Purchase Online Tenancy Agreements
March 31, 2009
Buy an on-line Tenancy Agreement now. As a landlord and also as a tenant it is important that there is a comprehensive tenancy agreement in place to protect both parties. Don’t be tempted with purchasing off the shelf do it yourself tenancy agreements. It is worth investing in a professionally prepared tenancy agreement by a qualified solicitor.
Tenancy agreements
Tenancy agreements are a legally binding document which protects both a landlord and the tenant when renting out property. If you are a landlord and need to download a solicitor prepared assured shorthold tenancy agreement now click here.
Amount of Rent
A landlord will determine the level of rent based on market conditions and level of rent expected on the type of property in question.
New landlord renting for the first time
If you are a new landlord renting your property for the first time it is essential that you purchase a comprehensive tenancy agreement. Never, believe that trust is enough. This is a business relationship to help protect your investment property.
Damage deposits
Real Estate Investing In Belize
March 30, 2009
Any trip to Belize starts fantasies of owning a beach villa, or a jungle resort. There are a lot of North Americans in this English speaking, former English colony.
Belize is known for its reef, the second largest in the world, and the fantastic diving that goes with it. Even beginner divers have heard of the Blue Hole, a famous diving spot. Ambergris Caye, “La Isla Bonita” in Madonna’s song, is the main toursit spot.
Along with tourist shops and T-shirt shops, there are real estate shops on the dusty roads of San Pedro on Ambergris Caye. Belize prices can range from as low as $5-10,000 for a beach lot in Corozal Town, a sleepy border town, to much higher prices for properties on Ambergris Caye. The southern resorts like Placencia are somewhere in between, price-wise.
There is lots of online assistance available. Gringos resell their properties, and locals sell to gringos, often through real estate agencies.
As more and more North Americans travel, and with the ease of getting to Belize, and its English speaking, safer roots - there will be more people looking to retire and visit Belize. This should be a continuously appreciating investment with good rental prospects, if you do your home work!
Real Estate Investing In Bulgaria
March 30, 2009
As Bulgaria readies for joining the European Economic Community in 2007, many investors are looking to see if there are real estate bargains to be had there.
Other countries have had a big run up before and shortly after joining the European Economic Community. Bulgaria’s prices for commodities are amongst the cheapest in Europe, and if you can find similarly priced property values, you could do very well.
Most people will want to look at Black Sea properties, or in ski resorts like Bansko, but the real deals are to be found in the interior of the country, in rural areas. In a recent visit properties on the Black Sea were fully priced, but inland properties could be had for 5-15,000 Euros - cheap!
There are many online companies offering pre-construction, or off-plan opportunities as well as completed units. Property management is easily available as well.
Discover one of Germany and England’s favorite holiday desitinations.
Make sure to do your homework though. All sellers will make the property they are selling seem easy to buy, easy to rent, and headed for the moon! Different areas have different appreciation prospects, and rental prospects as well.
From Foreclosure to Forbearance - The Art of Negotiation
March 29, 2009
As an active real estate investor you probably already know that the most important phase of your investment is when you buy the property. Most of us are getting the bargains in the foreclosure market. You will agree with me that the best time to buy is before the actual foreclosure. This is commonly known as pre-foreclosure.
If you ever found yourself in the heat of a foreclosure auction you would agree that this is not the situation you want to be in. To get into the pre-foreclosure market you need to have quick access to all kind of information. You can imagine that there’s a huge competition in the pre-foreclosure market. Everybody wants a piece of the pie and the bigger the pie gets the more people want a piece.
We are looking at a tidal wave of new foreclosures within the next 1-3 years. I’m talking about all the interest only mortgages and special mortgages that enabled homebuyers to get more house than they actually can afford. These loans are converting into higher interest loans or fixed rate loans. Either way these folks will be looking at about a 40% higher mortgage payment each month. For most families this will be disastrous.
Invest In Real Estate - But Where?
March 28, 2009
Where should you invest in real estate? If you know an area well, and have enough experience investing in real estate, you can make money almost anywhere. However, there are always places that are better or worse for real estate investments - places that have a better demand/supply ratio. Use the questions below to find them.
Demand Questions
1. Is the population growing fast? Check the US Census figures online, or ask the local government if they have the statistics. Stay away from areas that have little growth.
2. Is job growth decent? Again, ask local authorities or use the census information. You want to see job growth equal to or exceeding population growth. The people have to have money to pay for housing.
3. Decent quality of life? This is subjective, but important. Are there theaters and bookstores? Count coffee shops and cafes. Trendy areas usually have increasing demand for housing. It’s also a good indication of a high quality-of-life if people are willing to take lower-paying jobs just to live there.
