![]() |
![]() |
Mortgage Information |
|
![]() |
![]() |
How to Research and Purchase a Good Investment PropertyElaine Voncannon How to Research and Purchase a Good Investment Property How much do you really know about investment property Accurate research and professional expertise applied to the purchase of an investment property builds a solid foundation for financial success. You may want to work with a REALTOR who can help to identify the great opportunities in investment properties in the area of your choice. Or, you may choose to do the work on your own. A REALTOR can provide the inside line on properties with potential in the geographic area where you are looking for property. If you do choose to work with a REALTOR, you will save time, and you may have more choices and opportunities. Research the Property’s Past and Present Some essential information must be obtained about the property’s past. For example, do you know the history of the property, or even how old it is What sort of upgrades have been made to the home Is the roof waterproof, and is the plumbing and electrical in working order What’s the Neighborhood Like Once the overall condition of the property has been assessed, tax assessment records must be examined to determine property value trends. A good REALTOR will be familiar with the neighborhood where the property is located and if he or she is not, the REALTOR should check the neighborhood at different times of the day and night and speak to some neighbors. If there is a homeowners association, check the guidelines, assess fees, and be certain they allow rental of properties. Assess the Bottom Line For what purposes are you, the investor, going to use the property To rent To house your business Or, to rehabilitate the property and sell it at a profit Once this is determined, you can assess the bottom line. Are you paying cash for your investment property If not a mortgage will have to be paid. Have your REALTOR determine if rent and applicable fees will cover the mortgage, property management and maintenance. Consider property management if you do invest in property. Research fees and services provided by different property management companies, or ask your REALTOR if they provide this service, because many do. If you do not want to collect rents and contract repairs, find a property manager with the skills to negotiate, be your intermediary, and facilitate business in your absence. For investors who rehabilitate and sell buildings at a profit, a decent turnaround is 60-90 days from the time of purchase to the time the property is put back on the market. Three to four contractors should be researched and they should provide written bids with time estimates on their projects. Document Fund Availability with Your Offer Once you find that dream investment property, don’t forget that offers need to be accompanied by your financial institution’s statement of fund availability or a lender’s approval letter. This will help make certain your offer will be accepted over other offers that may not come with appropriate paperwork. There are still plenty of great deals on investment properties in this real estate market, and there are some less than desirable properties as well. Do your research. Or, hire a professional who will do it correctly for you. With proper planning and decision making, your real estate investment should be a profitable and worthwhile endeavor.
| ![]() | ![]() | ![]() | RELATED ARTICLES 3 - Pointer by Gary Whittaker Point 1 - Red Sox Win! Red Sox Win! The Zero Down 80/20 Mortgage This is an excellent loan for those that are lacking the down payment required for other types of mortgages. The Top 20 Web Mistakes Small Businesses Make My parents made a monster. Little did they know 30 years ago that they would get exactly what they wished for. Like W.W. Jacobs tale of "The Monkeys Paw", they got what they wanted, for better and maybe even for worse. How To Eliminate Credit Card Debt There is almost nothing more troublesome than having too much debt to pay each month. Consumers incur debt for many different reasons. Sometimes illness, accidents, or just bad luck can make it seem impossible to get finances under control. Other times it is simply because we spend more money than we earn. The first step toward taking control of your financial situation is to learn how to eliminate your credit card debt. Different Models For Making Money On The Internet There are several strategies for making money on the net. Here are some possible options: Are You An Innocent Victim of These Popular Myths Misconceptions, misinterpretations and just plain “untruths” are floating about income taxes. Believing them could be costing thousands of tax dollars! How to Build a Real Estate Investing Power Team As you continue to read about real estate investing, you will no doubt come across the term power team. What is this power team A power team is