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Real Estate

Tips In Making Building Creative Concepts

A lot of business owners wish to have a wonderful office. Of course, having such office can help them experience a better and comfortable work area. Not to mention, good offices can attract potential clients. However, in order to attain this, it is important for business owners to have good building creative concepts. But, there are numerous factors you need to consider to get the best results. Below are some of the things you need to consider.

Identify potential needs and problems

First and foremost, when making building creative concepts, it is imperative for individuals to identify potential need and problems. Knowing needs allow individuals to determine what things must be included in the designs. Not to mention, individuals can also create a better perspective on how buildings must be constructed. Apart from that, identifying problems before starting the project can help you reduce your expenses. Plus, reducing problems can also increase safety in your work area.

Create the right design

After identifying potential needs and problems, it is now time to create your design. Of course, when designing, you need to be cautious. This is essential to ensure that you will all have the features you need which can match your budget. In addition, it is also important to determine your space. This is another important factor when designing to ensure that you are creating a design that will allow you to make you building space more comfortable and appealing. Knowing these aspects will help you create the right designs you are looking for.

Establish safety schemes

When making building creative concepts, individuals need to make sure that they can establish safety schemes. Of course, accidents may occur unexpectedly. It gets even worse if these accidents will harm your employees. So, make sure that you create safety schemes on your designs. With these schemes, you can reduce risks and prevent overhead expenses which can help improve your finances and profits.

Hire professionals

Lastly, in case that you do not have any ideas or skills in making building creative concepts, it is also best to hire professionals. Luckily, there are numerous professionals who can help you create wonderful building concepts. These experts can even step into another level by providing you with other services that can complement your needs. Plus, they can also help you ensure that their designs can complement your needs properly.

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Real Estate

Make a Fortune With Real Estate

Property consisting of land and the buildings, as well as with its natural resources such as minerals or water, crops, immovable assets of this nature and buildings or housing in general. The business of Real Estate is the profession of buying, selling, buildings or housing and renting land. Before going ahead, some important factors about estate should be kept in mind to do your job well.

Types of Real Estate

• Residential:

Containing either a single family or joint family, that is available for non-business purposes. There may be different types of housing tenure also, and the size of an apartment or house can be described in meters or square feet. But the area of “living space,” excluding the garage and other non-living spaces may differ in some countries.

• Real Estate Investment

This Investment is the thing that generates income or is otherwise intended for investment purposes. Investors own multiple pieces of real estate, which serves as a primary residence.

• Commercial:

It is a property that is used the design for business solely. For instance, commercial estate includes restaurants, offices, parks, malls, gas stations and convenience stores

• Industrial:

The property that is used for industrial work. But it covers a vast range of business types and comes in all shapes and sizes.

Industrial Real Estate includes single or double-storey buildings. Small industries have flexible interior space. Large industries include medium to large warehouses and factories that are designed to store goods or manufacture.

To become.

Fortunate Real estate agents, need to be familiar with their locality, reasons to increase or decrease property prices. For instance, if a new airport or road is to be built this can increase the price of nearby houses. Equally, improvement of an area can enhance prices. The agent must be aware of recent sale prices or rental for comparable properties of the area.

To become estate agents or professionals, dealing with all residential, agricultural and commercial property. They should adhere to a code of conduct, which includes regulations about looking after their clients’ money.

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Real Estate

Be Careful How You Evaluate Real Estate Data/Statistics: 4 Examples

In today’s world, we are often over – loaded with statistics, data, etc. Some of these might be relevant and significant, while at other times, they may be over – reaching, misleading, or unnecessary! We often hear or read discussions regarding mortgage interest rates, so – called – housing starts, number of mortgage applications, and the number of houses on the market, etc. Often, discussions focus on seeming to need to label the real estate market, either as a buyers or seller market! While there may be times these are valuable indicators and information, like most data, the skill is in how well one can interpret these, understand them, know what the numbers really mean, and how to use them. Let’s review 4 examples of how statistics are related to real estate, etc.

1. Average or median price: The first thing to understand is the difference between an average and a median price. Average means one adds up all houses sold in the specific target region, and dividing by the number of sales. Median, on the other hand, is listing all the sales prices, and the one in the 50 percentile, is the median price. Simply stated assume 10 houses sold are reviewed, and 2 are sold at $500,000; 2 at $600,000; 1 at $750,000; 2 at $900,000; 2 at $1 million; and one at $1.5 million. In this sampling, the average price is $757,000 and the median price is $750,000. However, why is this information important, since if the sampling is not large enough, wouldn’t it depend on which specific houses sold, whether there was more strength at the higher or lower end of the market, etc. When pricing is discussed, it’s important to put it into perspective, and see the number of units compared in both periods of time.

