How to Team Up with a Good Moneyman—or Woman

Money not only makes the world go ’round, it also moves houses. You need money to purchase a property. Your foreclosure clients may need financing to take action on one of the options you present. And people buying property from you often require financing to close on the deal.

Where do you find all this money? Hunt down someone who specializes in home financing: a mortgage broker (commonly called a loan officer). By teaming up with a loan officer, you not only have the means to secure financing for your investments, but you also have someone on call for when distressed homeowners need advice or someone interested in purchasing the property from you needs financing. Read more…

November 8th, 2008 | Real Estate Deal | 3 Comments

 

How to Market and Sell to Get Top Dollar

Your goal when selling a house is to sell it quickly at a price that’s pretty close to its market value. To accomplish that goal, follow these marketing guidelines:

1. Set the price right the first time. Don’t set a super-high price hoping that the fish will bite. Your investment property is likely to linger on the market, during which time, holding costs continue to chip away at your profit. An asking price that’s in line with comparably priced homes is best.

2. Get the word out through a successful real estate agent. If you’re thinking of saving money on real estate commissions by selling the house yourself, think again. Homes sell in about half the time and for more money through a real estate agent. What you may save in commissions, you end up losing through holding costs and by having to sell for a lower price. Read more…

November 7th, 2008 | Real Estate Market | No Comments

Understanding Different Types of Mortgages

Understanding Different Types of Mortgages

If you decide to take the big leap and sign a mortgage, there are many options available to you. Let’s investigate some of these:

30-Year Fixed-Rate Mortgages

A 30-year fixed mortgage is repaid by the borrower making 360 equal monthly payments over a period of 30 years. Since your payments are fixed, you can expect to make the same monthly payment for the entire term of the loan, regardless of any changes in the housing market. This is a popular loan used to buy a private house and is available for conventional, jumbo, FHA and VA loans. You can also get a 15-year fixed rate mortgage, which is basically the same except your monthly payment is 25 percent to 50 percent more, and you pay it off in half the time. With a 15-year program, you’ll also be paying a lot less interest. Read more…

September 6th, 2008 | Real Estate Business | 5 Comments

 

How to Be a Successful Real Estate Pro

If you have been a successful businessperson, you know what it takes to do the job. If you’ve had sales experience, whatever worked for you before will likely work again. However, real estate is just different enough to make it worth your while to consider some of these ideas. If you have had little or no previous work experience, or none in sales, you will want to pay particular attention.

Pick a Partner

In every office there seems to be at least one agent who is exceptionally well organized. Pick the person who seems to be the best qualified and with whom you are the most compatible. Some offices have a formal buddy or mentor system that pairs off each newcomer with an experienced agent, so the contact might be made for you. Others might have a structured coaching program in which you agree to pay for the personalized tutoring.

Naturally, that’s one of the things you’ll make certain you’re clear on before you sign on. No matter what the system, make sure that you find out how the official office files are maintained and learn how to locate things for yourself. You will become popular if you can find what you need without always asking for help. Read more…

August 31st, 2008 | Real Estate Business | 1 Comment

Thirteen Crucial Terms That Must Be Negotiated in Every Option Agreement

Here are 13 crucial terms that must be negotiated in every real estate option agreement:

1. Purchase price of the real estate option: Negotiate a real estate option fee that does not exceed 5 percent of the property’s current market value.

2. Credit for cleaning up the property: Obtain a $500 cleaning credit, to be applied toward the option fee, for cleaning up the property. Read more…

August 10th, 2008 | Real Estate Deal | 1 Comment

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