Archive for May, 2012

Seed Money – Money I Need To Get Started

Friday, May 11th, 2012

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Whether you are starting an entire real estate business or looking to invest in just one property, finding the starting capital or seed money is extremely important. Where to locate it can be quite perplexing, especially if you aren’t used to raising funds for projects. The main thing to keep in mind is you can do it.

Where’s the Money At?

Start Here
Finding the seed money is everyone’s problem. It begins by locating the deal that you want to invest in. Knowing where the property is, its condition, approximate value, and the potential profit helps potential money lenders see the value in giving their money to you. Your supporting evidence answers a lot of questions and removes any doubts they might have about your credibility or the actual existence of this property. Put this information into a nice presentation folder. It not only makes it pretty to look at, but it also organizes the information in a logical manner for easy flipping through.

Go to Your Network First

Most people use this as a last resort. That is a big mistake that beginning investors make. After all, if someone is going to loan you money, it will probably be a person that knows you well.  They are more likely to take a chance on you and to be a little more forgiving if there are problems paying them back.

Of course, your network includes friends and family. It should also include those that you come into contact with every day that might have a little extra cash that they want to invest. The postman, the gas station attendant, your pastor, etc. all have investment needs of their own. Putting in a few dollars for a healthy return will help them and you to slowly build your net worth.

After you have hit your network, figure out how much money you still need to make the investment. That amount may easily be put onto credit cards, taken from savings, or even pulled from your retirement account. If the amount is still too great, you may consider heading to your bank.

No one wants to have to take out a second mortgage or get a home equity line of credit. Unfortunately, some investment properties do require those kids of actions to get started in the real estate business. The good news is by working with your network first, you have proved that there is value in your idea. When you approach the bank for the money, the amount you have already pooled will be taken into consideration. The larger the amount, the greater the likelihood the bank will finance your investment dream.

For more information on real estate investing, call or visit us today at Homevestorsfranchise.com. We are the nation’s largest home buying franchise. Our company has a wide variety of real estate investment and real estate franchise opportunities to help you grow your real estate business. Call or visit us today for more information.

HomeVestors Releases Tips on Renting and Leasing for Newbies

Monday, May 7th, 2012

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Real estate investors can save time, stress, and money by using professionals for advice and help with investment properties.

Dallas, Texas HomeVestors has knocked out many of the problems first time real estate investors have with investment properties. Their experience has proven there are a few things new investors can keep in mind that will help to reduce the number of problems they experience trying to rent properties.

The area a real estate investment property is in determines the features and amenities that must be included in a rental property. Although HGTV and DIY have raised people’s knowledge and expectations about what should be in a home, not every location is a good fit for million dollar features. Properties should always be at least a step above builder’s grade. Although builder’s grade can be nice features, they are the very cheapest materials that builders can get to complete a home in a timely manner. A step above makes a home feel like it is quality built and carefully designed.

A real estate agent is a valuable resource. He can provide information about competing rental properties in the area. In addition, he can spell out what should be included in an investment property to make it move quickly on the market. He can assess the property for its potential value, which can help determine its acceptable level of monthly rent. The real estate agent will also be able to show and help lease the property for you.

Property management companies are another valuable resource for investors. They take on the people problem in real estate investing. This includes handling contracts, accepting and tracking down rental payments, taking care of maintenance problems, and more. This frees up time for real estate investors to do other things and reduces their stress level daily.

Insurance is a valuable investment. It covers replacing an investor’s rental property structure in case something should happen. All tenants should have renter’s insurance. It helps to replace the renter’s items that were lost, damaged, or destroyed. It can be required as a part of living in a rental unit.

About HomeVestors of America Inc.

Dallas-based HomeVestors of America, Inc. is the largest buyer of houses in the U.S., with  50,000 houses bought since 1996. HomeVestors trains and supports its  independently owned and operated franchisees that specialize in buying and  rehabbing residential properties.  Most commonly known as the “We Buy  Ugly Houses®” company, HomeVestors strives to make a positive impact in  each community.  In 2012, for the seventh consecutive year, HomeVestors  was among the prestigious Franchise Business Review’s “Top 50  Franchises,” a distinction awarded to franchisors with the highest level  of franchisee satisfaction.  For more information, visit www.HomeVestors.com.

