Category: Real Estate
You are here because you are considering getting started as a real estate investor. You’re probably also thinking that it seems rather overwhelming when you look at the whole picture. Well, never fear because you’re about to learn a few things, and the more you know the easier everything will seem.
Before making an investment in real estate, analyze the current market and do your research. Investigate as many as 100 individual properties in that area; track your notes with a spreadsheet or database. Things to list include current pricing, projected rent earnings, and repair budgets. This information will help you find the best deal.
Make sure that you set realistic goals based on the budget that you have. You should not set a goal to buy ten houses in the span of a month if you only have a hundred thousand dollars to your name. Set reasonable expectations to avoid setbacks at all costs.
Marketing will be crucial to your success. Marketing is what generates your leads. Without solid leads, you are not going to find good deals on properties. Therefore, if something is not working in your investment plan, turn to your marketing strategy first to see what is going on and what can be adjusted.
Create an LLC if you’re positive that you’re getting into real estate. This creates a layer of protection for both yourself and your investments going into the future. There are possible tax benefits to incorporating your business as well.
Location is very important in real estate. Property conditions and other issues can be fixed. Investing in a property that is located in a bad neighborhood will probably lead to failure. When looking to purchase real estate, always make sure you investigate the area and its property value.
See if there are all of the stores and schools that you’ll need around the real estate that you’re thinking of getting for your family. You don’t want to move to an area where you’re not near anywhere that you need to go to. It would cost you a lot in traveling expenses, so keep that in mind when you move anywhere.
How does it feel knowing you’re getting serious about investing in real estate? You never know, you might just be the next Donald Trump. Of course, make the investment decisions that are right for you, and always be aware of the risk and reward. You are going to do just fine.
Can buyers do well for themselves in a sellers market?
Currently, a number of big metro areas like Austin and Houston are experiencing a sellers market. The higher prices, low inventory, and heavy competition between buyers can understandably make buyers reluctant to try to purchase a home now.
But just because it’s a sellers market, doesn’t mean that there aren’t strategies you can use to find a beautiful house within your budget. The following are 10 home-buying tricks for a crazy market:
1) Mail homeowners a letter, even if their home isn’t on the market. If you see a home you really like, you may want to take the chance of mailing a letter to the homeowners, introducing yourself politely and expressing appreciation of their home and your willingness to purchase it. Be sure you’re coming across as professional, courteous and trustworthy. Some homeowners will ignore such a letter, but there’s a chance that others will get back to you if they’ve been thinking about selling their home.
2) Develop a knowledge of the area. If you already live in the vicinity, you may have an easier time familiarizing yourself with the neighborhood you want to live in. For example, you can find out if there are any empty-nesters or senior citizens who are thinking of selling, and you can hear other information through word-of-mouth. If you live too far away, it’s especially important to have an agent on your side who knows the area inside-out.
3) Look into pre-market listings. One example is Zillow’s Make Me Move list. There’s of course no guarantee that you’ll find a home by doing this; just because a home appears on this kind of list, doesn’t mean that it will available for sale soon (and owners may always change their mind about selling). But maybe you will spot an opportunity.
4) Look into For Sale By Owner (FSBO) listings. FSBO listings involve homeowners who are trying to sell their home without an agent. If you go this route, you may find some homes at relatively lower prices, though this isn’t a guarantee. Also, you’ll need to make sure the seller is on the up-and-up with all disclosures that need to be made.
5) Look into expired listings or listings that have been withdrawn. There are a number of reasons for why the listing for a home expires. Checking out these listings might be a good way to find out about homes that owners would still like to sell.
6) Don’t overlook estate sales. You might find out about estate sales in the area and attempt to reach out to the parties involved before they list the property.
7) As much as possible, get everything prepared. Check that your credit is good and that you have the money you need. Try to get pre-approval for a mortgage. Define your limits, including the maximum you’d be willing to hand over for a down payment and what you’d be willing to negotiate on. In a sellers market, homes can get sold extremely quickly. If you find a home you like, you want to be ready to pounce.
