you would see in a model home. Do you have way more pieces of furniture than you’d find in the model? You need to create lots of visible floor space to make your home look larger. Move as many pieces as you can to storage. A rule of thumb is, prospective buyers should be able to comfortably walk around the furniture in the room without stepping over or around anything.

Live by the motto "less is best" when selling your home.

In Part 3, I'll cover more of what you can do with the inside of your house to make it sell faster.

Tim Bruxvoort
http://www.commercialrealestateinsider.com
http://www.remedyhomebuyers.com

Links To Sites That Begin With N

2005-05-20T04:50:00.000-07:00

Preparing Your Home To Sell Fast - Part 1

2005-05-20T04:41:00.000-07:00

You never get a second chance at making a first impression. We’ve all heard that tired phrase time and time again. But how true it is when selling your house. It only takes the average buyer a couple of minutes to decide they don’t like your house! If they don’t get that warm feeling right away, chances are they won’t hang around long enough to learn to love your house.

If you’re thinking about selling your house…or your house is already for sale and not selling…you need to know what’s in this report. Most of us love our homes and have learned to overlook the minor flaws we live with day to day. You can be sure a prospective buyer won’t do the same.

Start at The Curb

The first thing people see when they come to view your house is the view from the curb. And that view speaks volumes. As a real estate investor, I can usually judge how a house looks on the inside by what it looks like on the outside. If it shows years of neglect on the outside, it’s a fairly safe bet the inside is suffering from neglect as well.

While a homeowner may not have the same critical eye as I do…if they are turned off by what they see on the outside…they may never even get to see the inside. Or, they’ll just give it a quick walk through and give you a polite “thank you.” That’ll be the last you here from them.

Lawn & Landscaping

You’ll need to make sure you yard stays mowed and the landscaping is properly pruned. That is assuming you have good landscaping. If not, you already have one strike against you. You need to make sure that your landscaping is at a bare minimum average with the neighborhood.

If you don’t have good landscaping, at least invest in a few bushes, mulch, and flowers. It’s too late to plant trees. Young trees will do very little to improve the appearance of your house. If you have a place for some flowers, these will add a nice splash of color to the front of your house. Plant some that are already mature and blooming.

You should invest in some fertilizer, weed killer, water, pieces of sod or whatever your lawn needs to make it look good. This should be one of the first steps so it has time grow and improve. You want to make sure your sidewalks and driveway are properly edged and all leaves and grass cuttings are raked up. If you have a dog, make sure that you scoop up the “little piles” daily.

House Exterior

Is your siding dirty or growing mold? Would pressure washing help or does it need paint? If your house needs paint, make sure the siding and the trim are two different colors that look nice together.

If you paint, make sure you choose a color that fits well with your neighborhood and fits the style of your home. Shades of yellow seem to be a popular color. You can get good ideas by driving the neighborhood.

You can dress up the house by adding shutters, a brass kick plate, and brass doorknocker to the front door. Replace the light fixtures by the front door if they are looking worn. Paint the front door if it needs it. Get a new doormat. Make sure your front door lock opens easily so Realtors can get in without fumbling. Such things cost very little but can have a big impact.

If your roof is old and stained then you may need to consider replacing or cleaning it. Many mortgage companies require at least four years of life be left on a roof. Underwriters for mortgage companies will send out an inspector to drive buy and look at the roof. If it looks like it doesn’t have a lot of life left, they won’t finance the house.

If your roof leaks, you’ll have to disclose this to a buyer and then you’ll end up replacing it anyway. So you might as well just go ahead and replace it now. A new roof will do a lot to sell your house.

If your roof is just stained, you can get a special cleaner that works along with a power washer to remove most stains. This really does a lot to help the appearance of a stained roof.

Improving the curb appeal of your house can add a lot of dollars to offers from potential homebuyers.

In the Part Two I will move to the inside of the house to tell you what to do there.

