Real Estate 101: Ten Tips On Getting Started

Real Estate 101: Ten Tips On Getting Started
Anyone can get started in real estate, from the minimum
wage earner to the millionaire tycoon! It's just a matter
of setting your goals on what type of investor you want to
be, and getting the right 'team' in place to make your
goals happen. Here are 10 tips on how to get started in
the world of real estate:

1) Set your goals: Do you want to concentrate on
multi-family, single-family, commercial or apartment
buildings? Do you want to buy and sell (also called
flipping or capital gain) or do you want to buy and rent to
a tenant? (known as monthly cash flow)

2) Do your homework: Is there a particular area you'd like
to invest? Study the neighbourhoods. What is the crime rate
like? Are there a lot of rentals in the area? What is the
vacancy rate like?

3) Stick close to home. Buy within a 60-90 minute driving
distance. When the tenant's pipes burst, you don't want to
be driving halfway across the country to fix them.

4) Talk to a mortgage broker. Discuss your goals and plans
with them. They will tell you what you qualify for. Don't
get discouraged if you can't purchase the castle on the
hill! You may have to start with the small cottage by the
lake. A mortgage broker will go to the banks and find the
best deal for you. Best of all, they're free - they get
paid by the bank not by you.

5) Realize that you are going to make mistakes. Learn from
them instead of running away and burying your head in the
sand! What will you do differently next time?

6) Treat your tenants like gold. Remember, they are paying
your mortgage! Treat them with the respect that they
deserve. Treat them well, and they will treat you well.

7) Get to know your province's/state's Landlord and Tenant
laws - very well! Most of these laws are made for the
tenant's protection, not the landlord's.

8) Do a background check on all potential tenants. This may
cost you a few dollars for each background check - but it
will be a lot less than if they rent from you and destroy
your house!

9) Buy books, read newspapers, talk to other real estate
investors. But beware to not buy on 'hot tips'. This is
never a good idea and usually a recipe for disaster.

10) Find a good real estate agent, preferably one who
specialized in rental properties or investing. Again, trust
your instinct and make sure he/she has your best interests
in mind.

Like everything else worthwhile, real estate investing can
be a fun and exciting adventure. Do your homework, your due
diligence and trust your instincts. Start small and have
clear goals in place.

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Don't Curb That Curb Appeal!

Don't Curb That Curb Appeal!
Whether you deal with residential real estate investments
or commercial ones, here's a fact that's often overlooked
by sellers—even the most hard-headed buyer will react
emotionally to a property upon first sight. You want them
to react positively, of course. The last thing you want
them thinking is, "Lord, what a dog of a property!"
Obviously, in that case, your chances of a sale are slim at
best.

The good news is that you can gain maximum curb appeal
through a minimum of expenditure (depending on the size and
nature of the property, of course). And that maximum curb
appeal can not only result in a sale, but a greater profit
from the sale. So, the cost of improving a property's curb
appeal is not really a cost at all—it's an investment
in more money!

In this article, I'll look at tasks you can perform to
improve the curb appeal of residential properties. I'll
cover commercial property curb appeal in another article.
Residential Properties

Clean, clean and clean again inside and out! Let's face it,
dirt and grease aren't great sales tools, especially for
discriminating female buyers. The presence of dirt not only
says something about the house; to the buyer, it also says
something about you, and what it says is—"He/she
doesn't care so why should I buy the property? I don't want
to deal with a person like that." So, clean the house (or
have it cleaned) top to bottom, inside and out, and get rid
of any odors that might offend a potential buyer.

Don't paint cheap, paint great!—Instead of going
cheap, buy good paint for the interior and/or exterior.
It'll last longer and be cheaper in the long run. Plus, it
looks better and pleases the eye of potential buyers.

Roll out the carpet! Lay new carpet, if needed. The right
carpeting adds warmth and class to a home and beats the
heck out of bare floorboards in the visual sense. If the
current carpet is in good shape, have it cleaned to make it
look even better.

Repair the little things. Make sure you repair the little
things to enhance exterior and interior curb appeal. When
potential buyers find lots of little things wrong, it
irritates them no end and that results in the end of your
sale. So, replace gutters and rotted wood, fix door
latches, replace leaky faucets, etc.

