Posts Tagged ‘purchasing’

If you’re in the market to purchase a real estate investment property it’s only natural that you’ll want to look at it before you make a decision about whether or not you want it. However, there is an art to doing this because if you miss something important, it can prove disastrous for you. Not only will your property not make you any money, but you may actually lose money. The advice that follows applies to all common real estate investments that you could purchase.

Look at the Neighbourhood

The neighbourhood is just as important as the property itself. If the potential residential real estate investment is nice but the area around it is not, this is a red flag that you may having trouble renting, reselling, or flipping properties you buy there.

There is another benefit to scoping out a neighbourhood. You may find out some information that may result in you buying an investment property for a better price by finding out about auctions or striking a deal with the owner. Also, you may find some investment properties for sale that you may not have heard about through your agent or the listings.

Beware of Inexpensive Properties

Property investing depends on whether or not you find a high quality property that will make you money. Every now and then you may find an investment property that is so inexpensive, it seems too good to be true. Still, you feel that purchasing something inexpensively is a good thing, especially if you’re in the business of flipping properties.

However, not every cheap property will make a good investment, especially if there is a lot wrong with it. That is why when considering investment properties for sale that it is important to view the property with more than one person so you can determine if it will be worth the investment.

Finding a Good Neighbourhood

Yes, it is one thing to tell people to avoid buying investment property in bad neighbourhoods. However, this is not something that can be considered from a “black and white” perspective. There is a middle ground. Some neighbourhoods may not look bad on the surface, but they could have problems.

So, how do you go about buying investment property by finding a decent neighbourhood and a solid property to invest in? There are some clues to consider and you can start by watching the people in the vicinity of the property. In general, you just want to look for signs that the area is in good shape – no broken windows, people are well groomed, etc. You can also check with law enforcement to see what the crime rate in the area is. These are all factors to consider.

Buying a UK real estate investment property can be a big decision. It is important to assess the property and the neighbourhood to help ensure your investment will be a good one.

Ian Clark is a real estate consultant and advisor in UK. He has extensive experience in all aspects of Real Estate Investment built over 20 years . He is also the Director of Midas Estates, an online real estate website offering property investment opportunities in UK and overseas. Midas Estates is a property investment company who deals with Real Estate Investment Property with an aim to provide maximum capital growth for the clients as the majority of the clients are looking to secure financial security in the shortest time possible. Ian’s honest presentation of the real estate investing business, including both profit and risks is respected for his sincere, candid approach. He is highly regarded as one of the most sound, dependable source for the specifics behind the sometimes tricky and exigent facets of real estate investing.

To get more information and for a 30 minute no obligation absolutely free consult in how to make your property investment strategies work log on to http://www.midasestates.com/investment-property

Author: I Clark
Article Source: EzineArticles.com
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This article is designed to address what I consider the really “big ticket” items that simply cannot be ignored by either buyers or sellers. These are things that, in my opinion, simply must be done to even start the process of putting a house on the market to sell or to initiate the purchase of a home.

For most of us our homes are the biggest asset we will ever have. Increasingly, it is the one asset by which we have accumulated equity or “wealth” of any significance and by which we can borrow against to restructure debt, use as collateral for lines of credit and even draw on for a retirement fund. Consequently, when we purchase or sell our home it is often now much more than just providing for, or changing the roof over our heads.

Throw into the mix the emotional component of the “home is where the heart is” and you have an extremely complex and layered investment. It is rare the individual that sees the rooms of a house only as a structure rather than the nursery they will bring home their first born, the first place they can call their own where they will entertain friends and family, the “nest” where they will begin a marriage, the room where grandmother will have her own space and be close by to care for, the place where a son or daughter will remember a childhood and yes, the place where sometimes people gather around a bedside to say good bye.

When faced with the sometimes daunting, sometimes exhilarating, sometimes scary, sometimes frustrating task of a home purchase or sale it is often helpful to have a plan of action; a set of goals; a blue print (no pun intended) as it were for navigating the process of purchasing or selling a home. To that end, the following attempts to provide knowledge, advice and guidance gathered and compiled from many professionals, with years of experience.

