As soon as you come across a property you like, make an appointment with the Estate Agent or, if the property is being sold privately, with the seller to view it. Moving quickly is important, particularly if the property has just come onto the market; if it's desirable, you can bet that other buyers will be interested. Slot Game Online.
Take someone with you on viewings. Not only will this increase your safety (particularly important if you're a woman), but you also get a second opinion, and, if you're inclined to get carried away, someone to stop you. Try not to take the kids along however, as they will just get in the way and distract you from the task at hand. Slot Game Online.
Arranging Good Viewing Times
Most people view properties after work, or a weekends (usually a Saturday as most agents don't work Sundays) - which is fine. The key is to arrange to view the house in daylight so that you can see how much natural light it gets - In winter therefore, viewing on the weekend is better than after work. Slot Game Online.
Here are some tips to make the most efficient use of your time:
Work out how many properties you can comfortably view in one go - Try not to book in more than a handful or you'll get tired and irritable and be less capable of making the right decision. The maximum you should view is 5 in one day, but be aware that this can be very exhausting. Slot Game Online.
Consider taking a day off work to view several properties in one go - This offers a few benefits - the agent will be less busy than at the weekend, you can get a good number of properties out of the way in one hit, and the task won't cut into your leisure time. Slot Game Online.
Go as early in the day as you can - If a flat in a desirable area goes on sale on a Thursday and you can't see it until Saturday evening, you may have missed the boat. But if you view it first thing Saturday morning, you can beat the prospective buyers lined up to see it during the day. And if you like it you can make an offer, which the seller may accept before anyone else gets the chance to make one. Slot Game Online.
If you're interested in a property after the first viewing, revisit it several times. Don't be afraid to make as many repeat appointments as you need to help you make up your mind. The second viewing is useful for measuring up and checking whether your sofa will fit into the lounge. Feel free to take a tape measure and notebook to jot these details down. Slot Game Online.
On follow up viewings as to look around on your own without the agent or seller watching your every move. This will help you feel less harassed. Slot Game Online.
Arrange follow up viewings at different times of the day and night (within reason) so you can assess how noise and traffic levels affect the property. If, for example, the house is opposite a school, the road will get very busy around 9am and 3.30pm. When you arrange follow up meetings, try to time them so that you can be at the property during potential problem times. Slot Game Online.
What To Look For During A Viewing
Before you view any properties, it's important that you're clear about what you're looking for. This may sound blindingly obvious, but until you ask yourself what features a property must have and what features you'd quite like but aren't essential, you can't work out whether a property is suitable for you. With your criteria in mind, you can view a property and objectively compare it with your criteria. Slot Game Online.
Write a list of 'must haves' and 'would likes' before viewing any properties. As long as you can tick off all the 'must haves', the property is suitable. And if you have several ticks next to the 'would likes' as well, consider it a bonus. Slot Game Online.
Looking At The Exterior
Your viewing of the property starts before you even set foot inside the front door. Before entering the property, check the exterior and make sure that you're satisfied with the answers to the following questions:
Do the neighbourhood houses appear clean and well cared for? Are the neighbours' drives clear of old cars and rubbish? The type of neighbours you want are those who take pride in their homes. This can also be an important factor when you come to sell the property. Slot Game Online.
Is the road noisy and busy? Is there room for parking? Would it be safe for children to play in the street at night?
Does the roof look sound, or are tiles missing? Don't forget to check the guttering and drains, particularly if it's raining.
If it is night-time, is it well lit? Would you feel safe walking home late at night? Would you feel happy leaving your car in the street at night? Does the exterior of the property need a lick of paint? If so, you may be able to negotiate with the seller over the purchase price. Slot Game Online.
Have any extensions been added to the property?
Although selling the property is likely to be the last thing on your mind, consider how easy it will be when you move. Look out for anything that might make this difficult, such as mobile phone mast or electricity pylons in the immediate vicinity, aeroplanes roaring overhead or intercity trains hurtling past at all hours of the day and night. Check train time tables and arrange several viewings at different times to make sure that any potential noise isn't intrusive to the property. Slot Game Online.
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What do you really think of when you hear the term "real estate"? Do these words conjure images of luxurious dream houses and expensive cars, the fruits of wealth through successful investing? Do infomercials promising the life of your dreams come to mind? Slot Game Online.
The truth is that no matter what the market, real estate investors with confidence and skill will still make money. For anyone considering entry into the real estate business, however, or for those who want to step up their game, the question isn't how well one can possibly do in a down market. The real question is: do you believe that you can be a successful real estate investor? Do you know that you could become a millionaire within 3 years working less than 15 hours a week? Slot Game Online.
