Tips for Inspecting a Property

Tips for Inspecting a PropertyBefore buying a residential property, it is a must to do a personal inspection. This is important so you would know the real condition of the property, areas that need repair, potential problems and if it is indeed worth your money.

Potential buyers should take a step further when attending an open house and personally check the details of the different parts of the property. Spend as much time as possible viewing the home to give you a better idea and feel of its atmosphere. One needs to be thorough when doing those maintenance checks to ensure you are buying your dream home.

Also, it is a good idea to make a list of the areas of the house you feel are important to you so you won’t forget to check them when you’re already in the property. Bring a notebook and write down specific features. If you want to take photos, ask first the permission of the real estate agent or the owner, if available.

Here are vital areas worth checking. Make sure to write down your observations as you go around

Turning a Profit Using Homes for Sale

Turning a Profit Using Homes for SaleIf you are interested in flipping homes for sale, read this article of dos and don’ts to get closer to success in real estate. Before you can successfully flip houses for profit, you need to have money to invest and be prepared for unexpected costs.

Realistically, success in flipping real estate depends on your ability to buy a less-than-perfect property at an exceptional bargain price, and then invest in repairs, staging, and advertising to make the house capable of drawing a profit with appealing buyers. If you have the means to invest in properties, and you’re good at selling your product, then there is no reason why you can’t generate a substantial income by flipping homes for sale.

Before flipping a property, do your math homework. You need to know exactly how much money you can invest, because your flipping experience depends on that investment. Figure out how much you can spend on your first buy, as well as how much you are willing to spend to fix up the property.

If you want to get an optimal profit while still

Tips For Getting Out of a Real Estate Contract

Tips For Getting Out of a Real Estate ContractThere are some differences in how to go about this process depending on if you are a buyer or a seller. To help you understand the key differences I have constructed a few tips to help you get out of a bad real estate contract:

1) If you are a buyer you typically have more leeway when it comes to opting out of a contract, especially before signing. The first thing you should do is to contact your agent and notify them that you want out. The reason for this is that either as an investor, or a homeowner, the rules for cancellation and penalty are usually specific to an individual contract. As investors, we should strive to use our own contracts so that we know them very well and what to look for in any situation. However, notifying your agent can be beneficial as they may catch something that you missed or know about something you don’t. Always utilize the efforts of those on your team, after all, that is what they are there for.

2) The next thing

Tips to Save for a Down Payment

Being a renter does have some advantages. No paying off the mortgage, no property taxes, and the landlord takes care of any maintenance and repair costs. However, renting your home does have one major drawback: You are spending money on rent without gaining any equity of the property.

Many renters want to own their home, but struggle to find the cash needed to make a down payment on a property.

In fact, a recent survey conducted by the website gobankingrates.com showed that a fifth of adults in the U.S. don’t use a savings account, while a third of those that do have zero funds in their account.

Below you will find some top tips to help you start saving and put aside enough funds to put a down payment on a home.

Set a target

Knowing how much you can afford to spend on a property is crucial to help you identify how much you will need to save for a down payment.

After working out how much you need to save, you should compile a detailed saving plan to reach your target. Having a target goal to reach will help you

Reasons You Should Wait to Buy a House

Here are three reasons you should wait to buy a house.

1. You Have Too Much Debt

You might make a decent income, but you also must consider how much debt you carry before you apply for a home loan. Your lender will. They use a calculation called debt-to-income ratio (DTI). To qualify for most mortgage loans, you need a DTI of 43 percent or less.

You can figure what yours is by writing down all your debts, such as a student loan, car loan, your minimum credit card payment, and any other debt. Total that. Then figure out how much income you bring in.

You figure your gross income, and add investment or bonus income. Divide your debt by your income. The lower your DTI the better. If it’s high, you’ll need to pay off some debt before you buy a home.

2. You’re Not Sure You’ll Settle Here

Once you buy a house, you can’t just pick up and move if you were to get a promotion or (surprise!) have a baby who needs more room. Well, you could, but you’ll lose a lot of money.

