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Get true answers from experts in Real Estate Investing.
Mold is today's big scary real estate bugaboo. That's not to say that there aren't serious issues with mold. However, the whole issue has been blown out of proportion. Many properties don't have municipal water systems but rely on their own well water. If that's the case, you should have the well water analyzed.
Published by Levy Dalumpines 78 months ago in Real Estate Investing | +2 votes | 1 comments
The inspector can be expected to poke and prod the concrete to tell you if there are rebars in it. These are put in at the time the foundation is poured and help hold it together, even when there are major cracks. Most homes and buildings are wood structures. Metal framed buildings for residential use have only come into vogue in the last few years.
Published by Levy Dalumpines 78 months ago in Real Estate Investing | +3 votes | 1 comments
One of the best ways to learn about a new property is to accompany a professional as he or she tours the property. The inspector will visit areas that you may never see. He or she will also be poking the foundation with a screwdriver, crawling under the house, scratching beams to check for dry rot, and hundreds of other things.
Published by Levy Dalumpines 78 months ago in Real Estate Investing | +3 votes | 1 comments
Owners/sellers will often add to their properties without the benefit of building permits. There are many reasons they might do this: Permits are expensive and inspectors often demand inconvenient and costly changes; the owners/sellers may not have realized it was necessary; the owners/sellers did the work themselves; and so on.
Published by Levy Dalumpines 78 months ago in Real Estate Investing | +6 votes | 3 comments
A property that's run down isn't worth nearly as much as one that's in top shape. That's why it's so important to determine the true condition of any real estate you're considering purchasing. In the residential market, professional home inspections have become the norm. That has always been the case for the commercial market - at least for savvy investors.
Published by Levy Dalumpines 79 months ago in Real Estate Investing | +1 votes | 0 comments
You can quickly do a survey of any property's electrical system on your own. Of course, if you find anything amiss (or the professional inspector does), then you'll want to call in an electrician to check it out and give you a bid on correcting the situation.
Published by Levy Dalumpines 79 months ago in Real Estate Investing | +5 votes | 2 comments
Be sure to check if the escrow company charges a single overall fee, or whether it itemizes. If it's the overall fee, be sure that, in fact, everything is covered and that there aren't additional charges that could crop up later on. If it's itemized, try to get a total figure for all of the itemized costs.
Published by Levy Dalumpines 79 months ago in Real Estate Investing | +1 votes | 0 comments
A good agent should be able to come within a hundred bucks of telling you what your closing costs will be. Sometimes agents will want you to use a particular title/escrow company.
Published by Levy Dalumpines 79 months ago in Real Estate Investing | +0 votes | 0 comments
Be sure to check out the fee structure of the escrow company you are planning to use before opening escrow so that you won't get overcharged. Keep in mind that the party who pays the title insurance costs (including title abstract and title search) is fully negotiable.
Published by Levy Dalumpines 79 months ago in Real Estate Investing | +0 votes | 0 comments
It's important to remember that the time to negotiate with a lender is when you first apply for the mortgage. If you don't take the loan that's offered, it could take you weeks to apply for and get approved by another lender. And in the interim, you could lose the deal.
Published by Levy Dalumpines 79 months ago in Real Estate Investing | +0 votes | 0 comments
One way of reducing your transaction costs is to get the other party to pay for them. If you're a buyer, that means asking the seller to do it. If you're getting financing, as most investors are, that means asking the seller to pay for non-recurring costs. If you can transfer the transaction costs for the roundtrip - buying and selling - to the other party, you may save as much as 10 percent of the cost of the acquisition.
Published by Levy Dalumpines 79 months ago in Real Estate Investing | +1 votes | 0 comments
No matter what you buy or sell, there are usually transaction costs (also called closing costs). When you buy/sell stock, you pay a broker's fee. When you buy/sell a car there are licensing fees, taxes, and other charges. Real estate is no different, except that the transaction costs involved are often much higher than for most other items.
Published by Levy Dalumpines 79 months ago in Real Estate Investing | +0 votes | 0 comments
A way to reduce your costs when you resell your investment property is to negotiate a lower commission. Suggestion is that besides simply asking, you never lean on an agent who is listing your property to reduce the commission rate he or she wants.
Published by Levy Dalumpines 79 months ago in Real Estate Investing | +1 votes | 0 comments
When purchasing a property, most of the transaction costs usually involve the financing, though there are other costs as well. Here are some of the costs you can expect to pay when making a purchase.
Published by Levy Dalumpines 79 months ago in Real Estate Investing | +3 votes | 0 comments
Savvy agents often form partnerships or simply associations of investors in order to purchase more and/or larger properties. These investment groups are great for the agent, since they provide an opportunity for a quick sale and commission when a good deal arises.
Published by Levy Dalumpines 79 months ago in Real Estate Investing | +0 votes | 0 comments
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