When it comes down to it, every human being has fears that hold us back-fears so innate within us that we're barely aware of how much they control our decisions. I know, because for 12 long years, I did nothing about my dream of becoming a real estate investor. I chose not to pursue something that I was passionate about because following in my dad's footsteps seemed like the more "logical" choice. Why take risks in real estate when you can get a job earning a steady paycheck? Slot Game Online.
Instead, I had followed my father's path step by step through corporate America, earning several promotions in a steel manufacturing company. Within three years of starting, I grew the company's profits eight times over. I was earning a great salary and had what seemed like a bright future ahead of me. Slot Game Online.
That is, until life gave me a clue that there really is no such thing as certainty. My father, after giving 33 years of his life to the same company he had always worked for, was FIRED. That hit me hard-I had mirrored his career almost exactly. If something like that could happen to him, it sure as heck could happen to me too. What I learned at that moment is that anything you do in life can be risky, especially if it entails putting your financial future in someone else's hands.
If your chances are just the same, why not take actions toward the things that would really get you stoked in life, the things that you know would bring you happiness, wealth, and freedom? Slot Game Online.
When I was 18 and dreamed of a career in real estate-yet did nothing about it-I told myself all kinds of things; the same kinds of things people tell themselves today: "This won't work for me. It may work for them, but it will never work for me. The market's too tough. Prices are going down. How would I sell? I'm not good enough. I won't succeed, I'll look foolish and be embarrassed if I try this and fail." Slot Game Online.
It took me 12 years to find the courage to go for it. And for the next 13 years after that, I studied under successful millionaire mentors, used every kind of buying and selling strategies, and have bought and sold over 300 houses during up and down markets. For those who know anything about real estate, a so called "crisis" can often signal a time of opportunity. It just takes getting over the fear factor and learning the most effective strategies to buy and sell (as well as when to apply them). Slot Game Online.
There are still plenty of reasons why real estate investing is a viable way to make tons of money and live a better quality of life. You still get more financial leverage than you would from other types of investments. In fact, I became a millionaire in less than three years through real estate investing, putting in less than 15 hours of work per week while working a full-time job. Imagine what anyone can do if they put more time into it. I've narrowed down the process of developing a turnkey real estate business into Five Key Steps of Real Estate Investing, including:
1. Effective Marketing that attracts motivated sellers to call you.
2. Pre-screening Sellers so you're only spending your time working on qualified leads.
3. Buying & Selling Strategies-construct and present offers to buy homes, all six of which do not require any of our own money or credit.
4. Automated Follow-up System for leads that may have potential at a future time.
5. Sell Your Homes Quickly.
Many people have turned to this industry as a full time career, making millions of dollars in the process, including myself. Real estate investing is potentially the most rewarding option that provides excellent returns on your investments of time and energy, and the freedom and satisfaction of turning your dreams into reality. Slot Game Online.
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Considering a distressed property, whether you are looking at a short sale, REO, Fannie Mae or Freddie Mac, or other bank-owned property, here are 5 key things you need to consider. When looking at properties now days, you need to really be wary of a deal that looks like it might be too good to be true. With so many distressed properties on the market, there are certain things you must keep in mind and do, in order to get what you really want in a property. Slot Game Online.
1. Find out everything you can about the property
Investigate and find out everything you can about the condition of the property. Ask a lot of questions concerning the condition of the home and title to the property. The age and location of the property will dictate some of the questions you need to ask and get answers to. Slot Game Online.
Do not be cheap and forego the Home Inspection. It will probably cost you between $300 and $500, but that is money well spent if it uncovers an otherwise hidden problem with the property or provides you with the peace of mind you are seeking before making one of the biggest purchases of your life. Slot Game Online.
2. Find out what the property is worth
Make sure you look into what the property is really worth in today's real estate market. Not what the seller is asking for the property, not what the 2 year old appraisal says the property is worth. Get some comparable sales, check tax records, find out what similar properties are being offered for sale are asking. If you can, get the opinion of a couple of real estate professionals (agents, brokers, appraisers, lenders) in the area. Slot Game Online.
3. Get the right people on your team
You need to make sure you have the right people on your side when it comes to buying a distressed property.
