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United-states-top-five-real-estate-investment-tips--2006---2007
By Joe-Lane
There are countless tips on real estate investing available and this is by no means intended as a comprehensive list. While every investment has its own intricacies and problems that need to be worked out, there are some very basic aspects that are common to most investment properties. Understanding those aspects and asking questions about them can help you determine whether a particular real estate investment opportunity is for you.
Anything Can Change
Building in the capacity for change in your investment is not only good real estate advice, but good life advice. Aspects of an investment can change at any given time and building in a little cushion in your profit projections for that change will most likely give you a better outlook on the possible outcome of your investment.
This is especially true for something like the tax climate of your investment as changes in tax laws happen regularly. If the tax situation surrounding your investment is the only thing you like about it, it is probably not a sound investment. Solid investments can withstand changes in the tax code, so never rely solely on the stability of tax codes, you will be sorely disappointed.
Do What You Know
It is tempting to get involved in real estate investment opportunities outside of your comfort zone. Maybe the terms look good or the
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area is nice, but your lack of expertise in the field will ultimately hurt you over the course of the investment. If you are well versed in multi-family homes, do your best to uncover the best investment opportunities in that field. If your bag is fixer-uppers, stick with that. Success is difficult to replicate so if you have a knack for something, exploit that knack. Compare, Compare, Compare As any real estate agent will tell you, valuations for a new home put on the market are a direct reflection of other sale prices of similar properties in that area. Your potential investment is the same way. If you are going to rely on rents to make back the money spent on the investment, compare the rents your prospective investment property takes in against similar properties in the area. Are they too high? If so, that may indicate future trouble filling the building at those prices, which then cuts into your profit forecast. If you are getting involved in a fixer-upper, compare what you think the home will be like in the future to homes that have sold that look similar to that now. Doing so will help you estimate your eventual sale price and the amount of money you should invest to net a decent return. Hammer Down True Expenses Just as you want to examine what your incoming cash flow will be on any real estate investment opportunity, you want to investigate your outgoing cash flow as well. What are the key costs involved in running the property? What are the taxes on the property? How much does it cost you when part of your multi-family property is vacant? Sometimes properties can look great when you examine the rent payments coming in but then lose their luster when you look at the cost of running the facility. You need to investigate both sides of the story to get an accurate view of the financial future of your investment. Know The Building In real estate investing, surprises are usually costly. Not only should you do a full walk through of the prospective investment yourself, you should also look in to hiring an independent, professional inspector as well. Uncovering problems with the foundation, roof or furnace early can either save you from making a poor investment or give you ammunition to negotiate a lower price. Not all real estate investments are the same and you will likely run in to a unique problem on every property you pursue. However, by sticking to the tips here, you can give yourself a great foundation from which to operate. Above all, pursue information on the property as vigorously as possible to eliminate the possibility of regretting your investment later. Article Source: http://activeauthors.com Published by Joe and Colleen Lane, Realtors®. The Lane Real Estate Team services Tri City Wa Real Estate, Kennewick Wa Real Estate, Pasco Wa Real Estate, Richland Wa Real Estate, and surrounding Southeastern Washington Communities. Here is more information : www.joelane.com/
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2006-10-09 Copyright (c) 2006 Ray PrinceWell, here we are again.The start of a new tax year is upon us, bringing with it Read more...
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Real Estate Leasing Tips
By Samue Colon
Real Estate Leasing tipsLeases are written agreements between you and your landlord. In general, they'll cover the following areas:oLease term oMonthly rent amount oWhen the rent is due oSecurity Read more...
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4 Critical Things You Should Demand From A Tax Professional
By Sean Schiraldi
4 Critical Things You Should Demand From A Tax Professional1.COMPETENCE AND CREDIBILITYIt is very important that you research the credentials ofthe person you have preparing your taxes. Look Read more...
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<P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif><STRONG>Wi-Fi around Chicago..</STRONG></FONT></P>
<P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif><FONT size=2>The Daley Center between Clark and Dearborn is now (as of September 2003) a wi-fi hot zone. I have not personally connected there, but the word is </FONT><FONT size=2>that the signal around Daley Plaza and Block 37 is strong. Click <A href="http://www.xchicago.com/main/article.php?articleID=413">here</A> for more information. </FONT></FONT></P>
<P><FONT size=2>If you are outside of downtown Chicago,the UPS stores (formerly Mailbox Etc.) will have wi-fi access (for a fee) in mid-September as will many McDonalds (for a fee). <A href="http://www.computerworld.com/mobiletopics/mobile/story/0,10801,80914,00.html">UPS story</A></FONT></P>
<P><FONT size=2></FONT> </P>
<P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif><STRONG>Truth about Annuities</STRONG></FONT></P>
<P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif size=2>Many clients buy annuities. I think it is fair to say that most clients do not understand the annuities and, in many cases, the annuity purchase was an inappropriate choice. In my opininion annuities are appropriate when:</FONT></P>
<P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif size=2>1. The client wants to save more for retirement and already puts the maximum in his or her IRA/401k; </FONT></P>
<P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif size=2>2. The client is in a high tax bracket and wants to reduce taxes;</FONT></P>
<P><FONT face=Verdana size=2>3. The client won't need the principal for quite a long time and the annuity makes up a small portion of the client's total investments.</FONT></P>
<P><FONT face=Verdana size=2>I have one client who paid no income tax, was 85 years old, had been retired for 20 years and purchased 4 annuities with all of her liquid assets; her only other assets, after the mass annuity purchases, were her condo and a checking account. The annuities were "unsuitable" for her, but were perfect for the annuity salesperson who netted at least $20,000 in commissions.</FONT></P>
<P><FONT face=Verdana><FONT size=2> See the </FONT><A href="http://www.annuitytruth.org/"><FONT size=2>annuity truth</FONT></A><FONT size=2> web site for some interesting reading on annuities and whether one is right for you </FONT></FONT></P>
<P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif size=2><STRONG>What to Do if Your Mortgage Lender Bails Out on You</STRONG></FONT></P>
<P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif size=2>Recently, as interest reates rose and the number of files on their desks exploded to record levels, mortgage companies have bailed out on clients and failed to close. In two cases I am involved in (both of which are new construction) the mortgage companies literally "forgot" about the client. The loans were not ready to close because no one paid attention to the file for months. The other problem is that many lenders are so busy that they can't close by the end of the "lock-in" period. The client is left with a lame promise that the mortgage company will do a "free refinance" later to cure the problem.</FONT></P>
<P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif size=2>How can you prevent this? Pick a reputable lender in the first instance; not one from the internet or your brother-in-law who thought he would try out mortgage brokerage. Stay in touch with the lender. If all else fails, file a complaint with the office of banks and real estate. Here is the form to file the complaint:</FONT></P>
<P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif size=2> </FONT><A href="http://www.bre.state.il.us/CONSUMER/FORMS/c-Form41.pdf"><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif size=2><a href="http://www.bre.state.il.us/CONSUMER/FORMS/c-Form41.pdf">http://www.bre.state.il.us/CONSUMER/FORMS/c-Form41.pdf</a></FONT></A><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif size=2> </FONT></P>
<P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif size=2>It rarely pays to file a lawsuit against the lender. Attorneys fees are cost prohibitive and your damages are hard to prove.</FONT></P>
<P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif size=2> </FONT></P>
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Traditional Estate Planning means preparing for the orderly and efficient transfer of assets at death. Also, estate planning involves planning for the accumulation and distribution of an estate during lifetime as well as at death.
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