a group of people without whom successful real estate investing becomes very difficult, if not impossible. Included in a power team are at least one real estate agent, a mortgage broker, and a real estate lawyer, all of whom will have experience in creative real estate investing. Credit Traps Snag Consumers Nearly 20 years ago I worked for a small consumer advocacy organization in Washington, DC. Each week we received sacks full of mail from consumers across the country requesting our list of credit cards with low interest rates and no annual fees. If you wanted a low interest rate on a credit card back then, you often had to apply to a bank in Arkansas where interest rates were capped by state law. Tips For First-Time Homebuyers NC—Near record low interest rates are opening the doors of homeownership for many Canadians. "This may be the perfect time to consider purchasing a home," says Gail Kassie, Director, Mortgages and Home Financing Products, BMO Bank of Montreal. "With the variety of mortgage terms and options available, as well as low interest rates, more people are finding that they can afford to purchase a home." Kassie recommends the following "to dos" for first-time homebuyers: Where Can I Get a Home LoanHere Are The Top 5 Mortgage Lending Institutions There are hundreds of sources for home loans online and right in your neighborhood.Banks, Credit Unions,Mortgage Bankers, Government Agencies and Private Sellers all offer different sources of financing for anyone shopping for a mortgage. The 21st Century Way To Build Equity Here to stay and firmly established in the U.S. mortgage market, biweekly mortgage payments are gaining momentum. First introduced into the U.S. in the early 1980s by several small Northeastern Banks, the idea of biweekly mortgages has its origins in Canada. More Business for Sellers, Builders Many of us thought that by now the real estate market’s favor would have swung from buyers to sellers, but that does not appear to be the case.With summer coming to a close, some would argue that a solid home buyer in today’s flat real estate market is the commodity of choice. Starting Your Home Based Business On A Shoestring Budget Whether seeking a supplemental income or a full-time income,many folks have undertaken the task to discover a viable homebased business solution to meet their personal needs. More Bang for Your Buck With Mortgages Choosing a knowledgeable mortgage lender can make a difference in the quality of home you are able to purchase with your finances. I prefer to recommend a mortgage broker to my clients, because they usually offer 50 or more programs. Regular mortgage companies are usually locked into one source. Take time to research a mortgage lender. And, remember, creative financing can be the way to go if you need a higher priced home with more space. Budgeting For Prosperity Budgeting For ProsperitySeven Steps to Follow To Achieve Financial Freedom Women Bodybuilding For Beginners With the current craze of the Atkins diet women are finding success fitting into clothes that they couldn’t fit into for a while.Without a doubt the Atkins diet works.Unfortunately the diet doesn’t help muscle tone or the cardiovascular system.Now with the fat that was covering the underlying muscle melted off,.you would like to see these muscles toned up.Why not try bodybuilding You probably have some questions why you should start bodybuilding.I listed below some of the questions I have been asked over the years.Hopefully this will answer your queries. Unintended Consequences Direct Answers - Column for the week of May 26, 2003 What is Bridging Finance Once you understand what the term, “Bridging Finance” means, it’s easy to understand how it got its name.The purpose of a bridging or bridge loan is to provide short term cash for a real estate transaction until permanent financing is secured.Bridge loans are commonly used to “bridge the cash gap” when completing commercial real estate transactions. A Woman’s Job No Woman Wants! Never talked about and seldom acknowledged is the fact that women have by default one of the worst jobs on the planet, namely final arrangement director. Of all the funerals, cremations and burials that take place in this country every year, nearly two thirds of these estimated 2.3 million deaths will be planned, arranged and ultimately paid for by women, by default because she is the surviving member of the marriage. Preventing Foreclosure Proceedings and Understanding Your Options Every year over 8 million homeowners are seeking help preventing foreclosure proceedings. This is a stunning 30 year high. Experts project that by 2006, 12 million homeowners will be teetering on the brink of foreclosure. Many homeowners are not aware that the can prevent foreclosure and save their house. Did you know that you can’t stop the proceedings up to an hour before the auction takes place ![]() |
home | site map |
© 2005 |