Experience Realtor/Broker - Whether the property requires a discount because it is a short sale, REO, bank owned property, or foreclosure, you have got to have a real estate professional who has real experience dealing with that type of transaction. They need to have successfully negotiated and closed several similar properties. Lender-Your lender, if you need to secure financing for a distressed property is very important. They need to be knowledgeable and flexible in their approach to funding the deal. Attorney-You may need a lawyer to look over and explain all the legal documents to you. If most real estate transactions in your area are settled or closed by attorneys, you may need to find one in order to get the deal done. Closing/Title Company-In many parts of the country, it is usual and customary for real estate transactions to be closed by title companies. If this is true in your part of the country, you should get to know someone at a local title company. If you are borrowing money to purchase the property, your lender may specify which title company they want you to use. Realize that as a party to the transaction, it is often up to you, who you want to close the deal. Having a great title company that you can call to ask questions has been one of the keys to my real estate investing success. Slot Game Online.
4. Make a smart offer
More and more, it is becoming important to make your best offer on a property right from the beginning. Just this week a client of mine made what we thought was a good offer on a Fannie Mae property. He lost the property to another bidder for just $2000. It turns out there were 4 others offers on this property. Had we known, he would have made his best offer and be moving into his dream home. But, since he did not get a chance to counter-offer or change his offer, we will just have to keep looking for him a new home. Big lesson learned. Make your best offer if there might be other bidders on a property-especially a distressed property. Slot Game Online.
5. Know what the seller's requirements are and meet them
Whenever you are involved in a distressed property situation, you need to find out what the sellers requirements are. In the case of a short sale, the seller and his/her lender(s) requirements need to be taken into consideration and followed. These requirements change often and without warning or notification. Any one of them that is not followed exactly, is enough to kill your deal and keep you from getting the property. Authorizations, financial documents, contracts, and other information has to be submitted according to the lenders guidelines. Slot Game Online.
Bonus Tip: Be patient or be willing to walk away.
Do not fall so in love with a distressed property that you are not willing to call it quits and walk away if things do not go according to plan. If you discover a problem with the property or the title, if your realtor just can't get the deal negotiated to your satisfaction, if your lender will not fund the deal at a decent interest rate, if the whole process is taking too long (and I mean over six months), you have to be willing to throw in the towel and find something else.
There are terrific deals to be found in today's distressed real estate market, but there is a price to pay in terms of extra effort, research, and time. Somebody always pays. Slot Game Online.
That's my two-cents worth. Make it a great day!
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Email marketing is a significant tool for the real estate agent. At the centre of it all is your database. The better your database detail, the better your email marketing results. As technology supports real estate even more, the database and how you use it will get ever stronger. The best real estate people have a database that they manage themselves and consistently grow through cold calling and prospecting. Slot Game Online.
Every person you speak to or meet with should go into your database with the relative contact detail and record of the connection. This would include email contact, although not everyone will want to be contacted with ongoing listings and property detail, so compliance to your country based email spam rules and regulations is essential.
The only people who should get regular emails from you regards any property sale or lease listing, are those that specifically recorded their agreement to do so. Slot Game Online.
So let's assume that you know the email spam rules in your area and that you are doing the right thing in that regard. Here are some other great ideas for ongoing email contact. When you capture the persons information in your database you really have to include the contact criteria of the person and what property they are looking at now or may own. Your database has to have sufficient flexibility for that tabulation of information. Slot Game Online.
Keep a record of all the property detail that has been sent to the person so you can refer back as necessary. Do not send too many emails in a short period of time. One a week or one a fortnight is generally the rule of thumb. Make sure your email allows the receiver to unsubscribe from future contact. Make it very easy for them to do that. Don't send things to people that do not want it: the process will give your business a bad name, if not expose you to litigation for breaching email laws. Slot Game Online.
Have a privacy statement on your website that explains to people how you manage their contact information and email. People are becoming more sensitive to online privacy, and laws now stipulate that you must tell them what you will do with their information and how you manage it. Confidentiality is critical with your database and email contact list. Do not share them with anyone else. Slot Game Online.
If you send emails containing property detail you could send it as plain text or as HTML. The big trend is HTML for the presentational advantages achieved, and there are lots of great programs for real estate agents to use in this way. Importantly the HTML layout has to be in keeping with your branding and corporate image. You can get or create HTML templates to use in that regard, and then place the property detail inside the template. Slot Game Online.
Format some of your emails to be read on a small smart-phone screen. This means that the email format should be long and narrow. Today many people first get their email on their handheld device and make choices to read it or delete it at that time. This makes it easier for them. Slot Game Online.
