Archive for November, 2011

Mentors Make It Happen

Monday, November 28th, 2011

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Real estate investment is tricky. Experience teaches better than any seminar or class. Every real estate investor can use a good mentor to walk you through tips and shortcuts that will save you time and money.

Most real estate investors have concerns and questions about putting real estate deals together. This is where a good mentor or mentoring relationship can help. A good mentor can walk you through the process as many times as necessary, answer any questions you have, and help steer you in the right direction.

Your Niche

Whoever you choose as your mentor should be experienced in your market niche. General knowledge s great to get you started, but if your business is niche focused, you want a mentor that has lots of experience with it.

Your Training & Knowledge
Although they may not state it, a good mentor will want you to be the best trained and knowledgeable you can be.  They want you to be able to succeed on your own, and they will push you to read more, try more, and do more. They may seem pushy, but they have your best interests at heart.

Your Experiences

Most mentors have plenty of their own experiences to work with. They know that you need your own to learn by. That’s why a good mentor will go as far as going with you to visit properties sometimes. They will help you understand and point out what will or won’t work with each property you visit. They will also help you learn things that you won’t find in any textbook or seminar, like the importance of time, care of the customer, and growth of your professional network.

Real estate investing can be the dream career for anyone. Having an outstanding mentor is what will change your career from a mailroom situation to a penthouse office with a skyline view. Finding the best mentor can be particularly tricky. The good news is many real estate franchises, like Homevestors, have great real estate professionals that proven themselves in the field as well as being a mentor.  That experience as a field person and as a mentor makes them more capable and understanding. They also have a better idea what beginning and experienced real estate investors and franchises need to succeed.

Before you decide on your next career mentor, visit us at Homevestorsfranchise.com.  Come see what our real estate business can do for you!

 

Moving to Doing

Monday, November 28th, 2011

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Anyone can sit on an hour real estate investment  course. Anyone can read a book about investing. These are great ways for learning the basic knowledge about real estate and real estate investment. At some point though, you have to cross that bridge from knowledge to action. You have to start moving to doing.

The hardest part about moving to doing is the getting started. Most newbies get stuck daydreaming about the what if and can’t quite figure out how to kick start their career. The good news is starting isn’t hard at all, especially if you know where to look.

Get Serious

Once you start getting serious about your career, paths will start opening for you. You don’t have to buy the office and secretary yet, but you can set up your home office with office hours and commit to working those hours every day.

Get Associated

You need a network of people that can help you head in the right direction. Associations, organizations, and franchises have a lot of that already figured out. They have a code of ethics, as well as training available on just about anything your real estate career will need. They will enhance your current knowledge base and help to guide you in the right direction.

Get a Mentor
Mentors can provide the one thing your real estate career lacks, experience. Finding a mentor can be difficult, but some franchises, like Homevestors, provide a mentor to every franchise mentor. That way they know you are going to be successful and helped across that bridge of knowledge to real world experience. They will help you spot good properties, take advantage of good deals, learn the specialized requirements for buyer financing, and more.

Get Moving

The mentor can help you once things get going, but you have to start drumming up business. Get in the community and get involved in things. Once people see you moving and being an active member of the community, they will start moving their business closer and closer to yours.

Real estate investment is not hard to get started in. Once you have an association and mentor to guide you, you can face just about any challenge. Pick your mentor wisely. He will be more important to you and your business than you can possibly realize.

For more information on real estate investment or real estate franchises, visit us at Homevestorsfranchise.com.

Don’t be Blindsided

Monday, November 28th, 2011

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When the economy collapsed and the real estate bubble burst, many real estate investors found themselves blindsided. They had been solely focused upon one area of the real estate. When everything fell apart, they never saw it coming. They lost clients, tenants, money, etc.

The sad news is that real estate professionals don’t have to be blindsided or solely focused. In fact, most professional real estate experts will advise you to diversify your real estate business portfolio to keep from experiencing these types of short comings. You need to have multiple sources of cash flow or income.

Diversify Your Cash Flow

This actually sounds harder than it is. Real estate professionals have several options open to them that can easily create multiple income avenues without a whole lot of extra work.

Buying without a lot of investment

Some fancy people call this wholesaling. This is where you find decent properties and you purchase them for a reasonable amount considering their current condition, potential in the market place, and the amount it will take to put them at peak conditions. However, you may not have the money to do all of the repairs yourself or to hire someone to do all of the repairs. Instead of investing more of your money, you put the property out there for other interested investors to get at a slightly increased price over what you paid for it.

Buy, Invest, and Sell for Retail

Retail is the potential market value of the home depending on its location. Once the home has been purchased. It is normally fixed up to the high standards that exist within the neighborhood. Then, it is put up for sale. These types of houses really appeal to first time buyers. By the time the house is closed on, it normally sells for retail value.

