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Home Page > Finance > Real Estate > Some Important Tips for Real Estate Investors Buying Homes for Sale in Farmington Hills MI

Some Important Tips for Real Estate Investors Buying Homes for Sale in Farmington Hills MI

Posted: Mar 30, 2011 |Comments: 0
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Are you a real estate investor, or are you a beginning one looking to buy homes for sale in Farmington Hills MI?

Here are over seven (7) tips for real estate investors that will increase your chances of making and keeping a profit with your investment property.

1. Know what you want before you buy a property. Before buying a property, you should know what you want to do with that property. Do you want to rehab it so that you can resell it to someone else immediately afterward? Do you want to be a landlord and put a renter into it? Will that renter be a Section 8 tenant? Your answers will affect your approach. They will affect how much you spend on repairs and how much you expect to make from the investment. You might find that a property might be good investment in some cases but a lousy one in others. Answer the questions before you buy.

2. Assume your repair estimates will cost even more than you calculate. Before you buy your Farmington Hills home, make sure that you have some idea how much repairs will cost you. Once you do that, add some more to that estimate. If you calculate a profit, even after you pad your estimate, then you might have a winning investment opportunity. If this happens, you want to make sure that you have enough money to cover yourself. Otherwise, you will be the not-so-proud owner of a home that keeps costing you money instead of generating profit. If afterward you see that you do not need to spend this extra money for repairs, you will have extra money for yourself, a reserve (just in case fund), or your next investment. This is much better than owning a partially repaired property without having enough money to finish those repairs. These homes become a perfect buy for another investor, because you will be eager to get rid of it. You do not want to be that investor.

3. Get a professional inspection before you buy any property. This should cost you somewhere between 0 and 0. Of course, it isn’t any fun to pay the money for an inspection, especially if it simply confirms what you already knew. It is much better to pay an inspector a few hundred dollars than buying a property that costs you thousands more than you planned. Think of it this way. If the cost of getting an inspector is too much, think how much worse things will be for you if you buy a property that needs more repairs than you thought. Paying for an inspection is just common sense, and it’s really good self-defense.

4. Don’t do the repairs yourself. Pay a professional. Many beginning investors think they will save a lot money by doing all of the repair work instead of hiring someone else to do it for them. They are overlooking a few things, though. Many people realize that it will take them a lot longer to finish it than a professional, but they do not realize that this adds to holding costs, which are the costs involved when you own property but nobody is paying you. The property just keeps costing you money. Another thing many people do not consider is that most professionals are less likely to overlook small things that add to big things later. Catching these small things early in the repair process reduces the chance that you will need to redo the repair. This is really when you can add costs and time to do repairs.

5. Do mechanical repairs first. Then do cosmetic work. The messiest part of the rehab process is the mechanical repairs. There is always a mess that tracks everywhere, and it is not uncommon for drywall to get dinged. You don’t want your new cabinets to get damaged, and you do not want to have to repaint. Make sure to schedule your contractors in a sequence that makes sense. Do cosmetic repairs only after everyone else makes their mess.

6. Don’t use low quality paint. When you buy paint for the inside of your house, make sure that you get good quality paint. Even though the paint costs a little more, you will not be sorry. Good quality paint usually needs just one coat, possibly two. Lower quality paint might need three coats. That means that it will take your contractors less time to finish painting. Translation: it will take less time before your home is ready to sell or rent.

7. Don’t just use one color of paint inside your home. Sure it costs more, but most people who are looking to rent or buy homes for sale in Farmington Hills MI find one paint tone to be too industrial. Two-tone painted homes tend to rent or sell more quickly.

8. Replace galvanized pipes. Many homes for sale in Farmington Hills MI do not have galvanized pipes. However, some of the homes, especially toward 8 Mile Rd and Inkster, tend to be older. Many older homes have galvanized pipes. Even if it seems like you do not need to replace these, replace them. They are old. Plus, they probably need some serious plumbing, anyway. Replace them with PEX or PVC, and it will not be very expensive if you do it during the early rehab stages, and it will provide a selling point. You can advertise that the home has “new plumbing.” If you do not replace these, you are more likely to get the dreaded call in the middle of the night from your tenant complaining about a plumbing problem.

