tagaytay house for sale
tagaytay property for sale
cavite house and lot for sale
Monday, October 8, 2012
Thursday, August 23, 2007
Key To Success In Real Estate Appraising
There are a lot of people intrested in real estate appraising for one reason or the next. But in order to have a high level of success in this industry there are some things that you have to follow. Success with real estate appraising is just like anything else.
There are some people who really do a great job, and here are also some who are always a bit behind no matter what they do. For this reason, make sure that you know what it takes to be a success with real estate appraising before getting started.
Here are three things to keep in mind when striving to reach success as a real estate appraiser.
1. When it comes to real estate appraising you need to make a reputation for yourself. This is what most people look at before deciding about hiring the appraiser. When you start to make a good name for yourself you will begin to notice that you are having much more success.
2. Make sure that you know all the details of real estate appraising. In other words, when you are taking your courses you will need to pay attention to every last thing that is taught to you. Remember, you will eventually have to use these lessons in the field. The more information that you obtain, the better appraiser you are going to be in the long run.
3. To be a success with real estate appraising you need to offer competitive rates. Many appraisers think that they can charge more for their services,but in the end they end up losing a lot of business.You need to price your services fair to both yourself and your potential clients. In the end, this will satisfy both parties’ needs.
Success with real estate appraising is not impossible. There are many people who are making a good living in this industry. If you want to be next, you will want to keep the real estate appraising tips above in mind at all times. You should begin to practice with professionalism from day one, and carry this out until the last time that you appraise a home. If you do this, you will be able to achieve success.
There are some people who really do a great job, and here are also some who are always a bit behind no matter what they do. For this reason, make sure that you know what it takes to be a success with real estate appraising before getting started.
Here are three things to keep in mind when striving to reach success as a real estate appraiser.
1. When it comes to real estate appraising you need to make a reputation for yourself. This is what most people look at before deciding about hiring the appraiser. When you start to make a good name for yourself you will begin to notice that you are having much more success.
2. Make sure that you know all the details of real estate appraising. In other words, when you are taking your courses you will need to pay attention to every last thing that is taught to you. Remember, you will eventually have to use these lessons in the field. The more information that you obtain, the better appraiser you are going to be in the long run.
3. To be a success with real estate appraising you need to offer competitive rates. Many appraisers think that they can charge more for their services,but in the end they end up losing a lot of business.You need to price your services fair to both yourself and your potential clients. In the end, this will satisfy both parties’ needs.
Success with real estate appraising is not impossible. There are many people who are making a good living in this industry. If you want to be next, you will want to keep the real estate appraising tips above in mind at all times. You should begin to practice with professionalism from day one, and carry this out until the last time that you appraise a home. If you do this, you will be able to achieve success.
Commercial Real Estate For Your Business
If you own a business, you are well aware of how much rent you have to bear for office space per month.More that you grow,you may be in need of more space.Simply if you can buy your own commercial real estate building you never have to pay rent.You have to pay a loan instead of rent, but at least in the end you will own your building free and clear. This practice is becoming common among businesses of all sizes.
Here are three benefits that you can take advantage of when you buy your own commercial real estate for your business.
1. When you own your building, you will be paying towards a huge asset in the future. Once you own your commercial real estate outright,it is possible to increase profit of the business each month since there is no monthly rent to be incurred. It is also the fact that real estate is such a good investment, later on in life you may be able to get quite a big profit.
2. You can buy commercial real estate that suits your exact needs,but this may be difficult in case of renting a place.If you own a place you can really expand your horizons and perform at the highest level of efficiency.
3.You can customize both the interior and the exterior of the office to suit your every need. This is much better than dancing to the tune of a strict owner who will not allow you to do what is best for your business.
There are many reasons that businesses are buying their own commercial real estate as opposed to renting. If you find yourself in this position, you would be well served to consider all of your options.
Here are three benefits that you can take advantage of when you buy your own commercial real estate for your business.
1. When you own your building, you will be paying towards a huge asset in the future. Once you own your commercial real estate outright,it is possible to increase profit of the business each month since there is no monthly rent to be incurred. It is also the fact that real estate is such a good investment, later on in life you may be able to get quite a big profit.
2. You can buy commercial real estate that suits your exact needs,but this may be difficult in case of renting a place.If you own a place you can really expand your horizons and perform at the highest level of efficiency.
3.You can customize both the interior and the exterior of the office to suit your every need. This is much better than dancing to the tune of a strict owner who will not allow you to do what is best for your business.
There are many reasons that businesses are buying their own commercial real estate as opposed to renting. If you find yourself in this position, you would be well served to consider all of your options.
Tuesday, August 21, 2007
Increasing Your Owner Financed Cash Outs
Increasing Your Owner Financed Cash Outs
Increasing Your Owner Financed Cash Outs
By: Gerald Paul - gerald(tx)
Increasing Your Owner Financed Cashoutsby:Gerald Paul
It is no secret among knowledgable investors that Owner Financing can be one of the most profitable techniques in all of real estate investing. There is always a large pool of people who would like to be homeowners but can't presently qualify for a loan because of credit blemishes, self-employment, length of time on the job, etc.
The advantages of selling to these buyers and providing financing are (1 you can sell quickly, (2 you can get full price for your property, and (3 you can do it without commissions while incurring very low closing costs. On the flip side, the disadvantage is you generally have to wait from one to three years to realize the bulk of your profits, which come on the back end of the transaction when your buyer's credit is improved so they may get their own financing and cash you out.
So it's a great strategy, IF, I repeat, IF you are cashed out and actually see that large backend check.
However, my observation is that of investors using this exit strategy, typically only about 20% are being cashed out. When I first started offering owner financing, my odds weren't much better, but over the years I have honed the technique to where I am now achieving a rate of almost 80%! So effective has this been, I have adopted it as my primary investment strategy. This article should help you pick up a few pointers which will increase your percentage of cashouts and put more money in your pocket.
********
The first and all so important cashout determinent is the property itself, and considering the profile of the potential buyer for that property.
In my opinion, the most common mistake a beginner will make is to acquire a property that should be a rental house and try to make it a homeowner domicile. The older, lower to blue collar neighborhoods are usually mostly rentals; those that are owner occupied are often long owned by widows or heirs. When they pass on, these houses too, will become rentals. There are few qualified homeowners looking to move into this neighborhood; no realtors holding Open Houses.
