On a sunny Sunday afternoon my hubby and I were strolling around the Upper West Side of Manhattan. Having just recently returned to my beloved city, after a 7 month hiatus, we were intrigued by the changes. Walking north on Amsterdam towards 100th Street we saw a newly constructed building. Unable to tell whether it would house offices, rental apartments or condos for sale we walked around the block to Columbus Avenue, since the name of the new building was Columbus Square.
Columbus Square is a lovely surprise. There are already stores open for business, such as TJ Maxx, and Whole Foods (including a wine store, for which we signed a petition for that to be allowed). We walked up to the doorman to inquire about the high rise towering above the surrounding connecting building. He explained that it is an apartment rental building COMPLEX, a group of 5 buildings along with the businesses. AND they have a pool. I was sold. He invited us to go to the rental office and see the models.
Situated on the 20th floor, with stunning views, the spacious apartment used for the rental office made a good first impression. The courteous rental agents showed us furnished 1 and 2 bedroom apartments. My favorite apartment layout is a corner unit with 2 bedrooms, double sink in the windowed master bath, and views in 3 directions. The apartments also have washer and dryer. The construction is what would be used in a condo building, not a rental. Very high end, very solid, down to the doorknobs. There is also a 70' salt water pool, indoor and out door lounge area.
The rental pricing is on the high side, but the value is there. My frugal husband would pay their asking price, because of the condo feel and value. Thanks to this wonderful complex my husband has now significantly raised the maximum he is willing to pay for our 1-year rental, while we search for the condo we will purchase. We may rent in this complex, or another that has to offer similar top notch value for the money.
Wednesday, December 16, 2009
Wednesday, November 4, 2009
Reflecting on Real Estate Investments Past - Part2
One thing that I learned early in the process is that it is not easy to locate great tenants, not even good ones. I tried. My first, second and third property management companies tried. I went through 3 rental property management companies within a 5 month period. The third one was lousy, but not as lousy as the other two.
One rental house had a tenant with VERY noisy kids. The neighbor was repeatedly calling the police to complain about the noise. I told the property manager, he went to talk to the tenant, then was too lenient with her.
The second house was rented to a tenant who moved in and never made a payment. The newly renovated house was wrecked, the carpet horribly soiled by the dog that pooped IN the house. They were selected by the 2nd manager, and evicted by a company recommended to me by the investor who sold that house to me initially. The 3rd management company charged me for new carpet. Years later I found out that they never even installed carpet! They would hire anyone to do the work, not necessarily licensed. Sometimes they did the work, poorly. Or they did not show at all and I was still billed by the management company.
The third house needed a new heating system shortly after it was rented; a newly "renovated" house. Yeah, right. But I was so happy to FINALLY get a tenant! I had people who signed leases and then disappeared ... forever.
The fourth house was rented to the only decent tenant that I ever had. A mother of 2, my only Section-8 tenant. She worked full time and was getting assistance for her disabled child. The home was well maintained. She was pleasant to deal with when I visited.
Life as a real estate investor owning and trying to make a profit on rental properties was a nightmare. I was traveling out of state on programming assignments and had to make special trips back to Baltimore to deal with tenant issues. UGH! What to do? The trails and tribulations one can endure while learning creative real estate investing.
One rental house had a tenant with VERY noisy kids. The neighbor was repeatedly calling the police to complain about the noise. I told the property manager, he went to talk to the tenant, then was too lenient with her.
The second house was rented to a tenant who moved in and never made a payment. The newly renovated house was wrecked, the carpet horribly soiled by the dog that pooped IN the house. They were selected by the 2nd manager, and evicted by a company recommended to me by the investor who sold that house to me initially. The 3rd management company charged me for new carpet. Years later I found out that they never even installed carpet! They would hire anyone to do the work, not necessarily licensed. Sometimes they did the work, poorly. Or they did not show at all and I was still billed by the management company.
