November 6th, 2009
When buying any piece of real estate it should be your number one goal to get the property for as cheap as possible. On the other side, the seller is trying to receive as much money as they can. This is where all the negotiations start.
Simply put, you either get a good deal or you don?t ? this all starts with the buying price. To get the best deal you must do your homework. How much is the home worth compared to what others in the area have sold for? Do you know how long the property has been on the market, and whether or not any price reductions have taken place? The more questions you ask the more information you will find.
If you want to get the best possible deal, hire a real estate agent to work on your behalf. When buying a home with the help of an agent you do not pay a dime ? they get their money from the seller?s agent. What you get is professional assistance that can help you receive the best possible deal.
The deal you get is the deal you get; there is no going back. For this reason, make sure you are 100 percent sure of what you are doing. The final price is an important one!
Posted in Real Estate Market | No Comments »
November 5th, 2009
Preparing and staging a home for sale is an important part of the whole process and shouldn?t be skipped if you?re looking to make a quick sale and get the most money for your property. Use the following tips to make sure your home is ready to go on the market.
Clean
This can?t be stressed strongly enough. If you?re not into cleaning your own house before the sale then hire a professional, in fact it might be worth the money to hire one anyway as they will notice areas you routinely overlook. But no matter who does it, a top to bottom thorough cleaning is a necessity.
Remove your Personality
Most people can?t imagine themselves in someone else?s home, the key is to make your home look like their new home, not your old one. Take your personal items and photographs down, remove your collections, and let go of the home emotionally. As a side note, be sure to remove anything of value before your home is open to the public for other reasons.?
Strip the Room
Take as much as you can out of each room. This means take out all unnecessary furniture pieces and accessories. Less furniture will make the room look larger and more appealing to prospective buyers. Really skilled stagers will be able to bring in just the right amount of accessories to make the home look like an interior decorating magazine, attractive but depersonalized.
photo credit:?army.arch
Posted in Investment Property, Marketing, Real Estate Market | No Comments »
November 4th, 2009
Are you thinking about making an offer on an investment property? If so, you know that this is a big step in your financial life. After all, it is the price you pay that will determine whether or not you get off on the right foot.
Offering on an investment property is not always easy. You need to consider many details starting with the asking price.
Above all else, keep in mind that paying the asking price is not something you have to do. This is only a starting point for negotiations. It is your goal to buy the property for as much off list as possible. Of course, the seller is trying to make as much money on his end as well. This is where the negotiation process comes into play.
Why are you offering less than the asking price? If you can come up with a good reason you will be ahead of the game. For instance, maybe the home is in bad shape. Or maybe it has been sitting on the market for over a year. No matter what, give yourself a leg to stand on so you can explain your position if need be.
Making an offer on an investment property is always easier if you get your real estate agent involved. He/she can take care of all the paperwork, while also giving you advice on what to offer, etc.
There is no right or wrong way to make an offer on an investment property. As long as you do what is best for you, everything else will fall into place.
Posted in Investment Property | No Comments »
November 3rd, 2009
When the economy goes bad it?s not uncommon for landlords to feel the pinch pretty hard. Not only are their tenants more likely to be late with payments or skip out all together, but you may also find more vacancies than normal. If you?re looking for ways to cut back your expenses and get you through a financial rough spot the following tips may help.
Lower Income Tenants?
If you?re not opposed to having lower income tenants who get assistance from the state or county, the local government does pay promptly as long as you keep up with your end of the paperwork.
Maintenance?
Make sure to keep up with maintenance around the property, even though the expense may seem a little much at the time it will prevent you from larger, more expensive repairs in the future.
DIY?
Do whatever repairs you can yourself to avoid third party costs. Its time consuming but it can be very cost effective.
Tenant Allowance?
Like many parents do with their children, offer a discount on rent for some tenants who perform maintenance tasks around the property. You will need reliable tenants who you can regularly count on but if they?re having financial difficulties they may be more than willing to shovel snow or mow lawns for a discount on rent.
Priority List
Constantly keep a priority list of things you?d like to do around the property and their order of importance, this way when a little extra money does come your way you can tackle them one by one.
Posted in Money & Finances, Tenants | No Comments »
November 2nd, 2009
Buying a home is not something that you do on a whim. If you do you could make one of the biggest mistakes of your life. And that would not be any fun. It is very important that you are an informed home buyer.
Being informed means knowing everything about the home, as well as the buying process. To start, you should make yourself familiar with every detail of the property from the age to the condition to repairs that need to be made and much more. Anything that you can think of is a detail that you should look over closely.
What about the money side of things? This definitely goes along with being an informed buyer. You need to know how much money you can afford to spend, how much of a down payment you will be using, your comfortable monthly payment, etc.
If you need help do not be shy about leaning on your real estate agent and mortgage broker. These professionals can really help you move along from start to finish. There is nothing better than getting professional advice when buying a home.
As an informed home buyer you have a much better chance of success.
photo credit:?blmurch
Posted in Mixed Bag | No Comments »
October 31st, 2009
If you’re looking for tenants or if you?d like to get a new caliber of tenant into your property then the following tips may help you find tenants for your rental property.
