Determine the after repaired value

You actually have to start with the end in mind. On any
property that you are making an offer on, you first need
to determine what you can expect the property to sell for
after it is fully repaired.

You can ask your friendly real estate agent or title company
for comparables in the neighborhood. Just make sure you
are comparing apples to apples. You want to compare
your investment house against very similar properties.

If you have a 3 bedroom house with 1500 square feet find
at least three other houses that are similar within the same
neighborhood (or a very comparable neighborhood) that
have sold in the last six months.

Most successful men have not achieved their distinction by having some new talent or opportunity presented to them. They have developed the opportunity that was at hand

Remain Calm and Objective

The hallmark of the fully mature, fully functioning, self-actualizing personality is the ability to be objective and unemotional when caught up in the inevitable storms of daily life. The superior person has the ability to continue talking to himself in a positive and optimistic way, keeping his mind calm, clear and completely under control. The mature personality is more relaxed and aware and capable of interpreting events more realistically and less emotionally than is the immature personality. As a result, the mature person exerts a far greater sense of control and influence over his environment, and is far less likely to be angry, upset, or distracted.

A loyal friend laughs at your jokes when they’re not so good, and sympathizes with your problems when they’re not so bad.

Let your home search start here!

I HAVE SOURCES…

When youre looking to buy a home, wheres the first place you
should look? If your answer is the local newspaper, try again.
By the time a home is listed in a newspaper ad, it may already
have been sold! That’s one reason that you might want to consider
allowing me to help you!

I often know about new listings homes that are for sale hours,
days, and sometimes even weeks, before they’re advertised. And
some homes that are for sale are NEVER advertised.

Thanks to my years of experience helping people buy and sell
residential property, I have sources throughout the area who
let me know when homes are about to be listed. As your agent,
I’ll consider all these homes, and dozens of others, and then tell
you only about the ones that meet your criteria. So you don’t
waste time and effort chasing down false leads. Or suffering the
disappointment that happens when you discover that a home you’re
interested in has just been sold.

If you’re serious about buying a home, call me today.

The better homes move fast!

Your own mind is a sacred enclosure into which nothing harmful can enter except by your permission.

Hints For the new real estate investor

Buying properties that are in need of repair is one of the
quickest ways to make money in real estate in the shortest
period of time. These properties are known in the industry
as “fixers,” “ugly properties,” or “junkers.”But beware!…

I know too many stories of new investors
that were too anxious to get into a deal and paid way too
much for a property. The last thing you want to do is
overpay for a property and create a massive hemorrhage
in your cashflow.

You need to understand that you actually determine your
profit when you purchase the property. It is easy to guess
that you have a bargain, and later find that you wound up
with a money pit because of lack of homework before
making your offer.

 

 

 

 

Learning is not attained by chance; it must be sought for with ardor and attended to with diligence.

Determine your closing costs on the purchase of

There can be a lot of costs that can add up when you are
closing on a property. Here is a list of things to include in
these costs.

* Down Payment
* Real estate commission
* Appraisal
* Loan closing costs and/or points
* Home inspection
* Termite inspection
* Soil inspection (if there is an underground oil tank, etc.)
* Finder fees (for anyone that may have helped you find the
property.)
* Survey

Stop making excuses for being too busy. Plan, organize and execute…now!”

Determine what the most you can pay for the property will be.

Now we are ready to determine what we can afford to pay for
the property.

Simply take your predetermined after repaired value and subtract
the following:

* closing costs on purchase
* holding costs
* repair costs
* sale costs
* closing costs on sale
* your profit

What you are left with is the MOST you can afford to pay for
the property and still make the profit you are looking for.

This formula takes a little time, but the more offers you make,
the quicker you will get at compiling the data and making lots of offers.

To know the road ahead, ask those coming back.

Your Home Value: Principles of Valuation

Principle #1 – Cost
This is the amount actually paid for a property plus
any capital improvements made since the purchase.

Principle #2 – Asking Price
The stated amount an owner is willing to accept
for a property.