Tim Bruxvoort
http://www.commercialrealestateinsider.com
http://www.homebasedriches.com
http://www.remedyhomebuyers.com

Reverse Mortgage Offers Fresh Approach To Income From Real Estate

2005-05-19T06:14:00.000-07:00

If you owe 40 percent or less of your original mortgage, there is a great program that is available to you that will generate extra monthly income. It’s called a reverse mortgage. The reverse mortgage is similar to a home equity loan, only in the fact that it pays you the equity you have in your house. The differences, though, are many. If you have a large amount of equity in your home, you’ll want to consider a reverse mortgage.

The reverse mortgage does exactly what the phrase says. Instead of the homeowner making monthly mortgage payments, the bank literally reverses the action and pays the homeowner. Sound too good to be true? It’s not, and it’s a completely legitimate program. Banks like it, because at the end of the term of the loan (usually when the homeowner dies), the bank acquires the house and may resell it.

Here’s how it works. Let’s say you own a home with a mortgage balance of $30,000 and it’s worth $100,000. The bank will put a loan on some or all of the remaining balance, amortize it over 30 years and send you a check for this amount monthly. Sometimes, they’ll use enough of the remaining equity to pay off your balance, so you owe nothing. Then, you get payments each month, and when you die, the house belongs to the bank.

This program is great for elderly people, who need to supplement their incomes. Check out seniorjobbank.org, as well as the wealth-building system, Winning the Mortgage Game to learn more about this interesting mortgage program.

Mark Barnes is an investment real estate and real estate finance expert. Get his free mortgage finance course at http://www.winningthemortgagegame.com and learn more about his wealth-building system. Mark is also the author of the new novel, The League, a shocking, sports-related conspiracy. Learn more about his suspense thriller at http://www.sportsnovels.com

http://www.commercialrealestateinsider.com/Articles/Reverse_Mortgage.htm

Buying Land For Development Requires Careful Planning and Execution

2005-05-18T07:23:00.000-07:00

From the desk of Colm Dillon ...
Author "Residential Development Made Easy
Hello Colm here ..

For your development project to be successful every element must be planned carefully.

Buying land for development is just one intergal part of that planning process; however it tends to be the focus of most start-up developers.

Before starting the process of selecting and buying land for development, you need to decide who or what legal entity is going to buy the land. For instance is it going to be in your personal name, in you and your partner's names or a company name.
Answering that question is important because you need decide who or what entity is going to borrow the money to purchase of the land, but also borrow the money for the total development.

Each individual’s personal circumstances are different. Add to that the different States or Countries in which we live, and and you can see that they are many permutations to be determined before you can answer that question.

These decisions are fundamental to your work as a developer. After all we are developing to make money and setting up your structure correctly ensures that the money you make is tax advantageous.

My best advise is to investigate and engage a good property accountant, a good property lawyer and a good property finance broker.

Notice I have bolded the word property against these three professionals. Please understand that in any profession, there is the need to specialize.

I mean you would not get the best advice from a lawyer who mainly did family law, now would you. What's the answer? Before appointing anybody ... interview them ... after all you are about to base your future on their advise.

Have your personal and or company financial details clearly set out and in particular have your 'wealth plan'defined so you can brief each of these professionals.

Don't do you thinking in front of them. It wastes time; is unprofessional and costs you money. The better the quality of your preparation ... the better the brief you will leave with them.

Except for the Finance Broker, they all charge by the hour.

Please - please - please; if your best friend or Aunt Mary's next door neighbour is a lawyer, accountant, broker - don't engage them! Or if you want to go in that direction, interview them and ensure they have the correct property background.
Residential Development Made Easy goes into more detail as to how you proceed with these professionals and determine which entity actually buys the land; borrows the money; develops it from the greatest tax advantage to you and protects you legally.

Let's Get Control of That Development Land

So your plan is progressing. We know who or what entity is going to buy the land. The next point to consider is what 'tool' are we going use to gain control of the land.

You'll see as you progress through the development process, you need to build in as much flexibility 'for you' as you can.

