What To Ask A Real Estate Mentor

When you’re looking for a real estate mentor, there are a few questions you mustn’t forget to ask before subscribing to his service. These questions will allow you to determine if you really will get the value of your every dollar. He must at least answer yes to one of these questions for you to consider him your new master.

First question: Do you know how to flip houses? Flipping houses is back! In fact it never left. Of the many methods of investing in real estate, this is considered the easiest and quickest. To make money in this business, you must be able to sell contracts to buy houses. What you need to do is to look for properties that may be placed under contract.

Nowadays, fixer upper homes, or those that are in need of repair are very much in demand. Other real estate investors are looking for these properties because they will use them in other profitable investing methods. In a way, you serve as the supplier of investment properties to other entrepreneurs. If your real estate mentor can teach you this and you take action, you are bound for some huge fortune.

Second question: Do you know how to rehab houses? Apart from flipping houses, rehabbing houses is the other unconventional buy and sell method you must learn. If you’re mentor says Yes, I know how to do that, go learn about it. This is basically purchasing a cheap property in need of repair, probably from a wholesaler, and then making the necessary improvements so it can be sold for top dollar. If you are inclined to odd jobs and handyman assignments, you can make profits in this business. You make money by giving dying properties a new lease in life, somewhat a like superhero for houses.

Third question: Do you know how to do short sales? If your real estate mentor doesn’t do flipping or rehabbing houses, then he must know short sales. This business is also known as pre-foreclosure investing because it deals with houses that are in line to be foreclosed by banks. What you do is you negotiate for a lower amount than the mortgage owed, give the occupant some money, and prevent the owner from being foreclosed upon. A lot of home owners are in this situation and they need help right now.

If the teacher answers yes to any of these questions, you’re in front of the right mentor. Master any one of these three methods of investing and you can make huge money, even in today’s economic conditions.

Leasing Real Estate the Right Way

Buying property and renting it out has been a common practice for some time in the real estate industry. It can be a great way to make money from the real estate market while taking advantage of various property. This is exactly why leasing real estate is so popular today.

One of the many reasons leasing real estate is so popular is because of the possibility of creating a no down-payment or a low down-payment when purchasing a home. As you work directly with the seller of the home, you can negotiate a deal between you and the seller. While every seller may not be as flexible, you may be able to work with no banks, credit checks or qualifying at all.

While these types of deals are a little harder to find, they are worth your time. Many of these deals can result in no down-payment if you can offer the seller something they desire. By offering to pay maximum dollar before repairs, you can entice the seller to offer you better terms.

If you are considering selling your property, you first want to do it by leasing real estate. If the buyer insists on having an option within the lease contract, you can write this option on a separate contract. A good term for a lease agreement is anywhere from 24-36 months. If the renter moves out before the lease agreement is up, the option is void.

You do want to ensure that the contract has some type of clarification as to the sales price. You want to price the property according to the market during the time of the sale. This way if the renter decides they want to purchase the home, they have the option if you are willing to sell.

If when leasing real estate the agreement is fulfilled as stated in your contract, you can offer the leaser the chance to own the property. They will have to qualify with a bank and get the whole sales price paid off. Just make sure you remind the buyer that the sales price is based on what the price is at the present time and not what it was when they initially started their lease.

Leasing real estate prior to selling your home can be a great way to make some extra money until you find a legitimate offer. If you lease the right way, you can profit greatly and take advantage of the property you currently own.

World’s Richest Real Estate Moguls

No matter what profession you are in, you will be impacted by real estate in some form or another. Whether you own, rent or sub-let, your life is impacted by real estate and the professionals or individuals that sell, manage or own it.

With that in mind, it would make sense that you just might be interested in people who have made it big in real estate. There are a select few in the entire world who have made their tremendous mark on the real estate landscape. Although, there were many struggles along the way, they arrived at that coveted spot of being a famous real estate tycoon.

