First Time Homebuyers and Down Payment Assistance Programs

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May 27, 2010 Down Payment Assistance Programs (DPA’s) for First Time Home Buyers By: Michael A. Foote, CMB

There is money available for first time homebuyers today. In a much needed addition to financing products available today, down payment assistance programs are available once again. Down Payment Assistance Programs are generally a local, state or federal grant or bond program designed to assist certain persons with certain income levels in certain areas, with money that can be used for down payment and closing costs on many purchase loans.

These tax free grants or loans are generally forgivable provided the buyer stays in the home for a designated amount of time. And these dollars can dramatically change the amount of money required for closing when these first time homebuyers buy a home. For example, a typically FHA borrower may have to come up with over 4-7% total of the sales price whereas a borrower with a WISH down payment assistance program may only need to bring in 2-3% total. That’s a huge amount of money on a several hundred thousand dollar transaction. If you amortize out that difference the savings are literally tens of thousands of dollars since most closing costs are financed in the new mortgage.

So what does the process with „DPA“ look like when compared to the regular loan process. Quite frankly, it’s seem less to the user insofar that the lender will generally have to deal with the additional hoops during the process. For the borrower/buyer they probably wouldn’t know the difference. The only real difference is a potential for a slightly longer loan processing time. So is DPA a good idea? Well, lately it has been a challenge for Realtors to get clients using FHA let alone FHA WITH Down Payment Assistance so an argument could be made that using DPA on an Offer to Purchase could be a determining factor for the seller’s side when these choose the offer to open escrow with. The only cure for this pitfall will need to be more product on the market for properties up to the $400,000 range as DPA generally have no purpose and no qualifying borrowers as the sales price rises and/or in areas of high per capita income. Undoubtedly, DPA has a place in today’s financing landscape and those of in the industry are happy to have it, it is one more additional tool to increase homeownership for low to mid income families. And this product will help sell the forecasted shadow inventory rumored to be lurking around the corner.

Only time will tell if that come to fruition or not. These programs are not free from abuse, there have been in the past scams related to DPA and officials, lenders, and large institutions have really scaled back what is allowable as DPA. Also economics play into the availability of these from all the time. There are many DPA’s completely drained of funds.

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Source by Michael Foote

The Advantages of Using a Realtor

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This subject gets pondered a lot, by both buyers and sellers. I want to address it, but I want to disclose upfront that I am a realtor, so my perspective will be somewhat biased.

If you are purchasing a new home, I would always, ALWAYS recommend using the services of a realtor. First of all, and this may be your most important reason, you do not pay for any of the services provided. That’s because the realtors on both sides of the transaction are paid by the seller as part of their Listing Fee.

Beyond any economic reasons, however, a realtor will have access to every property for sale that is listed on the Multiple Listing Service (MLS) for your area. Simply by providing a few details about what you are looking for and where, a realtor can literally make hundreds of homes available to you for your review (depending on how specific your parameters are). That gives you the chance to review the list from the comfort of your home and weed out those properties that don’t suit your needs. If any questions are raised during your research, your realtor will be the one to track down the answers for you..

When you have narrowed down your selection and have chosen properties you’d actually like to visit, working with a realtor is key. Most sellers that list their home, do so in order to make sure that their home is being shown to „real“ buyers being accompanied by a licensed real estate professional. For convenience, most listings provide for a lockbox or Sentrilock box for secure access to the home. Obtaining the lockbox code will be impossible unless you are a licensed realtor. Homes that are being sold by the owner (FSBO’s) are a different matter and I will get into that later in this post.

The buying process includes a number of steps that a realtor can not only facilitate, but expedite, as well. Once a buyer has decided on a property, the realtor can prepare your offer documents (contracts, addenda, disclosures, etc.) for your signature and present them to the seller. One your offer is accepted, your realtor can guide you through the process to a successful close of escrow. This will include having the home inspected, the attorney review of the contracts and the processing of your mortgage financing. If a buyer doesn’t have access to an attorney, lender or home inspector, a realtor will be able to provide references for those services.