We haven't got there yet, but eventually you'll need to made an application to the local authority in order that you can build what you want i.e. 4/6 townhouses, apartments etc. What happens if the authority says 'no.'

Do you still want to buy the land? I don't think so!

So in this part of Residential Development Made Easy I talk about the various strategies you can adopt to gain control of the land the correct way.

Time To Find That Development Land

One of the things you'll discover in my eBook, is that you can do several
development activities at the same time.

One of the 'Activities' I tell you to do "well before" any of the above action steps is to do your market research ... yes, I tell you how to go about it!

Is it important? ... Multi million dollar corporations spend 'millons' on market research ... if it's good enough for them to do it, I think it's more than good enough for you as well. It's professional ... it's necessary ... and it's in your financial interests.

You can do this kind of research before you spend a 'dollar' of your own money ... you can do it in fun way ... but with a method behind it ... all explained in Residential Development Made Easy.

From that data base you'll know what type and size of accommodation product you want to develop. You'll finally also determine what is the total 'make-up' of your development.

OK, every authority has different development rules. You should go to the
Authority's offices and find out 'the rules' for the type of land you want to buy.
Architects know these rules ... ask them to explain to you the quick 'easy' way to determne a development site's capacity!

I give an easy example in my eBook ... how to assess the number of residential accommodation 'units' you can develop on a particular land site ... from the front seat of your car. All this impacts on your development costs.

Buy land for $100,000 and put eight units - houses, whatever, on it the land cost per unit is $12,500 per unit. If you local authority says No and only allow you to put four units on the land ... that looks like double yourcosts to $25,000.

Development Land Negotiation

Only you know if you can 'Do It Yourself!'

Well, Can you negotiate directly with the Seller of the land? It's the one I use myself ... but is it for you?

It's you choice ... if you go my way, my eBook gives you a 'word for word' script. Even if you don't do it yourself, you need my information to be able to manage the person who does it for you.

Plus other options.

The Contract to Buy The Land

In Residential Development Made Easy I address this subject in great detail.
You need to know the detail of Contracts for the Sales & Purchase of property.
In two sections of my eBook I give a 'blow by blow' detailed explanation of how to ensure your contract is prepared correctly for what you want to achieve.
To emphasise how important your understanding of the Contract is, let me just say this to you.

After you have completed all your market research, talked to your accountant, lawyer, finance broker, many real estate agents, found the property and successfully negotiated the purchase ... you then have to design your project and make application to the Authority for permission to develop.

This is the point: (read that last para again)

After all that work, time and money spent, the only thing that connects you back to the land you want to develop is a 'bunch of paper' called a Contract.
The words on the Contract should ensure that, if you get your approval to develop, that the Seller can't change his/her mind and not sell you the land.

Got It?

By that time you've invested a lot of time & money ... by getting an approval to take a property from its current position, say one house, to four townhouses, you have increased its value Subsantially.

If your contract is not correcly worded and the vendor can 'get out' of the contract, then the value increase you have created passes to him/her.
This is not a Happy Experience ... read Residential Development
Made Easy and be aware of what to do.

Oh Yes, I almost forgot. If you decide to negotiate the purchase of the property yourself, I take you through a special session on Contract Presentation to the Seller ...

By definition, there's a 'right way' and there's a 'wrong way.'

Life is full on these decisions ...

'turn right and you're successful,' or 'turn left and you're on your way to trouble'... 'learn the right way and be successful,' or 'keep flying blind
and learn from the school of hard knocks.

Colm Dillon author of "Residential Development Made Easy," the only 'How To' Become a Developer eBook, selling in 38 Countries; he has developed $1.2 Billion worth of real estate - read more on his web site:

http://realestatedevelopmentcoach.com/realestatedevelopment.html

Time" Is A Major Real Estate Wealth Growth Tool, So Use 'IT' And Watch Your...

2005-05-17T04:37:00.000-07:00

In Real Estate "Time" is a Wealth Development Tools
Real estate wealth,
From The Desk Of Colm Dillon
Hello, Colm here ...

