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Getting Started in Real Estate With Little or No Money

By Andrew John Cocks | Check Real Estate

Getting Started in Real Estate With Little or No Money

Article by Attorney William Bronchick

You’ve seen the late-night infomercials with self-anointed gurus promising you millions in real estate profits with no money down. The truth is that many of these charlatans never made a dime in real estate, but instead built their fortunes through selling over-priced or useless information to unsophisticated investors suffering from insomnia.

Most of us are smart enough to realize that no real estate “system” is foolproof, and if anything seems too be good to be true, it probably is. However, that doesn’t mean that you need excellent credit and a surplus of cash to get started in real estate. Here are some strategies for financially-constrained aspiring investors to begin generating real estate cash flow.

You Don’t Have to Own a Property to Make Money From It – Be a Dealer

There are two types of quick-sale real estate investors – retailers and dealers. Retailers buy properties outright and sell them for a quick profit. Their risk is highest, but so is their potential reward. Contrary to the late-night realty televangelists, retailers typically need substantial cash for a down payment, and at least decent credit.

Dealers, by contrast, buy and sell contracts, not properties. They find bargain properties and sign purchase contracts with their sellers. Dealers then sell these purchase contracts to retailers, making a solid profit in the process. This is known as “assignment of contract.” Usually, the only cash required is the earnest money to secure the deal. A good dealer can then flip the contract for a quick $ 1,000 to $ 3,000 without ever taking possession of the deed.

Use a Double Closing for Greater Profit Potential

A double closing allows a dealer to earn a higher profit margin than an assignment of contract. With an assignment of contract, there is always potential that the deal will ultimately fall through. The dealer is protected in this case because she has already received her proceeds from the sale of the contract, but the retailer who buys the contract from her is wary of the deal falling through, and thus, will factor it into the price he is willing to pay. With a double closing, the dealer assumes more risk, because if the deal falls through, she receives nothing. However, with this greater risk comes a greater reward.

A double closing begins with the dealer signing a purchase contract with the property owner. Then the dealer signs a contract with the retailer, in which the retailer agrees to buy the property from the dealer at a higher price, and deposits that amount in escrow. The property owner signs the deed to the dealer, who then signs it to the retailer. The retailer then signs the loan documents, and the process is complete – the property owner is paid his asking price, and the dealer is paid the difference. Note that the dealer came to the table with no money, and her credit was never an issue.

Be a Scout – No Cash or Credit Required

In addition to dealers and retailers, scouts are a third type of real estate “flipper.” Instead of flipping actual properties or contracts, scouts flip information.

Scouts face even less risk than dealers, and have almost no cash or credit concerns. They simply gather information about distressed properties and sell it to interested dealers and retailers. In effect, scouts do the dirty work for real estate investors, and investors are willing to pay them handsomely for doing it. Typically a scout will gather the following data on a potential deal: The owner’s name and contact information, the asking price, information about the mortgage and whether payments are current, outstanding liens on the property, a photograph of the house, and pertinent information about the owner’s motivation to sell – i.e. is he in the middle of a divorce, foreclosure, job transfer, etc.

Investors typically pay scouts between $ 500 and $ 1,000 for good information, but what happens if an investor doesn’t pay? Simple – don’t take any more deals to them. Successful investors realize the value of good information, and they are more than willing to pay for it.

Take Over the Seller’s Mortgage Payments

Prior to 1989, almost all home loans were freely assumable. This meant that anyone could take over the payment of the loans without objection from the lender. However, due to a climate of rising interest rates that began in the late eighties, virtually all home loans issued since then contain a “due-on-sale” clause. This means that when ownership of a property is transferred, the lender can demand payment, in-full, of the outstanding loan.

However, “due-on-sale” is merely a clause – not a law. It is the lender’s prerogative as to whether or not this clause is exercised. If you buy a property and take over the loan payments, there is a distinct possibility that the lender won’t even notice. There’s an even greater chance that the lender will choose not to exercise the due-on-sale clause, so long as you make timely payments. After all, the cost of enforcing the clause is significant, and as long as the lender is being paid, it is unlikely to care who signs the monthly checks. Armed with this knowledge, you can potentially buy properties without a credit check.

Real Estate Success Always Requires an Investment

There are ways to profit from real estate without significant financial investment, however, that is not to say that success comes free and easy. At the very least, you will need to make a substantial investment in yourself. In order to succeed, you must be willing to work hard. Even with a million dollar real estate portfolio, your brain will always be your #1 asset. Be sure to invest in your education on a daily basis, and learn as much as possible about your local market, real estate law, and investment strategies.

