Real Estate Listings

Archive for September, 2011

Buying: How To Navigate The Jungle

Most people are familiar with the fact that the real estate bubble popped. This has meant some severe challenges for lower income homeowners or owners who just bought homes that were above their means financially. This is why it can definitely be said that it’s a buyer’s market out there. What that means is that there’s a lot of homes for sale which means a lot of options for buyers and also low prices. In fact in many parts of the state prices are as low as they’ve been in many years. Homeowners are selling and those that couldn’t make their mortgage payments are having their homes foreclosed which drives prices way down. But while this is bad for homeowners especially those who got in over their heads this is great for young buyers or those wanting a second home.

The key to successful buying in this market is to make a fair offer and don’t encumber it with too many saledelaying terms. Although there are lots of places for sale there are also a lot of buyers coming into the market. Sellers especially if they are banks or lenders as is the case with a foreclosure don’t want to wait around while you sell your current home or wait for your investment fund to expire. They want to sell now and will go with an offer that allows them a quick sale.

If you’re new to the market be sure you’ve qualified for a mortgage loan before you get too serious about buying. If you haven’t already done so visit a bank or other lending institution and tell them what you want to do. They’ll want to see your financial information such as employment history annual income tax statements credit rating etc. Then assuming you qualify they’ll tell you what they’d be willing to lend you. This tells you what price range of home to look at.

Knowing what you can afford is important. Remember my first paragraph? Don’t make the same mistake so many buyers did 5 or so years ago and buy more than you can afford. Settle for something a bit smaller and if you are dreaming big put in some sweat equity to make the home more valuable. Then wait for a good time and sell again. Real estate is a bit of a game. It takes effort and careful timing but if done right can really earn you a lot. Your home is probably going to be the biggest asset you’ve got. Work at it and it’ll be even bigger.

If you’re second home be prepared to manage two mortgages. Are you going to rent out one of the homes? If so be sure you are capable of dealing with strange tenants. Study up on homeowners and tenants rights. There are an awful lot of rules and regulations surrounding what can and can’t be done and many of them are put in place to protect the tenant. before you kick them out raise the rent or even stop by be sure what you are doing is well within the law. You must be prepared to pay both mortgages on your own if your home is vacant or if a tenant defaults on their rent. Plus you will be expected to maintain the property and can expect to get some phone calls from tenants asking for things once in a while. Some people are great at property management while others loathe it. If you suspect you fall into the latter category consider hiring a property management company to do it for you. This seriously cuts into your profits but it could be the difference between failure or success.

If you’re considering buying a foreclosure be careful. You should probably seek the advise of a real estate professional. While many of these can be great deals some are not. You need to know the difference. Try to look through the home sometimes this isn’t allowed and get the home inspected for any potential damages or health hazards like mold or pests especially if it’s been abandoned which is sometimes the case.

Whatever you do be careful and do your research. Buying is exciting and can be very rewarding. If done smartly it can net you the biggest profit of your life. So take your time and know what you’re getting into get professional help from a qualified Realtor then GO! Once you’re ready be confident and move forward without delays.

About the writer:  

About the writer:  Anne Eliason is a dedicated professional specializing in Phoenix real estate. For information on Scottsdale homes or for help with all your Phoenix AZ real estate listings needs visit Anne online at PhoenixValleyRealEstate.com.

Buying A Home After Foreclosure

It’s true; foreclosure is the worst that can happen to a person financially. It is like starting over from page one and having to climb your way back up the ladder of buying power all over again.

Many people believe that this is the end for them and that they will never be able to own one. While this is true for a lot of people it doesn’t have to be true for you. It will be more difficult to obtain loans after you have been through this process but it is not impossible.

Owning A Home Again

If you’ve had your place taken away by the bank in the past you should simply be up front about this from the get go when you are interested in buying a house again.

Too many people simply fail to mention this to their mortgage broker or lender and then they are turned away at the last minute.

