Valuable real estate investing lessons that help grow my business

Friday, November 25th, 2011

I am a 27-year old Utah investor that has been involved in the property investing business for nearly seven years. I started in this business after I graduated in college. I learned so many things in my first try investing in rental property but unluckily was not that very successful. Back in college, I met a mentor. He owned plenty of investment properties around my college towns and the person who tough me everything about real estate and some important lessons. I did not realize at that moment that he was setting me up to a path that would affect my family and finances for the rest of my life. Here are the two most valuable lessons :

1. Lesson #1 – You can lose your money in real estate if you do these two things

My mentor told me that I can lose my money in this business in just only two ways. The first is to put your name and sign a debt. And to give someone a huge amount of check (out of your own savings) is the second one. Avoiding these things can put yourself ahead over other aspiring investors.

2. Lesson #2 – You should not have sufficient money when you start your investing career in real estate

The second lesson he taught me is to go into real estate investing without using your credit or having a lot of money. The reason for this is that when you don’t use your credit or money you will learn great techniques that don’t require these things. He compared it to a wild animal and a domestic pet. It is the wild animal who is more determined and stronger because he has no choice.

At first, I think what my mentor said were not right. I thought that my situation is different from him. However, after working in this field for long years I can honestly say that what he taught me really helps develop my career and bring my business into success.

The author is a part owner of Utah Real Estate, an investment company in Ogden Utah. We specialize in buying Utah homes for sale on terms.
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Types of Incentives Buyers can take advantage of

Saturday, October 15th, 2011

What are the top three things an individual needs to become contented and happy in life?   Commonly, each and every one of us need our family, money and a home. These are the major things that should surround us every day. Thus, we should do our best in finding means to fulfill that dream of owning an ideal home in order for us to live together with our loved ones.  Owning a home is one great success to consider given that this is an asset that can never be tarnished. Though, home buyers are having a tough time at this moment to simply own a home due to various hindering factors, and financial matters is on the top of it.

How helpful are these to aspiring homeowners?

Home incentive is a legal technique used by sellers and real estate agents to entice potentials to purchase the home. It makes the selling property more affordable and appealing over its competitors around the neighborhood. It is also one effective method to raise Realtor’s sales by giving out home buying assistance to every person lacking of funds but eager to own a home.

Various incentive options buyers can choose from

Down payment gift assistance program – potentials lacking of funds required for down payment are typically the program’s target.  As well a very useful home inducement for home buyers since most of them finds it difficult to produce a huge amount of down payment coming from their own pockets.

Home warranty incentive – A home warranty is valid for up to a year and attractive especially to buyer of an older home, cover warranties of most major systems, as such electrical, water heater, heating and air-conditioning.

Price reduction – this is the most common incentive that real estate agents and sellers offer to buyers. Discounted homes are the ones that home buyers are looking for and preferred to buy.

Builder financing incentive – program owned privately by national home builder, which offer home incentive like appliances and furniture packages, flooring upgrade and some more home improvement deals.

Buying your dream home is now within your reach through the help of housing assistance program like home incentives, which make home ownership as easy as eating a piece of pie.

The year 2011 will be more challenging for the real estate market and though the future is unpredictable, let your agent guide you in buying your dream Roy Homes for Sale. Visit Homes for Sale in Roy Utah for more property options.

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Questions Need to Ask Before Using Blog in Marketing Your Real Estate Business

Friday, September 9th, 2011

One of the best ways to promote your real estate business is through networking.  You can do it by developing connections and socializing with other professionals within your industry or organizations where most potential home buyers might see. There are so many budget friendly opportunities nowadays for real estate professionals to take advantage without spending huge amount of money to build a successful real estate business, and blogging is one of those.

Like social media, blogging is one of the cheapest forms in promoting your business online and claim by its supporters to use it to survive in the current real estate market state. Blogging is similar with social media, where you can promote your business with other people that its proponents claim must used to stay alive in the today’s real estate market.  But non-sayers totally disagree and claim that this in an old in effective way, and no real sense to start it at this late date if you haven’t already stated it.