8) Go to a showing as soon as possible. If you hear about a home that’s for sale, immediately reach out to the homeowner or their agent. Make plans to see it ASAP. Don’t put it off, even for a few days.
9) Find out what the seller wants aside from money. Maybe, after selling their home, they don’t want to move out immediately. Or maybe they need to move out by a certain date. If you can make things easier or more convenient for them, this may give you an advantage over other buyers you’re competing with.
10) Team up with an experienced real estate agent. Chances are, you can’t do this all alone. Given the competitiveness among buyers and the speed with which homes are sold, you need a good agent on your side to scout out new opportunities, move quickly on your behalf, successfully negotiate for you, and make sure that no one is taking advantage of you.
Don’t hesitate to contact us for further advice and assistance. Even in a sellers market, you can find a home you’ll love, within a budget that works for you.
When you decide to sell your property, you get what you put into the process. The sellers who is most informed and educated will often reap the best in real estate arm themselves with information.This article has many tips and methods to ensure you become smarter about real-estate selling.
Make sure all the rooms in your home are well-lit before inviting potential buyers for a viewing. A well-lit home will not only appear larger, and will put buyers at ease about potential problems in a home that is darkly lit.You may see more interested buyers if you turned on the lights.
If you are going to resell your home, you should look at it as a valuable commodity and take better care of it than you would your own home. This allows you break your expectations and negotiations once you the ability to market it to its fullest extent.
Use as many different channels as necessary to find or market your real estate. You will want to exercise every option available in order to achieve the avenues that are open to help you find the success you are seeking.
Try to sell your old house before moving to your new one if possible. It can be extremely difficult to keep up payments on two residences while waiting to obtain a buyer for your previous home.
A newer investor will likely to learn the hard way that there are serious downsides to being new to the game.
Clean up your yard to boost your home for sale. Things like busted fences, like broken fences, overgrown plants, giant compost heaps and dingy garden furniture can quickly turn off potential buyers and lower the overall value of the property.
Select a real estate agent with care before selling your home.You should know that your agent you are working with knows what they are doing. An experienced real estate agent with good credentials will make your transactions run more smoothly and at the best price.
Price your home fairly to save yourself time and trouble.
Get rid of the clutter if you show your home.
Just by making some small updates to your kitchen you can have a big impact on the value of your home. You may want to switch out one appliance to update the look and provide a focal point. It’s quite expensive to install new kitchen cabinets, so try repainting them for a new look.
The little efforts involved in keeping up with painting, painting, and other small repairs can be a bother for many homeowners. However, if you don’t keep these items up to date, the home will require a great deal of work and expense before it is ready to sell.
New flooring could be an expensive investment in which you won’t be able to enjoy it.Instead, just do a thorough cleaning of the existing flooring, so that they do not reflect negatively on the house.
Once the interior is ready, try going outside and walking around to check the exterior of the house. Focus on your home’s “curb appeal.” The exterior of your house must create a good impression on the home will make or she approaches your house for the buyer’s first time. If you see problems that would put potential buyers off, then you want it taken care of as soon as possible.
When you are considering putting your house on the market, there are certainly a number of things you should do first so as to get it ready for viewing. Besides current financial hardships, the primary reason why homes take a long time to sell is because the potential buyers cannot see themselves residing in that place. There are a lot of trade secrets that can improve a home’s visual appeal, yet there are also many other things that the seller can do to get their home sold fast. Here is a short overview of what sellers have to be doing to sell their property in today’s competitive market.
The most important thing to do is distance yourself from the feelings you put into making this house your home. Although it may be difficult to do that, selling your home for an excellent price is the most crucial consideration. To be able to take yourself out of the home, you must make it anonymous to buyers. This means giving up your forest green paint and wedding pictures for natural tones and less personal art. Next you must (we reiterate, must) get rid of all clutter and keep the house clean. Now, this is really easier said than done, since many people still reside in the home while trying to sell it. When cleaning up and de-cluttering, it is very important to not neglect the yard areas and garages as well. No matter what you do, if it is tucking items underneath a bed, getting rid of broken-down trees, or packing early, just make sure that your home is attractive. After all, potential customers are judging each house in accordance to the others.
