Archive for the ‘Real Estate’ Category
Subject To: Buying a Home With No Cash
March 1st, 2009 | 
Author: Subject To: Buying a Home With No Cash
You want to buy a home, but you have very little money saved. What are your options?
Traditional mortgages don’t always require large down payments. If you have a good income, stable job and good credit, you should easily be able to get a traditional mortgage, even without a down payment.
However, if your credit is bad, there are still plenty of options for getting into the real estate market. Despite the mortgage-due-on-sale clause, sometimes a buyer can take over payments on an existing mortgage. It is very unlikely a bank will demand the full mortgage, and risk ending up having to deal with a foreclosure, if monthly payments are being made on time. These sales, called “subject to” sales. In these cases, the seller will require a second mortgage to get their equity out of the home. If there is little or no equity in the home, a contract can be arranged wherein the buyer agrees to pay off the sellers mortgage in a set number of years when they in turn sell the home. Often, this deal is made with the promise of a percentage of the buyers profit going to the seller when the home is sold again.
These contracts allow a highly motivated seller to walk away from their mortgage and either easily get a second mortgage, or start fresh, but receive a check in an agreed upon number of years for a percentage of the homes re-sale. As a buyer, you can assume the mortgage, either live in the home or rent it out, then when it has gained equity, sell it and only then give the person you bought it from a small sum.
While subject-to sales sound complicated, they can really be a great deal for both buyers and sellers with little money.
Posted in 
Texas Apartment Market Update ? May 2006
Texas Apartment Market Update ? May 2006
Although all major Texas markets posted decreases in average occupancy in May, occupancy remains above 90%PRCTG% in all four, with Austin recording the highest at 93.02%PRCTG%. The lowest occupancy was found in Dallas/Fort Worth at 90.18%PRCTG%.
Austin has the highest average rent per square foot as well, at %0.931 per square foot (psf); Dallas/Fort Worth posted the second highest at %0.868 psf. The strongest monthly absorption was found in San Antonio, which absorbed 243 units in May. Posting the weakest absorption figures in May was the Houston market, at -477 units. Austin apartment market occupancy decreased 0.36 points in May to 93.02%PRCTG%, but remains 1.64 points above last year?s
level. Average rents, currently at %0.931 psf, are %0.002 psf higher than last month and %0.003 psf higher than last year. Monthly absorption returned to positive territory, as 236 units were absorbed, bringing annual absorption to 3,709 units.
Dallas/Fort Worth apartment market occupancy was down 0.17 points over the month. Currently at 90.18%PRCTG%, occupancy is 1.46 points higher than this time last year. Average rents increased %0.001 psf to %0.868 psf, and are %0.005 psf higher than May 2005 levels. The market absorbed 216 units over the month; annual absorption now totals 13,468 units.
Houston apartment market occupancy fell 0.19 points over the month to 90.57%PRCTG%, but has gained 3.75 points since this time last year. Rental rates gained %0.001 psf in May and are up %0.026 psf over the year. Absorption over the month was -477 units; however, over-the-year absorption remains well in the black at 22,628 units.
San Antonio occupancy decreased 0.31 points to 91.38%PRCTG%, and is up 0.17 points over the year. Rental rates posted a decrease of %0.002 psf over the month, but are up %0.010 psf since May 2005. Absorption was positive for the fourth month in a row, at 243 units, while annual absorption stands at 3,792 units.
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Taking Title of Your New House
Taking Title of Your New House
How you take title in your new home is key decision. Unfortunately, in the euphoria of the moment, many new homeowners don?t put much thought into it.
Title
When purchasing a new home, you become the title owner of record. Essentially, this means you are listed in public records as the legal owner. This may sound like a simple concept, but how you?re classified as an owner can impact legal and tax issues. Here are some issues to consider when taking title.
Single Owner
If you are purchasing the property on your own, there is really only one title choice. Yep, you are going to be listed as the sole owner, to wit, in your own name. If you are investing in rental or commercial properties, you should speak with a lawyer about purchasing the properties through a limited liability company to limit potential liabilities.
Two or More Owners
If you?re married, many states require you to take title in a property as community property. In such states, you and a spouse are automatically considered to be joint owners regardless of any other factors. Community property title can have tremendous but macabre tax benefits. If one spouse dies, the living spouse gets a ?step up? basis for tax consequence and huge capital gains taxes. For instance, if you purchased a home for %200,000 and it is worth %400,000 when a spouse dies, the remaining spouse gets to figure any capital gains using %400,000 as the cost of the house instead of %200,000.