If you send brochures by email, send them only as a pdf file attachment (not word format). That will preserve the layout and presentation just the way you want it. Auto responders are common tools of choice for real estate offices now. The auto responder should take the enquiry from the website and respond to the prospect immediately. This enables you to handle the enquiry later in the day with more specific property information or a telephone call. Slot Game Online.
Website opt-in forms are common place now and should feature on all your main website pages where people first land. In this way you will gather the enquiry automatically for your database. The website generated enquiry should then be bounced to your database and office immediately for response and follow up. The opt-in form content you use on your website should be considered and planned. The content you capture should be that which you want for the enquiry follow up, but you may also want phone numbers and some detail of the property they require. Slot Game Online.
Landing pages in your website have to be strategically planned. A landing page is something that is designed to attract both people and the search engines. Your real estate website should have more than one landing page; within limits you could have several landing pages including those for key suburbs you have in your territory, or the property disciplines you serve (sales, leasing, property management). That means your website could have 5 or so landing pages so that are optimised for search engine exposure. Slot Game Online.
Free give-aways on a squeeze page design should also be handled. Every real estate website should have a squeeze page that is designed for one use only. That is to attract people to your database in exchange for some free information or offer. The squeeze page is different than a landing page mentioned above. For example your squeeze page could be offering a property report of local rental trends for landlords, or a hit list of issues to assist tenants to find new commercial premises. Slot Game Online.
Personalise your emails with the first name of the person you are sending it to. Your auto responder should be able to do this for you. These tips regards email marketing will help you get started in building that database. Keep your real estate database up to date and it will become a serious part of your business success.
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Every day I have somebody ask me what I do. I say "I'm a real estate investor", that's when I start getting the eye rolls. Then the excuses start flying. Just the other day I had a guy say "I tried to rehab an investment property, but the market was just too bad, I couldn't get the project completed, I ran out of funds and that is that". When I hear words like this I just smile, because that guy is not a real investor. So that is why I'm writing this article. I want to give you 3 awesome tips so you are not the guy or gal who is sitting on the side lines while the rest of us are taking advantage of a great buyers market!!! Slot Game Online.
Tip # 1 - Train Your Mind
Having a strong mind is probably the best thing that you can do for yourself in any business. However, this is especially important in real estate investing. Most failures come when the mind tells you it is time to quit or maybe it tells you to never get started. The difference between the wildly successful investors and Mr. I do one deal a year is that the successful investors believe that they can do anything! They never say I am going to try and flip a house. The successful investors say "I am going to flip a house and I am going to make at least 20k doing it!" So, train your mind! Break through those barriers and do whatever it takes to get you into a state of mind that is tough as nails. Slot Game Online.
Tip # 2 - Learn How to Evaluate a Deal
This is a very important aspect of investing and one that you must make sure you do and do well. First off, get yourself a good book on how to estimate repairs and learn it inside and out. You don't have to know everything to a "T" but you will need to know how to ballpark an estimate and quick. This is what is going to make sure you get the majority of the deals you come across. When you are negotiating with a seller you do not want to be the guy who says let me go crunch some numbers and I will get back to you. Those are the investors that end up calling the next day only to find out that somebody who knew what they were doing came along and put the property under contract. Once you figure out how to ballpark repairs then there is a simple formula that will give you the maximum price you should ever pay for a wholesale deal. So learn this formula and learn how to estimate repairs and this will give you the confidence you need to make offers. Slot Game Online.
Tip # 3 - Take Action
This is the most important step of all! Taking action is what is going to make you money in this business. I see this everyday especially in my market here in St. Louis. We often times run into investors looking at the same properties my partner and I are looking at. St. Louis is small enough that we often run into one another. Anyway, bottom line is there are several investors around here and other parts of the country that will go out and look at 100's of house only to do nothing at all with them! Now, I can only speak for myself and my partner here, but if we are taking the time to go look at 100 houses I know based off of our ratios that we are going to take action and flip at least 30 of them. In fact, those were our ratios when we first got started, now we screen all the deals so well that if we are looking at 100 houses 80 of them better work out or we are doing something terribly wrong. Anyway, do yourself a favor and take action. Even if it is just reading a book about real estate investing, I guarantee that if you do something everyday that puts you a step closer to your ultimate goals of being a successful investor that in a years time you will have accomplished a lot!
Go Out and Be Successful!!!! Slot Game Online.