Is Blogging can be effective for every real estate agent? Although I’m a certified blogging fan but I don’t think that this is the ultimate way to established web presence for real estate agents. It is simply another avenue for business promotion that works if suits your personality. You can find your blog as the most significant business source if it is right for you.

To determine if blogging is the right ingredient for your business success, and then try to ask yourself these several questions before your start blogging

Do I like to write?

Do I love communicating with others?

I’m capable of writing 3-5 topics to blog if I were asked right now?

Do I have stamina and patience in facing computers for longer hours?

There are two kinds of real estate agents, an agent that much better online and likes to sit long hours in front of computers and those wonderful in person but losses all delightfulness when facing computers. Know yourself what type of agent are you to determine if blogging is worth it to invest your time, If not then try to focus with something else that you think would work for you.

Indeed, purchasing homes for sale in North Ogden Utah Real Estate is an enormous investment, so what you want is to make sure that your buying process will run as smooth as possible, so try to consider the tips that I have here in my article and soon you will find the right Homes for Sale in North Ogden for you.

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Foreclosures and Homeowners

Wednesday, August 24th, 2011

Foreclosure can bring financial and emotional stress in the life of a homeowner. This situation will not only affect the homeowner itself but also the homeowner’s children and spouse who live in the house being foreclosed.   We usually see this on movies but the fact is it happens almost every day in real life.Therefore, being aware of your rights in every foreclosure stage is significant.

There is no reason for homeowners to panic during foreclosures because they will not instantly force to leave the house.Right now, there are state laws that protect homeowners from inappropriate eviction process. They are obliged to give ample time before notice is served and needed to have court order to evict you legally from the house. It typically takes an average of about six month before the issuance of court order or depending on which state you are in.The home is then sold through a foreclosure auction after all the legal proceedings.

When everything is all done and home was finally sold to the winning bidder. The new homeowner will be the one responsible in applying for eviction order for you to leave the place in three days period.  You can look for another home to settle in six months and just move on instead of doing desperate moves to save your home.

Nowadays, foreclosures compose more than half of the active homes for sale in the market and still increasing.Home is may be the most important investment that people can have and they will do everything to save it from foreclosure.But with the slumping economy that we are experiencing right now, where basic needs are on the rise while salary remains steady.  Families tend to prioritize their needs than wants.There are sometimes unavoidable circumstances will come like accidents and you have no choice but to use your savings.Using all your hard-earned money will put something else in danger, it is the property mortgage

Need help with your foreclosure problem? Then head over to Weber County Foreclosures</a> where you can find useful tips, advices and resources from the experts. It’s also includes information on foreclosure plans, investment and negotiation and more Foreclosures in Weber County listing information.

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Buying Strategies in Bank Owned Real Estate Market

Friday, August 12th, 2011

Bank Owned Market: Which buying option will best for you?

The real estate market in many areas is some might call perfect for purchasing a new home since there are so many affordable properties making up the bulk of homes for sale. Home values depreciated sharply this year and home buyers will not let this chance to go away. With prices on its lowest level ever since many home hunters are coming out from where they hiding to buy their first home, vacation home, an investment or for whatever reasons. I have decided to reveal these three most advantageous home buying strategies in the today’s market.

The first strategy is purchasing short sale. A short happen when the home owner stops making mortgage payment and bank will take necessary action of foreclosing the property. Once the homes for sale in West Haven Utah goes to the auction block due to the inconsistent mortgage payments, a home owner can try to negotiate to reach the short sale agreement between themselves, the lender and the buyer.

The big advantage in buying short sale is the cost.  The bank is eager to deal in short sale than to go through expensive and complicated foreclosure.  That’s why they are usually sold at the price below its market value. The downside is the waiting time and not sure when to close the deal. The process can take 100 days or more depending on how the negotiation runs between the bank, seller and buyer. 

