Mortgages Real Estate Investments Plus
Home Loan Deals & Mortgage Refinancing Tips
|
|
|
|
|
| |
|
|
|
|
| |
|
Be A Successful Loan Officer - Insider Land Secrets - Building Business Credit - Mortgage Secrets - Personal Loan - Bad Credit Loans | |
|
You are free to use content from this page in your blog or website, in return for a link back to this page from that blog or website.
Real Estate Investing: Beware of Subject To Promises
Another real estate writer's mini course, full of promises and fluff, ended with a "lesson" on why you need to buy his book so you can finance multiple properties "subject to." The reason, he said, "because banks won't let you finance more than ten mortgages." This simply isn't true. First, banks let you finance as many mortgages as you can pay for. Some banks limit the number of loans made to one person. Experienced real estate investors just move on to another lending institution. I know one investor who owns more than one hundred single family homes. All have mortgages. He constantly refinances one rental for the down payment to buy the next. Besides living off the cash flow from his rentals, he also refinances a rental occasionally to take his family on a first-class vacation. Another investor, my friend who owns the carpet company we use for our fixers, owns more than fifty rentals. None were purchased "subject to" the existing loan. Many were purchased "all cash" for quick closings, with mortgages added later. For beginning real estate investors, looking for an owner willing to sell their property "subject to" the existing loan adds a frustrating component to the search for a profitable property. Today's savvy home sellers just won't sell to a buyer who can't cash them out. Of course, some investors offer "subject to" and lease-option purchases. But, properties with most of the equity stripped out come with payments too high for rental income to support. These properties make better candidates for owner-occupant home buyers with poor credit who don't mind paying more for a house. Beware of "subject to" seminars, books, and promotions. This real estate investing method worked last century. Copyright (c) 2005 Jeanette J. Fisher. All Rights Reserved. Jeanette Fisher teaches real estate investing and credit college courses. She became a credit expert to help her real estate students buy their dream home and multiple investment properties. Jeanette is the author of "Credit Help! Get the Credit You Need to Buy Real Estate" and other books. For a free report, "Credit Tips for Mortgage Financing," visit the Real Estate Credit Help Center http://recredithelp.com
Cat 10542 |
|
|
|
RELATED ARTICLES
Should You Allow Buyer To Rent During Closing' It's not uncommon for an investor to sell a house and have the buyer request the right to rent and occupy the property while the closing is being completed. Condo-Hotels ' A New Second-Home Alternative to Time Shares Condo-hotels have evolved as a better, more reliable second home alternative to time-shares. They are usually attractive, high-rise hotels on the ocean or in other prime locations, and range in price from the mid $200,000s to over 1 million, depending on the size, location, and amenities. Buying Property in Spain You have made the decision to move to Spain and are now looking for a property to buy? Where do you start? Firstly, I would suggest you go on to the internet and look at the various agents that are offering properties for sale in Spain. Many of these companies are run by people who have already emigrated to Spain and will know the many problems and pitfalls that arise when buying a property in Spain. The next step is decide where you want to live, is it in a Town (urbanization), the Country (campo) even the mountains, the lakes or the Coast. If you want everything close at hand to you, then your best bet would be look at properties in a Town or on the Coast especially if you require medical facilities close at hand. You then need to decide whether you want to buy an apartment, townhouse, villa, finca (country house with land) or a property that needs renovation. You have now made a decision on where you want to live and what sort of property you want to buy. It is now time to start contacting the agents, both those on the internet and those who are located in the town close to where you wish to live. They will not only provide you with the details of properties they feel would be of interest to you, but they should also be able to provide you with details regarding solicitors, banks (if you may need a mortgage to purchase the property), schools, medical facilities in that area. If possible get the bank to confirm with you what sort of percentage of monies they would lend on the purchase of a property, most banks in Spain only provide 75% mortgages. You have now found the property of your dreams, one of the first things that you should ask of your agent is does the owner of the property have the right to sell the property and if so can they produce the papers confirming this. If no such document is available, then ask if they will be drawn up before the sale. If not, then do not proceed with the purchase. Also ask your agent if they can confirm that the property being sold has been provided with all the correct planning permissions by the Local Town Hall. If you find that the property has not been provided with the correct planning permissions by the Town Hall, this may mean that the property has been built illegally. At present the Government in Spain is now starting to enforce the laws regarding illegal builds and this has sometimes resulted in properties being demolished and large fines incurred by the developers. However, the problem above is only a minor one, and as long as you find yourself a reputable agent to help you in your task of finding the property of your dreams then these above problems should be of no consequence to you. I hope that the information provide aboves helps you in make your decision to purchase a property in Spain a pleasant one. Buying A Home ' Zoning and Architectural Review Board Restrictions When you buy a home, you need to be aware of the various things that can limit your control over the property. This is as true for finished lots and single family homes as it is for townhouses, condos, and apartments. It's