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We all know that the local real estate market is not doing well and it follows the European competitive markets in a downward trend. We, however, as Cyprus, have an additional problem, that of the self destruction. Yes, there are crooks all over the place (worldwide) banks which now, during the difficult times, get more unreasonably aggressive and demanding, the building amnesty which is aiming to help ease the situation on titles, has been halted at the House (no excuse at all) after 12 months, etc., etc. Yet when people have difficulties in selling their property, there is no opportunity missed not to publish negative reports on Cyprus real estate market. All sorts of experts surface digging out E.U. directives (which may or may not apply) the lack of titles is blown out of all proportion (yet every year approximately 15.000 titles are issued) giving the impression to newcomers "not to buy". Slot Game Online.
This situation has been particularly evident in Pafos, where there appears to be the hub of the reaction and as such this district has the biggest problem in terms of sales. So the same people, who, in their effort to exert pressure, are destroying themselves their own market. So it is not strange that the Pafos potential buyers are in their majority asking for titles and do not accept even a bank guarantee (offering a refund of the money paid if the titles are not issued within a certain date), a circumstance which is not evident in other districts. If any buyer follows our 10 Building Commandment when buying, he is secured in many respects. Not as good as a title of course, but it is 90% there. Should we then keep quite that all is well and behave like nothing is happening? Of course not, but excessive surfacing of the problems puts off potential clients, reducing demand/ property values and placing added distress on people with financial difficulties and with a keen interest to sell. Slot Game Online.
Our Government is a lot to blame in the whole situation, since whereas the Lands Office has a capacity to produce around 15.000 titles p.a., it cannot cope with the backload of the 120.000 titles. Efforts to employ more land surveyors (the major stumbling block in the title issue) has not been addressed, whereas the red tape procedures are not addressed either, judging from the building amnesty proposals. So what is the solution? Yes keep complaining, keep writing and meeting with Governmental officers, but extensive international publicity giving the impression "not to touch Cyprus real estate" is a problem since this backfires on the same people that they have a problem. A Russian client of ours in his email required "no Pafos property since it has a title problem!!". Slot Game Online.
An added problem which has been recently surfaced on buyers is the situation where one buyer buys from another previous one with no title. We have a number of cases where the Lands Office, in order to allow the transfer of title, it must have proof that the original buyer paid or has secured a tax release on Capital Gains. The question is, if the original buyer has not secured a tax release, where is he is to be found and if yes will he be prepared to pay? Slot Game Online.
Now that the tax people (worldwide) are out to get whatever they can, this could develop into a serious matter, especially if the previous buyer did not bother to secure the release (which he might be not liable for any tax in any case). So in such cases the final buyer has a problem of taxes not paid by the previous owner. The situation will need a lot of understanding by the tax authority and we suggest a Governmental direction on the subject, so that the title situation does not get even worse. Slot Game Online.
In the past we have published in this paper the necessity of the acquiring tax release and the possibility of the Lands Office asking for 2 or more transfer fees (we hate even to think about this situation if it happens). Slot Game Online.
So and coming back to the international publicity, we do have problems, but to destroy the market in addition (for which on many occasions the buyers are to blame with illegal extensions etc) is not to the benefit of anyone. Without having some form of statistics available for buyers in serious trouble (not necessarily the lack of titles) we estimate that they do not exceed 5%, leaving the rest either with little or no danger and others quite happy with their purchase. Slot Game Online.
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Tips for Buying Foreclosure Properties - When a house is listed as a foreclosure property, it means that owners are in big financial trouble, for a very long time. The owner is not able to pay the mortgage any more, and any payment in the future is not possible. In such cases, the lender takes a court order for foreclosure in order to get the money back. First, there is pre foreclosure period; this is a time when the borrower is warned about the possibility of foreclosure, if the mortgage is not paid within the stipulated time. The time limit of the grace period is determined by state laws. This pre foreclosure period is very beneficial for a customer who is looking to buy foreclosed properties. You can approach the owner with a good price for the house, which is good to your pocket and even helpful to the owner. Slot Game Online.
When the owner is not able to repay the debt to the bank, the owner is forced to give up the property to the bank. These bank owned properties are open for foreclosure sale at below market prices. As the sale is held by banks, they are safe for new buyers looking for foreclosed properties. The main purpose of the lender is to get back the money. Therefore, the lender might offer the buyer a price which is less than the market price. Slot Game Online.