Joint Tenancy
In some states, spouses are not required to take community property title. Instead, they and any collection of two or more owners may take title in joint tenancy. The advantages of joint tenancy are twofold. First, you get the step up basis mentioned above. Second, title in the property automatically transfers to surviving owners upon the death of one owner. This means you get to avoid probate, an expensive and lengthy court process.
Taking Title
When buying a home, don?t just pick title willy- nilly. Take the time to explore the options in your state and pick the best one for you.
The Basics of Real Estate Investing
The Basics of Real Estate Investing
Real estate investing may not be everyone?s cup of tea, but some people who have already tried investing in real estate know that it can be highly profitable and lead to much better quality of life. There are several keys to making significant profits in real estate investing deals. And when the deals are profitable, you will certainly be well on your way to success.
For real estate investing newbies, don?t be afraid of the challenges and pitfalls you may encounter along the way. There is definitely a lot to learn, but in the long run after you have gained some experience, you?ll hopefully become a master at closing profitable real estate deals.
There are 5 core skills that are necessary for building a real estate investing business. These will be the key factors in creating a profitable real estate investment portfolio.
These are the 5 core skills of real estate investing:
1) You must learn when and where to find the right kind of sellers.
2) You must learn the art of being a master negotiator when it comes to closing your real estate investment deals.
3) You must be able to quickly and accurately analyze each real estate investment deal so you?ll know exactly when to proceed and when to pull the plug.
4) You must become an expert in all areas of real estate investing and understand such terms as lease options, cash sales, wrap mortgages, short sales and other terminology common in the real estate investing trade.
5) You should totally understand the meaning and concept of investing in real estate, including all of the financial risks and benefits.
Now is a great time to consider investing in real estate. There are great potential rewards and the effort you put forth can yield enormous monetary returns on your investment.
Your confidence level will grow when you?ve gained some experience and closed on your first few real estate deals. But, don’t stop there…
Continue to learn about real estate investing and to develop your investment skills. In a short time you may find yourself managing a profitable and growing portfolio of investment properties.
Continue to follow your real estate investing “game plan” and always keep an eye out for the hidden investment opportunities. The opportunities are definitely out there and with a little knowledge and desire can be yours for the taking. So, why not get started in what might be a new and exciting (and profitable) career today?
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Steps To Selling Your House And Property
Steps To Selling Your House And Property
1. Look at your home condition. This is the first step that will make you easier to get a buyer. Buyer or consumers always need a first impression. The physics of your home, inside or outside, is very important to make them contact you for the price. So, make sure you have a property that is clean, neat, and well-cared. Who want to buy a home with filthy condition? Repair the leakages and re-paint the walls will make your home even nicer and attractive.
2. Price your home. How much do you want to worth your home? Of course it depends on your home physics and external supports. External supports mean the neighborhood and public access. The more accessible and nicer neighborhood will definitely in demand and can be considered plus points for your home. Also in pricing your home, it is important to look at the market. How does the market say? Market can be a good step point to set your home price. As an additional tip, always open for negotiation! People like to bargain.
3. Advertise your home. Advertisement is always effective in getting consumers. Many ways to advertise your home:
a. Advertise your home on the newspaper. It requires extra budget, but it is worth lots of people to read your advertisement.
b. Put an announcement board or banner in front of your home. This will make everybody who crosses the street to know your sale and perhaps tell it to their relatives. The bigger the banner is the better.
c. Print lots of brochures or leaflets and disseminate it in public places. And do not make the information narrative; just a few pointers that has your home picture and contact number on it.
d. Tell your friends and relatives. This could be the easiest way to advertise your home. I personally do not prefer friend/relative-related consumers, but as long as they can give you a good price, why not? And also, friends and relatives are usually kind enough to help us to look for buyers. That?s what friends are for, right?
4. Use a broker service. Broker service will help you to market your home even better since they have lists of potential buyers. They are definitely the expert to help you in negotiating with buyers and basically arranging your home sale (from the first step). You can call them as the middleman. If you do not want to waste your time, you could just contact few brokers and ask for their services. The consequence is you have to share a certain percentage of your home selling price with them. So, if you do need to sell your home very soon, I would recommend this strategy.
Good luck in selling your home!
