• 19May

  Investing in Real Estate

  General 1 Comment

  While many people are lamenting today’s ‘financial crisis,’ smart investors know that NOW is the best time to buy real estate for profit – everything is on sale! When you want a new DVD player or car or any other consumer item, do you buy it full price or do you shop around and wait for the best deal, possibly even waiting for a sale? It’s the deal or the sale, of course, if you’re like most people. So why wouldn’t the same principle apply to buying houses? Answer: It does!

  The Challenge

  Many people feel that investing in real estate is not possible for them, and we’re here to tell you that this simply is not true. While the subject may initially seem intimidating, with a little investment of time to learn the basics investing in real estate can be a profitable venture for just about anyone. Whether or not you have down payment money, whether you think there are deals to be had in your area and whether or not you are good with renovations or wish to be a landlord, there are real estate ventures that can work for you. Investing in real estate offers a universe of possibilities, and can be started with little to no money and just a little knowledge.

  While we are not advocating you jump in blind, with the right team around you we know you’ll be off to great start and you will, hopefully, either be making a profit flipping homes or possibly enjoy improved cashflow through rental or other real estate income. Just consider some of the possibilities:

  • Flipping homes ie. buying cheap or rundown homes, renovating them and re-selling them for profit
  • Rental income eg. from apartments, duplexes and houses, basement apartments
  • Income from land leases, space or storage rentals, etc.
  • Commercial real estate eg. store and office leases, gas stations, laundromats
  •  Tax liens and foreclosures
  • Refinancing and second mortgage investing

  There are so many options available in the area of real estate investing that you would need a lifetime to study them. Luckily, by just delving into what interests you and learning more, you will find something to suit your needs, personality and budget, and from there you can branch out if you choose to. For starters, some intelligent reading – for inspiration and for information – will do. Try the following:

  The Real Book of Real Estate – Real Experts. Real Stories. Real Life.

  Real Estate Riches: How to Become Rich Using Your Banker’s Money (Rich Dad Advisor Series)

  Millionaire Real Estate Mentor: Investing in Real Estate: A Comprehensive and Detailed Guide to Financial Freedom for Everyone

  Real Estate Power Investor

  

  Tags: buying cheap real estate, buying houses, flipping homes, foreclosures, home buyers, home financing, home renovations, real estate investing, real estate profits

• 15Jan

  Deciding Whether to Rent or to Buy

  General 1 Comment

  One of the biggest questions to face young people and couples is whether to rent or buy a home. In fact, in these turbulent times more and more people of every age are considering this question, as they face unsure and unstable real estate markets and uncertain jobs.

  While renting can seem like the affordable choice, especially when you are working with little extra money, there are other considerations, especially when you think about the long-term use of your hard-earned money.

  Some things to consider when deciding whether to rent or buy a home include:

  • Renting will often be more affordable on a monthly basis. You will not be paying property taxes and often you can find options which include extras such as electricity and property maintenance. For one monthly fee you can have all or most of your living expenses taken care of, and this makes budgeting fairly easy as well.
  • Renting can be a good option for those willing to save a little extra money every month towards the future plan of purchasing a home. If you’re able to realizethose savings ie. actually save the extra for some larger purpose, then renting may be a good choice in the interim, until you can accomplish your longer term goals.
  • Buying a home used to be every young person’s dream, but it also used to require a very large down payment. The fact that you can now buy a home through various programs with far less down is a mixed blessing, as evidenced by the many people who are desperately maxed out on their home loans, or indeed facing foreclosure or bankruptcy. For those considering buying a home, you may want to ask yourself some honest questions, such as how stable is my job and do I have the means to pay a mortgage even if I lose that job? Do I want the responsibility of mortgage payments and home maintenance? Is my credit rating good and can I qualify for the type of home I’d like to own?
    Your credit rating, the type of home you can afford and the projected resale values in the area/s you can afford will all be considerations as you ponder this issue. A home purchase is a large – perhaps the largest – investment and must be considered from all possible angles. If you buy a home and decide to change cities for professional or personal reasons, for instance, what will happen if you cannot sell your home? If you are using all available capital for your mortgage payments, how will you afford to live in your new location?Home ownership has long been a hallmark of the ‘happy family,’ but perhaps it’s time we look at it in a more realistic light. Possible living arrangements – and indeed families themselves – are far more diverse and flexible than they have been in the past. You may own a home or several over your lifetime, or you may not. Let the decision to rent or to buy be worthy of deep consideration and intelligent financial planning rather than a reflexive traditional expectation.

  

  Tags: buying a home, house hunting, house purchase, looking at homes, purchasing a home, real estate, real estate market, rent or buy, should i rent or buy a home

   

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