Advertise
No one will know that you have property available if you don’t advertise. Today there are many different ways of advertising, internet, television, money savers, newspaper and don’t forget the old standby ?a sign in the yard. Word of mouth is also an effective tool so get the word out that you?re looking.
Price Right
You’re not going to get tenants if you price yourself out of the market and you’re not going to get good tenants if you offer too much of a bargain. Learn what the going rent rates are for similar properties in your area and align your rent with the average.
Curb Appeal
Curb appeal for a rental is almost as important as it is for someone trying to sell a single family home. Many potential renters do a drive by before they make an appointment to see the property, so make sure your property looks appealing from the street.
Check References and Backgrounds
If you’re trying to up the caliber of your tenants then you’re going to have to pick the cream of the crop, so to speak. Follow through with all reference checks and background searches on prospective tenants. Make sure to select tenants with spotless credit reports, no criminal background, good work history, and glowing recommendations.
photo credit:?Living in Monrovia
Posted in Tenants | No Comments »
October 29th, 2009
There may come a time when you find a great investment property that needs a little bit of work. While this can scare away many people, you don?t want to be one of them. It is often times the investment properties that need a little bit of work that can make you the most money.
Are you interested in buying investment properties that need fixed up? If your answer is no you can move onto homes that are more suited to your standards. But if you are not afraid of a little elbow grease and some money out of your pocket, there are plenty of investment properties that need some TLC.
Before you buy a cheap investment property in need of repair you need to ask yourself these questions: what types of repairs are needed? Can I complete them on my own? How much money will I have to spend? Once you answer these three questions you will be well on your way to deciding if a particular investment property is right for you.
Even the most run-down investment properties can be fixed up if you put in enough time, effort, and money. So, what do you think? Are you willing to look into properties that need some work? If so, you may be surprised at your eventual return on investment.
photo credit:?Tracy O
Posted in Investment Property | No Comments »
October 28th, 2009
To attract tenants to your vacant rental units you?re going to need to let them know that you have rental units available. The only real way to let people know you?ve got space for rent is by advertising, but there are a number of different ways to advertise.
Yard Sign
The yard sign is still one of the most popular and useful ways to advertise your property has a vacancy. People see these signs when they drive by and tenants see the signs and inform their friends. It?s simple and effective and one of the best ways to advertise.
Print Ads
Whether you?re going to advertise in the newspaper, an apartment booklet or a penny saver, or you?re going to do all three, print advertising is a great way to draw attention to your property, list the highlights and basics, and add a picture.
Word of Mouth
Word of mouth advertising is one of the most effective ways to ?get the word out?. If you?ve got tenants you like, let them know you have a vacancy, they may have friends who need a place. Mention your opening to your friends, to professional acquaintances, to neighbors, tell everyone that you?re looking to rent one of your units.
Internet
More and more people are starting the home buying and renting process online in the comfort of their own homes. This is an excellent tool for really detailing your property highlights and adding several photos. Don?t be afraid of the technology, dive in and you?ll be amazed at the return.
Posted in Marketing | No Comments »
October 27th, 2009
If you own real estate, no matter if you live there or not, there will come a time when repairs are needed. When something is in need of repair you need to ask yourself this question: can I take care of the problem on my own?
Some people are very handy. No matter what comes up they can fix it. Does this sound like you? If so, keep doing what you are doing. It is much better to make your own repairs if possible. Not only does this teach you a lot, but you can save tons of money. This is particularly true if you are dealing with a property that is older and always in need of some sort of repair.
Just because you are not confident in your ability right now does not mean this can never change. If you want to learn how to make certain types of repairs you need to practice. Have a leaky pipe? Try to fix it yourself before calling a plumber. Is the grout cracking on your tile floor? Buy some replacement grout and see if you can fix the problem on your own.
Believe it or not, you may be more capable than you think. Once you successfully make some small repairs your confidence will grow.
photo credit:?HVargas
Posted in Mixed Bag | No Comments »
October 26th, 2009
Hiring a property manager can be a daunting task for a landlord, especially when it?s the first time, but there are some things you can do to help you determine if the person you?re interviewing is right for the job.
No References
If a property manager comes to you looking for a job but is unwilling to provide any professional references then they are probably not the right person for the job. If you?re looking for an onsite tenant property manager then you?ll want personal references at the very least.
No Interest
A good property manager knows to ask the right questions. Keep track of the questions the property manager asks to see if they?re insightful and make sense. If they don?t ask any questions you should have some red flags going up.
No Licenses
Not all states require licensing for property managers but the better ones get licenses and accreditation anyway. If you want the best of the best you should try to find someone who has some educational background and professional affiliation.
(In)Expensive
Check your area first to determine what the going rate is for a property manager and then aim in the middle. You don?t want to pay too much for a property manager as you might not get your money?s worth, but you also don?t want to pay too? little as you may not get any value from their services.
Posted in Property Management | No Comments »