Alternate Financing
The first two types of investment are great. They can get you a Lease Options and Getting Deeds
cent fixer-upper property for very little, and with a lot of work, you can get some money back out of it. There is quite a bit more money is pretty houses than in fixer-uppers, and the best part is you don’t have to fix them up!

Lease options allow you to put a house on the market for full value. Then, buyer may not have great credit. Therefore, they sign a lease and pay you a monthly lease or rent payment in addition to a payment to have the option of buying the house at a later date. If they decide not to buy, you get to keep their “option to purchase” money. You actually get money for trying to sell them the property.

 

Seller(Investor) Financing

In this situation, you work with buyers that do not typically qualify for a loan. By carrying the loan for the property, you open yourself up to more buyers. Since you are floating the note, you also can set the interest rate for the loan at any rate you want. This has the potential to greatly increase the amount you bring in over time.

For more ideas on increasing your rate over cash flow, visit us at Homevestorfranchise.com. We have many real estate investment and real estate franchise opportunities.

Estimate Before It’s Too Late

Monday, November 28th, 2011

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Most real estate investors start off making the same mistakes. They underestimate or overestimate the price of repairs to the investment home they are looking at. They also take too long making estimates. These can cost any investor lots of wasted time and money as well as keep them from landing the properties they are truly interested in.

Under calculating the rehab costs or time can cost the real estate investor lots of money. When he makes his offers, he may make them too high leaving his business very little wiggle room for extra costs, mistakes, and man hours. All it takes is a couple of miscuts, and the materials budget is thrown out the window.

Over calculating the rehab costs hurts the real estate investor too. By making the offer on the home too low, he leaves himself out of the running for it. If he should get the house, that is great, but normally a low bidding investor is disqualified or considered as an afterthought.

To prevent overbidding or underestimating offers, real estate investors need a speedy and efficient way of making accurate repair estimates. Most franchises will provide a system or software that will help you to make estimates quickly. If you haven’t had the chance to join one of the notable real estate franchises, like Homevestors, you can still create a system to help you make quick, accurate repair estimates.

Start by creating a spreadsheet either in a notebook or on a spreadsheet program, such as Excel. This spreadsheet should go with you to every job. On it should be the approximate cost per unit for every job you may have to handle for a renovation. Give everything a price, including the labor for the job. This is actually easier than you would think. Go to the local hardware store or to the online hardware store, and find the average price for most of the supplies used on a job. Get an average per repair per unit. (i.e. square, square foot, linear foot, etc.) Remember that your area and the types of materials used are going to greatly affect the overall price.

Remember to round up uneven estimate figures by large increments like $500. This helps to cover taxes, price fluctuations, etc.

Getting accurate quick offers onto the table will help to increase your real estate investments by tenfold. For more ideas and information on real estate investments or real estate franchises, visit us at Homevestorsfranchise.com.

Probate Real Estate

Monday, November 28th, 2011

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When you lose a loved one, the last thing on your mind is what to do with their home and belongings. Often, there is a fight in the family over who gets what, especially if there wasn’t a will left. This can leave your family in disarray and chaos for months. Many times, it leaves family members disenfranchised for years.

Inherited property problems can range from the simple to the complex:

Wills are normally some of the easiest inheritance issues to deal with. The owner of the property divides it and directly names the person to inherit each item or property. The will goes into probate.

Probate is where the will is proven valid, and the property retitled and redistributed as determined by the will. During the process creditors are notified and paid, executor of the will named, property sold to balance the distribution of assets, and distribution costs taken out. The probate process can be rather quick or rather lengthy depending upon the size of the estate, the work required to split all the assets, and find all the heirs.

Title problems can happen when the property is supposed to go to one individual, but the house may not have had a clear title. This causes complications. Any lien holders or creditors may stake their claim to the property. This requires a specialized attorney to review the title and all claims.

Multiple heirs tend to be very hard to work out. Everyone wants the property, but they don’t want to share it nor do they want to pay for the upkeep of it. In addition, everyone is confused as to who is supposed to pay the taxes on it. These issues keep mounting up till someone gets mad or the property gets sold.

It doesn’t matter what your family’s inheritance is. We Buy Ugly Houses can help you through the process of inheriting as well as legal issues, and we will gladly look at your inherited property.  In most cases, we can make you an offer the same day make you a quick cash offer so that you can move on with more important issues. It doesn’t matter what condition your inherited real estate property is in. We will look at your property, compare it to the local market, and give you an honest, fair offer for it.

If you have an inherited property you need out of quickly, visit us at WeBuyUglyHouses.com.

 

Need Repairs

Monday, November 28th, 2011

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Maintaining a home normally is not expensive. Sometimes, life throws unexpected things your way, like crazy weather, illness, or injury, and you are left trying to maintain a home without your full capabilities or resources. It is normally at times like these that little maintenance issues get forgotten. Over time, they become rather large maintenance concerns and repairs. Suddenly , you have a $50,000 or more repair on your hands.  Who has $50,000 to spare for a repair?