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Written exclusively for Legalwiz.com by Attorney William Bronchick, Certified Registered Nationally-known attorney, Author, Entrepreneur and Speaker.

Written exclusively for Legalwiz.com by Attorney William Bronchick, Certified Registered Nationally-known attorney, Author, Entrepreneur and Speaker.










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Getting Your House Ready For Sale

By Andrew John Cocks | Houses On For Sale

Getting Your House Ready For Sale

Article by Max Suther

While there are some who spend their entire adult lives living within the exact same home, most people relocate a minimum of once or twice throughout their lives. Whilst moving is exciting and can result in a much better high quality of life, a better job and much better living conditions, it’s a great deal of work getting ready to move. The lucky ones are those who are renting or living with others and can just pack up their belongings and find a new location. Nevertheless, in the event you presently own a house and you’re thinking about relocating, you will need to sell your present house prior to buying a new one. Getting your house ready for sale is really a lot of work, but in the event you get an excellent deal and you are able to move on to a better space, it’s nicely worth the effort. If you’re overwhelmed by all there’s to do, break your getting ready to sell tasks into smaller lists. Start by fixing things that are broken. Contact an appliance service or appliance repair business to help you get everything in working order.

A few fresh coats of paint throughout your house will make a big distinction for buyers. Even in the event you paint every room white or beige, the fresh feeling will alter the feeling of your home. Your objective ought to be to give possible buyers a blank slate so they can picture their lives in your house. By having neutral, fresh shades of paint, this will be simpler. Bright, clean shades of paint make your entire home feel newer.

The next factor on your list ought to be evaluating your flooring. While some house shoppers are not going to pay a lot of attention to old carpeting if they strategy to install sustainable flooring as soon as they move in, others are going to have a reaction to the flooring the moment they enter your house. Carpeting is an aesthetic feature, but it also affects the feeling of your house. If your carpet is dingy and filled with dander and dust, it’ll change the smell and freshness of your home. With new carpeting or flooring, your home will make a better impression. Speak together with your real estate agent about what comparable houses inside your neighborhood have in terms of flooring.

Keep in mind the first issues potential buyers see when they arrive at your home is the outside. This means landscaping and curb appeal is very essential. Invest some time and money in making a welcoming feeling outside of your home. Make sure paint on the door, shutters, exterior and porch is not peeling. Add some color with flowers and install a brand new mailbox. These may seem like little modifications, but they really freshen up the exterior of your house.

Lastly, and this might seem obvious, but it is the most essential factor you are able to do, clean your house. When home buyers walk into a clean, fresh house, it’s welcoming and they really feel like they wish to live in the space. Having issues clean and organized gives them some thing to aspire to and they will envision themselves leading the exact same pleasant, calm life they see inside your home. Before anybody views your house, take time to create sure it’s clean.

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Getting a Vacation Home in Hill Country Real Estate

By Andrew John Cocks | Real Estate Country Homes

Getting a Vacation Home in Hill Country Real Estate

If you want to live the ranch life or find a vacation home tucked away from the city, invest in a Hill Country Texas real estate for sale. When searching for a vacation home, formulate plans and concentrate on areas where homes have steady appreciation rates. Your strategy includes your goals. In this case, your objective is to live in a ranch and enjoy the stunning scenery Texas provides. Your property there may be an investment along with a vacation house where you can seek refuge from your hectic schedule and bond with your family members.

 

After you assess your goals, list down the things that you look for in a vacation house. You can travel south to Texas and experience its people’s way of living. You can learn about the place and its culture by mingling with the locals.

Search for popular restaurants and other establishments. You can also ask residents about how the location looks like during off-seasons.

 

To know whether the vacation house you are choosing is a good investment, look into other house sales in the community to check the track records on resale values. If you think of renting a vacation house, do your research. Some communities allow monthly rentals. Employ an experienced agent to help you with the house-hunting process. Your agent can help you search for some Hill Country real estate for sale and decide which property matches your criteria.

 

The next step is to consider your finance options. If you decide to go for mortgage financing, go to a nearby lender within the area where you plan to purchase. A local real estate agent is familiar with the market there. Keep in mind that there are stricter guidelines when applying for a mortgage. In the event that you qualify for a mortgage, you have to pay a higher interest rate.

 

Think about the property taxes, utilities, homeowners’ association charges, and other related expenses, when buying a vacation home. The interest on the mortgage of one’s home is decreased. An investment property comes with deducted taxes, like depreciation of the real estate itself and private property. In some instances, owners can use the property for a brief period, like for two weeks in a year, only to take advantage of certain tax benefits on rentals. You can consult a tax professional to know about tax-deferred exchanges.

 

Remember, a vacation home is also an investment. Make sure that whenever you choose a Hill Country land for sale, it has to have everything that you are looking for.