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For more information about playing house and other questions about buying homes for sale in Farmington Hills MI, you can visit http://www.HomesForSaleInFarmingtonHillsMI.com, send an e-mail to FarmingtonHillsHomes@gmail.com, or call (248) 796-8616.

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Home Page > Business > Buying Foreclosure Properties in Todayâ??s Real Estate Auctions

Buying Foreclosure Properties in Todayâ??s Real Estate Auctions

Posted: Nov 13, 2009 |Comments: 0
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Real estate investors have been getting great deals on properties at bank auctions for years. However, in the past decade, the entire nature of the real estate auction has changed dramatically. I remember personally when a real estate auction was a subdued, simple affair with only a few people in attendance and the properties were sold from the courthouse steps. (No, not because Iâ??m so old, but because the nature of the game has changed completely in the past 10 years). Now, however, these auctions can be somewhat riotous affairs, and often there are a lot of people involved who may not have that great of a knowledge of how real estate works.
Now, I think itâ??s great when people get involved in real estate investing. After all, thatâ??s why I teach people how to do it. But, when you throw hundreds of would-be investors into a small space and start holding an auction, things can get a little messy. Add on to this that banks and lenders have completely changed the way that they view these auctions from the way they did a few years ago, and if you are not on your toes you will not only lose out on seriously good deals, but you could lose your shirt in the bargain.
It used to be that lenders auctioned off foreclosed properties often for pennies on the dollar just to get them off their hands. Now, however, there are so many properties in foreclosure that a bank will not take just any offer on a property. They may send a property to auction 3 or 4 times and ask market value or higher for that home because they simply cannot afford to lose the money on it. Only when a house has not sold repeatedly at auction does it become a good deal (in most cases, of course) in this day and age. When you do your research on the auction, you need to check to see what properties are â??repeat offenders,â? since they will likely be the best deals.
On top of this, many banks and other lenders will try to incorporate legal fees accumulated during foreclosure into the cost of the property. Legally, you are generally not obligated to pay these fees, but watch what you sign or you could be agreeing to do so. In addition, properties that have been at auction several times may have a variety of â??hiddenâ? problems like wiring, mold and other interior issues that tend to develop when a house is left uninhabited for a long period of time. A simple drive-by BPO (broker price opinion) or your own drive-by estimate may not actually encompass all the issues that a property has.
When you are buying properties at auction, you should always learn as much about the situation of the property ahead of time. Check out crime rates in the area, crime relating to that property (e.g. vandalism) and also try to determine whether the last owners may have done interior or unseen damage to the house before they left. You can get some seriously amazing deals at todayâ??s real estate auctions, but you have to know what to look for and when to act in order to succeed in this type of investing endeavor.
Peter Vekselman has been successfully investing in real estate since 1996. He has completed over 1200 real estate deals, owned a construction company, been a private lender, and owned a property management company. Peter currently works with clients all over the US helping them achieve riches in real estate investing. For more information please visit  www.CoachingByPeter.com.

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Peter V -
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Peter Vekselman has been successfully investing in real estate since 1996.
He has completed over 1200 real estate deals, owned a construction company,
been a private lender, and owned a property management company. Peter
currently works with clients all over the US helping them achieve riches in
real estate investing. For more information please visit
www.CoachingByPeter.com.

]]>
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Home Page > Business > Buying Foreclosure Properties in Todayâ??s Real Estate Auctions