So, let us begin. Some of it may be repetitious to you as you may already be aware of, or have the knowledge of, the information provided. But, taken as a whole, the intent is to provide a complete picture for a fairly wide spectrum of individual experiences that addresses, at some point, an issue or point of view not only relevant to the reader, but valuable to them as well. It is quite possible, actually probable, that just one point, of and by itself from the list provided here will save you thousands of dollars and/or momentous heartache.

Number 4 – Arrange Your Personal Financial Information in Advance

Raise your hand if you have had to qualify for a home loan before. For those who have their hands raised, you already know the drill and how impersonal, probing and detailed it can become. You have found your dream home, you envision holidays, birthdays, weddings, hopes, dreams, family, friends, love and happiness. Then the screech and collision of qualifying for a home loan meets the dream. A little advance preparation will do wonders for getting one ready for the reality of what to face as well as smooth the process for all parties concerned.

The list provided below is what I recommend first time or anytime buyers to prepare in advance of looking for a home and certainly in advance of talking to a mortgage broker. This information combined with your credit scores and reports, puts you in a distinct advantage when discussing loan packages available, requirements necessary to complete a loan package and time savings if critical to the completion of the purchase. In addition, and maybe even most importantly, having prepared all of this in advance creates the accurate perception by your team of professionals representing you, that you are serious about purchasing a home. I will assure you, commissioned professionals get real serious with people that make their jobs easier and don’t waste their time.

o Last two years of tax returns.

o Financial statement prepared by an accountant if possible.

o If renting, copy of lease and twelve months of cancelled checks showing rent payments on time.

o Copies of last two months utility bills.
o Photocopies of drivers license and social security card.

o The final purchase contract for the house (if applicable).

o If you’re self-employed, the mortgage company may require your personal and business tax returns for the previous two years and your company’s year-to-date Profit and Loss statement.

o Divorce settlement papers, if applicable.

o Updated account statements for listed assets in the application that may have changed in value.

o Information about debts or credit report items that may have been delinquent or not accurate.

o Evidence of your mortgage payments, such as canceled checks.

o An irrevocable gift letter if you are receiving a monetary gift from a relative.

o Your bank account numbers and the address of your bank branch, along with checking and savings account statements for the previous 2-3 months.

o Last two pay stubs, W2 withholding forms, tax returns for two years, or other proof of employment and income verification.

o Credit card bills for the past few billing periods, or canceled checks for rent or utility bill payments, to show payment history and amount of revolving debt.

o Information on other consumer debt such as car loans, furniture loans, student loans and retail credit cards.

Organize and place all of this information in a three ring binder with labeled dividers. Make three copies, one for your mortgage broker and two additional copies, one for yourself and one extra in case it is needed (which more than likely will happen).

Number 5 – Common Sense Do’s and Don’ts For Both Buyers and Sellers

Often, common sense is just not that common. It seems to me, one would want to make the best impression on strangers coming into your home even if they aren’t coming to give you thousands of dollars in exchange for it. I guess sometimes life gets us going round and round so fast, we forget the obvious. To that end, the following is a compilation of good sound advice to spruce up your home when putting it on the market. You can use some of it before Aunt Ethel comes over as well.

o If you are buying a house, for goodness sakes don’t go out and purchase a car or any other big ticket item right before after applying for a loan. This includes applying for credit cards and making credit card purchases. If you have to buy something on a credit card make sure it is less than 30% of the available credit.

o If you are selling a home do clean it up. Slap a coat of off-white paint on the walls, shine the bathroom fixtures, clean the carpet, replace a cat box so that it doesn’t smell, oil the windows and doors so they open easily without creaking, clean the windows, polish the door knobs. Do remove all the appliances and anything else from the kitchen counter to show off the counter space. Do remove all clutter from shelves, closets and store rooms.

o When pricing your house for sale, don’t price it too high. Yes, you can always come down but by that time your buyers may have bought something else. Besides, lowering the price significantly signals desperation or that something is keeping this property from selling.

o Do plant some flowers in the front if at all possible or get potted flowering plants to spruce of the front when selling. Make the front door look as fresh and new as possible. If need be, paint the front door, definitely shine up the door hardware, clean the back yard and do anything possible to make the yard look neat and clean like racking leaves and mowing the grass. Put a plush new door mat at the front door. You can always take it with you but it helps give a good first impression. And, put the toilet seat down!