All those closing

Why You Need a Buyers Agent

If you are in the market to purchase a house, the question you may ask yourself is why you need a buyer’s agent? The question you should really be asking is why you shouldn’t have a buyer’s agent. You as the buyer get free labor! You don’t pay them a dime! So, why wouldn’t you want someone on your side negotiating and working for you? The seller is the one who pays the commission for your Realtor.

Purchasing a home can be the largest investment you’ll make in your life, so you need someone on your side to help you out. A Realtor can set up all of your appointments and negotiate the best price for you. The only person that wins when you don’t have someone representing you is the listing agent. You don’t want the listing agent negotiating the price between the two sides. The listing agent has their client’s best interest at heart. You need a buyer’s agent to be on your side. Your Realtor will usually have you sign an Exclusive Buyer Agency Agreement. It tells you about their services and how they are compensated. It lets you know that they are working

The Mortgage Process Explained

Purchasing a home can be a frustrating and intimidating process. The best way that you can prepare for the purchase of your next home is to know what is required of you and what is happening during your home buying journey. Although, your lender will be the best source to explain the current status of your mortgage, the following is an overview of the stages of the mortgage process.

• Preparation and Pre-approval – The first thing that you should do prior to starting your search for a new home is to find a respectable and knowledgeable lender and to apply for a fully underwritten pre-approval. To obtain a full pre-approval, you will need to provide the lender with the following: proof of income, employment, and source of down payment. This information will allow the lender to determine your maximum buying power and which loan types you qualify for.

• Home Search – After you are pre-approved, you should provide a copy of your pre-approval letter to your real estate agent. When you find a house and your real estate agent presents an offer, the seller and listing agent of the property will likely require a

Financial Help for First Time Home Buyers

Purchasing your first home is an exciting time and transitioning from renter to property owner presents a long list of significant long-term benefits. Yet, there are numerous thoughts and fears many have when considering buying their first home.

When beginning the initial process of owning a home for the first time, most people spend a fair amount of time looking around for the perfect house, in the right neighborhood and in the right location. Selecting the right property that is a good fit on all levels and ensuring the location will meet all of your requirements is obviously a big part of making sure your short-term and long-term needs are met.

However, as you get past the initial stages of simply looking at different properties and trying to determine your exact needs, you may find buying a home is a bit more involved than you first realized. Most first-time home buyers go through feeling a little overwhelmed at the beginning and a top notch realtor can offer significant help for first time home buyers.

Financial Help for First Time Home Buyers

Plus 5 Important Tips

Think About Today and the Future

When

Secrets to Buying Your New Home

Whether you are thinking about purchasing your very first home or you are ready to sell and buy a new one, good advice and helpful tips are things you can always use. There are many decisions to make, some of which can even rob you of sleep, forcing you to stay up all night playing through different scenarios in your mind. When you are ready to get serious about buying your new home these secrets can be put to good use.

1. Take Advantage of the Internet – There is plenty of information available online. With the click of the mouse you can access available listings from many sites. You can also use a mortgage calculator to determine what you can afford while also being able to compare lenders and real estate agents.

2. Get Familiar with Your Credit – If you are going to be securing a mortgage, you should know exactly what is on your credit report. Don’t wait until you are ready to apply for a mortgage to find out. Pull your credit report now, so you have time to have mistakes fixed while you are still in the shopping process.

3.

Getting or Not Getting Into the Real Estate Market

Achieving and having success isn’t mutually exclusive to high-income earners or those that have earned multiple graduate degrees and/or occupational licensure. Success is rather an equal opportunity dispenser and is not exclusively defined by how much money one makes or what title you hold. On the other hand, making an above average amount of money gives people the opportunity to more generously provide for their kids, be it paying for a college education to buying a new or used car for one’s child so that child may hold a part time job for example. More money, especially when it is successfully earned through real estate investments, can supplement a comfortable retirement, a second home, long-awaited travel opportunities, or simply a host of other options not attainable if money is not saved and readily available. Other benefits of having disposable income include providing for one’s parents comfortably as they age-who may require surroundings that are more medically intensive-and expensive.