Buying Foreclosure Properties in Todayâ??s Real Estate Auctions

Posted: Nov 13, 2009 |Comments: 0
|

]]>

Real estate investors have been getting great deals on properties at bank auctions for years. However, in the past decade, the entire nature of the real estate auction has changed dramatically. I remember personally when a real estate auction was a subdued, simple affair with only a few people in attendance and the properties were sold from the courthouse steps. (No, not because Iâ??m so old, but because the nature of the game has changed completely in the past 10 years). Now, however, these auctions can be somewhat riotous affairs, and often there are a lot of people involved who may not have that great of a knowledge of how real estate works.
Now, I think itâ??s great when people get involved in real estate investing. After all, thatâ??s why I teach people how to do it. But, when you throw hundreds of would-be investors into a small space and start holding an auction, things can get a little messy. Add on to this that banks and lenders have completely changed the way that they view these auctions from the way they did a few years ago, and if you are not on your toes you will not only lose out on seriously good deals, but you could lose your shirt in the bargain.
It used to be that lenders auctioned off foreclosed properties often for pennies on the dollar just to get them off their hands. Now, however, there are so many properties in foreclosure that a bank will not take just any offer on a property. They may send a property to auction 3 or 4 times and ask market value or higher for that home because they simply cannot afford to lose the money on it. Only when a house has not sold repeatedly at auction does it become a good deal (in most cases, of course) in this day and age. When you do your research on the auction, you need to check to see what properties are â??repeat offenders,â? since they will likely be the best deals.
On top of this, many banks and other lenders will try to incorporate legal fees accumulated during foreclosure into the cost of the property. Legally, you are generally not obligated to pay these fees, but watch what you sign or you could be agreeing to do so. In addition, properties that have been at auction several times may have a variety of â??hiddenâ? problems like wiring, mold and other interior issues that tend to develop when a house is left uninhabited for a long period of time. A simple drive-by BPO (broker price opinion) or your own drive-by estimate may not actually encompass all the issues that a property has.
When you are buying properties at auction, you should always learn as much about the situation of the property ahead of time. Check out crime rates in the area, crime relating to that property (e.g. vandalism) and also try to determine whether the last owners may have done interior or unseen damage to the house before they left. You can get some seriously amazing deals at todayâ??s real estate auctions, but you have to know what to look for and when to act in order to succeed in this type of investing endeavor.
Peter Vekselman has been successfully investing in real estate since 1996. He has completed over 1200 real estate deals, owned a construction company, been a private lender, and owned a property management company. Peter currently works with clients all over the US helping them achieve riches in real estate investing. For more information please visit  www.CoachingByPeter.com.

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(ArticlesBase SC #1453625)

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Peter V -
About the Author:

Peter Vekselman has been successfully investing in real estate since 1996.
He has completed over 1200 real estate deals, owned a construction company,
been a private lender, and owned a property management company. Peter
currently works with clients all over the US helping them achieve riches in
real estate investing. For more information please visit
www.CoachingByPeter.com.

]]>
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real-estate-investing-club.com Don’t make the 3 big mistakes many real estate investors make when purchasing foreclosed homes. Foreclosures can be big profits and buying them the right way will set you up for success.
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Buying Foreclosure Properties in Todayâ??s Real Estate Auctions

Posted: Nov 13, 2009 |Comments: 0
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Real estate investors have been getting great deals on properties at bank auctions for years. However, in the past decade, the entire nature of the real estate auction has changed dramatically. I remember personally when a real estate auction was a subdued, simple affair with only a few people in attendance and the properties were sold from the courthouse steps. (No, not because Iâ??m so old, but because the nature of the game has changed completely in the past 10 years). Now, however, these auctions can be somewhat riotous affairs, and often there are a lot of people involved who may not have that great of a knowledge of how real estate works.
Now, I think itâ??s great when people get involved in real estate investing. After all, thatâ??s why I teach people how to do it. But, when you throw hundreds of would-be investors into a small space and start holding an auction, things can get a little messy. Add on to this that banks and lenders have completely changed the way that they view these auctions from the way they did a few years ago, and if you are not on your toes you will not only lose out on seriously good deals, but you could lose your shirt in the bargain.
It used to be that lenders auctioned off foreclosed properties often for pennies on the dollar just to get them off their hands. Now, however, there are so many properties in foreclosure that a bank will not take just any offer on a property. They may send a property to auction 3 or 4 times and ask market value or higher for that home because they simply cannot afford to lose the money on it. Only when a house has not sold repeatedly at auction does it become a good deal (in most cases, of course) in this day and age. When you do your research on the auction, you need to check to see what properties are â??repeat offenders,â? since they will likely be the best deals.
On top of this, many banks and other lenders will try to incorporate legal fees accumulated during foreclosure into the cost of the property. Legally, you are generally not obligated to pay these fees, but watch what you sign or you could be agreeing to do so. In addition, properties that have been at auction several times may have a variety of â??hiddenâ? problems like wiring, mold and other interior issues that tend to develop when a house is left uninhabited for a long period of time. A simple drive-by BPO (broker price opinion) or your own drive-by estimate may not actually encompass all the issues that a property has.
When you are buying properties at auction, you should always learn as much about the situation of the property ahead of time. Check out crime rates in the area, crime relating to that property (e.g. vandalism) and also try to determine whether the last owners may have done interior or unseen damage to the house before they left. You can get some seriously amazing deals at todayâ??s real estate auctions, but you have to know what to look for and when to act in order to succeed in this type of investing endeavor.
Peter Vekselman has been successfully investing in real estate since 1996. He has completed over 1200 real estate deals, owned a construction company, been a private lender, and owned a property management company. Peter currently works with clients all over the US helping them achieve riches in real estate investing. For more information please visit  www.CoachingByPeter.com.