(Due to space limitations, this is an exert from The Top Five Things You Need to Know if You Are Buying or Selling a Home. If you would like the complete article, please go to our site and we will immediately email you a free copy.)

Pat Hicks is the Managing Partner for http://www.Iwantafreecreditreport.com , a web site providing online shopping, reviews of and links to some of the top web based credit reporting sites.

Author: Pat Hicks
Article Source: EzineArticles.com
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One of the best options in selling your home quick and easy is to sell it to an investor.

Homeowners are often times having many reasons for wanting to get out of their home quickly to avoid foreclosure with the least amount of work and risk. For these homeowners, one of their best options is to sell the house to investors. 

Selling your home to an investor to avoid foreclosure allows the homeowner to close the deal quickly and sell their house with no contingencies and oftentimes they will be able to get the whole amount of the house in cash and immediately cut short the foreclosure as soon as the title is transferred. Sometimes homeowners will get flexibility on dates of their moving out and may also find investor that will assist them in finding a new place to live.

But selling your home to an investor also has a weak point; the homeowner will have relocate to a new home and will not receive the retail price with all cash offers. Some investor may be able to give a full retail value if they can find equity in the house upon restoring the property or buying the home subject to the homeowner’s present mortgage.

Selling your home to an investor is the quickest and easiest option to avoid foreclosure while maintaining some equity in your home if there’s any. If you really consider this option in selling your home, you should work with someone who invests in the community who knows the market in real estate and can make the transaction smooth and fast. 

There are many great and reputable investors who help homeowners by purchasing their home from them. But unfortunately, there are some investors who may not have the best interest of the homeowner’s mind and concerns. It is necessary to work with a well respected investor who can provide with the recent homeowner referrals, and if you choose to sell your home to an investor you can have these advantages:

• If you sell your home to an investor, they will buy your home in cash. And since these types of people are in the business of buying homes, they are ready to make an attractive offer to your home and close the dealing process fast.
• Home Investor don’t charge for their service that will save you a lot of money for the commissions unlike if you hire a real estate agent you will have to pay a forthright charge to sell your home. 
• Home investor buys any type of home and in any condition. They know the value of your home and are willing to do the hard work for the homeowners since they understand that some of these homeowners don’t have enough time to fix everything.

With all these advantages that you can get from selling your home to an investor to avoid foreclosure, you can now try a network of independent investors and get great deals and offers. Selling and buying homes are their business and they love to buy homes quick and easy, so selling your homes will be worry free.

[http://www.quick-home-sale.net]

Author: Renato Pastorizo
Article Source: EzineArticles.com
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The benefits of rent to own homes are immense. Buying properties by the rent to own method helps in acquiring the ownership of the concerned homes, without dealing with the banks and mortgage companies.

The idea of the rent to own properties is growing very briskly in the real estate market. Some people choose this option just for the sake of checking out the neighborhood, prior to giving full commitment of purchasing the property. The overall outlook of the rent to own homes, make them a perfect solution for the investors.

Most of the people have found their ideal homes by the process of rent to own. Renting to own is fast becoming the preferred choice of the first time investors in the real estate market. This method is similar to the method used for the rent to own vehicles, wherein the vehicle is first leased, and during the lease if the person likes it, the decision of purchasing it is taken.

The fact that the down payments required in the real estate market are increasing with the time, will not be negated by anyone. In such a scenario, buying the rent to own homes is a much better choice, as the down payments required to be made in this method are very low.

Another important benefit of rent to own homes is that the individuals do not have to worry about the closing costs of the property. The agreement regarding the appropriate price of the house is done between the buyer and the landlord.