A Decision

When repairs mount up, it can quickly become unfeasible to stay in the home. You can’t afford to fix it, and if left unfixed, the home becomes unsafe and healthy. You may try to get the money for the repairs  but if finances for everything have else have been hard to get, obtaining really large amounts for repairs is harder. So then, the decision becomes can you sell your home and get another place to live?

Selling your home is a great decision. However, if you traditionally try to sell your home, it takes lots of time. Your house may stay on the market for months or even years. When a house sits unfixed for that long, the extent of the needed repairs can grow exponentially.  A $50,000 repair can turn into a $75,000 repair or more.

If you have repairs that need to be done, there is truly one sensible option. Your home needs to be sold as is quickly. Luckily, there are real estate businesses like We Buy Ugly Houses that will buy homes that need repairs. We Buy Ugly Houses will gladly come to your home, view the property and the extent of the damage, and offer you a sensible amount for your home.

Common practice of most businesses like We Buy Ugly Houses is to find the current market value and potential market value of the home after it is fixed. Then, they look at the extent of the repairs needed and make an estimate of what it will cost to do the repairs. They combine the three numbers to come up with an honest, fair offer for your home. Normally, it is less than market value to make up for the cost of the repairs. However, it is more than bottom price to give you a something a little extra to help move on with.

If your home is in need of repairs, why do them yourself or try to find a second or third mortgage to fix the home with? Give us a call at WeBuyUglyHouses.com. We would love to view your home and make an offer.

Real Estate Options give investors more opportunities

Monday, November 28th, 2011

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Real estate investors love using alternate forms of financing. By expanding your choices from buying and renting to other means, you open your real estate business up for more customer use. Some people hesitate at the thought of using alternate financing. All alternate financing does is provide a way to move the title of a property from one owner to the next without using banks. There are several types of alternate financing. Each one has its own rewards.

Lease option is of the most common alternate ways of financing a property. A person signs a lease to use or rent a property at a set rate. In addition, they purchase the right to buy the house at specified terms at a later date. Some buyers aren’t able to finance a property initially. This option gives buyers the opportunity to get their finances in order and hopefully be able to purchase the home later. A lease option gives buyers the option of purchase at a future date but never requires the person to actually buy it. Usually a percentage of the lease payments goes towards the purchase of the property.

A Lease purchase contract is a bit different. In a Lease purchase, the buyer still pays a lease or monthly fee to the owner for the right to live on the property. The buyer also pays for the right to purchase the property at a future date. Unlike a Lease Option, a Lease Purchase legally binds the buyer to the seller and the buyer is legally obligated to purchase the property before the date stated upon the paperwork. The good news is a portion of the monthly payment goes towards the future purchase of the property.

Rent to Own is another option. This is very similar to the lease to own option but it is used normally for lower priced homes of $150,000 or less. The buyer pays a down payment and monthly rent. He also pays for the right to purchase the property before the option to buy is up. Some real estate franchises have developed “special” rent to own programs.

Owner financing is the last option. In this option, the buyer pays a down payment that goes towards the equity on the home. The buyer pays mortgage payments to the seller, and he gets the title to the home before he moves in. The seller becomes the lending institution.

Opening your real estate investments up for alternate financing gives you chances to create cash flow and move properties at the same time. For more information on real estate investments, visit us at Homevestorsfranchise.com.

Landlords Saving Money

Monday, November 28th, 2011

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Real estate investors carry insurance on their properties to protect their investments. Depending on the number of properties you insure, the total you pay can mount up substantially. The biggest problem with multiple properties is trying to make sure you don’t overpay. Before you renew any more real estate insurance policies, try these insurance tips on for size.

Research several real estate insurance companies to make sure you have the best rates for your policies and area. Every company promises they have the best rates, but if you have ever bought car insurance, you know that isn’t true. Go online, call around for rates, or go in for face to face meetings. Ask lots of questions and make sure you get any quotes or estimates in writing.

Check the type of coverage you have on each property. There is a huge difference in the price and coverage of a homeowner’s policy and a dwelling policy. You primary dwelling or vacation home should be covered by homeowner’s policies. Rental properties should be covered by dwelling policies. Make sure you have the coverage you need.

Check to see if your policy has you or a lien holder listed. You want to have your statement sent to you. If you have no escrow, it is possible that your statement is being sent to the lien holder. If you haven’t gotten a statement, make sure you call your agent to get one.