You know that you have lost one before so search for lenders who would be willing to work with people like you who simply want a second chance at home ownership.

If you have lost a house in this way in the past be prepared that anyone that you go to for financial help is going to look very closely at your finances your job your references and your ability to pay bills since the time that you lost your house.

You generally won’t have much success with lenders if it hasn’t been at least three years or more since your house was foreclosed.

The reason for this is that you need to establish that you are able to pay your bills the way you should you just can’t assume that you will be trusted after losing a home.

Even if you are dealing with a company that is willing to deal with people who have serious credit blemishes you should expect to have to make a sizable down payment. In fact you may have to put down as much as 30 on the purchase amount if not more.

This can be difficult but if you want to own a house again it is a good way to establish that you are serious about making home ownership work this time.

It may take you some time to save but in the three or more years you should try really hard to save some money as this will make you more appealing to a lot of lenders.

Another way that you may be able to get into a new one after you have lost a home is by having someone cosign with you. This person will need to have a better credit score than you and even then you will likely have a much higher interest rate than you would otherwise.

If you decide to go this route you should be even more certain that you could make the payments as you are putting their credit score on the line too.

Getting into another abode after you have lost one is difficult but not impossible. You need to do your homework and team up with companies or lenders that are willing to deal with those that have had troubles like yours in the past.

You also need to be willing to jump through those hoops as the trouble will be worth it
for the chance at homeownership.

About the writer:  In such situations search loans with us. You’ll find the best secured loans and debt consolidation from us.

Bretts 5 And Hold Portfolio Building Strategy

Hey guys

For most of us starting off as property investors the thought of owning 5 properties is way out of any imaginable comfort zone. Sure owning a couple of properties most of us can imagine that but 5 properties presents a whole range of new issues you now have a certifiable property portfolio. Along with this comes a number of responsibilities which cannot be overlooked.

“5 and Hold” is simply once you have achieved 5 properties you will hold off from buying further properties until you have set aside time to develop the systems that are required to make it very easy for you to manage your portfolio.

Remember it’s all about “Set and Forget“. The better you set your portfolio up the more you can forget the portfolio on an ongoing basis.

5 and Hold systems include such things as:

* learning how to best use credit cards

* bank accounts

* setting up coordinated direct debits

* restructuring to an offset or allinone mortgage account

* completion of required information Managing agents details letting agents details etc

* exploring tax effective minimisation structures

* exploring protective structures

* consolidating cash flows and mortgage products
* organising succession and wills
* organising an accountant

* if you haven’t already done so you should have implemented Ezytrac

* sorting out your filing system. You would not believe the paperwork that is generated on each property.

* setting regular review times

The second aspect of 5 and Hold is setting some very specific LIFESTYLE goals. Prior to working in property I owned a large personal development company and have written books on the subject. My overriding philosophy is that property and personal development are one in the same property is just a vehicle.

I don’t believe that you build a substantial portfolio until you have developed as a person. It’s why I am so passionate about goals and lifestyle as an integral part of building a thriving property portfolio.

So if you are on the phone to me and an hour passes by without me selling you a property mentioning property or even whispering subliminally property don’t worry it’s probably because we are talking about personal development.

Live with passion Brett :

PS. I am happy to chat about goals and lifestyle prior to your 5th property. I just find that until you have 5 you have absolutely no idea about what is possible through property. Your 5th property tends to open your eyes to the lifestyle possibilities. It’s also about the time when you stop talking in terms of how many properties you own and start talking about how much they are worth.

PPS. If you are interested in talking in terms of lifestyle personal development goals then book a personal “Clarity Solutions” session with me. The session lasts an hour and will provide you with a very clear and specific picture of what you will achieve through building your portfolio.

About the writer:nbsp;nbsp;Brett Wood is a successful new build property investor in the United Kingdom. His strategies have helped 1000s of investors to get on the property ladder and build successful property portfolios.

For further details contact Brett Wood at http://www.yourpropertyclub.com or directly on 0870 042 1188.