In this report I use figures from my area of the world ... I know they don't apply all over the world, but they should encourage you to get the figures for yourself.
After all no report is going to make your money grow ... it's the knowledge you gain and "Your Application Of The Knowledge" that makes your financial wealth Grow.
In another report I gave you a concept I borrowed from Phil Ruthven, a truly wonderful speaker on economics, on how he looks at Home Ownership.

Now I want to look at the Tools we have available to help us Grow!real estate wealth,
So folks, if you want Real Estate Development, you must use all the tools available to you to get some. Of all the tools you have, the single most important one is TIME.real estate wealth,

1. Time is your greatest friend. Time to buy good investment property and let it double in value every 8 to 10 years or better.real estate wealth,
2. Federal Government Real Estate Investment Tax Deductions are another tool the Government uses to tell you in Words, Dollars and Cents that they want you to get wealthy so you can look after yourself to your final days. real estate wealth,
3. Correct Financial tools are also vital to your wealth development. See my report of Finance. I will go into some further detail in this section on the use of Evergreen Lines of Credit and how they work.

4. Good Real Estate Management is the next tool. Well-managed and well-maintained real estate investments, that houses good quality tenants is also essential. Trying to do this work yourself, is a mistake. See my report on Property Management. real estate wealth,

In Australia, it has been instilled in our consciousness, that we must all own our own home. And there is nothing wrong with the concept. It's just that we should have been told to rent it out; Don’t live in it.

By buying a house TO LIVE IN, while we are young, we are wasting the wealth creating tools of Time, Double Income, (if married) Property Income and Tax Deductions. No wonder so many people have to play catch up later in life. real estate wealth,
So the first clue to Real Estate Wealth Development is don’t buy a residential property for you and you partner to live in. You buy a house as an investment and you rent elsewhere.

Growth Tool No. 1 – Time

Time is your greatest friend. Real Estate is a long-term investment and by being loyal to it, the real estate will reward you handsomely all through your life. real estate wealth,

You can prove this to yourself, as I did, by getting the figures of average house sale prices, from the Australian Bureau of Statistics for Brisbane, the largest City in Australia.

To save you the trouble I got the figures and I painstakingly went through them in order to validate the old wives tale that, ”real estate doubles every seven years.”
Well, it does better than that, you’ll be pleased to know.

I was able to get the figures from 1973/74 to 1994/95. I think I started there because that was when I arrived in Brisbane on transfer from Melbourne. real estate wealth,

That is a twenty-two years period, during which we had several credit squeezes, a few recessions and a few good times as well.

In 1973/74 an average house price for the whole of Brisbane was $23,234.00. That average includes the best and worst house and suburb.

Seven years later, in 1980/81, it was $43,470.00 an increase of 87%.
However by the next year, the eight-year, it had risen to $56,757.00 giving an increase of 144% from 1973/74. So you see that it more than doubles by the eight year. real estate wealth,

Going on a further seven years from 80/81 to 87/88, the $43,470.00 went up to $83,679.00; a further 92%.

Interestingly, going on one more year to the eight year, it had again increased to $113,917.00 giving an increase of 162% from 1980/81.

A further seven years from 87/88 to 94/95, the price of the average house in Brisbane went up to $163,325.00; a further 95% increase. real estate wealth,
Unfortunately the Bureau amalgamated the Shires of Logan and Caboolture into this statistical base and I could not extract the figure for the eight year.

However on the evidence of the previous 22 years I believe it is safe to assume the increase would be at least 5% making it an increase of 100%. real estate wealth,
So these figures prove that over a period of 22 years the asset has increased by seven times its original value and all you would have to do is buy it at the beginning.

I hope this gives you some idea of why TIME is so important to growth. And remember that I am talking about average prices, I am not talking about hot inner suburbs that will obviously do much better.