Find out if your insurance company offers full payments and split payment options. Discuss the differences with your insurance agent. If you have a lot of policies to pay, it can be pretty difficult to come up with all of the payment at once. By splitting the payments up, you have a chance to spread the total out over time, making it easier to pay. Of course, there will probably be a set up fee for the split billing and an additional per payment fee. However, when compared to the reduced stress load and convenience split billing offers, these fees are minimal. Agents prefer all at once payments,. You may have to request payments for your insurance policies.

Who knew that one or two little things can make a difference in the amount of insurance you pay or in your stress level. As a real estate investor, you have the right to ask questions and perform research to find out what will be the better money saving solution for you. For more ideas and information on real estate investments, visit us at Homevestorsfranchise.com. we also offer great real estate franchise opportunities. Call us for more information!

What Real estate investment management is

Monday, November 28th, 2011

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Many real estate investors buy real estate to use for income, but they aren’t really sure what all that entails. They think it just means that you get a property, rent it or sell it, and collect the money. Managing your real estate investments requires so much more than that.

Find out the basics.

There are classes and training from your local apartment association to help you get started on your rights and your tenant’s rights. There are also books available to help you brush up on the subject. Before you put out that first for rent sign, you need to have the essential knowledge to protect your interests

Running the show

Owning and operating an apartment is not cheap. There are a lot of expenses you wouldn’t think about that are involved in running the day to day operations of a real estate investment property. In order to increase the cash flow from the property, your goal is to be as efficient as possible with repairs, materials, and customer dealings so you decrease your expenses.

Over time, these are some of the expenses you will have to budget for:

Advertising                         Credit checks                                     Eviction services                               Insurance

Legal services                    Maintenance and repairs             Office equipment and supplies

Property management  Property renovations                     Utilities

Taxes, including business tax, property tax, and local, state, and federal taxes

Dealings and Discrimination

When dealing with tenants or clients, make sure that everything is in writing and follows the guidelines for Fair Housing. Fair Housing prohibits discrimination based on race, gender, age, disabilities, marital status, sexual orientation etc. If you violate these laws, you can have a serious lawsuit on your hands.  To be fair, make sure all adults on the property sign the contract agreement. This means they all agree to uphold the terms of the contract, and it covers your end in case any legal issues arise with one of the employees.

Your contract agreement should state everything from how maintenance procedures are handled to when rent is due. The type of rental contract plus the amount of the rent should be clearly stated, as well as any deposits or fees and how they may be returned if applicable. Having a lawyer read through your contracts is a good idea. They can spot any legal issues and help you to correct them.

Maintenance Issues

Assign maintenance issues to one of the three levels of importance:

1. Do Now, Emergency

2. Do Later, Not an Emergency

3. Do When Extra Money is Available

Establish an easy to do notification system that tenants can follow through with. It should be convenient and easy to understand. It may be a twofold system (i.e. if it is an emergency call this number. If it is not an emergency, call this number.)

Stay on top of maintenance/repair needs. Your real estate investment properties must stay in compliance with the local housing codes. Plumbing or HVAC problems should be handled within one day. Keep the renters informed during the repair process to avoid later legal issues.

This is just some of the issues that real estate investors must consider before getting their first real estate investment property. For more information on real estate investment or real estate franchise opportunities, visit us at Homevestorsfranchise.com.

How to Pick a Good Real Estate Investment Area

Monday, November 28th, 2011

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As a real estate investor, you want to make the most return on your investment. Although we would like to think every property has great potential for revenue, this sadly isn’t the case. Some areas are well desired and move properties quickly. Other areas are less desired and take longer to move properties. To keep you from getting a bad real estate investment property, here are some basic fundamentals to get you moving:

Local Real Estate Market

Get to know the local economy inside and out. Research your target region’s demographics. Before buying any property, you must know the local economy’s effects on the area and the home’s ability to produce cash flow.

Population Growth

If the area isn’t growing, it’s not smart to invest there. Look at the population growth of your target region. Look at the average for the state or area. If there are people moving into the area, there is going to be a need for rental real estate over the next few years in that area. As long as there is a wide variety of industries and jobs available, buying a real estate investment property there is a good idea.

Local Government Involvement

In places where the local government is making great strides in the community, there is always great growth later. The improved roads, bridges, and public transportation make it easier for individuals to get around and lead successful lives.

Transitional areas

Many cities have older areas that looked to be shut down  for years. Often these areas can be rethought out and made new again. It requires work and forethought, but the end product is a revamped community of renovated homes with new families living inside. Your local government offices will tell you where there are any redevelopment plans on file.

By putting these areas together, any real estate investor can successfully purchase one or more properties in a nice neighborhood that can be rented or sold later. Demographics and the economy help to determine most businesses’ buying decisions. Real estate can grow more successful by implementing the same plan.

Real estate investment can be a rewarding way to build a successful real estate business. For more information on the exciting word of real estate investment opportunities as well as real estate franchise opportunities, visit us at Homevestorsfranchise.com. We want you to invest in us.