Your realtor can also provide significant help in the negotiating process. They know the current market and can tell you whether the home is priced accordingly. They will also be able to assess the market value of the home based on its condition or any upgrades the seller has made.

From a buyer’s perspective, it only makes sense to utilize the services of a professional as you search for your dream home. This is especially true when you consider that you pay no fee for those services.

As a seller, the decision becomes a bit more complicated. Many sellers are discovering that the market value of their home is not as much as they had hoped and they have to sharpen their pencils in order to break even. When you consider a realtor may charge a listing fee of anywhere from 4-6%, the list of costs to sell your home, after the payoff of your mortgage, can make that break even point difficult to attain.

The advantages to listing your home with a realtor are myriad. They include, but are not limited to, the accurate analysis of your home’s market value, the Open Houses, staging recommendations, signage, Multiple Listing Service inclusion and, most of all, the extensive marketing of the home (THE most important advantage).

If a homeowner decides to sell their home by themselves (FSBO or For Sale By Owner), all these costs are borne by the seller. Obviously, the marketing becomes the most costly item. Putting a For Sale sign in your yard and paying for a 2″ x 2″ ad in your local newspaper will not reach the amount of prospective buyers needed to sell your home in a reasonable amount of time. The speed at which a home is sold is directly proportionate to the amount of buyers that view the home. A realtor’s marketing campaign, if effective, can produce a consistent stream of showings. Showings produce offers and offers lead to successful closings.

In the final analysis, a seller has to look at their net proceeds to determine the viability of listing with a realtor. Even with all the advantages listed above, if a seller has to bring money to the closing table, that will weigh heavily on their decision. Being a realtor, I would always recommend listing your home with one of my esteemed colleagues. However, I am not oblivious to the economic conditions that many homeowners face and many people have successfully sold their homes as a FSBO.

Whatever your decision and whether you are a buyer or seller, there are always going to be obstacles that you must overcome. If you find you can’t seem to navigate these obstacles alone… call your local realtor.

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Source by Dennis Scaman

4 Benefits of Using a Multiple Listing Service

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Today, realtors strive to make selling homes for potential sellers as feasible as possible. They have invested millions of dollars in developing Multiple Listing Services (MLS) and other technologies that facilitate efficient transactions. Through the MLS, brokers are able to share information on their property listings with other brokers who get compensated when they produce a buyer. Even though the real estate market is competitive, this arrangement has allowed competitors to cooperate in order to benefit the sellers.

1. Increased Exposure to Property

With MLS, sellers do not need to struggle to get potential buyers to see their property. Instead, the service lists their property, which is viewable to thousands of home seekers who visit the sites. Brokers cooperate with other brokers to list the property on multiple sites. This allows sellers to use a platform that was created by realtors for realtors to leverage a wide market for their property. In the long run, this helps to reduce unnecessary fees.

2. Sellers Can Relax

In the past, sellers used to work with several brokers and realtors when selling a property. This proved to be daunting, especially when making follow-ups and meeting potential buyers. This is no longer the case. With MLS, you take the photos of the property and upload them to the site. This allows buyers to get a picture of the property before a visit. Most providers allow the listing to remain on the site up to 6 months until the seller gets a buyer.

3. Professional Legal Help

There are legal aspects that are involved in selling a property and it is important to get everything right. Any issue could lead to delaying the sale of the property or not selling it at all. There are agreements to be signed that highlight the estimated price, advertising costs, commissions and agreement duration. A multiple listing service helps sellers to understand and meet some of these requirements to ensure a hassle-free sale. They also can help in unique cases such as where a divorce is involved.

4. Guaranteed Seller’s Privacy

MLS are maintained for real estate professionals to assist their clients with buying or selling a property. The participating brokers provide the data of the listings to the public free-of-charge. In such cases, the data is useful to the sale of the property and the buyer may want to access it. However, there are some cases that sellers may want to limit access to certain information such as personal contact information and the times when the property is vacant for showings. The service ensures that the seller’s information is not shared without permission.