Scape that lawn! Not only make sure the lawn is mowed and
clear of unsightly items, but consider adding plantings to
really improve curb appeal. Flowers, bushes,
etc.—they're a quick and cheap way to really add
color and beauty to a property. With the right mix of
plantings, you appeal not only to the eye but to the
olfactory senses of buyers as well. Why is this important?
The sense of smell is one of the most powerful evokers of
emotion there is. Pleasant smells = pleasant thoughts = a
pleasant sale!

Consider going on stage! If you don't have the time, but
have the resources, consider using an "accredited
professional home stager" (ASP) to prepare a house for
sale. Home stagers work with the "flow" of a home. In other
words, they eliminate clutter, arrange furniture, and help
you enhance interior/exterior curb appeal overall. Their
charges may be on an hourly basis or a flat fee. An
alternative is to get yourself certified as a home stager
and do the staging yourself. You'll save money and add
expertise to your resume!

Best of luck with your curb appeal efforts!

----------------------------------------------------
Jack Sternberg is a nationally recognized expert on real
estate investment and the creator of the renowned "Buyers
First Program" who's been in the business for more than 30
years. Sternberg's deals have totaled over $750 million and
he's been to the closing table more than 1,500 times. For
more, visit http://www.askjacksternberg.com

Commercial Real Estate Loans - Overcoming Rejections

Commercial Real Estate Loans - Overcoming Rejections
One of the most frustrating and confusing situations for a
business owner occurs when lenders disapprove commercial
real estate loans. Since rejected business loans are quite
common, it is advisable for commercial borrowers to have a
contingency plan in place for commercial loans.

Business owners are likely to be distressed when a
commercial loan application is turned down and will be
unsure as to why it took place and how to avoid a similar
problem again. For each of the five primary reasons that a
commercial lender might decline commercial real estate
loans, a practical solution is suggested for transforming
the rejected commercial funding into approved business
loans.

Two reasons (tax returns and business plan requirements)
could impact virtually all commercial loans. Many loan
officers will begin their review of potential commercial
real estate loans by stating "We will need to see at least
three years of tax returns" and "Can you show me your
business plan?" before proceeding.

Small business mortgage requests are sometimes too unique
for a traditional commercial lender. In these situations
(even if a business owner has an adequate business plan and
favorable tax returns), it is not unusual for commercial
borrowers to be declined for business loans by a
traditional commercial bank.

The reasons provided below do not represent obscure issues.
It is likely that two or three of the reasons described
will be important for typical commercial real estate loans.

(1) Special Purpose Commercial Property. Reason number one
for business loan rejections is that the lender does not
make commercial mortgage loans for the type of business
involved. In a typical example, fewer commercial banks are
offering financing for bar and restaurant properties. In a
similar fashion, an auto service business is often given
expensive and unnecessary environmental stipulations. There
are many special purpose commercial properties such as
campgrounds, churches, funeral homes and gas stations that
most traditional lenders have eliminated from their
commercial lending program.

Strategy number one for converting the disapproved business
loan into an approved commercial mortgage loan is realizing
that there are reasonable options beyond traditional
commercial lenders. There are capable lenders that are
interested in special purpose properties. The best loan
might be available only from a non-traditional commercial
lender when traditional banks won't make the requested
commercial loan.

(2) Tax Returns. Reason number two for commercial loan
disapprovals is when loan officers find a problem on an
income tax return that disqualifies a commercial borrower
under the bank's loan guidelines. This "problem" will
typically be related to net income after business
deductions, but when loan officers review tax returns,
there are many possibilities which will result in the same
outcome.

Strategy number two for converting the declined commercial
mortgage into an approved commercial real estate loan is to
apply for a "Stated Income" commercial loan. Very few
traditional banks use Stated Income (no tax returns, no
income verification, no IRS Form 4506) for business loans.
Borrowers should search for commercial lenders using Stated
Income commercial financing. Unfortunately, this suggested
solution will not work for all loans because of a normal
maximum loan amount of about $2-3 million for a Stated
Income loan.