House improvements to the most crucial areas in the home, such as the bathrooms and the kitchen, are guaranteed big money makers. If it’s not in your budget to do these improvements, you may wish to consider leaving some allowances for selling price negotiation involving these spaces in your contract. Beyond the physical appearances, key issues to the home, like a leaking roof or an awful furnace, have to be repaired before selling. Again, if they cannot be, then you’ll have to divulge these issues right away and leave room for them on the negotiation table.
Listing your property with the right agent is also something that directly affects how quickly you will sell your house. Trustworthy real estate agencies like Remax and Keller Williams have broad marketing programs where they publish listings of your home. These listings create leads on your property. It’s your realtor’s job to market your house honestly and to the right demographic. For example, if you have a small condominium for sale in Louisville, Colorado, it could be smart to try to market your property toward new families or working professionals. Your realtor should be ready to suggest things like converting the second bedroom as a nursery or an office/guestroom.
Has your house been on the market for more than a month or year? Are you presently thinking ‘If someone will agree to buy my house as is?
“Hiring a professional realtor” is probably the first thing that comes to your mind when you are required to find out a potential buyer for selling your property fast. But the trend has already changed for several property owners who are now using a quick home sale buyer for selling their homes within a limited period of time.
But you need to weigh out this option carefully and ascertain that the services of a “Buy My House” company will suit your present condition and cash requirements. You can count on some extra time to check out the reviews of the house buying investors before making a final choice. It will help you know about the expertise of the company and the time frame within which it can accomplish your home sale.
If “Buy My House” is your top priority, then you can consider using a real estate agent. With the valuable insight of the realtor, you might be able to find a prospective buyer for your home sooner or later. You will have to consult with the realtor over the phone. He/she will then visit your home, analyze the situation, take photographs, and evaluate the property and its price. In the next week, your home sale ad will get promoted through the conventional print media, the realtor’s contact list, and also through his/her own website for grabbing the attention of more number of prospective buyers. After a few days, someone interested may call you and want to visit your home. Many of these buyers desire for a home in tip-top condition and may not like to buy yours especially if it is distressed or poorly maintained. It may add to your level of disappointment and force you to think about the option of home repair and maintenance. There are “Buy My House As Is” investors who can minimize the wastage of time on multiple home visits. If you want your house sale to get confirmed without going through lengthy and tedious home selling process, then you can make a call to an experienced quick home buyer right away!
With fast home investment companies, you won’t have any risk of your home sale getting delayed due to legal documentation or any other reason. They will neither pull out of the deal at the last moment nor will try to take advantage of your situation. Some of these investors are known in the industry for bringing fair deals to home sellers and confirming the sale in as little as one or two weeks.
Your “Buy My House As Is” plan can be successful especially if you subscribe for the service of a specialized quick home selling company. The investor will focus on to give you a suitable cash offer on your home sale within 24 hours. From providing a guaranteed cash offer and removing any tension of buyer’s pull out to paying for legal charges or repairing costs, it will do all that can give you the best possible satisfaction.
In addition to this, a “Buy My House” investor will offer the best possible value for your home on sale according to current market situation. It may give you the option to sell and rent back your home. It will allow you to take your home on rent for a monthly payment even after selling it. It will be the perfect solution if you want to leverage the equity in your property without relocating to anywhere else. In this way, you can meet your cash requirement and avoid the anxiety of relocating to a new place.
When you’re considering selling your home, there are certainly a number of steps you have to do first to be able to get it ready for viewing. Besides recent economic difficulties, the number one cause why homes take a very long time to sell is because the potential buyers can’t see themselves living in that space. There are many tricks of the trade that can improve a home’s visual appeal, yet there are also several other things which the seller can do to get their house sold fast. The following is a short summary of exactly what sellers must be doing to sell their property in the current competitive market.