Multiple Listing Services are a true reflection of the competition and innovation that exists in the real estate market. These services have help to ensure sellers can advertise their property to a wider audience. It is safe, easy and convenient for both sellers and buyers. There are different business models, such as full service and limited service, that MLS use, and a seller can choose an option that they deem best.

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Source by Alfred Ardis

Using a Realtor to Sell Your Home VS For Sale By Owner

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In the real estate industry we call home owners that market their property for sale on their own FSBO’s or For Sale by Owners. The obvious main goal of a FSBO is to save money on real estate commissions. In the past few years we have seen more For Sale By Owners, especially in the lower price points and in the neighbourhoods outside of city cores. There are a few reasons for this increase including an opening up of the MLS system, perception of a Realtor’s role and the market conditions.

Recently the MLS ( Multiple Listing Service) was opened up to the public, meaning a FSBO could list their property on the MLS (still through a Realtor and Brokerage) but could manage the selling process on their own without offering a co-operating broker a commission for finding a buyer. The reality is, Realtors will work with a buyer client for months, sometimes years so naturally a Realtor would like to be paid for their efforts. For this reason, Realtors may not work with you and bring their qualified buyers to your home. FSBO’s also tend to overprice their property, but a Realtor knows the true value and will introduce their client only to properly priced properties.

Realtors are often placed in the same category as a used car salesperson – perception has it that Realtors are rolling in the dough for very little effort. Over the past few years the real estate market has been booming making a Realtors job look easy with properties listed on the MLS selling hours or days after being put up for sale. What people do not realize is that there is a lot that goes on behind the scenes when selling a property and a lot of liability as well. It’s a full time job and people do not realize this: a Realtor’s job includes setting the price, marketing the property, manage appointments, negotiate the contract and ensure a smooth closing. We are talking about huge amounts of money when buying or selling a home and in most cases this is the largest purchase someone will make in their lifetime. Working with a Realtor as a buyer is a free service so there is really no benefit to the buyer not to as the buyer is protected by their own Realtor. As Realtors we live and breathe real estate so for us selling or buying a property is second nature: we know the questions to ask and what to look for.

The nice thing about working with a Realtor is that the seller doesn’t pay for the service unless the property sells. In the case of a FSBO, each time they engage a lawyer for assistance, they are charged an hourly rate regardless of whether the home sells or not. In the end, there are FSBO that sell their property on their own but about 80% of FSBO’s do end up listing and selling with a Realtor.

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Source by Joy Paterson

The Lowdown On Selling Your Property

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Did you know that just a few improvements on your house could very well improve the value of your home And that first impressions can mean everything?

The number one thing that a possible new buyer recognizes often is the out side of one’s residence. Charm is in all probability the most important variable in selling your house. If a future customer views the exterior and doesn’t feel impressed, they probably will not even care how the inside looks. Therefore, make it appealing.

Landscaping is really a must. Continue to keep the grass mowed, cut the hedges/shrubs, and clear the walkway. If it is summer, shell out a little of dollars and plant some flowers. Flowers make absolutely everyone smile. Does the exterior require a fresh coat of paint? View your house as an outsider. Is there anything you don’t like about it? Start there. You may always take a walk within your neighborhood. See what shines about your neighbors properties and what separates theirs from yours. You can actually learn from them. Ask your buddies for their tips.

The inside is just as significant as the outside. Keep it clutter free. This is a must, even if you have to rent storage space till you sell. Continue to keep the curtains open. Make it as airy as feasible. Open your windows, and don’t forget to clean them! You quite possibly already know that paint is an economical way for you to help make your home appear its very best. Keep the colors easy and fundamental. Soft warm colors will transform a residence. When my mates complain and want new furnishings, I normally inform them to just paint the rooms. It’s like getting new furnishings. It brings life to a home, regardless of how the furnishings looks.

