You've decided to make a bank owned home investment. Do you know where to look for listings? Getting a bank owned property can be a very good move, but you want to make sure you have done your research on the property and are comfortable, especially if you're going to be living in it yourself.
A bank owned home is also called an REO property. This is a property that's been foreclosed on and could not sell through an auction. So now the bank who had the original mortgage owns the property and they are trying to get rid of it. Keep in mind that banks do not want to be in the real estate business. Many banks have websites listing all their bank owned home investments. To come up with a selling price, the bank that holds the note will add up the expenses that it incurred in getting the property, the remaining primary mortgage amount and any secondary liens. Depending on the circumstances, it could be well under market value.
Before you plunk down your hard earned cash, get some information about the home. Why didn't it sell at auction? It is easier to do an in depth inspection once a property becomes a bank owned home investment. Make sure you do this with someone who knows about home repair. You want to have a good idea of what it will cost you to get the property to the point where you can resell, rent or live in it. Add up your potential expenses and come up with your price for the property. Many banks now use outside real estate agents to close the deals so you wont have to deal with a banker who has limited knowledge about the home and surrounding market.
After you feel comfortable with the idea of getting into bank owned home investments, you need to find listings. You can get both at Real Estate - Get In The Know
Get In The Know now about real estate investing, buying and selling property and foreclosures.
Article Source: http://EzineArticles.com/?expert=Reese_Evans
Tuesday, March 31, 2009
Monday, March 16, 2009
Real estate Investing - What you need to know
Start with Research
A lot of Real Estate Gurus selling products would have you believe that Real Estate investing is the easiest thing in the world. You just buy their product, and you will be a millionaire overnight. Now, I am not saying that Real Estate investing is as hard as being an Astrophysicist, but there are some things that you will need to know.
The first thing is you need to have a plan. An important part of that plan should be, to always work on getting as much Knowledge in the Real Estate Market as you possibly can. At the same time you will need to set financial goals, and set a realistic time frame in which to achieve them. You should also determine whether you are going to buy property to wholesale to other investors, to fix up and resell at retail, or hold on to for the long term and rent. This will help you stay focused.
Should you only invest in the city?
Some rural areas are experiencing tremendous amounts of growth. Some of this growth is coming from families with small children as well as retirees. These people consider the country a safer place to live. However, there are places where the population is in decline. This is where market research will come in to play. You want to make sure that people are still moving to that area when it comes time for you to sell your property.
Usually there aren't as many properties available in rural areas as there are in the city, especially in the booming areas. So, if you are going to invest in those areas you need to be up on your research, and be ready to take action when you come across a good investment. A good deal won't be available for long. Keep in mind it could take longer to sell a property in the country than it does in the city. A good idea would be to advertise in the city or cities nearby as well as the rural area the house is in.
Should you buy in a bad economy?
Most seasoned Real Estate Investors would say that a bad economy is the perfect time to buy. The economy is like a seesaw it goes up and it comes down, and like a seesaw it will go back up again. The thing to know about buying in a bad economy is that you can find incredible deals.
There are several reasons for these incredible deals. Sometimes it is a dual income family and one person loses their job, so they are no longer able to afford the mortgage payment. There are also REO's which stands for "Real Estate Owned", in other words they are homes the bank had to foreclose on. Since the banks are in the business of lending money and not being landlords you can usually get these properties at a steep discount. The point is, that during a bad economy there are a lot of good deals available, but always remember to do your research and have a plan.
Zach Kling writes Real Estate and Business related articles, as well as being an entrepreneur on-line and off. For more Information and Resources, please visit my website: Resources For Investing In Rental property And New Real Estate Investors
A lot of Real Estate Gurus selling products would have you believe that Real Estate investing is the easiest thing in the world. You just buy their product, and you will be a millionaire overnight. Now, I am not saying that Real Estate investing is as hard as being an Astrophysicist, but there are some things that you will need to know.
The first thing is you need to have a plan. An important part of that plan should be, to always work on getting as much Knowledge in the Real Estate Market as you possibly can. At the same time you will need to set financial goals, and set a realistic time frame in which to achieve them. You should also determine whether you are going to buy property to wholesale to other investors, to fix up and resell at retail, or hold on to for the long term and rent. This will help you stay focused.
Should you only invest in the city?
Some rural areas are experiencing tremendous amounts of growth. Some of this growth is coming from families with small children as well as retirees. These people consider the country a safer place to live. However, there are places where the population is in decline. This is where market research will come in to play. You want to make sure that people are still moving to that area when it comes time for you to sell your property.