All the latter can be provided depending upon the financial decisions we make and at what age we make them. In other words, I’m not suggesting a sixty-five-year-old deplete half of his or her 401(K) retirement earnings and start

Whats Your Home Selection Criteria

Not only is purchasing a home considered as the largest financial commitment most people make in their lives, it can also be very stressful and emotional as well. Add in determining what criteria a home must have and you can easily feel overwhelmed. Everyone either has a list in their head or, on paper, with their ‘must-haves’ in a home. For instance, a main floor master suite, an open area for entertaining, a two car garage, low maintenance landscaping and the list goes on. In addition, you need to be pre-qualified to purchase a home by a lender, determine a specific location and the overall condition of the home that all must be factored in.

Price. Obviously, the price is one of the biggest obstacles that buyers face when looking at homes. Ideally a buyer has been pre-approved by a lender to comfortably afford a certain dollar amount and that will help narrow the field of potential homes to view. The last thing you want to do is to begin the house hunt with a price in mind only to find out once you have found your dream home that is out of reach because you can’t

Tax Rules for Home Buyers

If you’re one of the many Canadians who dream of home ownership, and you’re working hard to make this goal a reality, you should know that the Canada Revenue Agency has two programs that can help you get there faster.

There is the First Time Home Buyers’ Plan. Because the required down payment on a house purchase can be a stumbling block, the government will actually let you borrow the money to put down on your dream home – from yourself.

Under the rules of this program, you would be allowed to take money out of your RRSP to help buy your home – up to $25,000. This money will remain sheltered from tax, so long as you pay it back within 15 years. This is a great way to put your retirement savings to work for you today, without the considerable tax consequences of withdrawing it outright. The only downside is that you won’t be earning interest on your investment, but that might be outweighed by the interest cost saved by using your own money instead of a loan.

Another helping hand for new homeowners from the CRA is the First-Time Home Buyers’ Tax

What You Should Look For In Homes For Sale

Everyone has their own idea of the perfect home. Although curb appeal and artful interior design always attract a lot of looky-loos, they are not the primary reasons people buy homes for sale. Beyond the aesthetic concerns, there are practical matters that must be considered.

The Location

We’ve all heard that the three most important things about homes for sale are location, location, location. For the real estate wildcatter, that advice can be used to target properties in hot markets. But for the average shopper, location is more personal. In other words, it’s all about what matters to you! For one buyer, proximity to work may be the most pressing concern, while another might want a property that is off the beaten path. In most cases, however, where a home is situated in a specific neighborhood is the key to finding a great location.

The Neighborhood

What good is having a great location if you don’t like the neighborhood the house is located in? That said, it’s near impossible to learn everything you need to know about a neighborhood without actually living there. What you can do, however, is make a determination based on

Tips To Sell Your House Fast

There are so many circumstances that can push to a level where you just have a need to sell your house fast. Even though the real estate industry has steadily grown and houses are always in demand, there are so many factors that could make it harder for you to sell the house within your desired period of time. It could be the style or size of your house or the current condition, the location and other factors that buyers really consider when buying a property.

While some of these factors you have no control over such as the location of the house and its size, you can do something about the condition to make it more appealing to your potential buyers. If you do not have the luxury of time and you really need to sell your house fast, here are some simple but helpful tips that can work out the situation for you.

Tip 1 – Renovate and remodel the house to meet with the current market demands. The good thing about renovating and remodeling the house is that you get to increase the value and hence you will get a better price for

Investing In Residential Real Estate For Positive Cash Flow

To any savvy investor, real estate was the tried and true model for consistent return on investment. At least that was prior to the 2008 crash and the chaos that followed. Now terms like subprime mortgages, NINJA loans, and predatory lending have left a nasty taste in the mouths of many Americans shaking their trust and leaving wide open a golden opportunity for people willing to go against the grain. It is true that buying real estate these days takes some real effort. Financing residential real estate takes more than the traditional route of going to your local bank and taking out a traditional loan. Especially if the investor hopes to turn newly acquired real estate into positive cash flow, after all while the housing market has certainly improved there is no shortage of “for sale” signs in the suburbs.