Purchase real estate owned properties or REO. Bank owed or REO occurred when the foreclose property is not sell during the foreclosure auction. Possessions will return to the custody of the lender and let the REO agents to market these properties.

Major fixes are completed and cleared up of any debris are the huge advantages of REO properties over short sales.  These properties are also well inspected compared to homes for sale in Utah sold in foreclosure auctions which normally out of inspection. The cleanest offer is accepted in many cases and it is not always the highest bid.

Buy home the traditional way of transaction.  This is the home buying transaction you normally see in the market.  The seller will put the [property for sale via multiple listing service or MLS and bids and showing will be setup and handled by  a Realtor.  The sellers will have the upper hand in rejecting and accepting offers.

This is the easiest of the three buying strategies I mentioned above. Traditional home buying advantage is  the possibility of home being in good condition, because the property has not entered default and owner is still living in there.  The owner and the buyer can both directly talk each other regarding the terms in all aspects of deal from the deadline to the asking price and closing cost. What’s not good in conventional buy is the price which is much higher than buying Ogden foreclosures and short sale.

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Benefits of green home living in West Jordan

Tuesday, February 8th, 2011

When you heard the words “Green Real Estate or Green Homes” what comes in your mind? In the recent time property rates in Utah are growing in tremendous pace, especially in some of its major cities like West Jordan, Roy, Salt Lake etc., but are these buildings were built using the eco-friendly methods?

What is Green Homes or Green Real Estate?

When buildings or homes are developed using methods and technology in which we can save energy and water and can live healthier without harming the environment that’s what you called green real estate. Once a building was constructed with the used of environmental friendly approach can be referred to green real estate or can we say has a beneficial impact on energy efficiency.

However, only few home builders are adapting that green real estate in their construction works based on my research. So far, the cities like West Jordan and Salt lake are the best examples when it comes to green building development.

Green Real Estate Benefits

*The demand of eco-friendly home surge in the real estate market because of its advantages just like more energy efficient and healthy to live in. Things like wood flooring and newspaper insulation are only some of the products that can be use in green building that made from eco-friendly material

*Homeowners will have that benefits of natural lighting with their green homes that could help them save lots of electricity at most during the daytime.

*Eco-friendly energy system can be part of the green real estate plan such as solar and wind power that could reduce your energy usage and will increase your earnings. Energy sources like these are now preferred to used by majority homeowners in the country. In fact, most builders of green real estate homes are good at telling you if what energy system will suit your home depending upon the location.

*Air we breathe inside our home is worst compared with the outside, but with the green homes it will provide you with fresh indoor air that helps enhance your health.

*Location is also part of the plan in green homes or building development. It should be not that far in important venues and establishments like, grocery stores, banks, markets and schools.

If you want to build a green real estate home but don’t have an enough idea. You can start it by doing research and see what are the techniques, design, plan, steps on how to transform or build an eco-friendly home. Then, you should do your own research to know what are the techniques.

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West Jordan home sales were off in December

Friday, January 28th, 2011

According to the latest Realtors’ report, it says that West Jordan home sales edge down 21.57 percent in December 2010 from 2009, with the median slightly decrease 1.63 percent to $6,250.

Real Estate agents sold an estimated 80 single-family homes and condos last month, that was 5.9 percent below of what November sold at 85 homes. Home purchases have significantly slowed after the expiration of the federal housing aid program earlier this year.

The overall median sales price was $6,250 in December. That number shows that both traditional and mediated median sales price decreased in yearly levels from $9,500, and down almost a percent from $8,400 in November.

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Foreclosure watch out programs

Friday, January 7th, 2011

Are you afraid to open the certified letters from your mortgage company? And don’t want to answer the calls coming from the bill collector? This could be a horrible experience for you if are unable to pay your monthly mortgage bills and fallen behind on your mortgage payments. You might be wondering what to do to save your home.