Yet, beginners typically start off with this type house using their magic 70% ARV Minus formula, then finish their rehab only to find the few buyers for the neighborhood are landlords who don't usually pay retail. Since the house won't retail, the newbie may turn to an alternate exit strategy: owner financing with a lease option, a contract for deed, or perhaps a wraparound mortgage.
But this seldom works. The problem of it inherently being a rental is still there. The property winds up being filled by a succession of tenant/buyers who will probably never be able to qualify for a loan of their own. Instead of a cashout and seeing that big backend check, the beginner often ends up being a reluctant, disgruntled landlord, not by design.
The successful practicioners of Owner Financing techniques are those who select the property from the start with the owner financing exit strategy as part of the overall investment plan. It's not an afterthought or a last-resort alternative -- it is the original, planned objective.
So which properties make the best candidates for Owner Financing? And what is the probability of having your buyer qualify to cash you out?
The magic question the investor should first ask himself is "If I were a homebuyer making a respectable income for this neighborhood and able to qualify for a loan right now, is this a house I would choose to be my homestead, to cherish and prize as the place for me and my familiy to spend our lives?"
I often get a knee-jerk response, "well, not this house for me, but there is someone for whom this would be their dream home." And this is just the point: the persons for whom this house would meet their standards are exactly the people who will probably never qualify for a home loan in their lives.
Owner Financing works better for some types of properties than others. There is a hierarchy of properties that, as you go up the ladder, the odds of your buyer ultimately qualifying for a loan and cashing you out distinctly increases.
Let's start at the bottom. War Zones. The probability is near zero! Does this one need explaining?
How about low-income properties? Gosh, there's so many hard working folks who dream of home ownership and you would love to help them out. But realistically, it's certainly less than 10%.
On to your blue-collar properties -- the ones landlords love as bread-and-butter rentals. The percentage ups a little, but with frequent intermittent employment, self-employment, and chronic credit blemishes, even with increased incomes, the odds only go up to about 20%.
If we move up to the newer starter homes or quality rehabs in nicer neighborhoods, it's probably in the 35% range. And finally, what I consider the optimum and my personal favorite at around 50% is the newer home, less than 10 yrs old, just slightly above starter size, in a nice subdivision. Here in the DFW outskirts this 1800 sf will retail for around $140k while yeilding a slight cash flow. (eat your hearts out, California.)
Above this range, you usually will have a negative cash flow, the buyer market size is smaller, and the buyers seem pickier and more problematic. I have not had as good results in the higher end.
Now these percentages are my observations in my market, based largely on the type and value of the home, with just average screening, qualfying and with no special hand-holding techniques. Bear in mind however, there are additional things you can do to up the odds even better.
Increasing Your Owner Financed Cash Outs (part 2)
By: Gerald Paul - gerald(tx)
Increasing Your Owner Financed Cashoutsby: Gerald Paul
There are pointers that will further increase your cashout percentages:
- Recognize that a huge segment of the population will never qualify for a mortgage loan. They are permanent credit risks and are destined to be renters all their lives. It would be nice to "give them a chance", but stick with reality. Don't try to make homeowners out of these people.
- The present credit status of your buyers should be within striking distance of qualifying. FICO scores can usually be improved by at least 50 points over two years with conscientious effort. The buyers I like are those who have undergone a severe damaging event to their credit, such as major hospital bills, divorce, business failure, etc. In other words, their current credit status is a temporary situation, not a chronic one. They are eager to return to their former ranks of credit worthiness. Conversely, if a buyer's credit report shows chargeoffs going back for years, you are looking at a chronic situation which is unlikely to dramatically improve in your relationship.
- Having a relationship with a good mortgage lender who will work with you in exchange for your buyer's business is a valuable asset. I introduce my buyers to my loan officer who tells them face-to-face, if they will do certain necessary things, she will probably be able to get them a loan in less than two years. My loan officer sends them a monthly e-zine and periodic mailings. I also stress the importance of never being late for a payment and keeping a series of at least 12 cancelled payment checks. This continued massaging and communication pays off by instilling confidence in your buyers, and keeps you somewhat in control. It is so much more effective than simply telling your buyers to work at cleaning up their credit on their own and hoping they will comply. Hope is a poor business model.
- Newer construction is usually preferable to older rehabs. Reason is, during the first two years before your buyer refinances, a lot of surprises, known or unknown to the rehabber, can erupt. These are usually magnified in the mind of the buyer. Rehabs are typically in older areas which have no HOA to maintain standards and eyesores can surface. Throw a 'neighbor from hell' into the mix and the buyers often say, "maybe it might be better to just forfeit our down payment (or option fee) and shop somewhere else. After all, with our credit now improved, we can buy anywhere."
- Your advertising should be such that it attracts the most responsible prospects. For example: suppose you were in the market for a new TV or refrigerator. You pass a store sign "Rent To Own". Would you shop there? Probably not, because you know these stores overcharge by preying on the ignorant and desperate. If you advertise your home as "Rent To Own", you have just conveyed that same image to your best buyer prospects who are likely to bypass your property. To get the best prospects, your advertising and presentation should be geared to their intelligence and dignity.
- The ability to pay is the primary overriding consideration. If your prospects don't have sufficent income to comfortably (not just barely) make the payments, there is no point in going any further. And the income must be verifiable and sustainable for the future.
- The amount of down payment is important in that the greater the amount, the more binding the buyer is to the property. I currently insist on at least 4 to 5% down. If a person doesn't have that amount of cash up front, he shouldn't be house hunting -- for my property at least. It's tempting to want to bend on this to fill the house now before another payment is due, but I assure you it is better in the long run to wait until a stronger buyer comes along.
- Never be too eager to sell. Don't get excited just because your buyers say they want the house and have the down payment. I grill the prospects, explaining that they are using MY cash and MY credit, that I am not looking for a temporary resident. If they are not totally committed to owning the home, it would be better that we not enter into any agreement. It often sounds like I am trying to talk them out of it. I take their application and credit info release, but I am totally non-committal. I sell "pretty homes", and I want them to feel obligated if I "allow them" the privledge of buying my home.