Usually there aren't as many properties available in rural areas as there are in the city, especially in the booming areas. So, if you are going to invest in those areas you need to be up on your research, and be ready to take action when you come across a good investment. A good deal won't be available for long. Keep in mind it could take longer to sell a property in the country than it does in the city. A good idea would be to advertise in the city or cities nearby as well as the rural area the house is in.
Should you buy in a bad economy?
Most seasoned Real Estate Investors would say that a bad economy is the perfect time to buy. The economy is like a seesaw it goes up and it comes down, and like a seesaw it will go back up again. The thing to know about buying in a bad economy is that you can find incredible deals.
There are several reasons for these incredible deals. Sometimes it is a dual income family and one person loses their job, so they are no longer able to afford the mortgage payment. There are also REO's which stands for "Real Estate Owned", in other words they are homes the bank had to foreclose on. Since the banks are in the business of lending money and not being landlords you can usually get these properties at a steep discount. The point is, that during a bad economy there are a lot of good deals available, but always remember to do your research and have a plan.
Zach Kling writes Real Estate and Business related articles, as well as being an entrepreneur on-line and off. For more Information and Resources, please visit my website: Resources For Investing In Rental property And New Real Estate Investors
Friday, March 13, 2009
Real Estate Investment Properties - What to Consider
Owning an investment property is a big decision, and one that requires a lot of thought. Before investing in a property, consider how long you are going to own it and what type of property you want. Once these decisions are made, work out the financial aspect and you will be ready to invest.
How long are you going to own it? Remember that, the longer you own a property, the more you will need to do in terms of repairs. If it is a short-term investment, you will only need to do repairs that will yield a higher selling price when it is time to move on. Long-term properties can provide a helpful second income and will give you the ability to ride out the market during its highs and lows. In contract, a short-term investment can provide a larger sum of money more quickly when the property is sold.
You will also need to determine what kind of rental property you would like to buy. Residential or commercial? Single family or multi unit? Each of these will come with its own drawbacks and rewards which need to be carefully considered. You will spend a lot of time on this venture, so make sure you take the time to think through the different types of properties and determine what would best suit you.
Once you have determined what kind of property you would like, and what timeframe you are looking at, look at the financial aspect. Ensuring that you don't pay too much for the property upfront ensures that you will get the largest profit possible when it is time to sell. Research the market and comparable properties in the area to determine what your offer should be.
Now that you have the property type, and purpose covered, and have the financial aspect taken care of, you have taken care of the bulk of the decisions. Now it is time to find that perfect property and invest.If you are looking for a massive collection of free checklists for buying, selling and renting plus a huge portfolio free investor forms and in both PDF and MS Word for you to use as is or edit for your own real estate investing business, then check out these free resources for Real Estate Investing.
Article Source: http://EzineArticles.com/?expert=Wolfgang_O
How long are you going to own it? Remember that, the longer you own a property, the more you will need to do in terms of repairs. If it is a short-term investment, you will only need to do repairs that will yield a higher selling price when it is time to move on. Long-term properties can provide a helpful second income and will give you the ability to ride out the market during its highs and lows. In contract, a short-term investment can provide a larger sum of money more quickly when the property is sold.
You will also need to determine what kind of rental property you would like to buy. Residential or commercial? Single family or multi unit? Each of these will come with its own drawbacks and rewards which need to be carefully considered. You will spend a lot of time on this venture, so make sure you take the time to think through the different types of properties and determine what would best suit you.
Once you have determined what kind of property you would like, and what timeframe you are looking at, look at the financial aspect. Ensuring that you don't pay too much for the property upfront ensures that you will get the largest profit possible when it is time to sell. Research the market and comparable properties in the area to determine what your offer should be.
Now that you have the property type, and purpose covered, and have the financial aspect taken care of, you have taken care of the bulk of the decisions. Now it is time to find that perfect property and invest.If you are looking for a massive collection of free checklists for buying, selling and renting plus a huge portfolio free investor forms and in both PDF and MS Word for you to use as is or edit for your own real estate investing business, then check out these free resources for Real Estate Investing.
Article Source: http://EzineArticles.com/?expert=Wolfgang_O
Thursday, March 12, 2009
Real Estate Investment - Has Home Flipping Become a High Risk Business?
Previously referred to as "rehabbing", the popularity of "flipping" property for quick profits has become a popular topic for discussion and conjecture.
