Comet Settlement Real Estate

With the United States real estate market growing faster then ever before in history everyone seems to be asking “Where are the preconstruction real estate hot spots?”. Now I could just tell you the best places to invest in real estate are Orlando, Las Vegas, and Miami but that doesn’t make an exciting article. The truth is it depends what kind of investor are you. Ask yourself:

* Are you the kind of investor that is willing to take a bigger risk for a chance of bigger profits?

* Are you the kind of investor that focuses on rental income over flipping houses?

* Are you the kind of investor that prefers to visit the property on vacation or are you never going to see the property?

If you’re the kind of investor that is looking for preconstruction investment real estate that you will be sure to sell at a whim’s notice AND bring you high rental income then perhaps you should look in Miami. Miami has long been a upper class vacation hot spot with it’s gorgeous beaches, exciting nightlife, 5 star restaurants and hotels, and interesting mix of cultures. Although out of Las Vegas, Orlando, and Miami - Miami has been growing the longest which means prices have risen greatly over the last few years, but as long as you have preconstruction in mind this is still a great investment. Those of you that know Miami know that it’s a seller’s market to say the least. Desirable properties usually only stay on the market for a few days and the price just keeps going higher and higher. For many Miami residents, the chances of owning a upscale property in Miami is slim to none simply because of the high price tag. This is the very reason why preconstruction investment properties are doing so well there.

Imagine you’re looking at two identical properties, one is three years old and one is just starting to be built. The one that has been around for three years has an overwhelming amount of amenities (gourmet restaurants, spas, high end retail shops, etc) while the new development doesn’t have any amenities yet. Because of this the price on the new condo (The preconstruction development) is significantly lower and thus more affordable for the investor. Now after this condo development is completed amenities will stop popping up around it and it will then be worth as much as the original condo that has been around for three years.

Some people say that the real estate bubble in Miami is going to pop soon but the fact is it just makes preconstruction real estate even more valuable. When real estate hits such a high mark like Miami has it makes every investor desperate for preconstruction. Why? Because they know the real estate will sell because it’s in such high demand AND they know because they’re buying it in the preconstruction phase that they will be getting it at well below market value.

Bottom line is finding preconstruction investment developments in Miami is tough right now but they are out there. These projects are not advertised but if you do your due diligence you should be able to find them. If you have trouble finding them contact your local brokerage and be sure to ask for “Preconstruction” or “Investment” real estate.

For further information visit www.investrealestate101.com
Goldberg Executive Realty Group>
Mark Goldberg>
Phone: 1-866-247-2259>
E-mail: GoldbergRealtyGroup@cfl.rr.com>

http://www.investrealestate101.com

[tags]investment, real estate, miami, florida, investing, preconstruction, buying[/tags]

Tags: buying, florida, investing, Investment, miami, preconstruction, real estate

Why are real estate investors having so much success
offering “rent to own” homes?

Lease-options offer home ownership opportunities
to folks with little cash and not so hot credit.

Oh boy, there are plenty of those around.

Both parties in a lease-option deal are counting on the
buyer being able to qualify for a home loan before the
option expires.

The investor wants to collect his profit when theoptionee buys. The optionee wants to own the home.

During the lease period the renter/optionee must be
working to improve their credit score to the point
where they can qualify for a loan and buy the home.

Even though there is plenty of subprime loan money
floating around at the present time… the lease-option
method of acquiring a home seems to appeal to many.

In our own investing program…. Before we accept
someone for a lease-option deal we have them interviewed
by our friendly loan broker. He gives us thumbs up
or thumbs down on whether our prospective buyers has a
chance to qualify for a mortgage loan loan during the
next 12 to 24 months.

It would be unetical and dishonest to enter into a
lease option deal with a couple whose credit could never
be cured even with a miracle drug.

We are not aware that it has happened, but we fully
expect to see a lawsuit filed against some careless investor
who does a lease option deal with someone whose credit
is beyond redemption.

That renter/optionee has been lead to believe he can buy the
home and when he finds out he can’t we are sure some
hungry lawyer will rush to their rescue.

We can visit that investor in jail and bring him a copy
of a “no money down” book with a file hidden inside.