Sarah Beeny is a developer and a host of Property Ladder, a British television program in the U.K. Beeny is a die-hard optimist and proponent for incorporating energy efficiency into building or remodeling.

Tim Blixseth is an American real estate mogul and billionaire businessman. He made a promise early on in his investment life to only collect assets, not liabilities, for the remainder of his life. He says he’s stuck to that promise.

Donald Bren, according to Forbes.com, is the wealthiest real estate tycoon on the planet with a $12 billion net worth. He currently owns hundreds of office buildings, along with 90 apartment complexes.

Conrad Hilton is the founder of Hilton Hotels. Hilton was known as a tremendous philanthropist who believed charity was a basic requirement for humanity.

Stanley Ho is one of the richest people in Asia. He’s a Macau and Hong Kong billionaire and casino mogul.

Lee Shau Kee is recently most famous for losing around $8 billion in net worth just in the past two years. Even with the huge losses, Kee continues to be noted as a real estate magnate as owner for Henderson Land Development. China’s greater region still considers Kee as one of the area’s richest people.

Ray Kroc is a entrepreneur who founded the McDonald’s Corporation franchise. Kroc purchased all rights to the McDonald’s name from the founding brothers Richard and Maurice McDonald. He took the franchise internationally to Japan and Germany in 1971.

Akira Mori is a famous Japanese real estate tycoon and billionaire. He’s one of the richest men in the world. President and CEO of Mori Trust, his family’s company owns real estate and hotels in Tokyo and all over Japan.

Minoru Mori is also a famous Japanese tycoon and billionaire. He and his brother Akira are sons to Taikichiro Mori.

Donald Trump is a famous television celebrity and billionaire real estate developer. Although his investments fluctuate with the waves of the sea, he always seems to come out on top.

Steve Wynn is a well-known Las Vegas casino and resort developer who developed some of the most opulent casinos and resorts in the City of Las Vegas.

Sam Zell’s net worth exceeds $6 billion. He is ranked 68th on Forbes’ list of richest Americans. He co-founded Equity Group Investments LLC that launched Equity Residential and Equity Office Properties.

How To Avoid Unethical Behaviors And Dirty Tricks Of Realtors

Like in many professions and occupations there are honest and ethical people and there are some who aren’t. Since the commissions of the Real Estate Agent are being paid by the seller of the house a buyer cannot relay on his objectivity or impartial conduct, exactly as since without a buyer there is no deal, the seller can expect the agent to exert pressure to lower the selling price.

In short, the agents main interest is to make sure that there would be a sale, so he would be able to get his commission, therefore he would do anything in his power to make the buyer pay more than he wanted and on the other hand (the good hand :-), push the seller to settle for less than he hoped to be paid for his property.

In general it make sense to bring both sides to agree on realistic price that can cut a deal, what we would concentrate here though, is the unethical dirty tricks and manipulations some of the Real Estate agents are using in order to achieve it.