2. Housing starts: This refers to number of new builds in an area, but doesn’t it make sense, to also consider how much empty or available land/ property, might be available to build on. Always put all statistics into some sort of perspective!

3. Mortgage applications: Are these predominantly for new mortgages or refinances? Are they conventional mortgages? Might it also be important to look at the term of the mortgages? Shouldn’t we also look at the criteria being used, and how many/ what percentage, are approved?

4. Houses on market: It is generally considered a buyer’s market when there are significantly more houses on market, than buyers, and a seller’s market, when circumstances are reversed? Look at the inventory of houses being offered, and the locales. How long do they seem to be staying on the market?

Like in most things statistics – related, it is important to know and evaluate what things mean, rather than making false assumptions, and/ or speculating. Beware of statistics, because they might turn out to either be your friend, or enemy!

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Real Estate

Four Strategies to Buy Rentals With No Down Payment

This tends to be a pretty controversial subject, and for good reason. When I was getting started in the business, I was young and broke and had no credit to speak of. I was not qualified to borrow money, yet I figured out how to buy properties, and I bought a lot of them. It was not long before I became a full time real estate investor, and on paper, I was a millionaire long before my 30th birthday. I accomplished this with a lot of hard work, education and tolerance to take the risk.

With all this said, just because you don’t need money to buy houses, does not mean you should have no money. I am a big, big believer in this. You see, although I was a millionaire at a young age, I basically lost it all when the market shifted. I was too aggressive with my growth, and did not establish an appropriate amount of reserves. After starting over, I structured things differently and am in a good position to not only survive a down turn, but to thrive in it. In this article, I will briefly walk through 4 ways to buy rentals with nothing out of pocket, but want you to understand that this does not mean you should own rentals with no reserves.

Owner Finance: This could mean many things, but for the purposes of this article I am going to assume that the seller of the home is extremely motivated and is willing to basically sell the house just to get away from the mortgage payments. This is commonly referred to as a subject-to transaction because you, as the buyer, will take title subject-to any other liens that are in place. What this means is you get ownership of the house, but the seller is still on the hook for the loan. You as the buyer will agree to either pay off the loan or make payments on the loan on their behalf. If you don’t, the lender can foreclose and wipe you off of title.

The seller is taking a tremendous amount of risk with this type of transaction, so it is difficult to negotiate and they need to be extremely motivated. It works well for you because you don’t need down payments or to qualify for a loan. It works for them because they have someone else making the payments on their loan, which relieves them of the payment pressure, and potentially can improve their credit. As you become more experienced, this is a strategy you will want to look into. This allows you to purchase an unlimited number of cash flowing properties without ever needing to qualify or sign for a loan.

Lease Options: This is the strategy that really worked for me when I was just getting started. I like it a lot because it is easy to explain to the seller and it is not difficult to get them comfortable with it. They still need to be motivated to want to do this, but nothing like the subject-to transactions.

The way this works is you negotiate with a seller of a home to lease the property for a set period of time. I would typically negotiate 10 years on these, but it can be anything you are comfortable with. The rent amount will be set. From there you agree on a price to buy the property for sometime during the lease term. The price is typically locked in close to today’s value. You then sublease the property, hopefully for more than your rent payment, and wait for the value to increase. If the value does not increase, which has happened to me, you can either re-negotiate the deal or let the property go. You have no obligation to buy, so you are not taking the risk of market fluctuation. If and when the value does increase you have several options: You can sell your option, exercise your option and resell the house for your profit, or just exercise the option and keep the property in your portfolio.

Bridge Loans: The idea here is to find a property that needs a lot of work that will make a good rental. You need to negotiate a price were you can buy it, fix it, and roll in all closing costs, and still be at or below 70% of the after repaired value (ARV). This does not work well unless the property needs to be repaired. This is very different than the first two strategies discussed, and is commonly used with bank owned foreclosures. Although, anytime you can negotiate a great deal will work.

After you purchase the home, you want to get it repaired and get a tenant in place as quickly as possible. You then refinance the loan into your permanent rental property loan. There are some additional details for this to work that are beyond the scope of this article.

Partners: At the time the market was collapsing around me, there were tremendous buying opportunities everywhere. Using the Bridge loan strategy, I was able to pick up a handful of deals that I still have today. I did not qualify for loans, so I brought in a partner to sign on the debt for me, and I shared the deal with him 50/50. Neither one of us put money down, and the properties all cash flow, net of vacancies and maintenance, a minimum of $300 a month. There has also been a tremendous amount of appreciation over the years. The houses have more than doubled in value!