- Don't overprice your property. Make your profit by buying bargains and selling at FMV. At the beginning your buyers are concerned with the amount down and monthly payment, but as refinance time approaches, total price looms larger. When they realize they are overpaying, they will take their newfound credit elsewhere.
- Structuring your deal as Owner Financed (using a CFD or wrap) is more effective than a Lease Option. First, you have no landlord responsibilities or liabilities. But more importantly, with Owner Financing, buyers are more committed, boast to friends and family they have "bought a home." In fact, it would be embarassing if they could not refinance and lose the home. Conversely with a L/O, the mindset is still that of a renter (who happens to have an option to buy.) It's so much easier to say, "we decided not to exercise our option." It may be largely psychological, but the degree of committal is enormous. Most of the heavy hitters using Owner Financing as their primary investment strategy never mention the words, "rent" or "lease".
Now, here's the rub. In most states, it is more difficult to foreclose on an owner than evict a renter. In my state, there's not much time difference, but if you live in a state which uses a lengthy judicial foreclosure process that takes months, it may be more logical to L/O. However, good structuring by a competent attorney can often overcome this obstacle. So let me qualify this one -- weighing all factors, if you have a practical choice, Owner Financing is preferred.
*************
That's about it for the main items. It would be nice if it were an exact science and we could assign a weighted point value for each, but it doesn't work that way. Depending on your market, certain items can be considerably more important than others. The best we can do is state that the more items you cover, the greater your chances of a cashout becoming a reality. And when that happens, those fat, backend checks are awfully sweet to cash.
Increasing Your Owner Financed Cash Outs
By: Gerald Paul - gerald(tx)
Increasing Your Owner Financed Cashoutsby:Gerald Paul
It is no secret among knowledgable investors that Owner Financing can be one of the most profitable techniques in all of real estate investing. There is always a large pool of people who would like to be homeowners but can't presently qualify for a loan because of credit blemishes, self-employment, length of time on the job, etc.
The advantages of selling to these buyers and providing financing are (1 you can sell quickly, (2 you can get full price for your property, and (3 you can do it without commissions while incurring very low closing costs. On the flip side, the disadvantage is you generally have to wait from one to three years to realize the bulk of your profits, which come on the back end of the transaction when your buyer's credit is improved so they may get their own financing and cash you out.
So it's a great strategy, IF, I repeat, IF you are cashed out and actually see that large backend check.
However, my observation is that of investors using this exit strategy, typically only about 20% are being cashed out. When I first started offering owner financing, my odds weren't much better, but over the years I have honed the technique to where I am now achieving a rate of almost 80%! So effective has this been, I have adopted it as my primary investment strategy. This article should help you pick up a few pointers which will increase your percentage of cashouts and put more money in your pocket.
********
The first and all so important cashout determinent is the property itself, and considering the profile of the potential buyer for that property.
In my opinion, the most common mistake a beginner will make is to acquire a property that should be a rental house and try to make it a homeowner domicile. The older, lower to blue collar neighborhoods are usually mostly rentals; those that are owner occupied are often long owned by widows or heirs. When they pass on, these houses too, will become rentals. There are few qualified homeowners looking to move into this neighborhood; no realtors holding Open Houses.
Yet, beginners typically start off with this type house using their magic 70% ARV Minus formula, then finish their rehab only to find the few buyers for the neighborhood are landlords who don't usually pay retail. Since the house won't retail, the newbie may turn to an alternate exit strategy: owner financing with a lease option, a contract for deed, or perhaps a wraparound mortgage.
But this seldom works. The problem of it inherently being a rental is still there. The property winds up being filled by a succession of tenant/buyers who will probably never be able to qualify for a loan of their own. Instead of a cashout and seeing that big backend check, the beginner often ends up being a reluctant, disgruntled landlord, not by design.
The successful practicioners of Owner Financing techniques are those who select the property from the start with the owner financing exit strategy as part of the overall investment plan. It's not an afterthought or a last-resort alternative -- it is the original, planned objective.
So which properties make the best candidates for Owner Financing? And what is the probability of having your buyer qualify to cash you out?
The magic question the investor should first ask himself is "If I were a homebuyer making a respectable income for this neighborhood and able to qualify for a loan right now, is this a house I would choose to be my homestead, to cherish and prize as the place for me and my familiy to spend our lives?"
I often get a knee-jerk response, "well, not this house for me, but there is someone for whom this would be their dream home." And this is just the point: the persons for whom this house would meet their standards are exactly the people who will probably never qualify for a home loan in their lives.
Owner Financing works better for some types of properties than others. There is a hierarchy of properties that, as you go up the ladder, the odds of your buyer ultimately qualifying for a loan and cashing you out distinctly increases.
Let's start at the bottom. War Zones. The probability is near zero! Does this one need explaining?
How about low-income properties? Gosh, there's so many hard working folks who dream of home ownership and you would love to help them out. But realistically, it's certainly less than 10%.
On to your blue-collar properties -- the ones landlords love as bread-and-butter rentals. The percentage ups a little, but with frequent intermittent employment, self-employment, and chronic credit blemishes, even with increased incomes, the odds only go up to about 20%.
If we move up to the newer starter homes or quality rehabs in nicer neighborhoods, it's probably in the 35% range. And finally, what I consider the optimum and my personal favorite at around 50% is the newer home, less than 10 yrs old, just slightly above starter size, in a nice subdivision. Here in the DFW outskirts this 1800 sf will retail for around $140k while yeilding a slight cash flow. (eat your hearts out, California.)
Above this range, you usually will have a negative cash flow, the buyer market size is smaller, and the buyers seem pickier and more problematic. I have not had as good results in the higher end.
Now these percentages are my observations in my market, based largely on the type and value of the home, with just average screening, qualfying and with no special hand-holding techniques. Bear in mind however, there are additional things you can do to up the odds even better.
Increasing Your Owner Financed Cash Outs (part 2)
By: Gerald Paul - gerald(tx)
Increasing Your Owner Financed Cashoutsby: Gerald Paul
There are pointers that will further increase your cashout percentages:
- Recognize that a huge segment of the population will never qualify for a mortgage loan. They are permanent credit risks and are destined to be renters all their lives. It would be nice to "give them a chance", but stick with reality. Don't try to make homeowners out of these people.
