The buying process is probably the most challenging and stressful step in real estate investing, especially for beginners. Follow the steps below to make your property purchase go as smoothly and profitably as possible. 1. Make an Offer The asking price is the price at which the seller has listed Read more…
There are six main types of properties to consider when investing in real estate: Single-family homes Multi-family homes Apartments Condos and co-ops Commercial property Raw land Each type of property presents a unique set of features and responsibilities—from financial to personal—that the following sections explain. Single-family Homes Single-family homes are Read more…
Though you’re not required to use a real estate agent when buying a home, a good agent will make the process much easier for you. Besides, a real estate agent’s services usually are free for the home buyer. It’s the seller who pays all broker fees. What Real Estate Agents Read more…
A real estate lawyer can answer your questions, assist you bargain, and take care of a lot of the tiny things you might not be aware of if you’re a first-time buyer or purchasing or selling a home without the help of an agent. Steps: 1. Seek referrals from friends, Read more…
If you are at the stage where you are wondering how to avoid foreclosure, you must be behind on your mortgage payments or know that you will not be able to make your payments in the future. Follow these steps to keep from being foreclosed upon. Steps: 1. Analyze your Read more…
Ordinarily, when you sell property for a profit and receive cash, the taxman is there to take his cut. A 1031 tax-deferred exchange on investment property allows you to roll over the gain from the sale of one investment property into another investment property without being taxed. (Note that this Read more…
Private mortgage insurance, or PMI, is required of most borrowers who have less than a 20 percent down payment. With PMI, even with a small down payment, you can still be an attractive mortgage risk to the lender. Steps: Identify the home you are interested in. Calculate the standard 20 Read more…
Private Mortgage Insurance, or PMI, is an additional monthly fee required by most lenders when the down payment on a home is less than 20 percent. Here are some ways to get around PMI. Steps: Gather or borrow enough funds to make your down payment greater than 20 percent. Buy Read more…
There isn’t much you can do to stop foreclosure on your home once the ball starts rolling. But here are a couple of things to consider. Steps: Review the information received from your lender or trustee and determine whether you will be able to pay the amount of money required Read more…
Unless you relish the challenges of selling a home on your own, you’ll want a professional real estate agent to represent and protect your interests, and to help you complete the sale. Steps: Ask friends and neighbors about agents they know or who have sold homes to them. Search the Read more…