The housing slump of the past few years has lent itself to the invention of the Accidental Landlord. Loosely defined, an Accidental Landlord is somebody who has attempted to sell a property at a price that the market deemed as being unrealistic, and as a defensive maneuver, has elected to rent out. The good news of course is that the trend of house prices spiraling downward seems to be at its end. Accidental Landlords are nearing the end of their accidental occupation and that new lease on life that renting provided is growing increasing less necessary.
The problem for Accidental Landlords now becomes that of how to sell a property that is tenant occupied.
Archive of posts tagged Buying Real Estate
How to Market Rental Property to Sell
Residential real estate agents commonly sell rental property, mostly duplexes or triplexes, but occasionally larger apartment complexes as well. Fair enough. Unfortunately, however, most residential real estate agents do not include basic elements about the property in their listing information that others can use to sell that rental property.
The income and expense data, for instance, is regularly omitted or skewed by residential agents in MLS listings, and is extremely frustrating to others with an interest in the property because it necessitates a call to that agent; which easily could be avoided had the agent merely taken a few minutes to present the rental property properly. Here’s a breakdown of ….
Buy Multifamily Property Profitably
Multifamily property is any rental income property that has more than one family unit. The smallest property being a duplex (two units) and then up from there to larger rental complexes easily consisting of hundreds of apartments.
The advantage of purchasing multifamily properties-not unlike any income-producing property-is that it provides real estate investors with the ability to support debt from the income it produces-a concept otherwise known in real estate investing circles as “using other people’s money”. This idea is crucial to buying multifamily properties profitably because the success or failure of the investment depends on the income generated by the property to meet debt service and other obligations required to keep the property in service.
Business for Sale – Is it a worthy investment?
Your favourite cafe is up for sale. The current owners say that they’re moving up the coast in search of a more relaxing lifestyle. It’s got prime positioning amongst some of the best commercial property in Surry Hills. You know the place is packed every weekend – after all, it’s got THE best banana bread in the country – and the management of the place has been excellent, so why not invest?
Businesses for sale offer a great opportunity for many potential owners. Because the groundwork has already been done, it seems easy for a new owner to swoop in and just keep things running smoothly. Alternatively, if a business is failing but shows promise, a few simple changes can turn it around. Before you decide to give owning your own business a go, here are some points to consider on what makes a business for sale a worthy investment.
Flipping vs Buying and Holding — Basic Exit Strategies (1)
A question that I am beginning to get asked a lot is what I should do with my homes after I have bought them. Let’s assume you did buy in bulk from a REO package or simply found them through a Realtor or other personal contact. For the purposes of this article, let’s assume you bought them at 70 cents on the dollar.
There are always two schools of thought on the debate of should a person flip or hold onto a property or group of properties. Also, if you are going to “hold” a property, then what will you do with that holding time. If you “flip” a property then you need to be aware of any additional charges that you will acquire with the flip.
There are benefits to both strategies and there are cons to each as well.
In this article we are going to explore both and other potential “exit strategies”.
What exactly is an “Exit Strategy”?
An exit strategy is a term used to determine what you will do with a property once you have acquired it. This is a critical part of doing any type of real estate investing. If you know what you will do with a property (long-term or short-term) depends greatly on how you buy. As an example, if your plans are to flip a property then you will want to buy using a Title Binder. This will save you money on title insurance on the sale.
Buying a Foreclosure
Non disclosures- In all bank owned foreclosures, the back will not inform you of any issues that occur with the home. This includes termites, mold, internal and electrical damage, etc. If you decide to bid on a foreclosed home, please be sure to get a thorough home inspection and an estimate of the price of any damages that must be fixed. You do not want to purchase a home for $40,000 and have to do $50,000 worth of repairs when you could have purchased a new or nearly new home for $100,000 without any of the issues.
NWI home sales drop for 3rd straight year
The year got off to a dismal start in January and February, but things steadily improved as word spread about the federal credit Congress created for first-time homebuyers, Nolan said. June was the first month that saw a year-over-year rise in home sales, with a 1.4 percent increase.
In October, homes sales rose a surprising 11.6 percent. November proved to be the strongest month for home sales with sales up 48 percent. December sales improved by 2.9 percent as compared to the same month of 2008.
10 Budget Tips To Buying Real Estate
1. Get pre approved for your home loan
This signifies, fill out a loan application and go through the process of securing financing. That way, when you are prepared to evaluate real estate seriously, you will know exactly how much home you can afford. Furthermore, you can certify to a seller that your offer is honest.
2. Check up on creative financing options
During the home loan preapproval process, ask about alternatives to get creative with your financing. Low down payment choices, first and second mortgage combinations and first time purchaser programs might help you afford more funding. Many lenders are now selling interest only home mortgages; just be sure you thoroughly evaluate the terms for this form of home loan. Down payment grants are also available in a few instances and may be worth investigating or discussing with your realtor.
Foreclosure Profit Finder
Foreclosure is a unthinkable situation for a home owner, but it is an unfortunate part of life. This is not about preying on people in their time of misfortune and taking advantage of them. Once you have learned the techniques behind foreclosure profits you will be able to help people to get out of the mess they are in. As long as they are not to far along and still have means to pay. You could literally become their savior and help people everyday, and while doing so make some pretty serious money in doing so.
Real Estate Internet Marketing
If you are in the Real Estate Business, you had better learn Internet Marketing if you want to survive. Over 90% of home buyers start there home search online 6-8 months before they even talk to an agent. Nearly 100% of commercial buyers start on line… Are they searching on your website? How will you become their agent when the time is right? You can have the prettiest web, the most informative web but what good is it if you have no traffic? According to Google Analytics the average number of visitors per day on a Real Estate web site is 1….
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