No matter what your strategy in real estate, partners can help you reach your potential. They can provide anything that you are lacking to get deals closed. I have a great deal of respect for partnerships because I think they are necessary, but I also think they can be the worst decision ever made.

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Real Estate

Tips To Get Your Search For Homes For Sale In The Right Track

Buying a house is a major financial decision that will not only give you a peace of mind, but also a wonderful place to live, and of course, the perfect location to start a family for those who are planning to settle down. Sooner or later, you will have to decide to settle down on your own home that will be considered as the best location to start a family.

That being said, it is important to greatly consider the factors that will affect your everyday living experience. The following tips will help to get your search of to the right start. While it is important to note the number of rooms, the size of the yard and the layout of the kitchen, there are several important things you need to consider before making an offer.

Avoid trying to time the market

– Trying to time the market when you are planning to purchase is impossible. Considering whether the market drops low or gets too high will only prolong and possibly make you lose your chance of owning your perfect house of choice. The best time is when you find the best one that you can afford. The real estate market is cyclical, and waiting for the perfect time will only make you miss out on an opportunity.

Location

– Proximity to essential establishments and the surrounding people can give great impact in your living environment. You can overlook a couple of imperfections in a home if you love the neighborhood and neighbors. As most would say, three of the most important factors in buying a home is location, location, location. When choosing, you need to consider its proximity to your work and other essential establishments, environment or the neighborhood, and public transportation.

Inspection

– Of course, you will need to check everything out inside the house. When you have finally narrowed down your list of choices, it’s time to hire a home inspector. It may cost a little but in the long run, it will end up saving you thousands. This will help you gain the best information regarding the new home so that you can make the best decision as to whether or not take it.

Situation factors

– One important thing to note: when buying a home, you can easily replace furniture, and other things inside however, you can never change the location. This is why it is important to also check the situational factors. Is the location suitable for kids, pets and gardening? Do the neighbor’s window look directly to your home? Has the driveway elevation properly installed for safe access to the property?

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Real Estate

Five Tricks to Increasing Community Development

Community development encompasses the creation of social and economic progress for an entire neighborhood. It relies on active participation from members of the community, as well as dedicated, driven strategies. Organizing events for bettering the neighborhood and getting people together for volunteer efforts can be daunting, but here are some tips for any community member or official to get a strong group together for enhancing everyone’s quality of life.

1. Hold Regular Meetings

It is crucial for your town hall or community organization to hold frequent (at least every bi-weekly or monthly) meetings. The more everyone gets together to discuss neighborhood issues, the easier it is to brainstorm solutions and activities that can make a difference. It also holds people accountable, and when a pattern is established, it’s easy to make the meetings a routine part of everyone’s schedule.

2. Be Open to New Ideas

Meetings often bring up ideas for volunteering and events. The best way to make progress for all members of the community is to listen and be open to compromise. Perhaps this means holding multiple events for different religious groups around the holidays. It could also just mean that two different ideas are merged to make a larger event with more diverse activities.

3. Try to Work With the City

Depending on available funding and priority items, it can sometimes be difficult to get city projects underway. Be realistic about your goals and remember that projects can become delayed for any number of reasons. Stay pleasantly persistent.

4. Don’t Give up

There will be times when councils or other governmental groups will reject proposals, but it is important to continue working on projects that you believe in. Those who speak up are often the only ones to be heard. Patience and optimism go a long way when it comes to getting important projects completed.

5. Advertise

Marketing strategies for community development meetings may sound strange, but they can be a good way of getting everyone together to discuss relevant topics and concerns. Think about flyers and Facebook pages that advertise meetings and future volunteering opportunities. A group page on Facebook, or even an Instagram page, can help to show what issues are at stake and provide photos of changes as they are made. Advertising is also a great communication tool. If some people are unable to attend recent meetings, they can use this as a way to catch up and to still voice their opinions.

Gathering a group of people together for bettering community development is an admirable goal, but it can be a challenge at times. With these tips, you can help your area come together in productive, meaningful ways.

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Real Estate

My First Open House Experience

I finally decided to write my first post. Why not? But what could I possible write about that is interesting and educational as well. I can write about the market, mortgage rules, down payments, etc

Or read the newspaper and write a well digested post.

So, here we go, I remember that day as if it was an hour ago! It has scarred me forever and ever. Every time a client asks me to run an open house, I sweat and swallow super hard. Even after having lots of successful “open houses”, this one still manages to make me run to the bathroom and grab the famous Pepto-Bismol.