a good idea to understand these limitations before you buy, so that you can decide whether you're willing to live with them or not. After you buy, it's too late; you're stuck. Boston Real Estate ' You Still Have Considerable Control Over the Sale of Your Boston Home Boston real estate is a hot topic. Daily newspaper articles comment on whether or not a bubble exists in the Boston real estate market, when and if it will pop, how interest rates affect the market, why Boston residents are snapping up interest-only loans, and how foreign investors in our treasuries keep interest rates low. There are articles about the location and amenities of Boston homes, why those factors make our region so desirable, and why the completion of the big dig is going to make Boston real estate even more desirable. Selling Your Home In The Winter In many parts of the country, selling a home during the winter months can be a challenge. Dreary, cold weather and the end-of-the-year holidays can keep buyers away and heighten fears of your home staying on the market longer than expected. How To Find a Real Estate Agent You may be of the opinion that you don't need a real estate agent and that using one will add to the cost of buying your new home. Searching For Maui Beachfront Houses' Who wouldn't want to move into a Maui beachfront house? From the custom architectural jobs done on many Maui homes, to the beautiful beaches and other natural attractions in Maui, you're bound to find something you will love about Maui beachfront houses. However, like any home buying process, you'll need to make sure several things are in order before you make your move into your new Maui beachfront house. Here are suggestions for finding some of the best homes in Maui, as well as ways to keep your budget in order during the home purchasing process. Achieving Positive Cash Flow from Your Real Estate Investments Even if you're counting on rising property values to eventually make a profit on an investment property, it's far more desirable to have a positive cash flow each month. If you're losing money on a property every month, it may not take long until your future profits will have been lost. Owning investment property is much more enjoyable if you're making money along the way. What is a Predatory Lender' Several months ago, the 3,000-member California Association of Mortgage Brokers (CAMB) created the first real definition to describe the abusive lending practices of predatory lenders. According to the CAMB, predatory lending was described as "placing consumers in loan products with significantly worse terms and/or higher costs than loans offered to similarly qualified consumers in the region for the primary purpose of enriching the originator and with little or no regard for the costs to the consumer." The UK has Gone Property TV Show Crazy! The UK has gone property TV crazy. There are now shows about developing, buying, doing up and selling your home on every channel nearly every day. TV show presenters have become celebrities and household names.Some TV stations have had property show weekends purely dedicated to property TV shows. The UK has got an insatiable appetite for the shows. Theres More To Making Money Than A Tertiary Education An education of some sort is a prerequisite these days if you want to start a secure career in whatever field you choose. However, have you thought about where this will get you exactly? Will it help you achieve all your dreams in life, both financial, physical, emotional etc? Refinance Rental Property - Dont Sell It You own a rental property for years, and never see the "big pay-off." Is it time to cash in on your investment, now that you've paid down the mortgage, and values are up? Maybe not. Setting Goals for Real Estate Success The power of goal setting has been well documented and communicated so before you skip over this point because you've heard it all before I'd like you to consider how well you are doing it. I'm a firm believer that you don't truly understand something until you are doing it. The Echo Boomers - The Next Big Consumers The Echo Boomers or Generation Y currently make up about one third of the US Population. Many of the Echo Boomers are starting to reach an age where they want and need things like, Houses, Cars, Insurance. The Echo boomers don't respond to marketing like Earlier Generations. In recent Focus Groups an Echo Boomer is just as likely to being playing a Video Game or surfing the Internet as watching TV. Cutting Edge Real Estate: Is There Anything New? Part 1 The world of real estate has pretty much stayed the same for decades. It's no different today than it was 50 years ago. The basic principles will never change. Is this true? Only part of it? Well, lets look at what is different in the real estate world. Also, lets see what is the same. Purchasing Florida Investment Property And Various Considerations Purchasing Florida Investment Property Easing Your Way Into Homeownership: A Guide To Low Down Payment Mortgage Programs There's no question about it: Buying a first home is a big financial commitment. In most cases, a home is the largest single purchase an individual or family will make in a lifetime. However, because of the tax advantages afforded to homeowners, buying a home also can be one of the best financial decisions you'll ever make. Golf and Waterfront Living: Live, Play, Relax With today's planned lifestyle communities, golf and boating enthusiasts have an opportunity to purchase the home of their dreams just a chip shot away from the green or stone's throw from the marina. In addition to an ideal home setting, golf and waterfront community residents enjoy an active and diversified lifestyle experience complete with first-class golf courses, marinas, beaches, spas, clubhouses, recreation areas, fine dining and countless other amenities. Out of the 10,000 master planned communities across the United States, over 2,500 are built around golf courses and pristine waterfront property. Making sense of all the options can be mind boggling. If you are thinking about relocating to one of these golf and waterfront communities, it is imperative to be able to distinguish one community from the next and more importantly, know what to look for before you buy. In the past, golf and waterfront master