Things To Consider When Investing In Real Estate
Feb 8, 2010 Real Estate
There are various ways to make money, from playing the stock market to running a business, but there is a lot of risk in these types of things, which dissuades most people. But many more people want to buy a home, so real estate is much more popular. But although house prices do not usually fall, one should still exercise caution.
Buying a house is, over the course of a lifetime, a better way to save money than to rent. While mortgage payments and other expenses may initially be higher than the money one would spend on rent, this decreases over time as the interest on the mortgage is paid off and the principal amount is reduced. Once the mortgage is completely paid, home expenses are usually less than rent. Whereas mortgage expenses usually go down over time, rent stays the same and can even go up.
When a person decides that they want to buy something, affordability is the most important thing. Mortgage payments are a major expense, so you should ask yourself how much you can afford, while remembering that there will be all kinds of other expenses, such as paying property taxes and hydro expenses. Putting as much money down as a down payment will help reduce mortgage expenses.
Purchasing a property is usually a good investment, but be aware that this is not always the case. The recent situation caused by the sub prime crisis was the result of people buying homes that they couldn’t afford, with little or no money down. If they had purchased homes that they could financially manage, then they could have waited for house prices to rise instead of selling at a loss.
Patience is required for profits from buying a property to materialize. In the stock market you can sell your stocks the next day if the price goes up. But this is rarely the case when you buy property. The value of a house goes up over years and not days.
When purchasing a property, there are many professionals who can assist you. A real estate agent can help in buying or selling a home. He or she will tell you how much you can expect if you put your home up for sale, and will list the property and get you offers. Or if you are looking to buy, he or she will show you properties suited to your preferences. A real estate lawyer will take care of all the technical details involved in buying or selling a property.
Any transaction will involve fees. If you hire an agent, they will charge a commission depending on the price of the home. A lawyer will also charge fees for their services. And there are also costs for transferring and registering the property in the name of the new owner.
Lots of people have made money from real estate, but some, especially recently, have lost money. Before you invest in property, it’s a good idea to learn from the mistakes people have made in order to avoid making them yourself.
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Implementing Motivation and Discipline in Ourselves
Dec 6, 2009 Real Estate
The term motivation has many definitions. In the simplest of terms, motivation is goal oriented actions which produce a desired end result. Motivation typically begins with an incentive based feeling or idea.
By one definition, discipline is an activity, exercise or regimen that develops or improves a skill. Motivation is defined as an inducement or incentive. These are two completely different meanings yet they seem to be very closely associated.
Too often, we become involved with everyone else but ourselves. Our children, our spouses, or our careers seem to pull us in many directions and at the end of the day, there is no time left for us. We fail to realize how important our own self grown and preservation is to the very aspects of our lives that are taking too much of our attention.
We all have areas of our lives we would like to improve. Whether it’s a new job, more time with our families or furthering our education, what we think will enrich our lives, usually will. As long as the thought is personal and not derived from trying to please someone else, this becomes the first step in using motivation to help us.
When determining what inspires you, you must spend a bit of time figuring out what you want and why. A clear visual picture of the end result is critical in staying focused and moving forward. This first step is the foundation for your motivation.
After determining our motivation, we can then begin implementing discipline or a strategy to incorporate our motivation into reality. Remember, discipline is what will improve a skill or begin a new one. Discipline involves focus on your motivation and a plan to carry out your goal.
Every morning and every evening find a quiet place where you can spend a few minutes reviewing your motivational guide as well as yours beliefs and feelings about what you are trying to achieve. This is where the motivation comes to life. Reminding yourself several times a day exactly what your plan is and the reason for your plan will allow you to remain focused.
Motivation and discipline can change your life. New direction and opportunity are ever present. Sometimes you just need to open your heart and your mind.
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Tags: "mortgage, Blog, Education, Entrepreneur, finance, Foreclosure, homes, leasing, loans, marketing, money, Real Estate, self help
Tips on Prospecting To Generate New Leads
Nov 29, 2009 Real Estate
Proactive prospecting can be much like physically exercising regularly. It’s something that you know is good for you and will produce predictable positive results, yet is something that most sales people always seem to avoid!
We need to have a starting point. Begin by blocking out one or two hours per day to prospect. Yes, we have put it off long enough. Start by using your sphere of influence to prospect. Prospecting, like anything will require commitment and discipline. This time is yours and you are important. Once you start you will feel more important and this will be a positive projection of your attitude when you talk with your sphere of influence.