Builders, entrepreneurs and handyman homeowners have used this method with great success for many years by purchasing distressed or foreclosed homes, making repairs and upgrading and then reselling them.
The recent trend to flipping may be driven by television shows that highlight the trials, tribulations and successes of such renovations. In the past few years even unskilled investors have been able to profit by hiring contractors and buying and selling in areas where housing prices were rising rapidly.
In the past two years, many of these investment homes have joined family residences on the foreclosure lists. Buyers too often relied on high interest, short term equity loans or constructions loans to finance renovations. Without the knowledge to do the physical labor themselves, buyers have found their projections of time required to complete the project to be unrealistic.
The high cost of good contractors and the unreliability of cheap contractors have combined with falling home values and a tightened mortgage market have ended the dreams of many wannabe house flippers. While some investors simply ran out of money before the work was completed, others realized they could never recoup the money spent to improve the property and realize a profit, too. For many it has been easier to just walk away.
For some transitional neighborhoods, the result has been a further decline in neighborhood property values as partially remodeled (and uninhabitable) homes become available as foreclosure sales. Instead of the outdated home for sale on their street, homeowners may see a partially demolished property on a lot littered with construction debris.
There is a human toll as well. Though smart investors understand the necessity of forming a business to protect their personal assets, many people jumped into a property purchase using their personal credit as a guarantee for the loan. For them, the economics of an inability to successfully renovate and resell a property quickly escalated into a personal financial crisis.
Property flipping is not for the faint of heart (or the low of budget). Though the foreclosure crisis may be a boon for investors able to buy and hold properties until the market improves, it is critical to have the knowledge of where to buy and what price the market will bear.
For newer entrepreneurs with visions of quick profit, the risk has increased dramatically. Only those with the expertise to do some of the work and the money to carry the property for an indefinite period of time should even consider trying their hand at property flipping in the current housing market.Visit http://SolvingCreditProblems.com for up to day information on foreclosures, credit problems and solutions to the current credit card crisis. Knowledge is power at Solving Credit Problems
At SolvingCreditProblems.com, author Trace Morgan provides accurate information to help those facing financial crisis....Article Source: http://EzineArticles.com/?expert=Trace_Morgan
Builders, entrepreneurs and handyman homeowners have used this method with great success for many years by purchasing distressed or foreclosed homes, making repairs and upgrading and then reselling them.
The recent trend to flipping may be driven by television shows that highlight the trials, tribulations and successes of such renovations. In the past few years even unskilled investors have been able to profit by hiring contractors and buying and selling in areas where housing prices were rising rapidly.
In the past two years, many of these investment homes have joined family residences on the foreclosure lists. Buyers too often relied on high interest, short term equity loans or constructions loans to finance renovations. Without the knowledge to do the physical labor themselves, buyers have found their projections of time required to complete the project to be unrealistic.
The high cost of good contractors and the unreliability of cheap contractors have combined with falling home values and a tightened mortgage market have ended the dreams of many wannabe house flippers. While some investors simply ran out of money before the work was completed, others realized they could never recoup the money spent to improve the property and realize a profit, too. For many it has been easier to just walk away.
For some transitional neighborhoods, the result has been a further decline in neighborhood property values as partially remodeled (and uninhabitable) homes become available as foreclosure sales. Instead of the outdated home for sale on their street, homeowners may see a partially demolished property on a lot littered with construction debris.
There is a human toll as well. Though smart investors understand the necessity of forming a business to protect their personal assets, many people jumped into a property purchase using their personal credit as a guarantee for the loan. For them, the economics of an inability to successfully renovate and resell a property quickly escalated into a personal financial crisis.
Property flipping is not for the faint of heart (or the low of budget). Though the foreclosure crisis may be a boon for investors able to buy and hold properties until the market improves, it is critical to have the knowledge of where to buy and what price the market will bear.
For newer entrepreneurs with visions of quick profit, the risk has increased dramatically. Only those with the expertise to do some of the work and the money to carry the property for an indefinite period of time should even consider trying their hand at property flipping in the current housing market.Visit http://SolvingCreditProblems.com for up to day information on foreclosures, credit problems and solutions to the current credit card crisis. Knowledge is power at Solving Credit Problems
At SolvingCreditProblems.com, author Trace Morgan provides accurate information to help those facing financial crisis....Article Source: http://EzineArticles.com/?expert=Trace_Morgan
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