If you REALLY understand these figures; you should ask yourself why you are willing to miss out on buying good real estate by stopping negotiating for the sake a few hundred or a few thousand dollars. I've seen this done many times because of stubborn-ness. Crazy! real estate wealth,

For goodness sake it’s the Real Estate Asset that is in short supply; not money. If you have found real estate that fits your criteria; BUY IT!
real estate wealth,

The Real Estate Development Coach

Copyright Colm Dillon, October 2003

All Rights Reserved.
Colm Dillonauthor of "Residential Development Made Easy" the only 'How To' Become a Developer eBook, selling in 38 Countries, has developed $1.2 Billion worth of real estate - read more on his web site http://realestatedevelopmentcoach.com/realestatedevelopment.html

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2005-05-16T06:40:00.000-07:00

Basic Real Estate Valuation

2005-05-16T06:32:00.000-07:00

Given the current interest (dare I say hysteria) associated with investing in dirt and buildings, I thought it might be interesting for our readers to have a quick, dirty manual on real estate valuation. My perspective comes from years in the industry as well as some time learning at the knee of some of the better real estate minds in academia.

I will separate (to some degree) investing in one's residence, for consumption, from investing in real estate for fun and profit. The reason for this separation is that much of the utility or value of one's home is locked in the pleasure one gets from living in it, or consuming it. Although there are certain ego strokes to owning large buildings, an edifice complex - if you will, the value associated with land, apartments, office buildings and warehouses is locked in the cash flow they provide or will provide. [That edifice complex comes in to play with large, trophy assets - I wouldn't expect any of our readers to be buying the TransAmerica Pyramid or the Sears Tower, but there is an interesting argument as to why those buildings deserve premiums over their nearby competitors - that discussion will have to take place at another time.]

The first basic principle to understand is that any asset is only valuable to the degree to which it will provide cash flow to its owner. It is important to see office buildings, not as office buildings, but as rent creation machines. One should see land, not as dirt, but as an option to build and rent out or sell - and thus, create cash flow.

‘But, JS, how can I decide what to pay for those cash flows?' And ‘JS, what if the cash flows are unpredictable or are hard to estimate?' I hear your questions, and they are good ones. And that is why there are different ways to assess the value of real assets.

There are four basic ways to approximate the value of a building or piece of land. There is the Discounted Cash Flow method, or DCF, there is the Cap Rate method, there is the Replacement Cost method and there is the Comparable method. Each one has its own advantages and disadvantages.

DCF

Discounted Cash Flow analysis or DCF analysis is not unique to real estate; in fact, it works with most any capital asset. DCF is the process of forecasting cash flows forward for some realistic period of time (any investment banking analyst will have done so many 10-year DCFs that he or she will be seeing them in their sleep) usually five or ten years and then discounting those cash flows back to the present to find the current value of the building. I am not going to get in to the ins and outs of choosing the appropriate discount rate (but maybe one of my fellow columnists will) but suffice it to say that the appropriate discount rate should take in to account the relative surety of the future cash flows (or more precisely, the risk associated with the cash flows specific to this asset). The cash flows include the rents or the cash that will be spit out as well as the terminal value (or the value that the building will fetch at a sale (less transaction costs) at the end of the analysis). Below is an example of a DCF analysis. Notice how one might value the building very differently depending on one's discount rate. Assume that the asking price for the building is $150 - perhaps this wouldn't be such a great investment. Building a simple model on excel and fiddling with rent flows and terminal values will show how sensitive these analyses are to even small changes.

The advantages to this type of valuation are that if you are relatively sure about the future cash flows and understand the true cost of your capital as well as the correct discount rate for this type of asset, then one can get a good idea of what to bid or what you'd be willing to pay for an asset. Of course, the disadvantages are that if someone can accurately predict anything for the next ten years, I want to meet them and buy them anything they want - they are worth my weight in gold (no small number I assure you). Also, choosing the right discount rate is an art and not a science, as such, it is not only difficult, but it is also prone to be tinkered with. Or in other words, many of my colleagues (and JS is not to be held out as better than anyone else) as well as myself have worked backward to get to the asking price. Or we have done the model and then chosen the discount rate in order to arrive at a value that will in fact make the building trade.