Know ahead of time exactly what you are going to say or discuss when you call someone. It is good to have a specific message. Most people are very interested in market conditions for example. Maybe they have misunderstood something in the news or need further explaining. This is where you can become the “expert”, and provide them with a more accurate image of the situation.
Accurately define your target market before you begin. Determine how many calls you will make in that hour or two. Some sale people will call until they get an appointment or make the sale. Or you could decide to make 20 calls in that allotted time. Whatever you feel comfortable with and reasonable within the time allocated.
Before you start prospecting, gather a list of names so you don’t spend valuable time you are using for prospecting. Get an idea of how many customers you plan to call in your allotted hour or two and have at least a one month supply of names.
Work in a private and quiet area so there are no disruptions. Do not answer calls from other clients or colleagues. Believe me, they will wait an hour or two for you to call them back. Remember, this is your time and will put you on the path to success. Get in the habit of doing this daily or at least every other day. As time progresses and with each call, your expertise will increase. The more we practice anything, the better we become.
When calling, decide on a time slot and try to stick with it. Maybe 8:00 AM - 9:00 AM, 12:00 PM - 1:00 PM or 5:00 PM - 6:00 PM. There will be customers that seem impossible to get a hold of. You will have to set aside another time of day and try to call those customers. We are all creatures of habit (Hint). They are probably in a routine between a certain timeframe, so you need to try and catch them at a different time or different day.
Did you know that most success is made after the fifth call? Most sales people give up after the first call. Persistence is your best virtue.
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Tags: "mortgage, Blog, Education, Entrepreneur, finance, Foreclosure, homes, leasing, loans, marketing, money, Real Estate, self help
Ideas for Saving a Bundle on Energy Use at Home - Insulation and Windows
Nov 28, 2009 Real Estate
Insulation
The primary areas in your home that should be well insulated are the walls, attic and floors. Here are a few tips to help you get your insulation project under way:
* Does your home need added insulation material? Generally, if there is less than three or four inches of insulation in the attic, it would be a good idea add extra insulating material to achieve the proper levels. If none exists in the floors or walls, adding insulation is definitely recommended.
* You will need to determine whether you want to perform the insulation project yourself or to hire a professional instead. Take into consideration that some insulation work is quite a bit harder than other home improvement projects.
* If you would prefer to have a contractor perform the work, be sure to get several bids. Only employ a bonded and properly licensed professional.
* If you do the job as a DIY project, follow installation instructions carefully and follow pertinent safety precautions.
* When buying insulation, check the R-value. It shows the efficiency of insulation. The higher the R-value the more effective the insulation.
* Determine the type of insulating material you need. There are numerous insulation products available including sprayed foam, rigid insulation, fiberglass, mineral wool/rock wool, and cellulose. The type of material will largely depend on the section of the house to be insulated. A knowledgeable salesperson should be able to help determine the best insulation R-value and type of insulation for your project.
Windows
The thermal efficiency of windows is rated by the U-value. This numeric value specifies the window’s ability to insulate. The lower the number, the more efficient the window is at preventing the transfer of heat. The U-value of a window is based on the number of glass panes, the amount of of air space between the panes and the design of the window frame. A few tips include:
* Check windows for broken glass, broken frames and seals, damaged wood, loose putty, poorly fitting sashes, and drafts.
* For a quick but temporary fix before winter hits, you can purchase storm-window kits constructed of plastic sheeting that you tape to the interior of your windows. The kits are usually available at most hardware stores for $5 to $10 per window. They normally last from two to four years.
* You can cut down the loss of heat through windows by putting insulating curtains or drapes on the window’s interior. This should help reduce heat loss during the winter and keep cool air in during heat waves.
* In the winter retract the curtains when the sun is shining to allow passive solar heating, and, during the summer block the sun with your curtains or install an ultraviolet film to help keep the heat out.
* During the warmer months, when possible, open a few windows in the evenings and early in the morning when there is a gentle breeze. Opening a window on opposite sides of your home will aid in the flow of air and provide improved cooling.
Caulking & Weather-stripping
In addition to ineffective insulation, air leaks are among the largest causes of energy waste in homes.
* Check your house for hidden air leaks by using a damp hand or candle flame to detect air movement. Secure all doors, windows and fireplace flues and switch off all ventilating fans to make any air leakage easier to locate.
* Caulk is best used on areas that are less than 1/4″ wide. If possible, use caulks that will stay flexible over a long period of years. If it can be seen, select a tinted caulk or one that will accept paint..
* If there are large cracks and voids shielded from sunlight and water, apply expanding foam sealant to plug them. However, please buy only materials labeled as ozone safe.