According to the latest data coming from U.S. Department of Treasury it shows that almost 2.7 million homes have been foreclosed in the last two year, up by 150 percent over previous two years. If it is looks like that you are headed on that foreclosure direction, don’t wait to end up living in the street by taking early action. However, there are organizations willing to help and assist you to stop foreclosure.

Here are some of the organizations and programs that can help:
A program that is directed by the United States Department of Housing and Urban. Families that are in troubled paying their mortgages due to some circumstances such as serious illness, job loss, decrease in income and, etc., are the main concerned of this program.  The hope for the homeowners’ program has loan terms of 30-year fixed rate, a 90 percent loan-to-value ratio and best of all there is no prepayment penalties to be paid.

FHA-Secure – This is another Government refinancing program that help borrowers to avoid foreclosure.   People with problems regarding their mortgage payments will be given a chance through this program to refinance into a 30-year FHA mortgage.  A good thing that this program can give homeowners is by allowing them to get a regular mortgage at market rates.

The Home Now Alliance – In response to the increasing number of foreclosure cases in the county the government together with the help of lenders, investors and counselors an alliance was created to help homeowners save their home away from foreclosures. They are trying to make connections between the homeowners and their lenders to prevent foreclosure sale by helping them through the loan workout process.

Associations of Community Organizations for Reform Now – Known countrywide as ACORN, a collection of community based organizations that advocated to help low and moderate income homeowners by working against sub prime loan and 90-day moratorium. The Organization top priority is to provide every single poor family with better and affordable housing.

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West Jord Sales Continue to drop

Friday, December 17th, 2010

The higher inventory and mortgage financing issues are the factor that impact the continues drop down in existing sales. In the entire area of South Jordan, sales of existing single family South Jordan homes for sale logged a total of 85 homes sold last month while there were 124 homes sold in November 2009 for a 31 percent decrease in a year-over-year level comparison, according to the latest issued report by the West Jordan Association of Realtors.

West Jorday Utah real estate median sales price for existing single family homes in November was $185,000, a 10 percent decrease over the same month the year ago at $206,500. The median is the midpoint; half the homes sold for more, half for less. Meanwhile, compared with October’s median sales price, it was nearly 3 percent lower from $189,900.

The number of active West Jordan Utah homes for sale in the market during November was slightly lower than it was in October. However, pending sales or those properties under contract saw an increase by about 2 percent.

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Important things that borrower need to be aware of when applying for a mortgage

Saturday, December 11th, 2010

Termites are a major pest throughout much of the world that homeowners are feared to be infested. But there is another thing that brings more fear into the heart of homeowners and that is the prepayment penalty. A prepayment penalty is a charge that lender makes when mortgage is repaid much earlier than it was originally agreed. If this thing happens a borrower will suffer a penalty of equivalent with his/her entire mortgage interest for six-month. Although not all mortgage lenders impose prepayment, still it is best for you as home buyer to avoid mortgage offers that include this kind of penalties when shopping for mortgages. You can negotiate with your lender, if impossible, and perhaps you can prepay a certain amount every year without penalty or prepay just 20-30 percent of the total loan amount without penalty.

Besides prepayment, the Private Mortgage Insurance may not be the most desirable form of insurance for home buyers. Those borrowers with loans above 80 percent of the total property value are mandatory required to get this insurance. If home buyers wouldn’t typically be able to pay the 20 percent upfront cost this insurance is also required. The 20 percent down payment is just a proof to know if the borrower is financially sufficient, and for those who can’t, the PMI policy that lenders required will cover up in case of default on loan happen. It doesn’t, however, protect the borrower. The purpose of this is to keep lenders away from any risk and protect their own interest.

Most borrowers are trying to avoid PMI for some several reasons like. It will make their monthly expenses even higher with the PMI premium, and they will likely look less desirable in the eye of the lenders. Instead of paying the whole amount of upfront cost other home buyers are just paying less and pay for PMI. They will use the money that supposedly a down payment to remodel the house soon after having it. Home remodeling will add value to the home that will bring you more cash in return.

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