Do you know that the MLS listing service is considered the most dynamic tool for promoting your property? You can list via a Broker or a Discount Broker. When you list your home on the MLS, Your home is listed in your areas local MLS. Realtors scan the MLS several times every day to search for properties for their prospective clients. Your listing entails color photos and all the details about the home together with its amenities. Agents are just as encouraged to sell your home as any other property on the MLS. After your property is listed on the Multiple Listing Service, it quickly syndicates to Realtor.com, which happens to be the most used real-estate web-sites. The internet is tremendous. Your property will likely to be found by 1000’s.

Another effective tool is to make sure you have fantastic online pics of your house. Having quite a few great photos of the home on-line as possible could assist your showings, given that these days most of the people shop via the web just before picking out just what homes to go look at personally. Many times having no pics could get your listing skipped all together. People want to see pictures!

Did you know that another reliable tool is the Yard Sign? Displaying a FOR SALE sign is strongly encouraged for advertising your home. It indicates that you are truly serious about selling your home.

I hope you found this article beneficial. Thank you and good luck with your sale!

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Source by Cody M Porter

How Staging Helps To Sell A House?: 4 Basic Options

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Many homeowners, learn from their real estate agents, and opt to take advantage of some of the principles of staging their home, in order to enhance the potential and possibilities of achieving the finest, possible results, in terms of selling their houses, for the best possible price, in the minimum period of time! We refer to staging, as a process, which improves, how, potential buyers, might perceive the specific home, in a positive way. In light of that, this article will attempt to, briefly, consider, examine, review, and discuss, 4 basic options/ alternatives, for getting this done, effectively, and productively.

1. De – clutter, and touch – up, limited areas: In some instances, it only takes a little, well – considered, tweaking, to achieve the intended objectives. Before beginning to show the house, reduce the amount of clutter, significantly, remove excessive furniture and furnishings (put into storage, or dispose of), and proceed, to, touch – up, largely viewed areas (many people, can do this, themselves). When a house looks neater and cleaner, and distractions, and negatives, are removed, and/ or, addressed, it usually translates to better showings, and more, qualified buyer, interest, and, hopefully, meaningful offers!

2. Do – it – yourself (DIY) staging: Depending on the size, price, niche market, etc, it may be possible, to do – it – yourself! This DIY staging process, includes, reducing the amount of furniture, and fixtures, especially, any, which seem to show, wear – and – tear, or don’t enhance the overall appearance of the house. This should include: paying attention to curb appeal; reducing/ addressing any unwanted odors, and/ or, eye – sores; touch – up painting, cleaning fixtures, and adjusting lighting, and overall esthetics, etc.

3. Hire professional stager: Sometimes, it is necessary to hire a recommended, quality, professional home – stager! This process, often, includes: removing, existing furniture/ fixtures, and replacing them, with loaner items; enhancing strengths, and addressing areas of weakness, etc. However, because this is often, costly, to do, if you choose, a quality approach, the price range, and niche of the property, are relevant factors, whether this is an advisable approach, for you!

4. Study and understand some of the basics: It makes sense for homeowners, deciding to sell their homes, to thoroughly, study, and better understand, some of the essentials, and basics, which will add value to the transaction, and process! For example, to show a smaller room, such as a dining room, better, it often makes sense, to use taller furniture, and bigger fixtures, hanging from the ceilings. Understand, how lighting factors – in, as well, as where to highlight, and how to minimize attention, to some locations, Where some touch – up painting, curb appeal, etc, may be beneficial, are key considerations!

Become a smarter home seller, by understanding, and taking advantage of the relevant, applicable aspect of staging, for your specific house. Doesn’t that make sense?

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Source by Richard Brody

Why A Waterfront House For Sale Is A Good Investment

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Waterfront property is immune to most market trends, and for good reason. Splendid summers can be spent on a lake or river, promising family bonding time and decreased stress. Full-year houses and cabins are becoming more frequent. They can also be converted into permanent residencies that promote privacy and communing with nature. A waterfront house for sale is rarely on the market for long and should be pounced on by interested buyers.

Privacy

Privacy is an increasingly valuable commodity. With lakefront property, real privacy is obtainable. The distance between homes and dense foliage dampens sound, leaving the owner to appreciate their thoughts and conversations with friends and family. With limited space for development, no houses will pop up between the property and water’s edge, resulting in a clear view of the water. A waterfront house for sale will also likely feature a private dock, or at the very least, an intimate, walk-up access to the shoreline.