The third house needed a new heating system shortly after it was rented; a newly "renovated" house. Yeah, right. But I was so happy to FINALLY get a tenant! I had people who signed leases and then disappeared ... forever.
The fourth house was rented to the only decent tenant that I ever had. A mother of 2, my only Section-8 tenant. She worked full time and was getting assistance for her disabled child. The home was well maintained. She was pleasant to deal with when I visited.
Life as a real estate investor owning and trying to make a profit on rental properties was a nightmare. I was traveling out of state on programming assignments and had to make special trips back to Baltimore to deal with tenant issues. UGH! What to do? The trails and tribulations one can endure while learning creative real estate investing.
Tuesday, October 27, 2009
Reflecting On Real Estate Investments Past
As I enter the fourth quarter of this year, I reflect back on the trimuphs and tragedies of past real estate investments.
Most people have "analysis Paralysis" and research everything imaginable BEFORE taking any actions, and often times take no action. I was the exact opposite when I began my real estate investing in 1997.
In the summer of 1997 I was growing weary of computer programming. I longed for a new career but balked at the idea of returning to college and starting all over again. What to do? The I saw the now-infamous real estate investing info-mercial by Carlton Sheets. I bought the course. I reviewed the entire course twice. I was ready to dive in! I felt ready for creative real estate investing! And boy did I dive in.
I started following the steps outlined to locate rental properties. I contacted a real estate agent who helped me locate a VA repo. I called FSBO's. One FSBO told me about his brother-in-law who sold houses to investors. I called the investor, went to some of the group meetings he held, and decided to buy 3 of his rehabbed houses.
I closed on the purchase of all four houses in the same month of October. I had also started traveling as a programming/project leader consultant so I had to find a company to handle the management of the properties.
The monthly expenses, even with the management fees, were less than the projected rental income. No problem, right? Ideal situation? To be continued.
Most people have "analysis Paralysis" and research everything imaginable BEFORE taking any actions, and often times take no action. I was the exact opposite when I began my real estate investing in 1997.
In the summer of 1997 I was growing weary of computer programming. I longed for a new career but balked at the idea of returning to college and starting all over again. What to do? The I saw the now-infamous real estate investing info-mercial by Carlton Sheets. I bought the course. I reviewed the entire course twice. I was ready to dive in! I felt ready for creative real estate investing! And boy did I dive in.
I started following the steps outlined to locate rental properties. I contacted a real estate agent who helped me locate a VA repo. I called FSBO's. One FSBO told me about his brother-in-law who sold houses to investors. I called the investor, went to some of the group meetings he held, and decided to buy 3 of his rehabbed houses.
I closed on the purchase of all four houses in the same month of October. I had also started traveling as a programming/project leader consultant so I had to find a company to handle the management of the properties.
The monthly expenses, even with the management fees, were less than the projected rental income. No problem, right? Ideal situation? To be continued.
Friday, October 2, 2009
Self-Directed IRA's - a Creative Way to Fund Your Real Estate Investing
Often times people overlook this source of funds for their investing - their own IRA. But not just any old IRA will do. Done properly, this method can grow your IRA tax-deferred faster than most other ways. And YOU are in control. How would you like to start with $5,000 and be able to grow that to over $50,000 in one deal, tax-deferred? Want to max out the profits from your creative real estate investing efforts? Got your attention? Read on to see what one expert wrote on the topic:
Real Estate Investing With Your IRA
By Jon W James
If you are like many other investors who are just tired of dealing with the unending turmoil happening in the stock market then chances are, you would also want to delve into other lucrative but more secured forms of investment. One great alternative to stock market is by way of investing in real estate. And one perfect solution to achieve that is through your retirement plan, or what is known as Self Directed IRA.
Self-Directed IRAs have been around for quite some time now. In real estate investing, you can acquire both the benefit of generating solid monthly income and also produce long term gains through appreciation. Most people would prefer to invest in something that is physically visible to them, which is why a Self Directed IRA investment is the perfect solution for them.