* Backer rod or crack filler, is a elastic foam product sold in lengthy coils, with a variety of available diameters. It comes in handy when sealing larger gaps. It also can be used as backing in deep cracks that are to be finished with ordinary caulk.
* Place insulating material behind electrical outlets and switches - areas that are often overlooked.
Jim Navary has been a freelance writer and researcher for over thirty years covering a broad range of subjects. He is also a licensed real estate salesperson in the Commonwealth of Virginia specializing in real estate in the Tri-Cities area of Virginia and, in particular, Prince George, Virginia, area homes for sale.
Tags: caulking, Energy Costs, energy efficient windows, home improvement, Home Insulation, homes, insulating a house, insulating windows, Real Estate, reducing energy waste, saving energy
How Productive is Your Time? Here Are Some of the Top Timewasters
Nov 26, 2009 Real Estate
There is only one measurement where we are all equal, and that is in the amount of time each of us is given per day. It’s the same 24 hours we all get to invest in whatever manner we think is best. We’ve all been reminded to “work smart” instead of “working hard”, but few understand the difference. Our personal strategies of time management may vary, but we can agree that everyone should be constantly looking for ways to improve their individual performance.
One of the most popular “timewasters” is Procrastination. How many times have we told ourselves, “This project can wait until tomorrow?” We find ourselves practicing this constantly, whether it’s an exercise program, a plan to quit smoking or getting rid of the clutter of paper on our desk. Procrastination seems inevitable when we are setting goals or proactively working our business plan.
If we are self-employed, does this measure the amount of self-discipline we have? Are we more disciplined if we have to report to our superiors? No matter what the case, we are responsible for our actions. Our actions determine the appropriate mindset that is required for our success. It will also determine the amount of “energy” we will need to accomplish our goals
INABILITY TO SAY “NO”. Since our time is limited and we adjust to the schedule of availability of many of our potential customers, sometimes we are forced to say “no” to other requests so we can stay focused on our individual mission. Another area that we also have to have the confidence to say “no” is when a customer is asking for major concessions, either in price or additional services, or both.
Continue to focus on your organizational skills. You will find that these skills will require tweaking constantly until you master the best use of your time. You will never get it right the first time. There are so many variables as we work through any given day. Continue to plug in different ideas until we have solved the equation with as few steps as possible.
Be careful not to overload yourself with responsibility. We can easily fall into a trap of doing more than we can handle. Creating a daily, weekly or monthly plan through our initial goal setting which of course, is in writing, will assist us in maintaining our control of time. Aiming for our targets without getting sidetracked, will keep us on the path to success.
LACK OF OBJECTIVES & PLANNING. It’s difficult, if not impossible, to measure success if we can’t define the objective. Clear and understandable goals are vital to your personal growth and development, but are worthless unless backed up by a reasonable plan of action. There should never be a day when you don’t repeat, out loud, your objectives. Many interruptions will get in the way of our objectives. Interruptions occur in many disguises: road construction, unexpected telephone calls, etc. How many times have you been interrupted while working with a potential or current customer?
Time is our most precious resource. We must choose our time carefully since it cannot be reused. There are no time machines. Good use of our time will reward us handsomely. Eliminating or managing the above “timewasters” will truly benefit us and expedite our financial success.
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Tags: "mortgage, Blog, Education, Entrepreneur, finance, Foreclosure, homes, leasing, loans, marketing, money, Real Estate, self help
The Prophetic Guidance Of JP Morgan!
Nov 21, 2009 Real Estate
News broke just today that JP Morgan will be hiring 1200 mortgage officers across the U.S. For those of you who are not familiar with who they are, when the recession really started to hit hard JP Morgan was the bank who purchased Washington Mutual and offset several billion dollars of its own tax liability in the purchase.
Also on their procurement list was fellow Wall Street bank, Bear Stearns, who was denied a bailout by Goldman Sachs Fed Reserve Head, Ben Bernanke and buddy Hank Paulson.
The logic behind the hiring of these loan officers is the mystifying part of the deal. JP Morgan is claiming to be hiring the loan officers in anticipation of when the real estate market turns around so they can most efficiently serve home loan applicants. Strategically positioning these loan officers all across the nation, JP Morgan apparently thinks that the real estate market is about to rebound.
Where are they getting their signals from? The media has only projected more doom and gloom so they must be privy to information that is much more optimistic than what most of us are reading or hearing. With bailout money in their pockets they must be priming the pump for their next big business leap.