Fun Water Activities

Water activities are a great way to bond with families and friends. The water presents a wide range of options for fun, such as fishing, skiing, swimming, and boating, among others. Many of these activities cannot be replicated on land and give a thrill of being unique. Even simple activities like reading a favorite book while drinking a cup of coffee are suddenly mystical when paired with a lake sunset.

Limited Supply

Substantial property directly on a body of water is rare and priced accordingly. They retain their value, especially compared to fluctuations of city housing, and can be sold at almost any time if need be. When not in use, renting cabins can provide large profits. Owning a waterfront property requires some amount of upkeep. However, a house for sale in an area that is desirable can be a great family experience, as well as a smart investment.

Closeness to nature

While this depends on the area, lakes and rivers are a natural habitat for a plethora of wildlife. You can watch birds from the dock, fish for sport or food, catch the occasional appearance of deer or owls, and experience an intimate moment with nature that a city cannot duplicate. Of course, having a fully operational house means that nature can be enjoyed on the individual’s terms, which is especially important in humid climates and at night.

Health Benefits

Many studies have shown that spending time close to water has immediate health benefits. For those who have spent time around or on water, this should come as no surprise. Spending time on the lake creates a serene atmosphere that reduces stress. For those who are used to living in a city, the clean air and decrease in noise and light pollution will be a welcome change.

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Source by Alfred Ardis

Can a Bank Legally Make a Profit on a Foreclosed Property?

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As banks are foreclosing hundreds of thousands of properties across the country, the question keeps arising, „Can banks make profits on foreclosed properties?“ The simple answer is yes, but it does take some special circumstances for it to happen. If the homeowner is aware of how to protect his equity, he may get paid even if he loses his home to the bank.

If the lender talks the homeowner into giving up his property in exchange for a deed in lieu of foreclosure, the bank can make a profit on the sale and not have the added cost of the foreclosure. It is generally accepted in the banking industry that a foreclosure costs an average of over $40,000. These costs include loss of interest, loss of additional lending power, increased Federal Reserve requirements, costs of the sale, maintenance of the property and commissions to a selling agent.

The key to whether the bank can make money is dependent on the property having equity. Probably 20% to 35% of the time when a foreclosure takes place, there is equity in the property and there are no second or junior liens in place. Many homeowners simply walk away from their homes believing they don’t have equity or can’t sell their home while it is in foreclosure.

If the bank takes the property to the foreclosure auction and extinguishes junior liens, they will be creating equity in a matter of minutes. However, if the property has junior liens, the lender will not accept a deed in lieu of foreclosure because the junior liens will stay attached to the property. So be careful, if a bank offers a homeowner a deed in lieu of foreclosure, there may be equity in the property.

Once the property goes to auction and is purchased by the bank, the property’s deed transfers to the bank after a redemption period. At this time the bank can sell the property for whatever price they can get. If a profit exists, the bank is entitled to it.

In summary, once the bank foreclosures on a property it is entitled to make a profit. Prior to their ownership, they cannot sell the property, only the deed holder (homeowner) can sell it. This happens in short sales all the time as the bank has to agree to the sale price but the homeowner must sign the deed transfer. In these cases, the bank takes a substantial discount on their mortgage to get the property sold and off their books. If the bank is out bid at the auction, which is anything close to their final judgment amount, they get their money owed but lose out on any additional profit.

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Source by Dave Dinkel

How To Rapidly Build A Large Real Estate Portfolio Using Buy Rehab Rent Refinance and Repeat

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How To Rapidly Build A Large Real Estate Portfolio Using Buy, Rehab, Rent, Refinance, and Repeat Strategies

In this article, you will gain a full understanding of how you can rapidly build a large real estate portfolio by using the buy, rehab, rent, refinance and repeat method. This strategy was pioneered by Danill Kleyman of True Vision Analytics, who is one of the best, if not the best real estate expert of all time I ever come across I happened to attend one of his online training and the above strategy simply blew my mind.