Misconduct of Agents to Seller

The sellers are the biggest losers from the real estate agents tricks

  • Home owners are often duped into paying money to agents before their homes are sold. If their home does not sell, or it sells for less than the consumer was led to believe, this money, which often amounts to thousands of dollars, is lost.
  • The main purpose of advertising is NOT to sell homes, but to raise the profile of agents, this is at the direct expense of home sellers.
  • The payment of kickbacks from newspapers to agents can be as high as forty percent. This rebate or credit is rarely passed on to the home seller. It is kept by the agent.
  • Home Owners lose millions through having their homes undersold at auctions. Home sellers are being convinced by a rational that the price goes up at auctions. But the reason the price goes up at auction is because it starts at a very low price. The truth is that auctions get lower prices more often than they get higher prices. Among agents, an auction is considered the fastest and best conditioning method.
  • False and misleading offers, Many agents submit offers to sellers which are lower than the offer actually made by the buyers. This is done to make the genuine offer look good when it is revealed later. It is a common deceit. At other times, home sellers are given totally fictitious offers in order to convince them to lower prices.
  • Home sellers lose a lot of money when agents use ‘bait’ prices to attract buyers. Agents indicate to home buyers that homes may sell for a low price when they know very well that the home sellers would never want such prices. Agents say this is designed to attract buyers who can then be talked up in price. This ploy backfires on home sellers because it attracts many buyers who can only afford the low price. The agents then say to the sellers that “this is the most the buyers will pay.” The truth is that the wrong buyers have been attracted.
  • Open Inspections, Almost anyone can walk through a family home without identification. This reckless disregard for the personal safety of home-owners is a serious ethical concern. Also, the more ‘lookers’ who can be attracted to an open inspection the easier it is to persuade the owner to reduce the price. Agents will say that there has been “lots of activity” and, if no one has bought, the price must be lowered. But agents do not say that the people who looked were not qualified buyers.
  • Betrayal of Confidence, Many agents are quick to betray the confidence of home sellers. If the home seller is ill or going through a divorce or has financial problems, this highly sensitive information is often given to buyers. One real estate trainer openly boasts that he “loves divorces” and encourages agents to exploit this emotional trauma. The personal details of home sellers should never be revealed. Home owners are advised here to keep their personal problems to themselves or in other words take the fifth amendment.

How Real Estate Agents Manipulate Buyers

  • Untruths, They deliberately telling lies about the likely selling price of a property causes enormous emotional stress to home buyers. Buyers are often given false hope about the price a home may sell for. They get their hearts set on homes which they have little or no chance of affording. Buyers are often used as pawns to persuade owners to reduce prices.
  • Apathy, The treatment given to many home buyers is often flippant. Many buyers are stunned at the almost complete lack of interest shown by real estate agents when they make an enquiry.
  • Showing Setup Properties, The agent begins the tour by showing to the potential buyer few run-down houses, in contrast to these first impressions even the medium quality homes he shows him later on looks pretty nice. This trick is based on a well known psychological principle of Relative Perceptual Contrast.
  • Reveal Information,By law the seller’s real estate agent has a fiduciary responsibility to the seller, and they WILL tell the seller everything you say, so pretend you are under police interrogation. The first thing the agent will do is asking you how high you are willing to go on the house. Don’t fall for this trick. Just give them the price you want to pay for the house minus 6% – 7% and if they ask how high you are willing to go, tell them that’s it.
  • Needless expenses, when buyers are told that a home is within their price range, they often spend hundreds of dollars to obtain legal searches and building inspections. Later, when they discover that the home was never within their price range, they become emotionally upset and are often furious at having wasted money needlessly.
  • Auctions, Buyers are often lured to auctions in the same way that sellers are lured by deliberate misrepresentation of the price Buyers are told that the price will be low. Sellers are told that the price will be high. Great pressure is then applied to both sides at the auction. The sellers are pressured to reduce their price and buyers are pressured to pay more than they can afford.
  • Buyers are often led to believe they have bought a home, only to be told later that someone else has paid a higher price for it.
  • Investment Advice – The statements made to buyers about the investment potential of real estate are often misleading. Some agents tell blatant untruths about the potential of real estate. For many agents, it is always the “right time to buy”.

Trouble-free Products For Real Estate – Some Thoughts

But before signing the contract I would recommend you to definitely obtain a certified inspection of the house, because you as being a buyer have a certain level of inspection duty to adhere to – if you don’t want any surprises later, ask your attorney or the real-estate agent for any recommended inspector. In order to try out repeated success, you MUST build a strong investment team. Allow me to introduce Soft Sell Solutions LLC, an innovative concept for your 21st Century model for property. However, if one does find villas for sale that appeal to you then you can just bookmark the web page and enquire of your agent to take a look into the exact property. Many factors are driving requirement for Miami condos, but listed here are five logic behind why forex is turning attractive once more:.