During the early 2000’s the trend in residential real estate was monolithic homes that took up two or three lots gobbled up by developers. The many “McMansions” still stick out in otherwise inconspicuous neighbors, remnants of the unique hubris of owning a large home even if it meant you couldn’t afford to live there. Of course developers

Great Reasons To Invest In Property

Anyone can make money investing in real estate once they know how to exploit some benefits that all real estate can generate.

Why is Real Estate such a huge investment?

Buying a property is concerning more than just finding a place to call home. Investing in the realty market has developed into more and more popular over the last 40 years and has become a universal investment medium. While the realty market has plenty of opportunities for making big profits, buying and owning real estate is a lot more difficult than investing in stocks and bonds.

The preeminent thing about investing in realty is that you can select what you buy and the way you buy it. What I mean by this is you choose the type of property, the location, property condition and you determine the price that you are agreeable to pay. How enormous is that? If you wish for more cash flow, you could buy more entities or arrange the financing so that the rental real estate makes more cash flow.

If you want to get the property paid for more rapidly you could use any surplus cash flow and apply

Investments Strategies During a Bull Market

The basic premise of any investment is that you should aim to buy low and sell high, which makes investing during a bull market much less appealing than investing in the market when prices are lower. After all, if you buy when prices are riding, you’re going to make less when you sell on.

However, that doesn’t mean that you should just ignore investment opportunities altogether during one of these periods. In fact, there are a number of strategies that you can use to protect your existing investments while also taking advantage of the changing market conditions.

Selling

A bull market indicates that everything is going right with that particular sector, which means there will not be a better time to sell than at that moment. If you have a number of properties on your portfolio that you are struggling to get rid of because you aren’t receiving the sorts of offers that you would like, this is the time to really push them as the chances of getting a bid close to what you are looking for is much higher.

Furthermore, you are going to find that most properties you own sell

Tips on Bidding on a Tax Sale

Investing in tax deeds and tax liens is a great opportunity for Real Estate investors. You may acquire a property for far less than its value, giving you higher profits. As a Tax deed and Tax lien investor, it is important to be ready when attending a tax sale. Whatever amount you are willing to bid on a property, make sure that it is worth it. When you are ready to bid at a Tax sale, here are some tips that will help you:

Learn the bidding laws and rules. Come prepared. Make sure that you know the forms of payment that the county accepts. Also, know the deadline set by the county to complete your payment once you win a bid.

Have an investment strategy. Make plans prior to, during and after the auction. The excitement of the auction can cause you to overbid or lose out on a property.

Research the property you are interested in very carefully. Do a title search, check for any liens against the property. Inspect the property personally or send someone who can inspect it for your. If you don’t have anyone, check if there are any pictures

Things to Look for When Investing in Real Estate

When it comes to investing in real estate, even seasoned investors will need an effective plan of action to ensure that they get the maximum return on investment. There are many major metropolitan cities that are filled with opportunities that you can take advantage of if you understand what to look for when it comes to buying properties.

Here are the five things you will want to look for when it comes to investing in properties.

1. Type of Property

First and foremost, you need to find the type of property that you feel comfortable investing in. It could be a turnkey property, used for generating passive income or flipping a property for a quick profit. Single family homes are considered one of the best investments and if you are planning to invest in them, make sure to take few things into account.

– Buy Well Maintained Homes

– Buy as Owner-Occupied, then Sell for better Rates

– Avoid Expensive Homes for Cash Flow Purposes

Expensive homes require too much of an upfront investment to produce cash flow. However, you should buy a well maintained or a newly rehabbed/built home because

How to Identify Emerging Real Estate Markets

If you are interested in making a career out of real estate investment, it is important to have the ability to spot emerging markets before they reach their full potential. This allows you to get in early and support the growth of the market, while also ensuring that you are in a position to make as much money as possible form your initial investment.

Of course, that sounds far easier than it actually is, as it is not always easy to see where the next market is going to emerge and it can often be difficult to get all of the pieces of the puzzle to align so that you can take advantage of it.

Here we will look at a few tips that will serve you well when you are considering your investments.

Take Away Personal Taste

If you are looking to invest in property, the first thing that you need to do is take away your own personal tastes. After all, the property isn’t intended for your own use, so what you think about it is actually not all that much of an issue.

Instead, try to consider how the property