Principle #3 – Value
The amount a buyer is willing to pay given todays
market conditions.

Principle #4 – Market Value
The amount that will bring a sale between a willing buyer
and a willing seller. It is based on the history of similar
properties recently sold in the area as well as properties
currently available for the buyer to choose.

Principle #5 – Regression and Progression
The effect that surrounding home sizes have on the value
of a subject property. Regression is the decrease in value
when surrounded by smaller homes. Progression is the
increase when surrounded by larger homes.

Principle #6 – Substitution
Substitution refers to the actual value of an amenity. Value
is determined not by the cost invested in a property, but by the
value derived from it.

If you would like a free no obligation consultation on
how to market your property, contact me.

Thank you for your time,

Be Determined and Purposeful

When you set clear goals and become determined and purposeful, backing those goals with unshakable self-confidence, you develop charisma. When you are enthusiastic and excited about what you are doing, when you are totally committed to achieving something worthwhile, you radiate charisma. When you take the time to study and become an expert at what you do, and then prepare thoroughly for any opportunity to use your knowledge, skill or experience, the perception that others have of you goes straight up.

Condos and Home Associations

Are condos a good investment?

Condominiums have held their value as an investment despite economic downturns and problems with some associations. In fact, condos have appreciated more in the past few years than when they first came on the scene in the late 1970s and early 1980s, experts say.

While there are lots of reports about homeowners association disputes and construction-defect problems, the industry has worked hard to turn its image around. Elected volunteers who serve on association boards are better trained at handling complex budget and legal issues, for example, while many boards go to great lengths to avoid the kind of protracted and expensive litigation that has hurt resale value in the past.

Meanwhile, changing demographics are making condominiums more attractive investments for single homebuyers, empty nesters and first-time buyers in expensive markets.

What kinds of rules and regulations do Associations regulate?

Typical covenants, codes and restrictions (CC&Rs), which govern condo associations, give the board authority to make and enforce reasonable rules for the use of common property. But that would not apply to interior spaces owned by smokers themselves.

A homeowners association’s board of directors can restrict smoking if it applies to indoor common spaces such as hallways or recreation rooms. Outdoor spaces are a different story, say legal experts. Any restriction would probably hinge on local laws (i.e. if a city banned smoking outdoors, a homeowners association probably could restrict smoking in its outdoor spaces).

The 1990 Americans with Disabilities Act does not require strictly residential apartments and single-family homes to be made accessible. But all new construction of public accommodations or commercial projects (such as a government building or a shopping mall) must be accessible. New multi-family construction also falls into this category.

In all states, the Federal Fair Housing Act provides protection against discrimination for people with physical or mental disabilities. Discrimination includes the refusal to make reasonable modifications to buildings that aren’t accessible to the disabled.

What fees can I expect to pay a home association?

Condominium owners pay a fee, usually monthly, to the homeowner’s association to cover the costs of managing and maintaining all common areas. In addition, you may pay extra assessments for major maintenance projects. In general these must be voted on by the association board or in some cases by all of the owners. The particular cost of monthly fees and the rules regarding special assessments vary from association to association. When considering a condominium, it’s a good idea to thoroughly research the fees and bylaws of the condo association.

Are homeowner association fees tax deductible?

Homeowners association fees are considered personal living expenses and are not tax-deductible. If, however, an association has a special assessment to make one or more capital improvements, condo owners may be able to add the expense to their cost basis. Cost basis is a term for the money an owner spends for permanent improvements throughout their time in the home and is used to reduce eventual capital gains taxes when the property is sold. For example, if the association puts a new roof on a building, the expense could be considered part of a condo owner’s cost basis only if they lived directly underneath it. Overall improvements to common areas, such as the installation of a swimming pool, need to be considered on a case-by-case basis but most can be included in the cost basis of any owner who can show their home directly benefits from the work.

Set your goals quickly, and adjust them later if you’ve aimed too high or too low. Many of the goals that have the greatest positive influence on our lives are those we set in unfamiliar territory.