The most important thing you can do is disconnect yourself from the feelings you put in making this house your home. Even though it might be hard to do that, selling your house for a very good price is the most important consideration. In order to take yourself out of the house, you should make it anonymous to customers. This means giving up your forest green walls and wedding pictures for natural tones and more impersonal art. Next you must (we reiterate, must) eliminate all mess and keep the house clean. Now, that is actually easier said than done, because many people actually live in the home even while attempting to sell it. When cleaning up and de-cluttering, it is very important not to overlook the yard spaces and garages as well. Whatever you do, whether it is hiding items under a bed, removing fallen trees, or packing early, you have to make sure that your home is presentable. After all, potential customers are judging every property in comparison with the others.
House upgrades to the most vital rooms in the home, like the bathrooms and the kitchen, are guaranteed big money makers. If it’s not in your budget to do these improvements, you might need to consider allocating some allowances for price negotiation concerning these spaces in your contract. Beyond the physical looks, key issues to the home, like a leaky roof or an awful furnace, need to be fixed before selling. Once again, if they cannot be, then you will have to divulge these issues immediately and leave room for them at the negotiation table.
Listing your home with the right agent is also something that directly affects how fast you will sell your house. Trustworthy real estate agencies like Remax and Keller Williams have extensive marketing programs where they publish listings for your home. These listings create leads for your property. It’s your realtor’s responsibility to market your house honestly and to the suitable demographic. For instance, if you have a small condominium for sale in Louisville, Colorado, it could be wise to try to sell your home to new families or working professionals. Your realtor should be able to suggest things like staging the second bedroom as a nursery or an office/guestroom.
Home inspections for older houses pose challenges that property inspectors don’t confront with newer properties. Although new homes have their share of issues, older properties are definitely more prone to be filled with concerns as a result of age, use and deterioration. Three of the more common areas of older properties to which home inspectors will need to pay particular attention are electrical wiring, plumbing and structural issues.
The electrical wiring of an older property calls for meticulous inspection. It is quite possible to discover missing insulated tapes, damaged cross-sections of the wire or damaged electric sheath of the wires. Old residences were built with ungrounded electrical receptacles and fixtures, and a number of local building codes still don’t require for these to be re-wired for grounding. Nevertheless, a property inspector will mention where grounding ought to be incorporated for safety. Grounding protects family members from electrocution by forwarding the flow of any leak into the earth rather than into a person who touches a faulty fixture, appliance or tool.
Old sewer pipelines are very vulnerable to damage over time, so these demand close inspection as well. Although recognizing a major leak is easy, minor leaks can be tough to find, because a lot of the time minor leaks are concealed behind cosmetic modifications. Home-owners often polish, repair and remodel their bathrooms, which might conceal leaks and improper fittings. Older homes may have other distinct plumbing challenges that are not exactly defective but rather troublesome for maintenance and repairs. Specifically, an older home can have copper plumbing and that is not optimal when it comes time for them to be serviced. The home inspector will need to look past the veneer for these minor issues with major potential.
Structure and Roof
The structural integrity of an older property needs to be validated to ascertain that the overall sturdiness of the structure is truly the same as what is being claimed. Taking a close look at the I-beam and other structural foundations is vital, because this will demonstrate the strength and life of the building for a property buyer. Fractures and other issues in the foundation may well need some repairs, so the property inspector of an older house may have to put in more time examining this area than a new home would call for. Also, the older residence may mean an older roof, and older roofs can be quite troublesome and expensive. Cracked shingles are common among older homes and require maintenance and/or repair. In regards to the roof, chimneys and ventilation points should also be meticulously checked.
Older houses have had a chance to develop problems not seen in newer properties, so inspectors must be aware of these challenges during property inspections for these properties. This is due to different building standards in the past, as well as, the fact that over time, any part of a home could give way. It is always crucial that an inspector is at the top of their game when examining any home, but as discussed above, it is particularly important when dealing with the special challenges of an older home.
With the housing market in a state of shock, and jumping through the necessary hoops to get that crucial mortgage being hard, buying your dream home may feel like it’s at an unattainable reach. Think again.
Here are the 5 most important step you can start taking today to achieving your dream and purchase that home. All these factors presented are of fundamental importance but when followed will place you firmly on the path to success.
1. Shape up financially
Shake off the burden of debt as quickly as possible. Plan how you will get debt free or at a minimum only have a small bank overdraft (with low interest rate). Always start by paying off the debt with the highest interest rates. Have completion date and stick to it.