4. Wealth in the area? It is always a good sign when there is some degree of wealth in a town. Count rich homes. Wealth means everything doesn’t die when the economy slows.
Should You Use a Property Management Company or Manage Your Real Estate Investment in Florida?
March 27, 2009
When considering investment properties, first of all, it must be determined that it is profitable and a good idea to purchase rental properties. Let’s talk about this aspect. Owning rental property produces rental income which, if after expenses are deducted produces a profit, would be viewed as a good investment. Add to this the possibility that property has the potential to increase in value over time and you have some solid reasons to purchase investment properties.
If the rental income is paying more than the monthly mortgage amount leaving some excess for home repairs, it is possible the home could be paid off entirely by renters. At some point in the future, this same home can be sold with the seller receiving the full value of the property. Sounds like you can’t go wrong in owning rental properties. But is this true? It all depends on whether the investor has thoroughly completed their homework.
Selling a Home ? What Personal Property Stays?
March 26, 2009
The home selling and buying process can be confusing, particularly when it comes to figuring out what items stay with the home. This is especially true when it is a FSBO (for sale by owner) operation. It’s even tougher when neither the seller nor the buyer is in the real estate business. This article sorts out what personal property stays with the home when it is sold.
Personal Property
Although every state has slightly different rules, there are general guidelines to what goes and stays when a house is sold. Typically, any items attached to the home stay with it while non-attached items are considered personal property and go with the seller. For instance, the seller typically takes personal property such as tools and potted plants.
Certain personal property items, however, don’t always go with the seller. In Virginia, items such as stoves, washers and dryers, refrigerators and built-in microwaves usually stay with the home when the buyer moves in.
If you’re a seller and you don’t offer the items generally expected to convey, you make your property less attractive than the competition. With the red-hot real estate market, it may not matter. You may still sell your property quickly and easily.
Selling A Home ? What Attachments Stay or Go?
March 25, 2009
The home selling and buying process can be confusing. This is especially true when it is a FSBO (for sale by owner) operation. It’s even tougher when neither the seller nor the buyer is in the real estate business. This article sorts through what stays in the house or condo when it’s sold.
Attachments ? Literally!
In most states, the term "attached" takes on a unique meaning in real estate. Essentially, it boils down to this, "If it’s attached to the real estate, it’s no longer personal property." Practically speaking, anything attached to the home stays with it when ownership is transferred. Applying this concept, it’s easy to see why chandeliers, doorknobs and kitchen cabinets stay.
To determine whether something stays or goes, focus on the attachment issue. Plants can often be a confusing item. Generally, it they are planted in the ground, they stay. If they are in planters, they go. With other items, just look to see if they are attached to the property.
I Am Seller ? Hear Me Roar!
Home Warranties: Are They Too Good To Be True?
March 25, 2009
What is a ‘Home Warranty?’
A home warranty is like an insurance policy. In fact, in some states the Insurance Commission may even regulate them. I know in Texas, the Real Estate Commission regulates these companies. Basically as a homeowner you pay a company a few hundred dollars a year to cover the major appliances and components of your home. If something should go wrong, you call them up and they send a technician out to size up the situation and tell you if you’re covered or not.
Is this too good to be true?
Problems for some consumers usually arise when they have a claim. They may have paid their dues each and every year and believed everything in their home was covered. Then one day in August the A/C goes out and they call the Home Warranty Company who sends a tech out to look at the A/C. “Yep” he says “Your A/C equipment is shot, you’re going need a new one.” “Good thing I have this warranty” you think. You may soon find out that your warranty will not cover a new A/C because you failed to have it “serviced” each year or because the service tech says the reason it went out was because of a “Pre-existing” condition.
Checklist for Buying a Home
March 24, 2009
I had a client who called saying that his bath tub just fallen through the floor in his new home (new to him). Mold had eaten away the floor from the crawlspace up. The seller had placed a few 4×4s under the floor to hold everything up long enough to sell the house and get out of town.
I asked if he had the house inspected before he bought it. He said, "no, was that important?"
Even if you do get a home inspector, look for these things yourself. Some home inspectors don’t look for these items. Some never go into the house.
Mold test
The number one problem faced by new homeowners is mold. You read about it in the news. Every week I get a call from an attorney gathering info for a lawsuit against a home seller and their real estate agent. The topic is always mold.
You can get inexpensive mold test kits at http://www.tennesseemold.com
Gutters
The number one cause of mold in a home is improperly installed or damaged gutters. They allow water to pour into the walls. And water causes damaging mold to develop inside the walls. Make sure the gutters are level and aren’t bent.