About The Author -
Mark Walters is a real estate investor and author. Hispublished works can be found at his web site…
http://www.CashFlowInstitute.com

[tags]Lease option, rent to own, real estate, investing,[/tags]

Tags: investing, Lease option, real estate, rent to own

Let’s call him John. A bright and hard worker just trading time for dollars at his regular job. His first house flipping experience could have been a lot better.

John was watching “Property Ladder” on the A&E network one day and got the bright idea to flip a house himself. After all, those people were making money. A complimentary show “Flip This House” confirmed that money could be made, lots of money.

If you haven’t seen Property Ladder, it’s a television show that features first time home flippers. Usually in that show the inexperienced flipper, egged on by Kirsten Kemp, make almost a year’s salary or more by fixing up an old house and selling it. Kirsten Kemp is a veteran of flipping houses and is a bit too pretty to be mistaken for Bob Vila.

John figures that the people featured in these shows are not all that bright and certainly he could do as well. With a bit of nervousness John put a 10% down payment on a home that needed repairs and begin the repair process. Or did he?

The first thing John did was to ponder what really needed to be fixed and if he needed a contractor to do it. Two weeks went by.

After getting several bids, John chose a contractor to come in and totally renovate the property for $11,000. That included paint, carpet, appliances, and a new wall to turn an open area into another bedroom. Once it was agreed, the contactor was to start working. As luck would have it, the contractor had some unfinished jobs and couldn’t start for another two weeks. John was patient, after all it was going to be a great flip and he was going to make money. It was just another $800 for an extra month, no big deal.

Once the contractor started he stared with a bang. Just like on the show “Flip this House” a big yellow dumpster was deposited on the lawn and a crew started ripping out wall paper and junk from the house. That demolition lasted about two days.

The next thing this “go getter” contractor did was to disappear for another two weeks. The excuse: Men had quit and another job was pushing them behind.

To make a long story short, the contract took 8 months to get nearly complete, and then John pulled the plug and fired the contractor.

John paid others to come in a finish what was started. He had now 9 months of house payments into the project, 10% down, and construction costs.

After the house was ready, John listed it with an agent, and it sat another month. John lowered the price a bit with the prompting of the agent, but got cold feet after two weeks and wanted to raise it again. Too late! The house had a full price offer. Good news, sort of.

All said and done John made a little money and got a whole lot of experience. It was a flop, but at least he didn’t lose money.

Let’s review what John, now wiser, could have done differently on his first flip.

Firstly, putting 10% is ok, but not ideal. John should have used private money or have financed the property at 100%. That money could have been used for fix up rather than being tied up in the property.

Second. John waited too long to decide what he was going to do. He should have known before he bought the property what his plan was. This would have saved two weeks at least.

Third. While John got a referral for the contractor, he should have gotten more bids. A deadline for the completion of the job, with penalties, should have been written in the contract.

Fourth. John waited too long to fire the contractor once he knew there was a problem. He was afraid that he would still owe the full amount if he terminated the contractor before the work was done. A proper contract would have prevented that fear.

Sixth. John listed with a realtor too early. The property should have been for sale by owner from day one and John should have tried to market the property himself.

Seventh. The price was set, and then changed too quickly. Better marketing would have netted John with a nicer profit. John should have known the selling price even before buying the property.

A lot of mistakes were made, but John still made a slim profit. All is well that ends well, but you don’t need to make these same mistakes. Learn from John.

Scott Ames is publisher of BirdDogCity.com a website dedicated to those interested in flipping houses for profit, either retail or wholesale. You may visit the site at http://www.birddogcity.com

[tags]Real Estate, flip houses, flipping, real estate investment, investing[/tags]

Tags: flip houses, flipping, investing, real estate, real estate investment

Unless you’ve been living under a rock for the past few years, you’ve probably either dabbled in real estate yourself, or at the very least, know someone who has. So, how does someone that’s brand new to real estate start flipping homes? (And let’s clear the air right now IT IS NOT TOO LATE to start investing in real estate).

Follow these 7 tips to start investing in real estate today:

1. Look In Your Own Backyard
The grass is always greener in the other neighborhood, and it’s easy to keep looking for the “right” area. The bottom line is that any area is the “right” area. In order to be effective in the steps 2 through 7, you’ve got to get over the idea that real estate deals only exist in other areas. It sounds clich

Tags: flipping houses, flipping real estate, investing, real estate, real estate investing