Strong Housing Market in the Coming Months?
Strong Housing Market in the Coming Months?
Traditionally, spring is the season when the housing market picks up.
An increase in the number of buyers, helping boost the number of sales agree, points to a much stronger market in the coming months.
City bonuses have ignited the housing market in London.
Big houses are selling fast, often going to sealed bids.
In one case a property was reported to have attracted 33 bids.
Furthermore, the growth that started in the prime areas of London is showing signs of spreading out across the rest of the capital.
London continues to be the engine for national house price growth with values in the capital moving 1.2%PRCTG% higher over the month and by over 3%PRCTG% over the last quarter.
In contrast, growth in the regions away from the south of England has totaled less than 0.5%PRCTG% over the last three months.
The strong performance by London is down to an on-going mismatch between the number of homes coming to the market for sale and the growth in demand.
The Hometrack index shows the supply of homes for sale has grown by 14%PRCTG% over the last quarter, whilst demand has grown in excess of 50%PRCTG%.
Incomes are rising, interest rates are low, employment remains high, the demand for homes is growing with immigration and the creation of new households, and new house building still struggles to keep up with demand.
On the supply side, estate agents are reporting some increased levels of supply on their books as new sellers come to market perhaps encouraged by the recent upturn in prices.
But supply is still at a relatively low level and in spite of strong buyer interest, this, coupled with higher house prices choking off some demand, suggests that activity will fall towards its longer term average over the coming months.
Capital Economics’ Ed Stansfield commented: “There is clearly still some appetite for buying at these high prices and banks and building societies seem to be keener than ever to lend the money.
As long as interest rates remain low nothing too bad can happen.”
Tgr asia, Developers of jumeirah private island phuket commence
Tgr asia, Developers of jumeirah private island phuket commence
HONG KONG (Insert date) – Jumeirah Private Island Phuket, Asia Pacific?s most exclusive development is scheduled for completion in 2009 and set to offer levels of luxury, privacy and security as yet unseen in Asia Pacific. It will also be home to an elite super yacht marina and the private members only Jumeirah Private Island Yacht Club.
The super yacht marina will have 101 berths and will offer true ?super yacht? facilities with 24 hour deep water access. The marina will double the number of designated ?super yacht? berths in Thailand (thailand property, thailand homes), with 7 slips measuring in excess of 45 metres and an average slip length of over 22 metres.
The marina, located in a protected lagoon on the east coast of the island is surrounded by tropical mangroves, and will be built to top international standards. The marina will include facilities such as helicopter and/or ferry access to and from Phuket, fuel dock with pump out facility, yacht maintenance and repair services and individual berth technology pipes.
The Jumeirah Private Island Phuket Yacht Club (megayachts phuket, islands phuket, mega yachts phuket, phuket islands) is planning to host regattas and black tie functions and will offer a range of facilities; club house, swimming pool, accommodation, formal and informal waterfront dining, business centre and fitness centre.
The benefits of berthing in Phuket (phuket property, real estate phuket) include fuel, crew and dockage costs up to 80 percent cheaper than Europe and no luxury yacht taxes.
TGR contact : Anthony Franklin ? Partner, Marketing Director.
Note to editors:
TGR
TGR Group develops and markets award winning luxury hotels and resorts. The management team has over 100 years combined experience working with leading, global construction companies and a successful track record across three continents.
Jumeirah
Jumeirah properties are regarded as amongst the most luxurious and innovative in the world and have won numerous international travel and tourism awards. The rapidly growing Dubai-based luxury international hospitality management group encompasses the world renowned Burj Al Arab, the world?s most luxurious hotel, the multi-award winning Jumeirah Beach Hotel, Jumeirah Emirates Towers, Madinat Jumeirah and Jumeirah Bab Al Shams Desert Resort & Spa in Dubai, the Jumeirah Carlton Tower and Jumeirah Lowndes Hotel in London and the Jumeirah Essex House on Central Park South in New York.
The Jumeirah Group portfolio also includes Wild Wadi, regarded as one of the premier water parks outside of North America and The Emirates Academy of Hospitality Management, the region?s only third level academic institution specializing in the hospitality and tourism sectors.
Building on this success, Jumeirah Group became a member of Dubai Holding in 2004, a collection of leading Dubai based businesses and projects, in a step that aims to initiate a new phase of growth and development for the group.