So, long ago, when I became a licensed real estate agent, at the beginning of my time as a Realtor. The new challenges I was facing, a bit anxious but super excited at the same time. Knowing what I am made out of, a very hard working, honest, reliable, ethical individual couldn’t wait to run my very first open house!

Since I had no listing of my own and couldn’t just run an open house on my own house and tell anyone entering through the entrance: “thank you for coming, but this house is really not for sale! It is just for me to practice my new skills”

So I asked a few fellow agents in my office and at last, after 2 months of trying, one of our broker asked me to help him out!

I was so excited that I had a hard time falling asleep! I did a CMA, I looked up all the past, present sales in the area; looked up all the schools from public, private, catholic, French, etc in the neighborhood. I had so much info on the area that I felt like a walking Google!

I asked myself so many questions that people could come up with and I had the answer to every single one of them memorized!

The day of, I put on my super tailored suit, make sure nothing was stuck between my teeth, etc. I just wanted to run it as professionally as possible.

Anyhow, after opening the lock box to the unit, I realized that my suit had no pockets! And I didn’t take my purse with me, so the only secure place I could come up with storing the property’s key for 2 hours was my bra. No big deal, who would find out, after all, I showered and my bra was super clean and my suit just came out of the dry cleaners. I could use a bit of water and soap after and put it back in the lock box. Problem solved!

Open house was over at 4 pm, not too many people showed up but I had everything under control. I was extremely happy with the outcome. It was GREAT, except for the key stored in my bra and started to be a little uncomfortable.

So, I lock the property’s door, made sure it was actually locked, put back the key in the lock box, shuffle the combination, get in my car with a huge smile!

Contact the listing agent and thanked him for the opportunity and that everything was left in its perfect condition.

The next day, I had a fund raising event to attend. 5KM walk for a children’s hospital. So, on that Sunday, I am walking and thinking of yesterday’s open house. I am going to call those few individuals that came in. Asked them for feedbacks and take it from there. At exact same moment, my phone ran and it was the listing agent asking me where the key to the property is?!

He asked me to look in my pockets or purse, just in case, by mistake I forgot to put it back in the box. I told him that was not possible. And I had to tell him where I stored the house key for 2 hours the day before (super embarrassing!) and the silent after that.

I drove to the property just to see it for myself, and yes, sure enough, no key… I couldn’t believe my eyes! Being new to the business, new to this brokerage, my very first open house experience that I wanted it so badly and wanted to be “perfect” just got destroyed. No key, no house key a scheduled open house and we couldn’t get in.

The property had no showings after my open house. Key just gone, nowhere to be found, did not fall out of the box when I was putting it back. A total mind blowing experience.

It was obvious that it was stolen, by whom? No one knows. They’ve changed the lock right away and took all necessary security action, but… I felt terrible for the owners! There is nothing worse than feeling unsecured in your own home! Just the thought of knowing that some stranger might have the key to your property made me sick! I put myself in their shoes and I couldn’t fall asleep just thinking of it.

I can’t describe how I felt on that day and still do. Every single time I have to open a lock box and close it again, I get this weird feeling (even today). It just feels like time stops for a split second and it slows down.

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Real Estate

Getting Pre-Approved for a Real Estate Loan

What does it Mean?
There is a difference between getting pre-qualified and pre-approved to buy one of the condos for sale downtown. The difference is a pre-qualification means you may be able to get the loan based on skimming of your income and other information. This is why you may get pre-qualified credit card loan offers from time to time. The information usually comes from a list.

When you are pre-approved for a real estate loan, it means you are able to get that money. You can use it to buy one of the condos for sale downtown that you are in love with. This process involves you actually applying for a loan, providing all of your documents, and completing everything the lenders needs to get you approved.

They will tell you the amount of money you can borrow and the interest rate. The offer is going to be good for a set period of time. Typically, it is going to be up to 90 days after you have been approved. Armed with this information, you can start looking around. Once you find the place you wish to make an offer on, they can help you to proceed.

Know what you can Afford
It doesn’t make sense to look for condos for sale downtown that are outside of your price range. With the pre-approval process, you are able to shop within your market price. You can use filters online to find those at or below your approved amount. You can talk with a real estate agent and they can refer you to real estate on the market that fits that amount too.

If you can find one of the condos for sale downtown that you want to make an offer on that is less than you were approved for, that is exciting! Not only does it mean you can buy it, but it also means you can reduce your monthly payments below what you know you can pay. That means more money for savings or you can use it to pay off the mortgage early.