While bidding for the house, the buyer must have the cash ready. If the buyer is successful, the house is handed over at the same time, in its present condition. If you are able to get a house in a foreclosure sale, that is also in a good area, then it can be a very amazing investment. The owners who fail to repay debt voluntarily give the house to the bank to cancel the loan. These banks hold auctions in order to sell the house and get back their money. Therefore, it will be beneficial for the buyer looking for foreclosure sales. Slot Game Online.
It is true that the foreclosed property is cheaper than the market price, but still you must study the market and do your homework. You must research the market price of the house, the location of the house, and even the condition of the house. You can get to know where the auction is being held. You can find it in the local newspapers. You can approach real estate agents or the attorney and notify them that you are interested in buying the foreclosure property. Slot Game Online.
After the property goes into the foreclosure mode, the owners do not care about the condition of the house. Therefore, you must know the present condition of the house, and how much you need to spend on its renovation. You can go by yourself or take an expert advisor with you to inspect the house. You must calculate the market price of the house and the expenditure you will need to make on the house. Because it might happen that you will end up spending more on the repairs than is worthwhile. Slot Game Online.
A little homework about the original market price of the house and the actual condition of the house will help you to play it safe at foreclosure auctions. You will be able to determine the price that will be profitable to you. After all, this research will help you fix your price range and you must stick to it. You can attend some foreclosure auctions to understand its working pattern and process. Slot Game Online.
You must set practical expectations when buying any foreclosed property. If you realize that the house requires more repair, then you can bargain more. You can also look at how long the house was empty, because there will be more damage to the house, the longer it has remained empty. You must check whether the house was given pest treatment and there are no bugs and moths eating up the woodwork of the house. These damages require huge expenditures to get them repaired. Slot Game Online.
There is one more form of foreclosure sale, known as hidden foreclosure, which is carried out for new and upscale houses. The auction for this is not advertised openly and, therefore, has less exposure to possible buyers. Real estate agents carry out the proceedings of such sale. Therefore, if you come across such sale, you must inspect carefully for all the details and make a smart decision.
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Let's repeat some well-known business facts: a) 98% of all businesses in the USA are small businesses. b) 98% of all businesses fail in the first year, c) 100% of all failed businesses have well-understood reasons why they failed. With these three facts, we should be able to craft a business that has a more than average chance of success. Slot Game Online.
Why businesses fail.
All failed businesses share the same characteristic: they fail for one or more of the following reasons:
1) Undercapitalized. They don't have the financial strength to survive the startup period.
2) Weak Management. The current owner/manager simply doesn't have the skills to make the business flourish.
3) Wrong product. You can't sell what the public doesn't want to buy.
4) Wrong market. What you have may be attractive but the local market can't afford to buy it.
5) No 'exit' strategy. With no thought of the future, the business will founder.
6) No "vision" as to what the business intends to accomplish.
Notice that nowhere once did I say the words "Real Estate", even though that is the emphasis of this article. A "Real Estate" investment business is just the same as any other business, and can fail for all the same reasons that other businesses fail. The main difference is that when you invest in Real Estate, you tend to risk larger amounts of capital. Also, the Real Estate market contains many factors that you can never control, unlike most 'normal' businesses.Slot Game Online
What's the answer?
The most important answer is: a well-crafted business plan. Developing a meaningful business plan is more than just sitting down and describing your product in glowing marketing terms. The act of creating a business plan forces you to think about the various aspects of the business. It also places you in the position of your customer, your banker, your lawyer, your assistants, and yourself as owner/operator.Slot Game Online
A well-thought through business plan becomes the roadmap to your business success. It lays out what you plan to accomplish, when you plan to accomplish, what resources you will need to achieve your goal, and a timetable of when you will achieve that goal.Slot Game Online
Before you rush over to the computer and begin to hammer out a business plan, you need to do some heavy duty and serious research. Visit your Library and check out some books on preparing a business plan. See what the elements make up a business plan. Then after you've digested the information, speak to your Banker. Ask what they want to see in the way of a business plan that will help them fund your new business.Slot Game Online
You might want to invest in a copy of a "Business Plan Development" software program that will guide your efforts in creating that plan. Let's examine these six points.