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There are only so many Fort Myers property agencies that will assist you if you’ve decided to spend the rest of the life within this town. In the summer months some from the bars and dance clubs offer interesting music events. They sometimes get impatient once they learn that people are responsible for huge and fast bucks in flipping the properties in real estate property. Furthermore, the North Park real estate is certainly one good way to start anew, or you might be planning to get a family, just the thing for raising kids. You’ll easily see 75 to 80 percent from the cost coming back to you personally back then of sale.

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They must ensure these are buying home which is why there is often a demand, with either rent or on the market, and also on that they can are getting to become able to create a profit. This can go ahead and take form of grants, low interest levels, or even below market value interest levels. 56% with the people residing in Bakersfield claim to become of Hispanic origin. The area has roughly 36,000 residents, in order that it is a large community. The response continues to be very positive and SPAR was born.

Luckily, I managed to master three things that helped the deal go through smoothly,plus the method silenced the voice. Brand new home or any home available that’s not under foreclosure might be awfully expensive, though pristine houses provides a warm and fuzzy sensation still it’s better for many homeowners to customize their very own house by doing a bit of repairs. I would expect before tax cash flows and rates of return based on my marginal taxes rate so I can see my taxable gain or loss and underlying returns, an equivalent sales report, a proforma income statement with revenue projections, perhaps some rent scenarios as well as an acquisition funds summary, and thus on. Better yet, you might schedule a trip to view upfront the river house you’re intending to buy. The challenge for the client previously was to locate an available agent that will benefit locating a little bit of land – everyone was busy.

Hence an expert of bookkeeping gets very boring with the people doing a similar work almost every day. Once you register, you’ll decide on a category to place your ad in including House Wanted. I simply wanted to create an inexpensive creation that produced recent results for whomever was committed to following my step-by-step program. Are we competing to view who has essentially the most friends or what. Our criteria at that time was simple; after all said and done we wanted a property which is all to easy to rent with 25% equity and another which will break even or better in the end expenses and vacancies.

Reasons Why You Should Consider Investing In Real Estate

During tough economic times, it can prove challenging to find ways of investing your hard-earned money. However, failing to invest can prove a major blow to your savings as the effects of inflation bite into your cash over your lifetime. Therefore, if you are looking forward to cover major expenses such as college education and retirement, it is important to consider putting your present cash flows where it can generate some good money for you and investing in commercial and/or residential property is such one way. Reasons why you should invest in real estate include:

Potential tax benefits

It is a dangerous strategy to consider buying rental property by speculating its value because cash flow is vital. You need to be more realistic by taking into consideration the long-term and employ a tax-deferred strategy. Because of mortgage interest deductions and depreciation, the cash flows will be tax-free. Most of the time, investors do not pay taxes on their cash flows and can wait until they generate capital gains at the point of selling their properties in the future. Furthermore, depending on whether you are a property professional or an active investor, there is a high chance your rental property will generate an overage tax deductions that can be used against other incomes.

Housing market improvements

The property sector continues to improve according to the association of realtors. There are several many schools of thinking when it comes to investing in real estate, including ‘buying & quickly selling’ and ‘buying & holding for the long-term. Nevertheless, experienced investors engage a multiple of strategies, quickly turning over some properties, while holding onto others, depending on their financial analysis and the individual property.

Active rental market

It is increasingly becoming tough to find rental units in many markets, which obviously spells good news for investors. The loss of many single-family residential properties to foreclosure over the last few years is evidence that the rental property market is becoming strong. Therefore, new constructions are required to absorb some of the demand. However, you need to realize neighborhoods conditions vary a great deal. Hence, it is important to consult a professional regarding local investment opportunities.

Multiple financing options

Many of the home sales are often financed with cash, with investors accounting for the majority of these purchases. However, there are several other forms of financing property, including loans and mortgage financing. To get financing directly from a lender, you need to make a good down payment. In addition, you need strong reserves and solid credit.

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