- The present credit status of your buyers should be within striking distance of qualifying. FICO scores can usually be improved by at least 50 points over two years with conscientious effort. The buyers I like are those who have undergone a severe damaging event to their credit, such as major hospital bills, divorce, business failure, etc. In other words, their current credit status is a temporary situation, not a chronic one. They are eager to return to their former ranks of credit worthiness. Conversely, if a buyer's credit report shows chargeoffs going back for years, you are looking at a chronic situation which is unlikely to dramatically improve in your relationship.
- Having a relationship with a good mortgage lender who will work with you in exchange for your buyer's business is a valuable asset. I introduce my buyers to my loan officer who tells them face-to-face, if they will do certain necessary things, she will probably be able to get them a loan in less than two years. My loan officer sends them a monthly e-zine and periodic mailings. I also stress the importance of never being late for a payment and keeping a series of at least 12 cancelled payment checks. This continued massaging and communication pays off by instilling confidence in your buyers, and keeps you somewhat in control. It is so much more effective than simply telling your buyers to work at cleaning up their credit on their own and hoping they will comply. Hope is a poor business model.
- Newer construction is usually preferable to older rehabs. Reason is, during the first two years before your buyer refinances, a lot of surprises, known or unknown to the rehabber, can erupt. These are usually magnified in the mind of the buyer. Rehabs are typically in older areas which have no HOA to maintain standards and eyesores can surface. Throw a 'neighbor from hell' into the mix and the buyers often say, "maybe it might be better to just forfeit our down payment (or option fee) and shop somewhere else. After all, with our credit now improved, we can buy anywhere."
- Your advertising should be such that it attracts the most responsible prospects. For example: suppose you were in the market for a new TV or refrigerator. You pass a store sign "Rent To Own". Would you shop there? Probably not, because you know these stores overcharge by preying on the ignorant and desperate. If you advertise your home as "Rent To Own", you have just conveyed that same image to your best buyer prospects who are likely to bypass your property. To get the best prospects, your advertising and presentation should be geared to their intelligence and dignity.
- The ability to pay is the primary overriding consideration. If your prospects don't have sufficent income to comfortably (not just barely) make the payments, there is no point in going any further. And the income must be verifiable and sustainable for the future.
- The amount of down payment is important in that the greater the amount, the more binding the buyer is to the property. I currently insist on at least 4 to 5% down. If a person doesn't have that amount of cash up front, he shouldn't be house hunting -- for my property at least. It's tempting to want to bend on this to fill the house now before another payment is due, but I assure you it is better in the long run to wait until a stronger buyer comes along.
- Never be too eager to sell. Don't get excited just because your buyers say they want the house and have the down payment. I grill the prospects, explaining that they are using MY cash and MY credit, that I am not looking for a temporary resident. If they are not totally committed to owning the home, it would be better that we not enter into any agreement. It often sounds like I am trying to talk them out of it. I take their application and credit info release, but I am totally non-committal. I sell "pretty homes", and I want them to feel obligated if I "allow them" the privledge of buying my home.
- Don't overprice your property. Make your profit by buying bargains and selling at FMV. At the beginning your buyers are concerned with the amount down and monthly payment, but as refinance time approaches, total price looms larger. When they realize they are overpaying, they will take their newfound credit elsewhere.
- Structuring your deal as Owner Financed (using a CFD or wrap) is more effective than a Lease Option. First, you have no landlord responsibilities or liabilities. But more importantly, with Owner Financing, buyers are more committed, boast to friends and family they have "bought a home." In fact, it would be embarassing if they could not refinance and lose the home. Conversely with a L/O, the mindset is still that of a renter (who happens to have an option to buy.) It's so much easier to say, "we decided not to exercise our option." It may be largely psychological, but the degree of committal is enormous. Most of the heavy hitters using Owner Financing as their primary investment strategy never mention the words, "rent" or "lease".
Now, here's the rub. In most states, it is more difficult to foreclose on an owner than evict a renter. In my state, there's not much time difference, but if you live in a state which uses a lengthy judicial foreclosure process that takes months, it may be more logical to L/O. However, good structuring by a competent attorney can often overcome this obstacle. So let me qualify this one -- weighing all factors, if you have a practical choice, Owner Financing is preferred.
*************
That's about it for the main items. It would be nice if it were an exact science and we could assign a weighted point value for each, but it doesn't work that way. Depending on your market, certain items can be considerably more important than others. The best we can do is state that the more items you cover, the greater your chances of a cashout becoming a reality. And when that happens, those fat, backend checks are awfully sweet to cash.
Friday, August 17, 2007
Seller Financing the Safe Way
Seller Financing the Safe Way
Before getting too far into some of the ways to protect yourself when pursuing seller financing as a way to get a higher price for your home and a nice return on some investment money, let me make it clear that a real estate lawyer or accountant should be consulted at all times when pursuing something like seller financing. There are intricacies specific to your transaction and your city that can drastically alter the pros and cons of seller financing for your property.
Thinking about seller financing is something that everyone should do when they pursue a home sale, even if that thought is only for a short while. For some real estate transactions, it represents a solid tool that many people do not even think about. As I said, you should consult all of the principal parties involved in your real estate transaction but these are some tips you can use to stay safe if it does turn out to be a good idea for you.
In a best case scenario, any seller financing deal would involve a large down payment. Getting a large portion of your home buyer’s purchase price up front serves as a great piece of mind mechanism and will also create more favorable terms that your home buyer is more likely to live up to. Obviously, this is not possible in every real estate transaction, so put in your list of things to pursue if the opportunity presents itself.
It is important to be familiar with the credit history of your prospective buyer. Not all credit scores are created equal and obviously those with bad credit scores should be investigated a little bit more thoroughly than those that have sparkling records. Bad credit alone, however, should not keep you from pursuing seller financing for a particular buyer.
What kind of bad credit does the buyer have? Defaulting on a loan is a much bigger red flag than an outstanding balance at Kohl’s, though both should prompt you to ask questions of your buyer. Getting to the bottom of the story behind the credit score can give you a better idea of who you’re dealing with, the ultimate goal of any credit report or history.