To be blunt, the only 2 remaining Wall Street banks have been holding bank the credit industry in order to put in place the perfect rush of business that they will be perfectly positioned to capitalize on. This does come to a staggering cost at the expense of the American consumer and many small businesses.
With the timing and apparent boldness of a bank robber, they are staging a real estate recovery that will help many homeowners. But, is it really helping someone when you stop causing the problem they suffered from in the first place?
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Tags: boise news, Boise Real Estate, business, Education, finance, homes, housing, idaho news, idaho real estate, INVESTING, lending, pacific northwest news, Real Estate
Modular Home Dealers Are Not Hard To Find
Nov 19, 2009 Real Estate
The modular home dealers are plentiful but choosing one that is right for your needs may be a little hard to find unless you know what to look for. You will want a dealer that you can feel will support you in your efforts to find the perfect modular home for your needs and will also provide you with a good price. Its not like looking for a new car or an appliance because there are not special magazines that give you comparisons on the dealers or that will give you good ideas about which one is best.
Each modular home dealer, just like each home builder, has a different kind of service and skill level. They use different techniques and different materials for their homes and their pricing varies according to the materials they use and how they use them. This makes it very difficult for the average consumer to make a proper comparison of dealers. To add to things there are different package deals that they will offering which make the choices even more confusing.
It becomes difficult for the consumer to even know where to begin their search in finding the right dealer for their home. There are many things that will be necessary to complete the process of having a modular home built on your site. Actually finding a good building site is one concern, then there is your budget, financing of the new home, the plans for the home and a quality dealer to walk you through the whole process.
Really the key to finding your quality modular home dealer is knowing what their job is on your behalf. When you have a good understanding of what they should provide for you, you can then easily make comparisons and good evaluations of their various products, service and pricing.
Your best option is to ask a lot of questions of the dealers you find about their service, their products, the pricing and their credentials. Don’t be afraid to ask for references from their customers and then call a couple of them to see what these people thought about the product and the service the dealer provided.
You will soon realize that there are many choices of dealers so the ones who have the most patience with your questions and knowledge of what they offer will be your best choices. The dealer you choose to work with should spend a lot of time with you so that you fully understand the product, the choices and the whole process. They should be willing to provide a help with each of the many responsibilities that you will have during the process. They are the experts and you will need to be confident in their help on your behalf.
The dealers that you are interested in working with should be willing to provide a blanket estimate for the cost of the home and a time of completion from start to finish. This will not be a very detailed estimate but will give you a very good idea of the right dealer for your needs.
For information and tips on modular homes builders and modular homes sales visit Modular Homes
Tags: build, construction, contractor, contractors, home, homes, house, modular, Real Estate
Modular Home Manufacturers - The Trend Of The Future
Nov 18, 2009 Real Estate
The latest trend in housing is the modular home. These are homes that are built in a factory setting. They are built in pieces and once complete, they are shipped to their final destination. When they arrive at the final destination, they are constructed together. Since the pieces are built in a factory, the only time the homes are exposed to the weather is when they are at their final destination.
These homes have enjoyed a large increase in sales due to their being built in a factory away from the weather and outside elements. These are able to be built faster because there are not weather delays. The weather elements also help cut labor costs. With no delays in weather, there are no extra labor costs to pay for. The only outside labor costs are when the home is at its permanent location and this process typically takes 2-4 weeks. Price of modular homes is also a factor. True modular homes generally cost $50 - $80 per square foot for the home where as a stick built home will cost generally $80 - $150 per square foot for the home.
Because of the upward trend in modular homes, manufacturers are taking advantage of this and helping customers through the whole process. They are there to help you from picking out the house to the day you move in.
Modular home manufacturers can be found very easily. A quick internet search will bring up numerous manufacturers by state. When deciding on which company to go with, always look for an authorized dealer. These are accredited and are the best at what they do.
Once you have selected your company, the fun begins. Your home can be made any way that you would like. It can be chosen from a book of designs that the company has. Some companies also have showcase homes that you can tour and tweak to your liking. You can also design a home from scratch. The possibilities are endless. These homes can be a single family home to multi-family homes all the way up to huge mansions. Anything can be built.
The manufacturer will work with you through the entire process. They will help you choose or create the perfect home. They can help choose your plot of land or if it is already chosen, they will help to get it ready for the new home. Financing, permits and home details they will also help with. They will work with you right up until move in day.
Modular homes are the newest thing in the housing industry. Be sure to do your research when choosing the company you want to work with. Doing so will help make the process much smoother and they will help you from start to finish so you can enjoy your new home.