Establishing a real estate IRAIn order for you to hold real estate in your IRA, what you would need to do first is find a qualified custodian. There are plenty of IRA custodians looking to assist investors who want to buy non traditional investments in their IRAs. You cannot open this type of IRA with just a regular brokerage, only through these specialized custodians who help in opening retirement account used to buy property.
How to choose the appropriate custodianYou need to find the perfect custodian in accordance to your resources and exact needs. To come up with the best custodian, here are a few things you must consider:
• Know every fee involved during the entire process
• Verify how your account will be structured exactly
• What is all the required paperwork needed to be accomplished
• How accessible can the custodian be for you
Once you found the perfect custodian to help you with your self-directed IRA or real estate IRA, you can now focus more attention in exploring the different types of investment opportunities available for you. The options available for investors are extremely diverse, it is highly important that you realize this in order to benefit the most out of your real estate IRA investment.
Today, Jon James is the managing Partner of IRA Source, LLC. At IRA Source, Jon specializes in "all things self directed". Jon shares his unique knowledge and experience with his clients and empowers them to realize their retirement dreams by showing them how to form their own IRA LLC and invest their Self Directed IRA's and other retirement accounts in real estate, gold, businesses and other alternative IRA investments. Contact us for more information on how to create a self directed IRA.Article Source: http://EzineArticles.com/?expert=Jon_W_James
NOTE: seek advise from an advisor with experience in real estate and self-directed IRA.
Real Estate Investing With Your IRA
By Jon W James
If you are like many other investors who are just tired of dealing with the unending turmoil happening in the stock market then chances are, you would also want to delve into other lucrative but more secured forms of investment. One great alternative to stock market is by way of investing in real estate. And one perfect solution to achieve that is through your retirement plan, or what is known as Self Directed IRA.
Self-Directed IRAs have been around for quite some time now. In real estate investing, you can acquire both the benefit of generating solid monthly income and also produce long term gains through appreciation. Most people would prefer to invest in something that is physically visible to them, which is why a Self Directed IRA investment is the perfect solution for them.
Establishing a real estate IRAIn order for you to hold real estate in your IRA, what you would need to do first is find a qualified custodian. There are plenty of IRA custodians looking to assist investors who want to buy non traditional investments in their IRAs. You cannot open this type of IRA with just a regular brokerage, only through these specialized custodians who help in opening retirement account used to buy property.
How to choose the appropriate custodianYou need to find the perfect custodian in accordance to your resources and exact needs. To come up with the best custodian, here are a few things you must consider:
• Know every fee involved during the entire process
• Verify how your account will be structured exactly
• What is all the required paperwork needed to be accomplished
• How accessible can the custodian be for you
Once you found the perfect custodian to help you with your self-directed IRA or real estate IRA, you can now focus more attention in exploring the different types of investment opportunities available for you. The options available for investors are extremely diverse, it is highly important that you realize this in order to benefit the most out of your real estate IRA investment.
Today, Jon James is the managing Partner of IRA Source, LLC. At IRA Source, Jon specializes in "all things self directed". Jon shares his unique knowledge and experience with his clients and empowers them to realize their retirement dreams by showing them how to form their own IRA LLC and invest their Self Directed IRA's and other retirement accounts in real estate, gold, businesses and other alternative IRA investments. Contact us for more information on how to create a self directed IRA.Article Source: http://EzineArticles.com/?expert=Jon_W_James
NOTE: seek advise from an advisor with experience in real estate and self-directed IRA.
Sunday, September 27, 2009
HUD Foreclosures - What's the Deal?
With so MANY houses on the market, and 50% of houses sold being distressed properties, it is understandable that one would consider HUD homes. Can I use this in my creative real estate investing plan? What is a HUD home? I can across a very good article that gives a concise overview.