(3) Cash Out Limitations. Reason number three for business
loan rejections can occur when a business refinances their
commercial real estate loan and wants to get a substantial
amount of cash out. It is common for a traditional
commercial lender to limit what the funds are used for and
to restrict the amount of cash to as little as $100,000.
Even though the bank will provide the commercial loan, if
they won't offer the amount of cash requested by the
borrower, this is equivalent to a loan disapproval.

Strategy number three for converting the declined
commercial mortgage into an approved commercial real estate
loan is to seek alternative business financing. The
commercial borrower's mission (and it is not impossible at
all) is to use a commercial real estate lender that will
allow them to get much larger amounts of cash out of a
commercial refinancing without restrictions on what they do
with it.

(4) Collateral Required. Reason number four for commercial
mortgage loan disapprovals is that the bank will not make a
commercial loan without sufficient collateral such as a
lien on personal assets.

Strategy number four for converting the declined commercial
mortgage into an approved commercial real estate loan is
for commercial borrowers to seek out lenders that do not
"cross collateralize" assets as a condition for obtaining a
business loan. This will provide greater flexibility for
the commercial borrower and avoid unnecessary (and unwise)
connections between personal and business assets.

(5) Required Business Plan. 0Reason number five for
commercial mortgage disapprovals is when a bank's loan
officer determines that the business plan does not support
the needed commercial loan.

Strategy number five for converting the disapproved
business loan into an approved commercial mortgage loan is
to save money and avoid possible delays by working with a
lender that does not require a business plan. This can
result in several primary advantages:

(A) Decrease commercial mortgage costs by several thousand
dollars. A typical business plan (prepared to normal bank
specifications) costs $5,000 to $10,000.

(B) Shorten the business financing closing period. Business
plan preparation is likely to take 1-2 months or more.

(C) If a professional business plan is not needed, an
approval for the commercial financing requires one less
item.

Unfortunately, the circumstances described in this article
are responsible for many commercial finance difficulties.
However, as noted above, the five key reasons for loan
officers rejecting business loans can be overcome by most
business owners. Similarly, with proper advice and
strategies for small business mortgages, commercial real
estate loans that are disapproved for other reasons (beyond
the five issues described here) can also result in
successful and effective commercial loans.

----------------------------------------------------
Steve Bush is a small business loans expert - learn how to
avoid mistakes with commercial loans and find out about
business cash management strategies at AEX Commercial
Financing Group =>
http://aexcommercialfinancing.com

Why You Should Know The Best Way To Sell Your Home Fast

Why You Should Know The Best Way To Sell Your Home Fast
Once you have decided to sell your home you will want to
know the best way to do it in the quickest time. So you
need to know what the best way to sell your home fast is.

The best way to sell your home fast is to hire a realtor to
help you. They know the mistakes that you need to avoid,
plus, they know the techniques and tricks to help you sell
your home fast.

Here are some of the things that you have to be aware of or
do before you will be able to sell your house faster.

One: The price that you are asking for your home needs to
be comparable to others in your area that has been sold
recently. You want to do some research and talk to the real
estate agent about the price that you should list your home
for. They can tell you better than anyone what other homes
in your area have sold for.

Two: The curb appeal is the first thing that any buyer is
going to notice. You don't want the outside of your home or
landscaping to need any work because most people will pass
up houses that need work.

So if you want to sell your home fast then you need to make
sure that you finish any projects that you started
outdoors, repair or replace anything that needs it and make
sure the entrance way is clear of debris and looks inviting.

Three: The best way to sell your home fast is to make sure
that you get rid of any clutter and any personal items such
as family pictures or knickknacks. The people who look at
your home need to be able to imagine that they are the ones
living there.

The less clutter there is the faster you will sell your
home. Your home needs to be cozy to anyone that is
interested in it. Otherwise, they will by pass it for
another home.

Four: The more exposure you can get for your home the
faster you will be able to sell your home. You want to hold
open houses, usually on the weekend afternoons.

You also want to use multiple listing services, newspaper
ads and real estate magazines. This is the best way to sell
your home fast because the more people that see it is being
sold the more people that will be interested in seeing your
home.

It is imperative that you do all four of these things if
you want to sell your home fast. If you don't do even one
of them then you won't have much luck in getting a buyer
for your home.

So remember all of these things you need to do because this
is the best way to sell your home fast no matter where you
live.

----------------------------------------------------
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