1. Undercapitalized. As a minimum, you should plan on being able to sustain the business for 12 months, and be able to cover all expenses for that time. You'll need either up-front capital, or a guaranteed line of credit that you can draw upon during that first 12 month period. Your business plan needs to spell out all of the expenses you'll incur during that first 12 month initial start-up period. Don't forget advertizing, property acquisition, living expenses, property maintenance and repairs, property holding costs (if you finance your investment purchase, you have monthly mortgage expenses, utilities, gardening and upkeep, etc. while you fish for tenants).Slot Game Online
2. Weak Management. If you've never managed a business, you're in for a rude awakening. Typically, the owner of the business is his/her own worst enemy - you'll find yourself talking to yourself in the mirror:?Why are you wasting time (shaving/putting on makeup/etc) when you should be out "doing business"?? How do I get clients? How do I get renters? How do I find investors? A strong business plan will help you identify these 'time traps', and hopefully, guide you away from them.Slot Game Online
3. Wrong Product. Are you trying to flip properties in a falling market? Do you find that you can't rent a property so that it has a chance of getting a positive cash flow? Are there any takers out there? A well-thought through business plan will minimize the chances of that happening.Slot Game Online
4. Wrong Market. An extension of #3 above. After fixing that old place up, you find that it's now too costly for any one in that area to buy. Your business plan may have been able to flag that one before you started.Slot Game Online
5. No Exit Strategy. If you don't have a roadmap of where you're going, then you'll never get to where you want to be. Of course, if you didn't sit down and decide where you wanted to be in the first place, you'll surly succeed in getting there! A well-developed business plan will help you lay out Who, What, When, Where, and Why, in addition to How.Slot Game Online
6. No "Vision". A business plan not only establishes your goals, but it does one thing more: remove the 'emotion' from the decision. Getting emotionally involved is not the same as being enthusiastic about what you're doing. If your vision is to have a string of positive cash-flowing properties that are easily rented, easy to maintain, and low overhead, then your business plan should prevent you from "Gold-Plating" those properties so that you never achieve that goal.
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The most successful real estate investors never rush blindly into a purchase, instead full research is carried out to assess the realistic investment potential. Being well informed in both high and low risk investment locations will assist with devising aversion plans to avoid any potential issues that may arise.
Dedicated investment companies will carry out extensive research prior to offering properties to their clients. Comprehensive research will not only provide an insight to the property itself, but also the economic and political stability of its location. Slot Game Online.
Understanding the property and its location in detail provides further assurance that the property presents an optimum investment opportunity. Knowing what to search for when selecting an investment property will enable clients the ability to confirm facts and figures for peace of mind. Slot Game Online.
Return on Investment
The realistic return on investment is one of the main initial factors to consider. The return on investment is essentially the amount of money the property will make through capital appreciation and yield returns prior to selling.
If a property is unlikely to provide the expected returns to make it a viable investment opportunity in the amount of time the buyer wishes to maintain the property, another property or location should be considered. Taking into account the annual maintenance fees and taxes, along with the associated selling costs, is essential to ensure correct calculations are made. Slot Game Online.
The return on investment is one of the areas where risk factors come into the equation. Emerging markets have traditionally provided the highest returns in the shortest period of time, while the established markets provide slower, yet more stable and less risky returns. The current world real estate market situation has changed many investor perception of the fast returns potential of emerging markets. This has led to an increased interest in the secure returns of established markets. Slot Game Online.
Political and economic research into investment locations is essential in emerging markets. Understanding the economic growth factors of the country can provide some insight to the mid and long term market value and demand. This is also important for understanding potential exit strategies for selling the property in the future.
A country's susceptibility to variations in long term economic stability can determine some of the investment's risk factors. For example, emerging markets reliant predominantly upon tourism for growth present risks to real estate investors, as the country's economic environment is not sufficiently varied. While the market may appear to be in its initial growth stages at the time of purchasing, market expansion will depend upon continued demand and interest in the region. Slot Game Online.
Re-sale potential is significantly improved in locations where the domestic population is capable of accessing the real estate market. In regions where the property is significantly overpriced for the domestic market, re-sale possibilities will be limited to other foreign investors. This can pose a problem if at the time of selling buyers are more interested in newer, possibly cheaper property in a more easily accessible location.
The subject of political stability can also include the government encouragement to actively attract foreign investment and tourism to the country. If a country is not entirely welcoming to foreign investors the purchase process may be difficult, followed by difficult re-sale potential. Issues such as civil unrest in developing nations can significantly devalue a property or lead to ownership right issues. To avoid these issues, it is vital to only consider emerging markets with political and economic stability. Slot Game Online.
The price of the property is one of the initial considerations when sourcing a real estate investment. As property prices have reduced significantly in many established markets worldwide, the mid-term return potentials enable greater scope when investing in the current market. The economic stability of emerging markets for investment is now more important than in recent years to protect against financial losses.