Buying HUD Home Foreclosures
By Thomas Straub
Buying HUD Home Foreclosures
By Thomas Straub
US Department of Housing and Urban Development, or, HUD home foreclosures are very attractive to investors and home buyers because the price of the home is automatically adjusted if the home requires repairs or renovations. For example, if a home will cost the buyer $15,000 to repair a property, then the HUD asking price will be adjusted downward to accommodate the investment the buyer has to make to get the work done on the property.
HUD does not actually fix the properties that it sells, rather, the buyer is responsible for making all the repairs and renovations needed. HUD home foreclosures are simply appraised and then sold at the current market price.
When a property is bought from HUD, the home foreclosure process is a little different than for other non-HUD home foreclosures. When the home owner can no longer make payments on the property, then the Federal Housing Administration, or, FHA who federally insures the loan, pays the lender the amount still owed on the property. This makes HUD the new owner of the foreclosed property.
If you are interested in buying any HUD foreclosures, then you can bid on them by working with a HUD approved real estate agent. The real estate agent will then show you the property. All bids must be submitted through the HUD approved real estate agent, and will be sealed and unopened until the end of the bidding period.
When the bidding period is over, all the sealed bids are opened, and usually the highest bid will get to purchase the property. If the original winner of the auction bidding does not complete the purchase within a specified time of usually 30 to 60 days, then the next highest bidder will then be offered a chance to buy the property.
When bidding on HUD foreclosures buyers must put up earnest money. HUD does not finance purchases, so all buyers must get their financing through a bank or other financial institution. A buyer should always make sure they have their financing secured before making a bid on a property. If a buyer makes a bid before they arrange their financing, and then they win the auction bidding, but becomes unable to pay for the property, they will lose their earnest money.
HUD does not actually fix the properties that it sells, rather, the buyer is responsible for making all the repairs and renovations needed. HUD home foreclosures are simply appraised and then sold at the current market price.
When a property is bought from HUD, the home foreclosure process is a little different than for other non-HUD home foreclosures. When the home owner can no longer make payments on the property, then the Federal Housing Administration, or, FHA who federally insures the loan, pays the lender the amount still owed on the property. This makes HUD the new owner of the foreclosed property.
If you are interested in buying any HUD foreclosures, then you can bid on them by working with a HUD approved real estate agent. The real estate agent will then show you the property. All bids must be submitted through the HUD approved real estate agent, and will be sealed and unopened until the end of the bidding period.
When the bidding period is over, all the sealed bids are opened, and usually the highest bid will get to purchase the property. If the original winner of the auction bidding does not complete the purchase within a specified time of usually 30 to 60 days, then the next highest bidder will then be offered a chance to buy the property.
When bidding on HUD foreclosures buyers must put up earnest money. HUD does not finance purchases, so all buyers must get their financing through a bank or other financial institution. A buyer should always make sure they have their financing secured before making a bid on a property. If a buyer makes a bid before they arrange their financing, and then they win the auction bidding, but becomes unable to pay for the property, they will lose their earnest money.
Tom Straub is the publisher of the site Stop-Foreclosure-Kit.US which contains videos and reports on how to avoid foreclosure and buying home foreclosures.
Article Source: http://EzineArticles.com/?expert=Thomas_Straub
But if you live in an expensive city like I do, New York City, it is highly UNLIKELY that you will find anything worth looking at. Creative real estate investing is a must in such a tight market as New York City. Looking for a second home in Florida? Yes, you will find many options. And one thing I like about HUD, they do an inspection and make the full report available online. So you have a basic idea as to what you are getting into, what needs to be repaired, and their repair estimates.
Next I will discuss alternatives which can be a LOT more attractive, but will also require teamwork. But, as always, one needs to have an open mind when doing creative real estate investing.
But if you live in an expensive city like I do, New York City, it is highly UNLIKELY that you will find anything worth looking at. Creative real estate investing is a must in such a tight market as New York City. Looking for a second home in Florida? Yes, you will find many options. And one thing I like about HUD, they do an inspection and make the full report available online. So you have a basic idea as to what you are getting into, what needs to be repaired, and their repair estimates.