In general, I don't favor this type of valuation. It is too sensitive to judgment / errors and doesn't take in to account the vagaries of the market. Additionally, this method doesn't work well with land, vacant buildings, redevelopment opportunities or any type of asset that has no cash flow or extremely difficult to predict cash flows.

Cap Rate

The Capitalization method or cap rate method is similar to the DCF method. In fact, it is really just a shortcut for the DCF method. The following equation explains what a cap rate is:

First Year NOI ÷ Building Purchase Price = Cap Rate

NOI is Net Operating Income. NOI is basically cash flow from a building, excluding debt service and income taxes (not real estate taxes). As an example, if we take the building from the above DCF Analysis and we assume a purchase price of $100 and an NOI of $10, the cap rate is 10%. [$10 / $100 = .10 or 10%]. In order to use the cap rate method to find out what to pay for a building, one only needs to understand two things, the expected NOI for the year after purchase and the cap rate for similar assets (and this usually means tenants) in the market. If you deconstruct this method it begins to look like a DCF valuation - but those similarities and why they may or may not make sense is better saved for a later column.

NOI is Net Operating Income. NOI is basically cash flow from a building, excluding debt service and income taxes (not real estate taxes). As an example, if we take the building from the above DCF Analysis and we assume a purchase price of $100 and an NOI of $10, the cap rate is 10%. [$10 / $100 = .10 or 10%]. In order to use the cap rate method to find out what to pay for a building, one only needs to understand two things, the expected NOI for the year after purchase and the cap rate for similar assets (and this usually means tenants) in the market. If you deconstruct this method it begins to look like a DCF valuation - but those similarities and why they may or may not make sense is better saved for a later column. In commercial real estate, this is the most common method of quoting property prices or talking about valuations. Brokers will talk about buildings ‘trading at an 8 cap.' That means that a building sold at 12.5x its first year NOI. Be careful to delineate between ‘in-place NOI' and ‘projected' or ‘pro-forma NOI.' Also be careful to accurately predict capital contributions needed to keep a building leased or lease-able. Because cap rates only take in to account NOI, they often don't differentiate between buildings that require massive amounts of capital and labor to keep up and ones that don't.
In general, this is a great short-cut to decide if a building is worth doing more work on. Cap rate analysis is just a starting point in deciding what to bid for a property. But understanding market cap rates (or the average cap rate that assets have been trading for) is a very valuable metric. I would place this as the second best method for valuing real estate.

Replacement Cost Analysis

The replacement cost analysis is exactly what it sounds like. The replacement cost is the cost to recreate that exact asset in that exact location. A good replacement cost analysis will not only take in to account land values and building costs but also developer profit and carrying cost for construction debt.

Although brokers often say ‘this is going to trade below replacement cost' it is often not the case and also, that is usually not a relevant metric. The replacement cost is a backward looking metric and one that doesn't take in to account the most important thing, what the building will be able to earn right now. Remember, cash is king.

I will say that in general, this method is unhelpful. The argument that if you buy something under replacement cost, ‘you can only get hurt if no one ever builds here again' is a shabby one. If you are buying in a vibrant market with high volatility, this argument could have some merit. But unless you are getting an off-market deal or there is some reason to believe that other informed buyers haven't been made aware of the deal you are exploring, you should ask yourself why you can buy something at below replacement cost.

Comparable Analysis

This is the most important method for valuing any type of asset, but it is especially helpful in real estate. The comparable method or comp method is simply looking for assets in the market that are similar to the one you are acquiring and looking at what they have traded for on a per square foot, per acre or per unit basis. If you are paying more, then everyone else in the market, there had better be a good reason. And if you are paying less, figure out why.

This method is best for ‘hard to value assets' like vacant buildings, land and residential homes. For those items, cash flows are non-existent or too difficult to estimate. Embedded in this method of valuation is a central theme, that of the efficient market. So long as there are ample bidders and relatively fair market disclosure the prices at which assets have been trading are probably the best indication of their value.