Make an Offer
You have bargaining power with the pre-qualification for a mortgage loan. When you make an offer on one of those condos for sale downtown, the seller is going to see you are already approved. It can be enticing to them to accept the amount you offer rather than to hold out for another offer to come along.

Since you are already approved, you aren’t going to be on pins and needles after the offer, hoping you can get the money. It is very upsetting to some consumers who find the perfect place but then they can’t get approved for the loan. The closing can be done in less time too if you already have your loan approval completed.

Sometimes, there are credit report issues that prevent someone from getting the loan. Finding out about them early on before you look at property can be helpful. It gives you time to evaluate the situation and to work to clear it up. Then you can move forward with buying a place and not have unexpected surprises crash your dream.

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Real Estate

Evaluating the Market to Decide on a Price to Offer

The easiest way to obtain such data is from a licensed real estate agent. They can provide you with details about recent condo sells and the prices they sold for. This includes the location so you can compare prices for various neighborhoods. Such information is public record so you can get it on your own too if you aren’t using a realtor. It does take time to compile though.

Get it in Motion
You don’t want to drag your feet when it comes to getting one of the condos for sale in though. Most of them don’t stay on the market long at all. If you wait, the prices are going to continue going up. You also risk the locations where you would like to live not offering much. Prime locations such as the downtown area sell very fast!

Evaluating the market to find out what the price range is will help you to make an offer. You want to get the best deal you can. Avoid emotionally making an offer because you can’t stand the thought of not getting the property. If you can’t afford it, you will be stressed very month about the payment. Don’t put yourself in a position where they could possibly foreclose on you.

Offer Versus Asking Price
You may assume the demand for condos for sale in means the sellers can set the asking price and they always get it. This is why you need to do your homework before you place an offer. If a location is priced thousands more than what others in the area have recently sold for, you need to question why. Does it offer more value or is the seller after more money?

You can’t blame the sellers of condos for sale in for trying to get the most money they can for their property. If someone is willing to pay it, they are going to ask for it! However, most of them are also willing to accept a reasonable offer that comes to them. If you put that offer out there, they may accept it!

What if they Don’t?
One of the fears is the seller won’t accept your offer. You don’t have to worry too much about that when you try to buy one of the condos for sale in. Just put the reasonable offer out there as a starting point and see what happens. If they don’t accept it, are they willing to negotiate at all?

If the answer is no, you have to decide if you are willing to pay the price they are asking. If not, you need to look at one of the other properties available and repeat the process. If they give you a counteroffer, it will be somewhere between what you offered and what they asked for. You can accept it or you can give another counter offer.

This process can continue until you agree on a price or until one of you is no longer willing to budge. This process takes a bit of time, but it can save you a great deal of money on one of those condos for sale in high in demand. It certainly doesn’t hurt to give it a try!

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Real Estate

Homes for Sale-Flipping

Everyone has either seen television shows or heard about flipping homes for sale. This real estate strategy involves buying homes for sales for a low price, renovate the homes, and then reselling them for a profit. Some of these professionals make their living by regularly buying and flipping homes for sale making a profit. They sometimes juggle several sales and several renovations at any given time. It is important to know that there is an art learning how to flip a house and make a profit instead of losing money. Make sure that you understand any restrictions and all applicable zoning laws on construction that may apply. From purchasing to flipping, many set a ninety-day time frame.

Step one

Before you even look at homes for sale to buy and flip, you need to determine how you will finance this venture. If you have a background in real estate or construction and have excellent credit, it may be possible to sure from your bank a line of credit. If you do not have these things, you may have to come up with a more creative way to finance a house for sale to flip. This can include finding a partner who will advance the cash that is needed.

Step two

Once you have the financing in place you can start to look for a likely house to flip. There are many characteristics in a house for sale to flip that you want to look for.

• It must be affordable so you can make a profit when you flip the house. You want to purchase the house for the lowest price you can. Check out houses that have been on the market for a while. Talk to the owners to see if they would accept a lower offer because they are tired of waiting for their home to be sold.
• Make sure that the home you are looking at is salvageable. When flipping a house for sale you should only deal with sound properties. Make sure that the foundation is in good shape and you only have to do minimal upgrades to the plumbing and wiring. The roof should also be sound. If any of these are a problem, you may spend more in repairs than you can get back when you try to flip it. Cosmetic renovations can usually be done without spending a lot of money.

Step three

The location of the property is also important. Avoid buying a house for sale in neighborhoods that no one would want to live in. Make sure that the neighborhood will attract many buyers. You want to make sure that when you flip the house you make a large profit or at least break even.