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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 86 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 87 months ago in Real Estate Investing | +0 votes | 0 comments
Find a good agent who specializes in commercial, for example; another in bare land and farms; and so on. In this way, you'll be able to diversify your portfolio of real estate holdings slowly. When you're first getting started, the easiest route is by buying homes and condos. Thus, your first agent should be one who works with investors in that area.
Published by Levy Dalumpines 87 months ago in Real Estate Investing | +3 votes | 0 comments
Most good agents will ask a minimum commission below which they will not work. It's important to understand that there is no "set" or "fixed" or "standard" commission in real estate. First, of course, find out how much the agent wants. Then, either agree to the amount or find another agent who is willing to work for less and tells you so right up front.
Published by Levy Dalumpines 87 months ago in Real Estate Investing | +1 votes | 0 comments
Be sure you know the difference between a "buyer's agent" versus a "seller's agent." An agent must declare who she or he works for. There are three options: the seller, the buyer, or both (called a "dual" agency).
Published by Levy Dalumpines 87 months ago in Real Estate Investing | +2 votes | 0 comments
When you "hire" an agent, it's similar to hiring anyone else to work for you. You should interview them by asking them a series of questions to see if they have the experience and knowledge that you need and if they are compatible with you. Is it better to work with one agent or with several?
Published by Levy Dalumpines 87 months ago in Real Estate Investing | +1 votes | 1 comments
You're looking for someone who's been in the business long enough to become financially secure - someone who doesn't really need you. These persons (real estate agents) should ideally, own investment properties on their own, so that they know what it is to invest and to be landlords.
Published by Levy Dalumpines 87 months ago in Real Estate Investing | +1 votes | 0 comments
There are over a million agents in the country. But probably more than 95 percent of them cater mainly to people who are looking for a home in which to live. They may not know the difference between a home that will make a good residence in which to live and one that will make a good investment. The agent you want should be handling investment properties as his or her primary line of work.
Published by Levy Dalumpines 87 months ago in Real Estate Investing | +0 votes | 0 comments
If you buy rural land, be aware that there are many traps to watch out for. One of the biggest involves sewerage. Unlike with city lots, there may be no municipal sewerage system. The reason most people want rural/recreational bare lots is to build on them. Everyone seems to have his or her own dream house in mind, and this is an opportunity to create it.
Published by Levy Dalumpines 87 months ago in Real Estate Investing | +2 votes | 0 comments
A land split can be one of the easiest or one of the most difficult methods of generating money. Basically, you buy a lot and then split it into two, three, or more parcels. Some of the most accessible opportunities in bare land exist in rural and recreational areas. These may consist of large lots (sometimes 40 acres or more) or developed parcels of only 10,000 square feet within a "country club" setting.
Published by Levy Dalumpines 87 months ago in Real Estate Investing | +0 votes | 0 comments
Leftover lots (sometimes called marginal lots) are typically located in urban and suburban settings. When a developer comes through and puts up housing or commercial buildings, sometimes a lot here and there will fall through the cracks. It never gets developed and sits there, often covered with weeds.
Published by Levy Dalumpines 87 months ago in Real Estate Investing | +2 votes | 0 comments
Tax sales offer a variety of opportunities to ambitious real estate investors. These involve properties on which the owner has not paid taxes. Many owners put their real estate in a revocable trust and it passes to their heirs without ever going up for auction.
Published by Levy Dalumpines 87 months ago in Real Estate Investing | +1 votes | 0 comments
A few REO lenders do recognize the fact that they will get less from a cash offer, so agree to handle the financing themselves for a higher sales price. Sometimes they'll even throw in a cash credit toward having the property fixed up. Find out who the biggest real estate lenders are in your community. Become a depositor, even a borrower. Find out who handles their REOs.
Published by Levy Dalumpines 87 months ago in Real Estate Investing | +2 votes | 0 comments
REO stands for real estate owned. After a property has been sold on the courthouse steps to the lender (typically the highest bidder), it moves from the asset side of the ledger (where it was a performing loan), to the debit side where it's listed as a liability - a property owned by the lender.
Published by Levy Dalumpines 87 months ago in Real Estate Investing | +1 votes | 1 comments
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