Today, I am happy to share my own take and also hope that you can put this method to use as soon as possible.

If you are into the following market category and has been struggling:

  • Property ownership,
  • Buying and selling,
  • Commercial property buying and selling
  • Commercial building for purpose of refinancing or selling
  • House flipping for profit
  • Landlord or homeowner
  • New construction
  • Rehabbers
  • And residential and commercial developments

Then this article will definitely benefit you the most and you can come back and thank me later.

From what I noticed, the strategy works with property owners meaning if you own the property. Then sell and buy more. Commercial property buying and selling will benefit too if your overall objective is to increase your portfolio. Same goes to house flippers and homeowners who want to increase their real estate portfolio.

One great thing about this strategy is that it works in a flat market and it also works in a volatile market as well. The juice behind it is that you only use one fund and then recycle that fund over and over and over until you reached the expected or intend portfolio limit or your target. Now let’s look at what the strategy really is and how to use it.

What Is Buy, Rehab, Rent, Refinance and Repeat Strategy?

The strategy according to Daniil is called BRRRR which stands for:

  • Buying of property which is the initial stage of every homeowner of intending property real estate investors.
  • Rehab means rehabilitating the property toward selling or renting it for profit.
  • Rent. which means renting out for returns on capital investment.
  • Refinance. Which means recycling the finance used on the initial purchases to buy another property as a result of good returns.
  • Repeat. This simply means repeat the process.

Benefits of BRRRR Strategy

  • First, it is the most powerful money building strategies you will ever encounter in real estate building and investment industry.
  • The strategy takes advantage of the concept of „velocity of money“ to help you roll over the same cash deal after deal.
  • It enables you to rapidly build your portfolio using private money or a limited amount of cash.
  • It works in a market that is not appreciating
  • The strategy allows you to build a portfolio with little or zero money on your own tied up, yet with at least a 20% equity position as against debt that will protect you in a down market.

How Does BRRRR Strategy Work?

First and the most important rule here is to make sure you don’t get stuck on the first deal before jumping over to the next deal. Yes! I myself I was confused at first when he explained in detail, my jaws dropped, figuratively.

Because these deals when done properly are maths intensive and according to Daniil, the best way to not get your numbers stuck it to make sure your numbers work before buying the next deal.

For the sake of not wasting your time, let me jump right into how this strategy works

Step 1: Buying A Property

This is the first and most important step into the strategy. This shows that you are ready to build your portfolio and you are committed to making it work

You can use a various source to get funding and this include:

  • Your own cash if you have savings
  • Private Lender. Only just make sure they refinance your rehabs as well.
  • Bank loan if you know how to prepare a convincing presentation.
  • A line of credit from members of the family, friend/s, partners, private lenders or even seller financing.
  • To learn more about how to find private money and how to structure private deals that will get lenders begging to invest with you, watch this video.

Step 2: Rehab

Once you have secured financing and bought your first house, you will need to rehab it. Always bear in mind to keep the property with the market tune as you will be renting it out and don’t overdo it.

Aspire to create more the highest property appreciation through bigger rehabs. To achieve this, you have to do this:

  • When you go reappraisal, make sure to indicate to the bank that you have just made major renovations and improvement on the property.
  • Improvements like broken boiler replaced, electricals, HVAC, plumbing, etc, should be mention. These will help increase the property appreciation rapidly.

Make sure you do all your rehab work now so you don’t have any maintenance call for the next 5yrs.

Step 3: Rent The Property

This step requires that you start showing the property to potential tenants before the renovation and improvement finished. You will proceed to step four quicker if you already have a lease in and a tenant to move in soon as renovation is complete.

Step 4: Refinancing The Property

This is a very crucial step in building your portfolio much faster. As much as the lease is in place and the rehab is complete, go to your local community bank for refinancing talks. This is because, your local community banks are often mandated by regulation, to give you a loan to local businesses. And they are going to lend you based on the percentage of the new market value of the property not based on your cost.