Learn to budget, how to stick with it, and start using one today. Make saving an essential part of the budget. The two easiest ways to save money is to get debt free and learn to spend less, consider doing both.
Using websites online you can quickly find the crime rate, the average wages, and the change in house prices over the last five years. Certain areas or streets perform better than other, research more why this has occurred in those areas.
Take time to drive around the neighbour to get a feel for the area. See if you can locate a good school (within walking distance), supermarket and local convenience store (check the hours) and of course you can check things like play parks, pubs etc too! See how many house look abandoned or in a bad state. Lastly, how far are you from the office? How easy is it for you to get the train (if you work away a lot) or to the shops?
3. Let the Hunt Begin
Search high and low for properties on the market; make a list of what takes you’re fancy and what rubs you up the wrong way.
When you have a list of what features you are looking for and potential neighbours, then you are ready to find estate agents and let the house hunting begin! Stay focus on what you are after and your price range.
4. Find a Mortgage
Study the types, feature and interest rates currently available on mortgages. Do not rely on the mortgage lender to give you advice, make sure you know all the facts for yourself. Remember it’s their job to sell products. Also when comparing mortgages and their terms, do check how they compare online.
As this is a long term purchase, do not get caught up with short term ideas or see this purchase as a quick way to make money. With that in mind, make sure you pay a fair price and have the confidence to ask for a discount if needed.
Trust the information presented in the home survey, and weigh up if you can afford to take major problems should any arise. In these situation it good to know you can walk away.
A few years ago, when the property market was booming, you probably would have had a buyer for your home before the listing had even appeared in the estate agent’s window. But times have changed and if you want a quick house sale in the current economic climate, you need to do everything possible to attract a potential buyer.
10 tips for a quick property sale
1. Tidy it up! Potential buyers don’t want to see clutter and mess everywhere—it detracts from the important features in your home and makes small rooms look even smaller. Box up miscellaneous clutter and get rid of extra pieces of furniture until you have a sale.
2. Bedrooms are always an important selling point so if you have a bedroom currently being used as a study or playroom, put a bed back in there to ensure your home appeals to families. However, if you are hoping to appeal to young professionals, highlight potential home office space instead.
3. Decorate! You don’t need to go mad and have a new kitchen/bathroom fitted, but a lick of paint and some new carpet and curtains will help attract potential buyers, particularly if the property is looking a bit worn around the edges. And if you do decorate, stick to plain, light colours to create a feeling of space.
4. If there are any DIY jobs you have been putting off for years, bite the bullet and do them! Leaky gutters and a broken tile might seem unimportant to you, but they could be enough to put a buyer off, so fix them.
5. Kerb appeal is very important when selling houses—stand outside and look at your home from a buyer’s perspective: if the first thing you see is a lot of weeds and the recycling bins spilling out on to the driveway, it’s not a good look. So tidy up the garden, cut the lawn, plant some flowers, and add a hanging basket or two.
6. Don’t overprice your property—it may sound obvious, but too many people think their property is worth more than the current market value, and then wonder why nobody is coming to view. Do some research to see what other properties in your area are selling for, and then obtain several valuations to help you agree on a realistic selling price for your property.
7. In order to sell a property, it needs to be marketed well, so choose your estate agent carefully. Look around and see which agent is active in your area and pick the one you feel has the best motivation to sell your home.
8. Although you are likely to be paying an estate agent to sell your property, it doesn’t hurt to put the word out there yourself—tell everyone and anyone you are selling, and if you are lucky, someone might have a friend or colleague looking for property just like yours.
9. Once you have a viewing lined up, clean your home from top to bottom, keep pets and kids out of the way, and avoid making nasty cooking smells five minutes before your buyers show up.
10. Make your buyers feel welcome when they come for a viewing. Offer them a drink and have information to hand about local schools and other important amenities. It doesn’t hurt to dig some utility bills out either, just in case they ask.
Selling a property fast is not an exact science, but you can certainly maximise your chances of attracting a buyer quickly by selling at the right price and offering them a clean, tidy and attractive home!