For information and tips on modular home prices and modular home dealers visit Modular Home
Tags: build, building, construction, contractor, ESTATE, home, homes, house, housing, modular home plan, modular home plans, REAL, Real Estate
The Art of Being a Real Estate Investor
Nov 17, 2009 Foreclosures
Its hard enough just to talk to strangers, but when you add to the fact is stranger who is possibly under duress because they are in jeopardy of losing their home adds more pressure to an already uncomfortable situation.
As investors it is important to understand that many homeowners around the United States are facing just this scenario, and we could be their panacea to all their problems.
If you knew that you had the capacity to possibly halt a foreclosure by working out a creative deal between you and the home owner, you could be a blessing they are looking for a taking a very stressful burden off their hands.
This kind of internal incentive should give you no difficulty when it comes to having to see the homeowner for yourself, writing them a letter, or if that failed, attaching a letter to their door.
For the best results in the pre-foreclosure procedure, its always best to find the properties that have lots of equity. Always make sure that you cautiously research the home for sure from troubles or other related deformities that might alter your opinion of the property.
This step is significant since the homeowner could be in the rear on their mortgage expenses, if there are costs or structural problems with property; its highly likely that they will not be able to pay for the restoration needed.
When you send a letter always make sure that you’re polite, to the point, and keep an open empathy of the homeowners difficult and precarious situation. With a high increase of foreclosures in the Denver Co area the aura consideration should always be felt when writing a letter to homeowner in distress. Always try to put yourself in the homeowners choose and see how they are feeling.
Melvin Bojacavich has been an investor for the past 25 plus years. He has a blog that is about Denver Co foreclosures. It is an insightful blog on the Denver Co foreclosures market and how he has made a fortune in this region.
Tags: bank foreclosures, business, Economy, finance, Foreclosures, homes, Investments, Jobs, loss, Repossessions, Tax Foreclosures, Unemployment
Energy Star Rated New Construction: the Genuine Green Choice
Nov 17, 2009 Real Estate
Today’s new construction projects, such as house developments on Long Island, now offer the “green” choice: Energy Star rated new homes. Energy Star new construction houses are new houses that meet certain strict government guidelines for energy efficiency.
To be considered an Energy Star efficient home, these houses must meet these criteria set by the government at www.energystar.gov:
1. Effective Insulation 2. High-Performance Windows 3. Air Tight Construction 4. Efficient Heating and Cooling Equipment 5. Efficient Appliances 6. Third-Party Verification
What precisely is an Energy Star rating and how is it the green choice?
We’ll talk about green options. Regrettably, this concept is thrown around so often that many companies claim many products are “green” just because they do slightly less damage to the ecosystem than other products. When we talk about green, we’re talking a major impact of contaminants or a significant conservation of energy.
With new houses, the main green impact is energy savings. Electricity and heat can be conserved in a number of ways, reducing the requirements for fossil fuels. Electricity, while clean when used, still needs to be produced. Generally, it is produced by coal or other fossil fuels with massive negative environmental impact. By reducing the electric demand, you effectively reduce the amount of fossil fuel that needs to be consumed. By doing a few things in your home, you can massively reduce your electric demand.
First, you need to take advantage of high quality insulation in new homes. Use enough insulation to adequately protect your new house from the outside elements. Ideally, you should insulate your walls, attic, floors and basement to help keep an even inside temperature. The steadier the temperature inside, the less often your heat will kick on, using energy to level the temperature.
Next, think about your windows. With new homes, you can use higher efficiency windows that reduce breezes, insulate outside cold temperatures and help block out UV light (which can fade fabrics, paint and carpets, requiring you to replace them sooner).
Solid construction is key. Small cracks and holes can create significant drafts that allow heat to get out in the winter and air conditioning to escape in the summer. When this happens, your heating and cooling systems need to work overtime to compensate. Fixing these leaks will greatly reduce your energy costs. With new construction, tight and solid construction, especially around ducts and pipes leading outside, you will see a major savings.
Finally, as you choose a builder, for example www.EmmyHomes.com on Long Island, be sure the new houses have a verified Energy Start certification. This protects you to ensure that you are getting the energy savings that you expect from your new construction.
Craig Axelrod is one of the partners with Emmy Homes. Emmy is which is one of Long Island’s top home developers. Emmy’s Commack development features luxury homes in Commack. Visit EmmyHomes.com for details.
Tags: construction, homes, houses, land, Mls, New Construction, Real Estate