Next I will discuss alternatives which can be a LOT more attractive, but will also require teamwork. But, as always, one needs to have an open mind when doing creative real estate investing.
Friday, August 28, 2009
Building New Habits
Having a truly good blog requires new habits. Writing everyday. THAT is very new for me. And no, I have not yet developed that habit. Getting into the habit of reviewing New York City real estate for sale or rent was easy; especially with the fun parties that developers of new condo buildings would host for agents. Doing the "driving for dollars" routine to locate deals for creative real estate investors was also easy. But writing daily? Tough.
In part, I've let this task fall by the wayside because I have not REALLY found the burning topic that I am passionate about. I enjoy travel a lot (Paris, London, Odessa, Madrid, Hawaii, Cancun, Warsaw, Venice, Rome, Stockholm, etc) and like to "shop" for real estate, once had a desire to become a fashion designer and can still window shop ALL day for clothing, dining out is a favorite pass-time (when traveling on business for over a year, dining out every night and was HEAVEN), before first grade I was creating sketches and paintings.
To figure out where to go next in my life, for inspiration, I've started reading the book "Awakening the Entrepreneur Within" by Michael E. Gerber (author of the phenomenal "E-Myth" series). Perhaps this journey of self-discovery will be the subject of this blog (at least until I figure out what other topic to write about).
So, to all of you who are striving for the next great experience in this adventure called "life", keep learning, growing, exercising your Law of Attraction to build your next phase.
In part, I've let this task fall by the wayside because I have not REALLY found the burning topic that I am passionate about. I enjoy travel a lot (Paris, London, Odessa, Madrid, Hawaii, Cancun, Warsaw, Venice, Rome, Stockholm, etc) and like to "shop" for real estate, once had a desire to become a fashion designer and can still window shop ALL day for clothing, dining out is a favorite pass-time (when traveling on business for over a year, dining out every night and was HEAVEN), before first grade I was creating sketches and paintings.
To figure out where to go next in my life, for inspiration, I've started reading the book "Awakening the Entrepreneur Within" by Michael E. Gerber (author of the phenomenal "E-Myth" series). Perhaps this journey of self-discovery will be the subject of this blog (at least until I figure out what other topic to write about).
So, to all of you who are striving for the next great experience in this adventure called "life", keep learning, growing, exercising your Law of Attraction to build your next phase.
Wednesday, August 19, 2009
Sell Your Home - 21 Days Fast Enough?
Welcome to my blog!!!
I'm new to this form of communication, so pleeeease bare with me.
One of my major areas of interest is real estate - old houses, new condos, skyscrapers, castles.... The whole gambit. As a licensed real estate agent (disclosure required by law, so legal requirement just fulfilled) I enjoyed "shopping" with my investor clients. But that was during a HOT market.
Now that things have slowed down, even in New York City, people are finding it tough to sell their homes. When you have no NEED to move, no problem; wait for the next boom. But if you are up against the wall and need to sell FAST, keep reading. There are creative ways of doing this. Many, in fact. Here is one way, well-worded. Be open to creative real estate investing, and creative ways to unload what you have purchased.
Need step-by-step instructions? Want to Sell in 21 Days? Whatever the reason, be it foreclosure, divorce, relocation, there are solutions. I know of people who successfully used this method.
Click Here!
Selling Your House - How to Sell My House Privately
By Palmer Owyoung
Article Source: EzineArticles.com
Still not clear enough? Use this tried and proven method to Sell in 21 Days, With or Without a real estate agent!
Click Here!
I'm new to this form of communication, so pleeeease bare with me.
One of my major areas of interest is real estate - old houses, new condos, skyscrapers, castles.... The whole gambit. As a licensed real estate agent (disclosure required by law, so legal requirement just fulfilled) I enjoyed "shopping" with my investor clients. But that was during a HOT market.