planned communities catered to distinct segments of the housing market, namely middle to upper income empty nesters and retirees. Things have changed. Today, golf course and waterfront developments are designed to accommodate budgets of all levels and generally fall into one of two categories: multi-generational and age restricted. The construction of multi-generational communities represents a recent trend in planned community home building. The underlying idea is to attract a diverse population of families including retirees and young professionals of varying income levels and backgrounds in order to establish a robust and vibrant community. After decades of building age restricted communities, builders and developers have recognized that the traditional elements of planned community living such as security, on-site amenities and low maintenance housing appeal to home buyers of all ages. Most new communities are multi-generational developments. Vistancia situated in the beautiful Sonoran desert outside of Peoria, Arizona is a recently opened golf community attracting individuals and families of all ages. Since home sales began in March 2004, almost 500 families have moved into this scenic development with 1,700 total acres of open space and a 900-acre mountain preserve. Conversely, age restricted planned communities are developed for the +55 home owner with amenities and facilities for today's discerning empty nester and retiree. Typically, the age restriction requires one household resident to be at least 55 in order to qualify for home ownership. Over the last decade, an evolution has occurred with the age restricted community model of yesteryear making way for contemporary activity based developments complete with lavish amenities and world-class recreation areas, not to mention the conventional facilities required by the +55 demographic. The undisputed leader in age restricted master planned community development is Del Webb. Since the 1960s, Del Webb has constructed numerous age restricted golf and waterfront communities across the United States. Del Webb's Sun City developments are arguably the most recognizable line of age restricted communities stretching from coast to coast with Sun City Hilton Head in North Carolina and Sun City Lincoln Hill in California. The most important criterion in selecting a traditional home is location and the same is true when deciding on a golf and waterfront community. The old adage "location, location, location" aside, one has to consider whether the new property will serve as a primary residence, second home getaway or retirement abode. The final location decision is generally based on three primary factors: home use, surrounding area and local weather. For most of us working folk, our primary residence is located within an hour or so of a major metropolitan center. Don't fret, there are hundreds of golf and waterfront communities centrally located within driving distance from most major metropolitan areas. If by chance you live near Dallas, you have several options to choose from including Stonebridge Ranch in north Dallas and Black Horse Ranch which is only 25 minutes from downtown. Washington D.C. commuters are also in luck with conveniently located golf and waterfront communities in Virginia, Maryland and Delaware. Belmont Country Club, a Toll Brothers property, is a mere 40 minutes from Washington D.C. in Ashburn, Virginia. These examples represent only a fraction of the actual number of suburban golf and waterfront developments. The location decision is a bit more complicated and not as clear cut when one considers purchasing a second home retreat or retirement residence. In this situation, other factors come in to play such as the activity and cultural richness of the immediate area and of course, local weather. If you are looking for a second home, would you like to be nestled in the woods away from the hustle and bustle of the city, located in a more suburban area or some in between? Climate is also an integral factor to take into consideration when purchasing a home particularly if you are feeling abused by recent harsh winters. This may clearly point to a direction that takes you out of your home state or even to another part of the country. Conversely, the summer's never ending heat may drive you to consider the cooler climates up north. Fortunately, there are 2,500 golf and waterfront communities spread out across the United States from Minnesota to Texas and California to Massachusetts. What is clear in the case of retirement homes is that good local health care and transportation facilities are a must. For most retirees, living over 60 miles away from the closest hospital or airport is just not an option. In the end, it comes down to striking a balance between modern necessities and the beauty of the great outdoors. Once you have settled on a geographic location, the next area to focus on is amenities. These can vary greatly from one golf and waterfront development to the next. Typically, these expanded 'goodies' fall into two categories: conveniences and lifestyle enhancements. Conveniences include such things as security services, home maintenance, gardening services, concierge service, on-site retail and office space, cable television and high-speed internet. Lifestyle enhancements relate to recreation activities and rest and relaxation befitting an enhanced life of leisure. One can find a mix of facilities at planned communities which support numerous activities like tennis, hunting, boating, skiing, and hiking. To balance the rigors of recreation, planned communities provide residents with rest and relaxation amenities such as spas, clubhouses, wilderness preserves, pools, beaches and fine dining. With real estate opportunities for every budget, isn't it about time you looked into moving to a golf and waterfront community that offers unbelievable vistas, year round activities, low maintenance living and first-class amenities? Real Estate Appraisal - Do It Yourself For single family homes, there are two basic methods used in real estate appraisal. They are replacement cost analysis, and using comparable sales. A third appraisal method, based on capitalization, is used for income properties, and is covered in another article.
|
 |
| Copyright © 2009 www.dovada.net.au |