In some cases, the payments made towards the rent are accumulated by the landlord as payments towards the price of purchasing the property. In such cases, the landlord asks for a payment that is higher than a month’s rent. This is done for substitution of a large down payment. But, these rates are negotiable.

Another benefit of rent to own homes is, the renters can decide during the course of the lease about not buying the property in the future. This is permitted without any kind of repercussions.

The price of the concerned property remains the same throughout the period of the lease. The landlord is not permitted to increase the price during the course of the lease.

Rent to own investors have to keep in mind the ailments of buying property through the rent to own option. There are potential considerations in buying rent to own homes. This is because, the tenant buyer deals with an investor and not with any financial institution or bank, for this purpose.

The unscrupulous investor, who have a better understanding of the fundamentals of the real estate market, can cheat the new tenant buyers into signing a bad deal. Hence, it is always recommended that the buyers do a thorough review of the property before investing in it. The inspection of the property will result in a proper deal that will prove fruitful in the future for the tenant buyer.

Charles W. Moore, a U.S. Army Veteran began Real Estate Investing in 2001. He’s a Successful Investor, and Author of, “Million Dollar Rent To Own Real Estate Secrets Exposed.” Get his Free Report on Rent To Own Real Estate Investing [http://www.Rent2OwnExposed.com] at: [http://www.Rent2OwnExposed.com] – Learn Real Estate Investing, Stocks Markets and Internet Marketing, visit: http://www.REIeBooks.com

Author: Charles W. Moore
Article Source: EzineArticles.com
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In the investment property industry, it is a common story shared about the new property investor that thought he had done the right research on his investment home only to find that the investment homes he had been comparing were not of similar specifications and the consequence was that he lost out financially in a big way. There are four key features that your research must assess before you take the step in purchasing your next investment home.

All investors can be prone to making poor decisions and suffering a financial loss, but you can avoid this by simply researching the investment markets and the properties you are interested in.

Not only do you need to take the time to research (research ……. and then research some more) every potential property, but you must ensure that your research is comparing ‘apples with apples’.

Once you have decided on the appropriate estate for your investment, the most important facts to check are the building specifications of every potential investment property.

Key Issue 1: The most obvious issue that you need to be aware of are the size of the block of land and the square meter area of the investment house.

Advertising descriptions need to be read carefully and all aspects of the advertising carefully analyzed and understood to minimize confusion. Let us take two real world examples and assess what they are offering:

HOUSE A:
Bellevue Estate – $430,000
Location – Lot 21 Grandview Drive

This expertly designed 200 m2 home on a 720 m2 block in the Parklands Estate is an ideal family home. With an outstanding family room and an additional alfresco dining area off the family room, this will give your family lots of living space.

HOUSE B:
Bellevue Estate – $400,000
Location – Lot 30 Petite Court

All hands up who want a massive 15 sq m outside dining area. If you live in the tropics, then who wants to live inside. This spacious 184 m2 home, situated on a 460 m2 block, is designed with this fantastic outside dining area, this is the Number One tropical home for the family.

Q1. Do These Descriptions Describe The Same Investment Home?

Q2. Will both of these Investment Homes Offer The Same Rate of Return?

Q3. Do they contain the same Features?

Well in reviewing the two descriptions you do find that they have common factors:

They are both in the same estate and have four-bedrooms, a main bedroom with ensuite and a double car garage, but these properties have very different rental appeal and financial growth potential.

When comparing these two properties and taking into consideration that one is a 200 sq m house on a 720 sq m block, priced at $430,000 and the other is a 184 sq m house on a 460 sq m block, priced at $400,000 – it’s easy now to see the REAL value!

Yes, it may cost you $30,000 more but look at the extra land value and house space you’re getting with HOUSE A compared to HOUSE B!

With this information on board, it is up to you to decide on your price point and investment philosophy.

I mentioned earlier there were Four Key Issues that you need to research when choosing an investment home and the First Key Issue was to look at the size of the property and also the size of the home.