Now that things have slowed down, even in New York City, people are finding it tough to sell their homes. When you have no NEED to move, no problem; wait for the next boom. But if you are up against the wall and need to sell FAST, keep reading. There are creative ways of doing this. Many, in fact. Here is one way, well-worded. Be open to creative real estate investing, and creative ways to unload what you have purchased.
Need step-by-step instructions? Want to Sell in 21 Days? Whatever the reason, be it foreclosure, divorce, relocation, there are solutions. I know of people who successfully used this method.
Click Here!
Selling Your House - How to Sell My House Privately
By Palmer Owyoung
This economic recession means that owners are going to have to spend more time and energy to sell their houses. However if you need to sell your house quickly then you may asking yourself "How to Sell My House Privately." Here are a few things to consider.
The first thing you will need to do is to get your home appraised by a professional appraiser who is not associated with a bank. You should also look at similar houses in the area to get a ball park figure that you are comfortable selling your house for. Remember that by selling your house privately you are saving yourself a 3-7% commission fee so if you are really motivated you can price the house a bit below market value.
Classifieds
Next you will need to find buyers. The easiest and cheapest thing to do is to use on line classifieds You can look for real estate investors in places like CraigsList, Oodle, Kiijii, Backpage, Onxy and USFreeads. Of course you can also place listings here as well. Many of these sites will take HTML, so that you can also include video along with them.
FSBO.comAnother place to look for investors is FSBO.com, which is a for sale by owner site. For a single listing fee you can simply login and put up videos, and pictures of the house. They will also provide pre-written contracts and access to professional services in case your home needs repairs.
SellMyHouseOnline.Info
If you are really motivated to sell and don't want to go through all of the hassles of putting up listings, photos, and having to answer people's questions then you might want to consider using a professional on line property investing service. You will simply need to fill out the details of your house and submit the form for a free assessment. Within 24-48 hours someone will get back to you. They will buy houses in most conditions without the need for repair. In general they will pay up to 90% of the market value for a home. If you consider that the average commission for a real estate agent is 6% and it generally only takes a couple of weeks to complete the transaction you can see why this is a good alternative.
The first thing you will need to do is to get your home appraised by a professional appraiser who is not associated with a bank. You should also look at similar houses in the area to get a ball park figure that you are comfortable selling your house for. Remember that by selling your house privately you are saving yourself a 3-7% commission fee so if you are really motivated you can price the house a bit below market value.
Classifieds
Next you will need to find buyers. The easiest and cheapest thing to do is to use on line classifieds You can look for real estate investors in places like CraigsList, Oodle, Kiijii, Backpage, Onxy and USFreeads. Of course you can also place listings here as well. Many of these sites will take HTML, so that you can also include video along with them.
FSBO.comAnother place to look for investors is FSBO.com, which is a for sale by owner site. For a single listing fee you can simply login and put up videos, and pictures of the house. They will also provide pre-written contracts and access to professional services in case your home needs repairs.
SellMyHouseOnline.Info
If you are really motivated to sell and don't want to go through all of the hassles of putting up listings, photos, and having to answer people's questions then you might want to consider using a professional on line property investing service. You will simply need to fill out the details of your house and submit the form for a free assessment. Within 24-48 hours someone will get back to you. They will buy houses in most conditions without the need for repair. In general they will pay up to 90% of the market value for a home. If you consider that the average commission for a real estate agent is 6% and it generally only takes a couple of weeks to complete the transaction you can see why this is a good alternative.
Sell your house fast without all of the hassles, get the cash and move on. Sell A House Privately By Clicking Here Article Source: http://EzineArticles.com/?expert=Palmer_Owyoung |
Article Source: EzineArticles.com
Still not clear enough? Use this tried and proven method to Sell in 21 Days, With or Without a real estate agent!
Click Here!
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