-------------------------------------------------
www.getrichpinoy.com - philippine real estate,make money in Philippine stock market investing
pinoysellyourhousenow.blogspot.com - we buy houses ph
-------------------------------------------------
Always trust your first instinct. If you distrust someone right off of the bat, don’t pursue seller financing as a mechanism with that prospective seller. In every real estate transaction, there is a level of personal interaction and if you are not comfortable that a particular person will pay you off, don’t pursue that buyer.
There will be others, especially if you offer solid seller financing terms, so there is no need to pounce on every buyer that comes along. There is some risk in seller financing, so keep that in mind when deciding whether to get involved with loans and mortgage payments with a particular individual. Your gut is usually right.
Finally, there are a number of ways to protect your investment. You can set up a situation where you have a claim on another piece of property your prospective buyer might own that is released once the buyer has paid a certain amount of the mortgage. These types of situations are bit more complicated and you should consult a real estate lawyer or other counsel before getting involved.
Seller financing is a relatively safe endeavor, but there will always be transactions that go south that could have been avoided by taking a few of the steps above. Most of all, I cannot stress enough that seller financing should not be a solo mission. Involve other real estate experts around you in the transaction and deal from a position of strong information. Build a great foundation around you and seller financing can be a very rewarding, profitable experience.
This is another original article by Joe Lane, co-owner of The Lane Real Estate Team
Before getting too far into some of the ways to protect yourself when pursuing seller financing as a way to get a higher price for your home and a nice return on some investment money, let me make it clear that a real estate lawyer or accountant should be consulted at all times when pursuing something like seller financing. There are intricacies specific to your transaction and your city that can drastically alter the pros and cons of seller financing for your property.
Thinking about seller financing is something that everyone should do when they pursue a home sale, even if that thought is only for a short while. For some real estate transactions, it represents a solid tool that many people do not even think about. As I said, you should consult all of the principal parties involved in your real estate transaction but these are some tips you can use to stay safe if it does turn out to be a good idea for you.
In a best case scenario, any seller financing deal would involve a large down payment. Getting a large portion of your home buyer’s purchase price up front serves as a great piece of mind mechanism and will also create more favorable terms that your home buyer is more likely to live up to. Obviously, this is not possible in every real estate transaction, so put in your list of things to pursue if the opportunity presents itself.
It is important to be familiar with the credit history of your prospective buyer. Not all credit scores are created equal and obviously those with bad credit scores should be investigated a little bit more thoroughly than those that have sparkling records. Bad credit alone, however, should not keep you from pursuing seller financing for a particular buyer.
What kind of bad credit does the buyer have? Defaulting on a loan is a much bigger red flag than an outstanding balance at Kohl’s, though both should prompt you to ask questions of your buyer. Getting to the bottom of the story behind the credit score can give you a better idea of who you’re dealing with, the ultimate goal of any credit report or history.
-------------------------------------------------
www.getrichpinoy.com - philippine real estate,make money in Philippine stock market investing
pinoysellyourhousenow.blogspot.com - we buy houses ph
-------------------------------------------------
Always trust your first instinct. If you distrust someone right off of the bat, don’t pursue seller financing as a mechanism with that prospective seller. In every real estate transaction, there is a level of personal interaction and if you are not comfortable that a particular person will pay you off, don’t pursue that buyer.
There will be others, especially if you offer solid seller financing terms, so there is no need to pounce on every buyer that comes along. There is some risk in seller financing, so keep that in mind when deciding whether to get involved with loans and mortgage payments with a particular individual. Your gut is usually right.
Finally, there are a number of ways to protect your investment. You can set up a situation where you have a claim on another piece of property your prospective buyer might own that is released once the buyer has paid a certain amount of the mortgage. These types of situations are bit more complicated and you should consult a real estate lawyer or other counsel before getting involved.
Seller financing is a relatively safe endeavor, but there will always be transactions that go south that could have been avoided by taking a few of the steps above. Most of all, I cannot stress enough that seller financing should not be a solo mission. Involve other real estate experts around you in the transaction and deal from a position of strong information. Build a great foundation around you and seller financing can be a very rewarding, profitable experience.
This is another original article by Joe Lane, co-owner of The Lane Real Estate Team
Private Lending - The Key To Freedom And Real Profit In Real Estate Investing
Private Lending - The Key To Freedom And Real Profit In Real Estate Investing
By Alan Cowgill
Most people don’t realize it, but obtaining money for real estate deals has nothing to do with saving money for a down payment, going to a bank, filling out an application, and waiting to be approved.
In fact, if you’re going about things this way, as I did for many years, you’re wasting time and losing money.
For me, discovering how to use private lenders in my real estate business has been truly life altering. The amount of money I make and the kind of work I do each day is incredible to me. And not only is it possible, it’s really very simple. If I can do it, anyone can.
For seventeen years I languished in a full-time corporate position. I wasn’t happy and I was barely making ends meet. I was thousands of dollars in debt and it was only getting worse. It wasn’t the life I wanted. I felt that my life was just ticking away. When I sat down and really faced things, I knew in the end I could actually retire poor.
Something had to be done.
Real estate investing came to me in the form of an infomercial at 2 a.m. on a Tuesday. The course piqued my interest, but the cost was $159. Money was so tight, I didn’t have $159, but I did have a credit card and the...
By Alan Cowgill
Most people don’t realize it, but obtaining money for real estate deals has nothing to do with saving money for a down payment, going to a bank, filling out an application, and waiting to be approved.
In fact, if you’re going about things this way, as I did for many years, you’re wasting time and losing money.
For me, discovering how to use private lenders in my real estate business has been truly life altering. The amount of money I make and the kind of work I do each day is incredible to me. And not only is it possible, it’s really very simple. If I can do it, anyone can.
For seventeen years I languished in a full-time corporate position. I wasn’t happy and I was barely making ends meet. I was thousands of dollars in debt and it was only getting worse. It wasn’t the life I wanted. I felt that my life was just ticking away. When I sat down and really faced things, I knew in the end I could actually retire poor.
Something had to be done.