Jumeirah?s ambitious expansion plans to grow its portfolio of luxury hotels and resorts worldwide to 57 by 2011 are well underway with projects currently under development in Dubai, Abu Dhabi, Aqaba, Doha, Phuket, Shanghai, Bermuda, Mallorca and London.
Tags: Thailand property, Thailand homes, real estate companies Phuket, property in Phuket, Phuket islands, private islands, Phuket villas, Phuket hotel resorts, Phuket property, real estate Phuket, tgr, 5 star hotels phuket, marinas phuket, homes for sale phuket, islands phuket, resort developments phuket, beach villas phuket, jumeirah beach villas, luxury villas phuket, jumeirah
Tampa Bay Condominiums
Tampa Bay Condominiums
Condominiums in the Tampa and Clearwater area have become a popular choice for those seeking to buy second homes, real estate investments, or for those desiring a break from outside maintenance and upkeep. This is due to the multitude of benefits associated with condominium living. Combine those benefits with the beauty, abundant sunshine, pristine beaches and coastline of the Tampa Bay area, and attractions like: Busch Gardens, Disney World, Universal Studios, and Sea World and you have a winning combination that pays for itself again and again.
How so you might ask? Why should you consider a condominium over a single-family dwelling for example? When you buy a single home, you will need to purchase homeowner’s insurance to secure financing from most lenders and also to protect yourself from loss due to fire, theft, etc. When you purchase a condominium, the insurance is included as a part of the monthly maintenance fee; most lenders therefore, don’t require you to purchase separate homeowners insurance policy.
If you buy a single-family dwelling you will have to maintain your home and your lawn yourself, whereas, condo owners can spend their time doing other things while someone else mows the lawn and cleans out those gutters! Upkeep and maintenance are included in the Condominium’s maintenance agreement, and these owners are more than happy to pay a monthly fee in order to not have to worry about getting these things done themselves.
For the most part, condominium maintenance fees are reasonable when you add up the costs involved and how much it would cost for you to hire someone to do these things for you. On the Florida beaches you will find higher condominium maintenance fees and this is because there is simply much more maintenance that comes with owning a home near the ocean. On the other hand, owning a condominium slightly inland can save you a lot of money on the purchase as well as the monthly maintenance fees.
The safety of your family and the security of your real estate property are of course, very important to you. While the owners of single-family homes may choose to equip their homes with expensive alarm systems, most condo owners have the benefit of gated security, which provides 24 hour protection, even when you’re away. Such security also makes it harder for the “unlawful” to spot an unoccupied dwelling. Single homes, whose owners are away, are easier to detect due to such things as: uncut grass, no lights on in the home, and no activity around the home. At a condominium complex, there is always some kind of activity, which helps to conceal that you’re away from your property.
Condominiums provide some pretty terrific amenities right there on the property. Some of those amenities are: fitness rooms, pools, spas, restaurants, hair salons, tennis and golf to its residents. It would be impossible for a single home owner to duplicate some of these amenities and cost-prohibitive to acquire some of these amenities. Keep in mind that the more amenities there are in a condominium, the higher the maintenance fee can be. It costs money to keep up the amenities for the residents to enjoy. Amenities are what makes condo living so popular though. In the long run, the more amenities the condo has, the more saleable and desirable the condominium will be on a resale.
Real estate investors will find that some condominiums, depending on the condo restrictions, are easily rented out short or long term. If you and your family use your condominium only part of the year, consider leasing it out for additional income for yourself. Have your real estate agent check the restrictions for you before making an offer for purchase. Not all condos are alike on this policy.
Now that you know about the many benefits to owning a condominium, add the undeniable value that owning a condominium in the Tampa Bay area of Florida’s West Coast holds for you. Now you will have a place to escape to when the temperatures up north get down right cold! You won’t ever have to worry about no vacancies at hotels, and resorts either. The beach and ocean with bountiful amounts of sun are at your doorstep. Your Tampa or Clearwater area Florida Condo offers you the opportunity to get away from areas that are overcrowded with tourists, and yet you’re only a short drive from Florida’s most popular attractions. If you’re looking for a way to make some additional income, consider renting out your condo unit when you head back north in the summer.
Contact your Tampa Bay area realtor today to get started on finding the condominium property that meets your needs. They can assist you whether you’re looking to buy a first or second home, a retirement home, or investment property.