Step 5: Repeat

In this final step, you are going to repeat the whole process with the net result of step 4. This means you have paid off your short-term financing and you now have a cash flow asset that brings in money every month with zero cash tied up of your own. With the positive cash flow coming and a 20% equity on paper, your balance sheet looks and you can take to your local bank again for another loan.

Conclusion

These five steps; buy, rehab, rent, refinance and repeat are the steps that makes up BRRRR strategy you can apply from today to change. This is how you can rapidly build a large real estate portfolio. Again according to Daniil, there are a couple of very crucial points to note so as maximize this strategy.

These are;

  • You can find such deals like that in almost any market.
  • Investment Vs appraisal is what matters the most.
  • This strategy can work on a 50k deal, 100k, deal or even 500k deal.
  • Make sure you use short-term financing and a reliable refinancing.
  • You can also use private lenders for refinancing but make sure they have a steady flow of money or a steady job that provides income.
  • Always make sure that you can get a refinancing before you buy the deal. To avoid getting stuck.
  • Avoid buying in an area you will have difficulties renting it out. Without a rent lease, you won’t be able to get refinancing from your local bank.
  • The tradeoff to be watchful of is to avoid spending too much on the renovation. As this could slow down your „velocity of money“.
  • Always read the small prints on the loan, get a Lawyer to go over it just to make sure there no sudden foreclosure clause buried within.
  • Know your numbers first before you even go into any deal

This is how to rapidly build a large real estate portfolio using buy, rehab, rent, refinance and repeat the strategy. The most important point again is to know your numbers before you go into any deal. And your ability to get short-term finance and a take-out financing. Which is getting a funding upon the net profit of your first deal. You can use Rehab Valuator free software to calculate and master your numbers within a few minutes. Please leave your comment or any question below and I will get back to you immediately.

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Source by Richard U

How To Sell Your House on The Internet

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Did you know that over 88% of all house buyers search for their house by looking on the internet? The internet has become the primary medium for potential buyers to search for a house. Using the internet to market your house is a comprehensive mass marketing approach to selling a house. And when selling your house on your own you need to take an all out approach so you can distribute the message that your house is for sale to the masses. You also need the message to be loud, clear and appealing. There are many websites that can assist you in selling your house, though some are more effective than others, and these websites will get you as much exposure as any real estate agent will get you. Regardless of what website you do choose to use, make sure you have great pictures and a great virtual tour to upload to the website. Great photos and virtual tours sell houses.

Since 88% or more of potential buyers will use the internet to search for their next house, it is clear you need to focus your attention to internet marketing and make sure you are marketing in all the right places. So where do you market on the internet? Don’t waste your time marketing in places where your house listing will get mediocre or zero exposure. Based on years of experience we recommend you only market on effective internet websites that have been proven to get mass exposure and successfully sell houses. We have many websites to recommend, but there are a few that stand out. Most of which are FREE.

The first place to market your house is Craigslist, which has become an excellent online classified resource used to sell real estate. Make sure your headlines and ads sparkle and the content of the classified is clear and detailed. Make sure you respond quickly to inquiries since internet prospects will continue to look for houses to see what else is around the bend.

The second website is Facebook, which now has over 140 million unique visitors in the U.S. and can give you incredible trustworthy exposure. You can share your listing with your friends or create a separate new page specifically for your house.

The third effective internet resource to market your house is Postlets, which is a website service that automatically posts your house listing on many other online websites. It’s easy to use and gives you great exposure to the masses.

The fourth are for sale by owner websites, also known as „FSBO“ websites. FSBO Websites are the Do-It-Yourself option that allows you to market your house listing through the Multiple Listing Service („MLS“) system, which was once a place exclusive to real estate agents alone. Marketing through a FSBO website will give you the same exposure 99% of real estate agents have. And if you combine that exposure with the other places we’ve touched upon, you will outshine most real estate agents‘ marketing efforts.

Now of course there are other great places to market your house, but the ones listed will get you pointed in the right direction.

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Source by Louis J. DeMedici