Real estate investing came to me in the form of an infomercial at 2 a.m. on a Tuesday. The course piqued my interest, but the cost was $159. Money was so tight, I didn’t have $159, but I did have a credit card and the...
For Sale By Owner: Priming the Real Estate Pump
For Sale By Owner: Priming the Real Estate Pump
by: Chris Robertson
Perhaps you've decided to relocate. Or maybe you've outgrown your home and need to find homes for sale that will accommodate your growing family. Or perhaps your children are grown, you've made the decision to downsize, and are in the market for real estate that will better suit your needs. Or maybe you've decided to take the leap, buy some land, and build the home of your dreams. Whatever the reason, you need to sell the home you currently own, and you've decided to bypass real estate agents and go the "for sale by owner" route.
Before taking the plunge and listing your home, there are a number of steps you should take in order to increase your home's market price and save yourself future hassles.
Just as you would dress appropriately to make a good first impression to those you meet, you want your home to make a good first impression on potential buyers. This means that you'll need to spend some time and money sprucing it up. You don't have to - and shouldn't - invest a lot of money on major improvements. Instead, focus on the little things that make your house memorable to potential buyers.
Spend a day inspecting your house, outside and in, top to bottom. Have a pad of paper and a pen handy during your inspection, and take note of items that need your attention. Use a critical eye when going from room to room. You may never have noticed that the electrical outlet plate in your living room has a crack, and you've worked around that loose door handle in the kitchen. Now's the time to make your list of the minor repairs that will help sell your piece of residential real estate.
Spend the time necessary to make all the repairs on your list. Keep in mind that the purpose is to improve the cosmetic appeal of your home. Once the repairs have been made, take another look and determine the steps you can take to further enhance your home's appearance. For example, give the interior walls a fresh coat of paint (in a neutral color), spruce up your landscaping, and consider renting a storage unit for excess furniture and items you've been storing in the garage. Getting rid of the clutter gives the appearance of spaciousness, which is always a plus to potential homebuyers.
Once your home is prepared, it's time to list it as "for sale by owner." According to the National Association of Realtors, only 24 percent of those using the "for sale by owner" method utilize the Internet as a way to advertise their homes. In contrast, 74 percent of buyers use the Internet as an information source when they search homes. Internet real estate listing services outpace newspaper ads (53 percent) and open houses (51 percent) as information sources for potential buyers. It behooves you, then, to list your property with an Internet source, preferably one that offers both "for sale by owner" homes and Multiple Listing Services.
When you take the necessary steps to effectively prepare and market your home, you will reap the benefits of a higher sales price and a smoother transaction.
About The Author
Chris Robertson is a published author of Majon International. Majon International is one of the worlds MOST popular internet marketing and internet advertising companies on the web. Visit their main business resource web site at: http://www.majon.com
http://www.getrichpinoy.com
by: Chris Robertson
Perhaps you've decided to relocate. Or maybe you've outgrown your home and need to find homes for sale that will accommodate your growing family. Or perhaps your children are grown, you've made the decision to downsize, and are in the market for real estate that will better suit your needs. Or maybe you've decided to take the leap, buy some land, and build the home of your dreams. Whatever the reason, you need to sell the home you currently own, and you've decided to bypass real estate agents and go the "for sale by owner" route.
Before taking the plunge and listing your home, there are a number of steps you should take in order to increase your home's market price and save yourself future hassles.
Just as you would dress appropriately to make a good first impression to those you meet, you want your home to make a good first impression on potential buyers. This means that you'll need to spend some time and money sprucing it up. You don't have to - and shouldn't - invest a lot of money on major improvements. Instead, focus on the little things that make your house memorable to potential buyers.
Spend a day inspecting your house, outside and in, top to bottom. Have a pad of paper and a pen handy during your inspection, and take note of items that need your attention. Use a critical eye when going from room to room. You may never have noticed that the electrical outlet plate in your living room has a crack, and you've worked around that loose door handle in the kitchen. Now's the time to make your list of the minor repairs that will help sell your piece of residential real estate.
Spend the time necessary to make all the repairs on your list. Keep in mind that the purpose is to improve the cosmetic appeal of your home. Once the repairs have been made, take another look and determine the steps you can take to further enhance your home's appearance. For example, give the interior walls a fresh coat of paint (in a neutral color), spruce up your landscaping, and consider renting a storage unit for excess furniture and items you've been storing in the garage. Getting rid of the clutter gives the appearance of spaciousness, which is always a plus to potential homebuyers.
Once your home is prepared, it's time to list it as "for sale by owner." According to the National Association of Realtors, only 24 percent of those using the "for sale by owner" method utilize the Internet as a way to advertise their homes. In contrast, 74 percent of buyers use the Internet as an information source when they search homes. Internet real estate listing services outpace newspaper ads (53 percent) and open houses (51 percent) as information sources for potential buyers. It behooves you, then, to list your property with an Internet source, preferably one that offers both "for sale by owner" homes and Multiple Listing Services.
When you take the necessary steps to effectively prepare and market your home, you will reap the benefits of a higher sales price and a smoother transaction.
About The Author
Chris Robertson is a published author of Majon International. Majon International is one of the worlds MOST popular internet marketing and internet advertising companies on the web. Visit their main business resource web site at: http://www.majon.com
http://www.getrichpinoy.com
Real Estate Notes For Sale
Over the past few years, more and more people in the United States have been offering real estate notes for sale. Selling real estate is an easy way to turn one's monthly receivable payment into an immediate and large sum of cash. A real estate note for sale can be a mortgage note, a contract for sale or a land contract.
The best way to find real estate notes for sale is to look for real estate note listings. Several websites provide information on real estate notes for sale. They usually list real estate notes from different states. These websites also provide information on various categories of real estate notes. You can approach real estate note brokers who generally have up-to-date information on the real estate note market. They can also simplify the process of transaction. Local newspapers and magazines are other places to look for real estate notes for sale. Real estate investment clubs are a good forum to discuss matters related to real estate notes.
Competition in this field is very high. Earlier, it was easy to buy real estate notes for huge margins of profit. With several financial institutions and companies hunting for real estate notes, individual buyers often find it hard to buy and sell real estate notes. Most real estate note sellers do not sell their entire lot of real estate notes at once. This can place individual buyers in certain tricky situations. Generally, real estate notes sold partially would not generate immediate income. It is better you go for professional help, as the transaction can sometimes be confusing.