If you have more specific questions about another method or about something in this article, please do not hesitate to write me or post it to http://www.whatbubble.com.
J.S. Silver is a real estate investor and co-editor-in-chief at whatbubble.com. If you would like to post your own comments, or have any financial questions answered by an expert for free or if you would like to just read more on this subject please visit http://www.whatbubble.com. If you wish to re-publish this article, we request you retain all links

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2005-05-13T06:45:00.000-07:00

Real Estate Investing – FSBOs vs. Agent Listings?

2005-05-13T06:30:00.000-07:00

Real Estate Investing – FSBOs vs. Agent Listings?

Many would-be real estate investing professionals face discouragement because of the assumption that acquisitions require deep-pockets. Some even believe the myth that nothing-down purchases are impossible.

The early 1980s era in real estate investing known as the Zero Down Real Estate Movement was initiated by Robert Allen with his best-seller, "Nothing Down." After observing how commercial properties were acquired with no money down, Allen applied 50 techniques from the commercial real estate industry to the residential property marketplace. He was reportedly paid $1 million advance royalties for his publication, and began holding real estate investing conventions across the country.
The Nothing Down era was a startling eye-opener to the public. Very few were aware of Allen's predecessors, like Nick Nickerson, Al Lowry and Mark Haroldsen who wrote books on real estate investing requiring no money. Allen popularized the notion, and it was a strong public draw for his real estate investing seminars.
However, some of Allen's convention speakers were ultimately revealed as "con men," and some bellied up. Robert Allen himself went bankrupt in 1996. The public generally concluded that Allen was probably a fraud, and that real estate investing was impossible without deep-pockets.

The Wall St.Journal got wind of the Nothing Down Real Estate Investing Movement, and interviewed many investors who were using "Zero Money Down" techniques. The business editor of the Wall St.Journal interviewed me repeatedly (and others who knew of my real estate investing), and featured me in an editorial as one of the most successful investors in the nation who had purchased millions of dollars in rental property without any money.

These previous unfolding events are pertinent to the conclusion of how to buy real estate properties with limited funds.

I proved that properties could be acquired without cash (or credit) to the tune of $10 million in real estate investments during my first 4 years. I used a $10 bill in the acquisition of many of my properties.

Purchases from FSBOs (For Sale By Owners) were possible through negotiations with motivated sellers. I bought millions of dollars in real estate properties without cash or credit by learning acquisition skills that required no money down.
On the other hand, real estate properties listed by real estate agents minimally require a down payment that covers the agent's listing fee. These listed properties were no more valuable than the FSBO properties, but the agent fees demanded cash upon acquisition. In the intervening years since the 1980s, I have purchased some agent-listed properties, but my target acquisition continues to be FSBO real estate property from a motivated seller.

Phil Speer, Ph.D., started his real estate investing career 25 years ago. Without the availability of credit and using only a $10 bill, he purchased $1 million in properties in his first year, and had accumulated $10 million in properties by his fourth year. He was featured in a Wall St.Journal editorial as most successful investor in the Nothing Down Real Estate Movement, and was honored with a Caribbean cruise as top investor of the year. In his hometown of Nashville, Tennessee, he has been a businessman and Human Resources Consultant for 30 years. He is an author, speaker and seminar director. To learn how to profit in real estate investing, even without cash or credit, read his report at http://www.CashinHouses.com/. Subscription is free to his Fix-up Ezine. He and other contributing authors provide free articles and resources on real estate investing at his online “Academy of Advanced Real Estate Investing Techniques” - http://www.AAREIT.com/.

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2005-05-12T08:53:00.000-07:00

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2005-05-11T09:43:00.000-07:00

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2005-05-10T20:28:00.000-07:00

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2005-04-05T04:37:00.000-07:00

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2005-03-29T10:26:00.000-08:00

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2005-03-28T10:05:00.000-08:00

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