Researching the surrounding market will help to ensure the property is not over priced by comparison. If the property presents a higher price, consider the reasons why before discounting it immediately. There may be security features in place, such as guaranteed rental returns, guaranteed buy-back opportunities or other features such as furniture packages included. Slot Game Online.
If this is the case, consider the additional costs that are covered in the security features and associated extras. These costs may include furnishing the new property, maintenance and advertising charges for placing the property onto the rental market, or the effort to find buyers in the resale market at the time to re-sell. If the more expensive property still does not present a viable investment option in its market, it may be wise to look into another development.
Accurate Cash Flow Analysis
A comprehensive understanding of the required financing for a property will assist with analysing the full financial overview. Associated purchasing costs vary significantly from country to country and can sometimes differ between residents and non-residents. Full consideration is required for accurate cash flow estimations and knowing whether the property and the returns present a truly viable investment opportunity.
After taking into account all the additional expenditures, the exit strategies and any other outside factors, a comprehensive understanding of the full investment potential and genuine returns for the investment can be assessed.
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How Property Passes at Death
Death, Taxes, and teenage texting - these are the certainties of life. The tax code is far too complicated for anyone to understand, and why teenagers can text all day but never write a thank you note is an unsolved mystery. Slot Game Online.
Death on the other hand is somewhat more straightforward. One day you're reading the newspaper and the next day you're in it. Let's take a look at what happens to your property once everyone knows where to send the flowers.
First, and surprising to a number of people, most of your property will probably not end up in probate court. Only what passes by will goes through the process. Of course the state has never met you and doesn't know how you'd want things distributed, but whose fault is that? Dying without a will is called intestacy. You don't want to die intestate. Go see an estate planning attorney and get cured. Now that we've solved that, here's how property passes.
Life Insurance and Annuities
The death benefits are paid to named beneficiaries. Unless you name your estate as beneficiary, the death benefits will escape probate. Generally, it's not a good idea to name your estate as beneficiary. One reason is that assets in your estate are available to creditors. The benefits also are slower to reach the hands of your heirs. An heir has not yet been born that wants your money later than sooner. Slot Game Online.
If you have exposure to estate taxes, you may want to consider an irrevocable life insurance trust (ILIT). An ILIT keeps the death proceeds out of your taxable estate. Life insurance companies used to send a check directly to the beneficiary. Today they are more likely to send a checkbook that the beneficiary can access. Life insurance companies claim this is more convenient for the beneficiary. Call me crazy, but I think they do it to hold on to the money a little bit longer. Most beneficiaries already have a checking account. Why would they want another?
Deferred Retirement Plans, including Individual Retirement Accounts, pass by beneficiary. Same rules apply to surviving spouse that exist for annuities. It obviously helps to have a surviving spouse. The people who wrote this tax code were probably married. Slot Game Online.
A Roth IRA also passes by beneficiary, but has no income tax ramifications to the beneficiary, even if the beneficiary is not the surviving spouse. The people who wrote this portion of the tax code were probably divorced, but had a slew of children. Slot Game Online.
If taxes are due when received by a beneficiary, the taxes may be strung out over a number of years by different techniques including a "rollover beneficiary IRA." Go see a financial planner to see what works for you.
Jointly Owned Property
A lot of property like real estate, bank accounts, and brokerage accounts are owned jointly. The most common form of joint ownership is "joint tenants with right of survivorship (JTWROS)." The surviving owner automatically gets the asset upon the death of another owner.
JTWROS should not be confused by another type of joint ownership called "tenancy in common." Tenancy in common divides the property in actual shares and when an owner dies, they can leave the property by will to whomever they want. Take a shoreline cottage jointly owned tenancy in common by two married brothers. If one dies, he can leave his portion to his wife and children. Slot Game Online.
They can then continue to enjoy their seaside vacations. Naturally, as this passes through the generations, a real family rats nest is created, but if you can't fight with family over who gets the prime summer weeks, who can you fight with?
Property In Your Own Name
Now we come to the property that passes by will. If you solely own something that doesn't pass in the manners described above, it becomes part of your probate estate. For example, if you own a savings account in your name alone, it passes by your will. Your will names an executor, a thankless but necessary job. It is up to the executor to inventory your probate estate and eventually distribute it to your heirs. Slot Game Online.
Many people are establishing and funding "living trusts." These trusts are established during your lifetime and funded with assets that would otherwise pass by will. Since most people are their own trustees, control of the assets isn't an issue. At the death of the individual, the assets fall under the control of a new trustee. Since the assets are already in trust, they escape the probate process.
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