Sell Real Estate Notes provides detailed information on Find Real Estate Notes, Real Estate Note Brokers, Real Estate Note Buyers, Real Estate Note Listings and more. Sell Real Estate Notes is affiliated with Sell House By Owner.
http://pinoyhouseforsale.blogpost.com
The best way to find real estate notes for sale is to look for real estate note listings. Several websites provide information on real estate notes for sale. They usually list real estate notes from different states. These websites also provide information on various categories of real estate notes. You can approach real estate note brokers who generally have up-to-date information on the real estate note market. They can also simplify the process of transaction. Local newspapers and magazines are other places to look for real estate notes for sale. Real estate investment clubs are a good forum to discuss matters related to real estate notes.
Competition in this field is very high. Earlier, it was easy to buy real estate notes for huge margins of profit. With several financial institutions and companies hunting for real estate notes, individual buyers often find it hard to buy and sell real estate notes. Most real estate note sellers do not sell their entire lot of real estate notes at once. This can place individual buyers in certain tricky situations. Generally, real estate notes sold partially would not generate immediate income. It is better you go for professional help, as the transaction can sometimes be confusing.
Sell Real Estate Notes provides detailed information on Find Real Estate Notes, Real Estate Note Brokers, Real Estate Note Buyers, Real Estate Note Listings and more. Sell Real Estate Notes is affiliated with Sell House By Owner.
http://pinoyhouseforsale.blogpost.com
Thursday, August 16, 2007
7 Tips to Real Estate Agents' Success
By Leanne Hoagland-Smith
With over 2 million real estate agents according to the National Association of Realtors (NAR), becoming a successful real estate agent takes more than just a license and a knowledge of current laws and regulations.The first year drop out range estimated to be from 40% to 80% demonstrates that many real estate agents are not as successful as they could be and research suggests that 90% give up after 3 years. The following 7 tips may help you avoid becoming one of these statistics.
First and Foremost YOU are a business. Real estate agents work for a broker, but are independent, commissioned sales people. This means that you are a small business and must run your practice as a business. Again, remember you are a small business owner.
Embrace a Planning Attitude If you don’t have a plan, then you are on some else’s plan – usually the successful real estate agent's. During the last 10 years, what I have learned as a performance improvement consultant or coach is that most people place more value in planning a trip to the grocery store or a vacation than planning their lives either professionally or personally.
Research Your Market Plan Since you, as the real estate agent, are responsible for your own expenses, do your research specific to your marketing plan within your strategic plan. Time spent in constructing your marketing plan is definitely well spent. NOTE: Remember a business plan usually is data driven, while a strategic plan identifies who does what by when.
Establish Sales Goals Using your strategic plan, establish sales goals. If you are new to this industry, it may take 6 months before the first sale. HINT: Use the W.H.Y. S.M.A.R.T. criteria for goal setting.
Create a Financial Budget Budgeting is critical given the up and down of this volatile market place. Your financial budget should plan for your marketing costs, any additional costs such as education and your forecasted income.
Make Managing Yourself a Priority Building a business is not easy. You must learn how to manage yourself especially in the area of time management, ongoing real estate training (continuing education units) and personal life balance. Real estate is said to be a 24/7 business much like any small business. However, it is important not to lose sight of your personal life including family, friends, physical health, etc.
Find a Mentor or a Real Estate Coach Going it alone is not easy. Take the time to find a mentor who can help you steer through some of the known obstacles and help you during the “peaks and valleys.” If you have the resources, you may wish to hire a real estate coach or an executive coach who specializes in small business help and sales.
Being an incredible sales person and entering the real estate market does not guarantee similar sales success. However, these 7 tips may help you avoid many of the pitfalls by not being one of the four real estate agents who quit within one year or one of the nine who give up after 3 years.
Do you want to learn more about how to get to where you want to be? I have just completed a FREE 7 lesson on-line email course. Sign up here and now Building Your M.A.P. (My Action Plan) to Success.
Leanne Hoagland-Smith, M.S. is a speaker and Indianapolis business coach & Chicago business coach who has written hundreds of articles with a focus on improving individual and organizational performance through excellence in leadership to executable strategic plans.
ezine republished by:
This amazing article is reposted and brought to you by http://www.getrichpinoy.com
The organization is venturing on Philippine Real Estate, Online Marketing and Philippine Stock Market Investing Education. You may check out other portfolios of get rich pinoy organization at http://pinoysellyourhousenow.blogspot.com for FREE Special report how to sell your house FAST in the Philippines
and http://pinoyhouseforsale.blogspot.com Get your FREE Think and Grow Rich and Real Estate Investing Ebook
With over 2 million real estate agents according to the National Association of Realtors (NAR), becoming a successful real estate agent takes more than just a license and a knowledge of current laws and regulations.The first year drop out range estimated to be from 40% to 80% demonstrates that many real estate agents are not as successful as they could be and research suggests that 90% give up after 3 years. The following 7 tips may help you avoid becoming one of these statistics.
First and Foremost YOU are a business. Real estate agents work for a broker, but are independent, commissioned sales people. This means that you are a small business and must run your practice as a business. Again, remember you are a small business owner.
Embrace a Planning Attitude If you don’t have a plan, then you are on some else’s plan – usually the successful real estate agent's. During the last 10 years, what I have learned as a performance improvement consultant or coach is that most people place more value in planning a trip to the grocery store or a vacation than planning their lives either professionally or personally.
Research Your Market Plan Since you, as the real estate agent, are responsible for your own expenses, do your research specific to your marketing plan within your strategic plan. Time spent in constructing your marketing plan is definitely well spent. NOTE: Remember a business plan usually is data driven, while a strategic plan identifies who does what by when.
Establish Sales Goals Using your strategic plan, establish sales goals. If you are new to this industry, it may take 6 months before the first sale. HINT: Use the W.H.Y. S.M.A.R.T. criteria for goal setting.
Create a Financial Budget Budgeting is critical given the up and down of this volatile market place. Your financial budget should plan for your marketing costs, any additional costs such as education and your forecasted income.