 

Get Active in Real Estate

Friday, May 4th, 2012

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If a person wants to be successful at anything, they have to have the background and knowledge to make them successful. In real estate, the only way to get this knowledge is to become an active participant in the real estate industry. That is where many real estate investors have trouble. Instead of getting into it, they prefer to fly solo. Real investors know this isn’t smart. Instead, they utilize these three success hints:

Build a network. Every professional knows the value of a good network. It doesn’t matter if the industry is church work or construction. A good network will provide ideas, resources, and support that aren’t available to those that fly solo. A one man army did not win this nation’s freedom. A one man network will not make a successful real estate investor either. Try going to social events, business owner meetings, Main Street Organizations, etc. A successful real estate investor has a network that is filled with people from all backgrounds. That way there is always someone out there with the right answer.

Be location knowledgeable. The property in every city or town is valued differently. Smart investing requires an active knowledge of the area. This includes which locations are growing, dying, etc. The census is a great source for numbers and can help to identify areas with growth potential. Having this knowledge will help investors make smarter decisions about potential real estate property locations, and everyone knows that location is … everything.

Be aware of the economy’s status. The economy greatly affects the state of the real estate industry. Knowing how it is trending helps to determine which decisions are the right ones for any real estate investment. If the economy is booming, sell while prices are going up. If the economy is unstable or in a decline, it would be better to hold onto any real estate investments. It would be wise not to purchase any other investment properties until the volatile economy stabilizes.

Economy, location, and network are the three pieces that get real estate investors started in active real estate participation. That is a great leap towards success. For more topics related to real estate investment, visit us at HomeVestorsfranchise.com. Our company is the nation’s number one home buying franchise. We have a large selection of real estate investments and real estate franchise opportunities available to help you grow your real estate business. Call or visit us today for more information.

 

HomeVestors Answers Tough Questions for Investors

Tuesday, May 1st, 2012

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Beginning real estate investors are easily beguiled by the types of property sales. The leading home buying franchise clears up the confusion.

Dallas, Texas – HomeVestors has spent the last 15 years making home buying and real estate investment an art. Through their experiences, they have cleared up many of the confusing areas that can lead a beginning real estate investor down the path of financial hardship. The most prominent area of confusion is the type of property sale.

Real estate investors typically deal with four types of property sales. These include the standard sale, REO sale, foreclosed sale, and the short sale. Although there can be true treasures in every type of sale, there are certain occasions that are better for investors than others.

Foreclosures

Foreclosed properties have been repossessed by the bank due to someone defaulting on their loan. These properties are generally left as is, and depending upon the previous owner, they may require a lot of work. Generally, foreclosures are auctioned off on the courthouse steps, and buyers and required to bring cash or check to pay with. Once the property is bought, it is the new owner’s responsibility to make any needed renovations and repairs.

REOs

An REO property is a bank owned property that did not sell at auction. Since it did not sell, the bank was forced to take it back over. These real estate properties are sold as is, and the bank is not responsible for any needed repairs. If the bank is feeling generous or wants to get more out of a home, they may have the place cleaned or painted. This is not generally the case. Be careful with REOs. The bank’s sale price may be really close to the standard sale price, and an inexperienced real estate investor may pay too much for a property he has to fix up.

Short Sales

A Short sale property is has never been foreclosed on, and it never has to be defaulted on. Usually, these are properties that sellers must get out of for financial or job related reasons. Instead of waiting until they default, sellers take a proactive approach and agree to sell their home, even if the price is smaller than the amount they owe.

With short sale, the catch is the seller must have a buyer, have the proof that their home is worth less on the market now, and must get the banks approval to sell. The bank will send out an appraiser. Depending upon the difference between the appraised value and the offer, the bank may or may not approve the sale. The problem with short sales is they aren’t short. The entire paperwork process can take up to 2 years to complete, and on top of that, the seller may still have to pay the difference between what is owed and what the real estate sells for.

If a real estate investor is looking for a quick investment, a short sale is not a viable option. Although foreclosures and REOs require work to get them in shape to rent, these two types of property sales are better for fast property turnaround.

About  HomeVestors of America Inc.

Dallas-based  HomeVestors of America, Inc. is the largest buyer of houses in the U.S., with  50,000 houses bought since 1996. HomeVestors trains and supports its  independently owned and operated franchisees that specialize in buying and  rehabbing residential properties.  Most commonly known as the “We Buy  Ugly Houses®” company, HomeVestors strives to make a positive impact in  each community.  In 2012, for the seventh consecutive year, HomeVestors  was among the prestigious Franchise Business Review’s “Top 50  Franchises,” a distinction awarded to franchisors with the highest level  of franchisee satisfaction.  For more information, visit www.HomeVestors.com.