Monday, March 2, 2009
Getting started in maine
After giving much thought to my California real estate plan, I have realized that it's not such a straight shot to my goal. Sensibly speaking, in order to give myself a reasonable head start in the real estate game in California, it would only make sense to have been a real estate agent in Maine for a short time. While the market in Maine is truly miserable, it would be a real challenge to make success of it. That would surely put things in a better perspective assuming even a little success up here in maine. If I can do it in Maine, then why the hell can't I succeed in somewhere as bountiful as California. It is my hope that with this slight change in plans I can set myself up for initial success, not to mention the confidence of already knowing how to close a deal. If I can make just a few small deals happen (optimistically speaking!) then I will allready have succeeded in real estate
Saturday, February 28, 2009
Starting the studies!
In Preparation for my California real estate dream, I will begin to learn and report on the Malibu California real estate area. I will evaluate different areas of Malibu including Los Angeles. I hope to be an educational source for the sub-markets in Malibu while at the same time learning for my own purpose.
By the time I get to California I will be knowledgeable and ready to dominate in the field.
By the time I get to California I will be knowledgeable and ready to dominate in the field.
Friday, February 27, 2009
Some Great Advice!
"A Penny Saved is A Penny Earned"
Thank you Mr. Franklin for that very insightful, and all too often ignored, advice.
In real estate investing this 'Penny' can easily turn into several hundred or thousands of dollars. If you're one of those people who'll risk their life to do a u-turn in rush hour traffic and sit in line at the gas station 15 minutes just to save $ 0.02 on a gallon of gas when your tank only holds 16 gallons (a whole $0.32 savings. if you're on 'E') THEN listen up because you will do a whole lot of U-turnin' and sittin' for the money I'm going to be saving you on your next closing!
Whether you're a 'buy and hold' landlord, a wholesaler, or a rehabber, you have to buy and sell a property at some point. Even if you never actually take title, as in an assignment or subject-to, you still have to watch the numbers carefully to maximize your profits on every deal. Below is a list of places that you can save (or lose) money on every deal.
SURVEY - closing costs can be a killer when they add them up; always check to see if the previous owner has a previous survey that you can use
TITLE COMMITMENT - along with a survey, the previous owner may have a title commitment that you can get partial credit for and reduce your closing costs
HAVE THE BUYER/SELLER PAY THE TITLE INSURANCE - a negotiation point that is often overlooked. In Florida it is customary for the seller to pay for title insurance, but that doesn't mean that you have to even if you're the seller. Always write in your contracts that the buyer pay for it when you're selling.
'NET' SALE - mostly used in wholesale deals, but anyone can use this. When you're selling just offer the property, for example, $105k NET, making the buyer responsible for all of the closing costs.
TERMITE INSPECTION - don't pay for them. I use a guy that will inspect for free and if there are active termites I give him the work. I don't necessarily pay for it, I just give his estimate for treatment to whoever is responsible.
HOME INSPECTION - this will cost you money upfront but will save you money in the long run. When buying this goes without saying, and when selling you can show your prospective buyers a clean report or correct the issues before they come up. It's always cheaper to get the work done with a handyman than having a licensed contractor do the work, which most real estate agents will require.
PRE-HAB - once again this is an investment. Especially for wholesale deals that just look 'ugly' a few hundred dollars in cleanup and fixing the 'ugly' will open up your property to many more buyers who wouldn't otherwise be interested and net you more money in the end.
LOSS MITIGATION FEE - if you are negotiating a short sale always ask for a negotiation fee or marketing fee to get additional money from the transaction. This doesn't mean they'll accept, but if you don't ask you could be leaving money on the table.
CURB APPEAL - every buyer sees the front of the house first and their opinion of it will be based on their first impression. Plant some flowers, paint the house (if only the front side) and make sure your property looks as good, or better, from the outside as it does inside and you'll be sure you'll get the most you can for any property.
STAGING - this is another simple selling investment that makes a bigger difference in the buyers eye than you can imagine. Staging hides imperfections and flaws by drawing your buyers attention away from them. You can do something as simple as buying $100 worth of towels, candles and accessories from discount chain stores, or go all the way by hiring someone to paint and stage with furniture. Either way you'll be getting a good return on your investment.