Make Managing Yourself a Priority Building a business is not easy. You must learn how to manage yourself especially in the area of time management, ongoing real estate training (continuing education units) and personal life balance. Real estate is said to be a 24/7 business much like any small business. However, it is important not to lose sight of your personal life including family, friends, physical health, etc.
Find a Mentor or a Real Estate Coach Going it alone is not easy. Take the time to find a mentor who can help you steer through some of the known obstacles and help you during the “peaks and valleys.” If you have the resources, you may wish to hire a real estate coach or an executive coach who specializes in small business help and sales.
Being an incredible sales person and entering the real estate market does not guarantee similar sales success. However, these 7 tips may help you avoid many of the pitfalls by not being one of the four real estate agents who quit within one year or one of the nine who give up after 3 years.
Do you want to learn more about how to get to where you want to be? I have just completed a FREE 7 lesson on-line email course. Sign up here and now Building Your M.A.P. (My Action Plan) to Success.
Leanne Hoagland-Smith, M.S. is a speaker and Indianapolis business coach & Chicago business coach who has written hundreds of articles with a focus on improving individual and organizational performance through excellence in leadership to executable strategic plans.
ezine republished by:
This amazing article is reposted and brought to you by http://www.getrichpinoy.com
The organization is venturing on Philippine Real Estate, Online Marketing and Philippine Stock Market Investing Education. You may check out other portfolios of get rich pinoy organization at http://pinoysellyourhousenow.blogspot.com for FREE Special report how to sell your house FAST in the Philippines
and http://pinoyhouseforsale.blogspot.com Get your FREE Think and Grow Rich and Real Estate Investing Ebook
How To Avoid Paying Too Much For A Condo
By Derrick Rogers
What is the Best Condo Purchase?
That depends on you. If you are just trying to get a place to stay and money is short, than you may be in the resale market. The price of a resale or previously owned home will usually be cheaper than a new condo or condo conversion. In some cases $100,000 or more. So if you are fresh out of college and you just don't want to pay rent, you can probably find what you want in the resale market.
If you have "standards" to keep (i.e., you need granite countertops, hardwood floors and a sub-zero fridge), you will find your standards are more easily met through a condo conversion or new condo development.
What's the difference? A condo conversion is an already existing building, usually an apartment, that is "converted" into a condominium. A brand spanking new condo is built from the ground up to your very own unit.
For some, having the shiny new building is appealing. But remember you don't own the shrubs, or the exterior of the building. You only own what is inside of your unit.
You essentially get a brand new condo with a condo conversion without the brand new building price. New floors, new appliances, new countertops. But, remember that a new condo will have new AC, new heaters, new windows, new bathtub, new everything. The condo conversion may be new appliances, new floors, BUT same old toilet, windows and bathtub.
It also depends on your short and long term plans. Do you plan on getting a one bedroom condo and live as a hermit for the next 35 years? Or do you plan on upgrading in three years after you have paid off your student loans? Right.
Once you buy it, whether new, converted or resale, it will be a "resale" to the next owner.
That resale value will help you move to your townhouse or single family home. If the market is flat in 2010, it will probably be easier to sell that three year old condo over the 25 year old condo.
But if the market is strong, there may be little price difference. The laws of supply and demand are always the most important factor. When the supply of condos is low and there is high demand. buyers will overlook the chip in the cabinet and the dull bathroom floor. When demand is low and supply is high, the buyer will want the cabinets replaced and condo fees paid for at closing.
www.squidoo.com/condoinfo
ezine republished by:
This amazing article is republished and brought to you by http://www.getrichpinoy.com
The organization is venturing on Philippine Real Estate, Online Marketing and Philippine Stock Market Investing Education. You may check out other portfolios of get rich pinoy organization at http://pinoysellyourhousenow.blogspot.com for FREE Special report how to sell your house FAST in the Philippines
and http://pinoyhouseforsale.blogspot.com Get your FREE Think and Grow Rich and Real Estate Investing Ebook
What is the Best Condo Purchase?
That depends on you. If you are just trying to get a place to stay and money is short, than you may be in the resale market. The price of a resale or previously owned home will usually be cheaper than a new condo or condo conversion. In some cases $100,000 or more. So if you are fresh out of college and you just don't want to pay rent, you can probably find what you want in the resale market.
If you have "standards" to keep (i.e., you need granite countertops, hardwood floors and a sub-zero fridge), you will find your standards are more easily met through a condo conversion or new condo development.
What's the difference? A condo conversion is an already existing building, usually an apartment, that is "converted" into a condominium. A brand spanking new condo is built from the ground up to your very own unit.
For some, having the shiny new building is appealing. But remember you don't own the shrubs, or the exterior of the building. You only own what is inside of your unit.
You essentially get a brand new condo with a condo conversion without the brand new building price. New floors, new appliances, new countertops. But, remember that a new condo will have new AC, new heaters, new windows, new bathtub, new everything. The condo conversion may be new appliances, new floors, BUT same old toilet, windows and bathtub.
It also depends on your short and long term plans. Do you plan on getting a one bedroom condo and live as a hermit for the next 35 years? Or do you plan on upgrading in three years after you have paid off your student loans? Right.
Once you buy it, whether new, converted or resale, it will be a "resale" to the next owner.
That resale value will help you move to your townhouse or single family home. If the market is flat in 2010, it will probably be easier to sell that three year old condo over the 25 year old condo.
But if the market is strong, there may be little price difference. The laws of supply and demand are always the most important factor. When the supply of condos is low and there is high demand. buyers will overlook the chip in the cabinet and the dull bathroom floor. When demand is low and supply is high, the buyer will want the cabinets replaced and condo fees paid for at closing.
www.squidoo.com/condoinfo
ezine republished by:
This amazing article is republished and brought to you by http://www.getrichpinoy.com
The organization is venturing on Philippine Real Estate, Online Marketing and Philippine Stock Market Investing Education. You may check out other portfolios of get rich pinoy organization at http://pinoysellyourhousenow.blogspot.com for FREE Special report how to sell your house FAST in the Philippines
and http://pinoyhouseforsale.blogspot.com Get your FREE Think and Grow Rich and Real Estate Investing Ebook
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