Whilst there are many issues that need to be considered when choosing the right investment property, there are three other key issue points of comparison that should be considered and they are:

Key Issue 2: Assess the Nominal ceiling height – Be aware of the ceiling heights – do they vary. There is no industry standard and they can be from 2.5 to 2.7 meters. Building the ceiling heights .2 of a meter higher adds to the building costs and also to the aesthetic and practical appeal of your property to potential tenants.

Key Issue 3: Review the TURNKEY inclusions – this area varies a lot from building company to building company. Some of these are:

o Number of Power Points
o Number of TV points
o TV antenna
o Number of Phone Points
o Dishwasher
o Venetian blinds to windows
o Letter box
o Remote control garage door
o Automated irrigation systems
o Security Screens on windows & external doors
o Turf & landscaping
o Fences
o Sealed Driveways

Key Issue 4: Assess the Building & the Quality of the Fixtures and Fittings – The quality, guarantee and warranty vary greatly in today’s market. It is essential to ask the question and ensure that you always receive documented evidence of the guarantees and warranties provided by the building company.

With a home investment property, ‘added extras’ will translate to a higher rental return but always ensure to calculate the value of the extras vs the rental return into your financial planning.

Never rush into buying your investment home. Always take the time to consider all the factors impacting on you potential investment and this will ensure that you will make the right decisions on what to buy and improve your potential return on investment!

Chris writes articles on many issues and is available for copywriting simply visit his business One-on-One Professional Business Training. He also owns other businesses such as his online lingerie business Dreamy.com.au.

Author: Chris Le Roy
Article Source: EzineArticles.com
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If you are seriously in the market for buying a home – congratulations! If this is your first time home buying journey, let me offer up three key elements you must know before you sign that contract. I would call these very important “Must do’s” for you:

1) You must know “how much” home you can afford to buy.

Whether you are buying a new home or existing one – it really does not matter in this area – you must know how much home you can buy. Remember this – the biggest mistake first time home buyers make is looking at, or worse, purchasing too much home. Therefore, I highly recommend you get yourself “pre-qualified” with a mortgage professional first. If you are already looking at homes – that’s o.k. – just meet with a lender at your next earliest convenience.

Since this is your first time looking for a house, you probably don’t have a mortgage person selected. I highly recommend networking with your local friends who have bought a home recently. Personal referrals in a local market are the best method to select a loan officer.

2) You must not let your realtor control you.

If you’re buying a home, chances are you’re using a realtor. I’ve worked with hundreds and hundreds of realtors over the past 20+ years.

Let me make two points about realtors:

• The majority of all realtors I’ve ever worked with have been professional and ethical.
• Realtors make a living by selling homes. What separates the pros from the amateur realtors is their ability to get you to buy a home quickly.

The rub here for you making your first time home buying trip is you must stay in control of the situation with the realtor – whatever that situation is. If you need to look at more homes – let the realtor know that. If you can’t stand a home – speak up and let them know. The realtor’s motivation is to sell you a home – the quicker the better. If they can control the situation – they can more easily sell you a home. I’m not saying the realtor is not there to help, but I am saying they want to get you in a home quickly.

Don’t be bashful about asking the realtor for first time home buying tips. See what they know – pick their brain. If you get the feeling they really have no clue about the market – move on to another realtor – and quickly!

3) Get yourself a home buying checklist.

The No. 1 first time home buying tip I can give you after knowing how much home you can buy, and making sure you are in control of your home-buying experience – is to get organized with a checklist. The checklist I recommend on my home-buying blog is actually a freebie produced by the Department of Housing and Urban Development – or HUD. Get one and use it.

Buying a home is an exciting time, and buying a first home is not only exciting, but new (and stressful). The more you can control your elements, learn as you go and not get in a hurry – the greater your odds that the home buying experience will be a great – and financially smart one – for your family.

Kent Faver is a certified real estate appraiser and has been helping people buy homes for over 22 years. He provides critical home buying tips daily at http://www.buyhomeblog.com

Author: Kent Faver
Article Source: EzineArticles.com
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