Utilize as many of these strategies as you can on every deal to maximize your profits. Remember that every dollar you save or "create" can go straight to your next vacation or new car and you won't ever leave money on the table again!
For more investing tips and discount real estate deals: http://www.AcmeInvestmentProperties.com. For great rental and wholesale investment property, visit: http://www.AcmeInvestmentProperty.com.
Article Source: http://EzineArticles.com/?expert=Shawn_Hutchison
Thank you Mr. Franklin for that very insightful, and all too often ignored, advice.
In real estate investing this 'Penny' can easily turn into several hundred or thousands of dollars. If you're one of those people who'll risk their life to do a u-turn in rush hour traffic and sit in line at the gas station 15 minutes just to save $ 0.02 on a gallon of gas when your tank only holds 16 gallons (a whole $0.32 savings. if you're on 'E') THEN listen up because you will do a whole lot of U-turnin' and sittin' for the money I'm going to be saving you on your next closing!
Whether you're a 'buy and hold' landlord, a wholesaler, or a rehabber, you have to buy and sell a property at some point. Even if you never actually take title, as in an assignment or subject-to, you still have to watch the numbers carefully to maximize your profits on every deal. Below is a list of places that you can save (or lose) money on every deal.
SURVEY - closing costs can be a killer when they add them up; always check to see if the previous owner has a previous survey that you can use
TITLE COMMITMENT - along with a survey, the previous owner may have a title commitment that you can get partial credit for and reduce your closing costs
HAVE THE BUYER/SELLER PAY THE TITLE INSURANCE - a negotiation point that is often overlooked. In Florida it is customary for the seller to pay for title insurance, but that doesn't mean that you have to even if you're the seller. Always write in your contracts that the buyer pay for it when you're selling.
'NET' SALE - mostly used in wholesale deals, but anyone can use this. When you're selling just offer the property, for example, $105k NET, making the buyer responsible for all of the closing costs.
TERMITE INSPECTION - don't pay for them. I use a guy that will inspect for free and if there are active termites I give him the work. I don't necessarily pay for it, I just give his estimate for treatment to whoever is responsible.
HOME INSPECTION - this will cost you money upfront but will save you money in the long run. When buying this goes without saying, and when selling you can show your prospective buyers a clean report or correct the issues before they come up. It's always cheaper to get the work done with a handyman than having a licensed contractor do the work, which most real estate agents will require.
PRE-HAB - once again this is an investment. Especially for wholesale deals that just look 'ugly' a few hundred dollars in cleanup and fixing the 'ugly' will open up your property to many more buyers who wouldn't otherwise be interested and net you more money in the end.
LOSS MITIGATION FEE - if you are negotiating a short sale always ask for a negotiation fee or marketing fee to get additional money from the transaction. This doesn't mean they'll accept, but if you don't ask you could be leaving money on the table.
CURB APPEAL - every buyer sees the front of the house first and their opinion of it will be based on their first impression. Plant some flowers, paint the house (if only the front side) and make sure your property looks as good, or better, from the outside as it does inside and you'll be sure you'll get the most you can for any property.
STAGING - this is another simple selling investment that makes a bigger difference in the buyers eye than you can imagine. Staging hides imperfections and flaws by drawing your buyers attention away from them. You can do something as simple as buying $100 worth of towels, candles and accessories from discount chain stores, or go all the way by hiring someone to paint and stage with furniture. Either way you'll be getting a good return on your investment.
Utilize as many of these strategies as you can on every deal to maximize your profits. Remember that every dollar you save or "create" can go straight to your next vacation or new car and you won't ever leave money on the table again!
For more investing tips and discount real estate deals: http://www.AcmeInvestmentProperties.com. For great rental and wholesale investment property, visit: http://www.AcmeInvestmentProperty.com.
Article Source: http://EzineArticles.com/?expert=Shawn_Hutchison
My Journey Begins
For the past couple of years I have had a very strong interest in the business of Real Estate. The idea of complete control over your destiny really clicked with me. Recently I watched a complete season of Million Dollar Listing, and I was honestly hooked. The idea that lliving like these real estate agents is even possible just blew my mind. Since then I have had a dream to move out to California and pursue a career in high end Real Estate. I bought and read several books on the subject and have even looked into classes for real estate. The more I learn about this career the more I fall in love with it, and I find that to be a complete necessity when discovering your future in the world.
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