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Tax Time Tips For Rental Property Investors
Tax Time Tips For Rental Property Investors
While owning a rental property can be a terrific way to bring in income, those extra dollars can make things complicated when it comes to preparing a tax return.
Fortunately for the 15 million people who own rental properties in the U.S., there are ways to make tax season a little more manageable:
• Store your receipts, bills and statements during the year. This will make it much easier to locate and organize them at tax time. Create an envelope or folder for each property, and put all of your receipts in there during the year. Do the same for regular bills such as the mortgage, property taxes, insurance, utilities, etc.
• Keep good rental payment records. You probably get a lot of checks-and even cash-from your tenants during the year. It can be really hard to figure out at tax time if you don’t stay organized during the year.
• Know what property each check comes from. You can record this with your bank deposits in your checkbook or a spreadsheet or rental property software.
• Use rental property software like Quicken Rental Property Manager 2.0, designed for people who own up to 10 properties and 25 total units. It makes it easier to file taxes and manage rental property income and expenses. This can help eliminate hours at the end of the year preparing for that Schedule E. Using the software, you can simply print the tax report and transfer the data to the form, give it to your accountant, or export data directly to tax preparation software like TurboTax.
• Separate security deposits from rent payments. Security deposits are not considered income if you intend to return them to the tenant, so make sure these deposits are separated from rent payments.
• Flag expense receipts. Some expenses are hard to classify properly for the IRS. When you replace the faucet in the bathroom, is that considered a repair or a capital improvement? It makes a big difference to Uncle Sam because 100 percent of repairs can be deducted this year, but capital improvements must be deducted over time. When you’re not sure, flag those receipts so you can later discuss them with your accountant. Keep them in a separate place or flag them in your expense journal.
• Lastly, don’t forget the mileage deduction. You probably rack up a lot of miles driving to and from your properties and those trips to the hardware store. It can be tedious to keep track of the mileage, but it really pays off since the IRS allows you to deduct about 45 cents/mile. To make it easier, use an Internet map ser-vice such as MapQuest to look up the mileage for common trips-like between your home and each property.
The Basics Of Estate Planning
The Basics Of Estate Planning
Estate Planning may be a word that is encountered by many citizens especially the elderly. What is Estate Planning? What benefits does it provide to people?
Estate Planning is a method of arranging and considering alternatives that will satisfy specific wishes and goals to prepare for things that may happen to a person and the people he finds special to him.
Estate Planning includes organizing properties and not just putting them in a simple Will. It also lessens the taxes and fees that may possibly be charged to these properties. Estate Planning also includes contingency preparation to ensure that ones wishes regarding health care and medications will be followed.
An estate plan may be described as good if it financially coordinates with the future of the home, business, investments, insurance and other benefits if ever the person becomes sick or will pass away. A good estate plan also sets directions to bring about personal wishes regarding health care in preparation for the when the person becomes disabled.
It is very important to identify the real definition of the term “estate” before someone can really perform estate planning. Estate means all the properties a person owns or has control of. This is regardless whether if the property is solely named after him or is in managed in a partnership. This may include real properties, accounts, bonds and stocks, cash, buildings and establishments, jewelry, collections, all types of businesses and even retirement benefits.
Typically, those who really need to have an estate plan are parents who have minor children, people who have valuable properties and have sentimental values for them, and also people who are concerned about their medications and health care. However, people can still acquire an estate plan whether they have these categories or not. As long as they have all the things that are covered by an estate plan, then they can avail of it.
While a person is alive, it is important to prepare an estate plan and at the same time implement it. This is the perfect time for a person to perform and have legal capacity to come up with a contract. There may be challenges that could occur if an estate plan is implemented when a person is already disabled. Others may judge the lack of capacity and the person may be prone to fraud, abuse and coercion.
Estate Plans may include wills, power of attorney for health care, living wills, living trusts and limited partnerships. When entering into a contract, it is very important to make use of the services of a lawyer. Lawyers are the only certified people who practice these fields. They are also the only ones who can supply a person with all the legal requirements and advice needed in the estate plan. An attorney will be able to answer legal questions regarding the estate and they will also be able prepare the person on the cost of the estate plan and other finances the come with it.
Estate Planning involves sensitive decisions and legal matters. It would only be beneficial if the person will always consult with legal advisors and also seek financial and medical advice. It is important that before a person will enter into estate planning, he should already have a strong understanding of the process so that things will not be difficult for those who will be left behind.