Learn about our services at www.preserveatwalnutsprings.com.

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Hill Country Real Estate for Sale: Getting Your Vacation Home

By Andrew John Cocks | Vacation Real Estate For Sale

Vacation Real Estate For Sale
by cletch

Hill Country Real Estate for Sale: Getting Your Vacation Home

If you want to live the ranch life or find a vacation home tucked away from the city, invest in a Hill Country Texas real estate for sale. When looking for a vacation home, formulate plans and focus on areas where homes have steady appreciation rates. Your plan includes your goals. In this case, your goal is to live in a ranch and enjoy the beautiful scenery Texas offers. Your property there can be both an investment and a vacation home where you can seek refuge from your hectic schedule and bond with your family.

 

After you assess your goals, list down the things that you look for in a vacation home. You can travel to the south of Texas and experience its people’s way of living. You can learn about the place and its culture by mingling with the locals.

Look for popular restaurants and other stores. You can also ask residents about how the place looks like during off-seasons.

 

To know whether the vacation home you are choosing is a good investment, look into other home sales in the community to check the track records on resale values. If you think of renting your vacation home, do your research. Some communities allow monthly rentals. Hire an experienced agent to help you with the home-buying process. Your agent can help you search for the right Hill Country real estate for sale and decide which property matches your criteria.

 

The next step is to consider your finance options. If you decide to go for mortgage financing, go to a local lender in the area you are buying. A local real estate agent is familiar with the market there. Keep in mind that there are stricter guidelines when qualifying for a mortgage. If you qualify for a mortgage, you have to pay a higher interest rate.

 

Consider the property taxes, utilities, homeowners’ association fees, and other related expenses, when buying a vacation home. The interest on the mortgage of your home is reduced. An investment property comes with deducted taxes, such as depreciation of the real estate itself and personal property. In some cases, owners can use the property for a short period of time, like for two weeks in a year, only to take advantage of certain tax benefits on rentals. You can consult with a tax professional such as a national qualified intermediary to know about tax-deferred exchanges.

 

Remember, a vacation home is also an investment.  Make sure that when you choose a Hill Country land for sale, it has everything that you are looking for.

Learn about our services at www.preserveatwalnutsprings.com.

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NYC Real Estate Services: Getting the Best Out of Them

By Andrew John Cocks | International Real Estate Services

NYC Real Estate Services: Getting the Best Out of Them

Article by Elissa Joyce

Anyone who is searching for NYC real estate services should be aware of the fact that most agencies that operate within this field are able to satisfy the demands of all their customers. The reason for this is that these agencies are run by some great professionals who know everything about the local market. This way, they are able to provide the most appropriate property opportunities and alternatives.

Thus, these professionals can offer anything that you might need, from the basic real estate requirements to luxury real estate options. Even if you intend to purchase any properties in some other areas, you can approach the same real estate agents who work within the New York City area. This is because they collaborate with different real estate agents who are currently working in different other areas. As well, by simply approaching these real estate agents, you can get a nice property in any of the most wonderful locations of the world.

Furthermore, if you intend to sell any of your properties, you can definitely rely on the same great agents. These specialists are able to find the best possible buyers especially because they ensure maximum exposure for the properties that you have. Therefore, you can be sure of the fact that the professional real estate agents are going to get the best possible price for the property that you intend to sell.

Most NYC real agencies provide a series of advantages, which highlight internationally recognized expertise, property listings in different areas, the best marketing materials, access to different properties, brand recognition, proven ability to buy and sell different properties, and many others.

But even though there are many services, those people who intend to get a good real agent must be aware of the fact that not all the agencies provide the top facilities. Thus, in order to find the best possible service, the most essential thing that a person should do is to read different customers’ reviews. This way, he or she can easily find out the best team of real professionals. If you also intend to locate one of the best real estate agents, you should never forget to check the broker’s credentials. Only after finding a great professional, you should start working with that broker.

Finding a great professional who is ready to represent you can help you to get the best possible real estate deals. You can locate numerous real estate agencies which collaborate with the most renowned professionals within this field. And this is one of the reasons why some services are not only the best but also the most competent and reliable that exist on the market these days.

However, in order to get the best out of using a professional estate service, you have to make sure that you communicate all of your requirements. Only this way you can be sure of the fact that the professional is able to meet your demands. Therefore, as soon as you find such a professional, you have to explain him your expectations, including the most luxury estate demands.

It is time to experience a new level of services and associated advantages with NYC real estate. We not only entertain your request regarding luxury real estate options but also make sure to fulfill your demands. For more information, please visit us at sothebyshomes.com.










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