Retrieved from “http://www.articlesbase.com/business-articles/buying-foreclosure-properties-in-todays-real-estate-auctions-1453625.html”

(ArticlesBase SC #1453625)

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Peter V -
About the Author:

Peter Vekselman has been successfully investing in real estate since 1996.
He has completed over 1200 real estate deals, owned a construction company,
been a private lender, and owned a property management company. Peter
currently works with clients all over the US helping them achieve riches in
real estate investing. For more information please visit
www.CoachingByPeter.com.

]]>
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After buying an investment real estate with a loan on another investment property, what is the time frame for selling that property so it could be used for the exchange?
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Article Tags:
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Free expert real estate tips in how to invest in real estate property. Purchasing real estate with no money down using real estate sales tips. Use this great opportunity to expand your real estate investing profits. (02:29)

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Learn how to: 60 Days to Your First Bargain Property – William Bronchick describes some aggressive marketing techniques that you can use to have motivated sellers with the creative terms you want find you. A.D. Kessler’s Real Estate Roundtable #297 Clip 1 from Creative Real Estate Magazine at www.cremag.com (01:41)

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Many people who invest actively in real estate prefer to take advantage of commercial real estate coaching. A commercial real estate coach can help you realize your goals and make money faster.

By:
Kilianl
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lViews: 107

The Magic of a Real Estate Coach

For sure you’ve seen amazing magic tricks on TV or on stage. You were stunned when magicians transform a flower into dove, or a mouse into an apple. In the world of real estate investing, there are people who act like magicians. They love to transform things into another. Do you like to experience the magic of a real estate coach? He can transform you into a great investor.

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Long-term real estate investing is the only guarantee.

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real-estate-investing-club.com Don’t make the 3 big mistakes many real estate investors make when purchasing foreclosed homes. Foreclosures can be big profits and buying them the right way will set you up for success.

More Buying Foreclosure Property Articles

buying foreclosure property – Buying Foreclosure Properties in Today’s Real Estate Auctions

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Buying Foreclosure Properties in Todayâ??s Real Estate Auctions

Posted: Nov 13, 2009 |Comments: 0
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Real estate investors have been getting great deals on properties at bank auctions for years. However, in the past decade, the entire nature of the real estate auction has changed dramatically. I remember personally when a real estate auction was a subdued, simple affair with only a few people in attendance and the properties were sold from the courthouse steps. (No, not because Iâ??m so old, but because the nature of the game has changed completely in the past 10 years). Now, however, these auctions can be somewhat riotous affairs, and often there are a lot of people involved who may not have that great of a knowledge of how real estate works.
Now, I think itâ??s great when people get involved in real estate investing. After all, thatâ??s why I teach people how to do it. But, when you throw hundreds of would-be investors into a small space and start holding an auction, things can get a little messy. Add on to this that banks and lenders have completely changed the way that they view these auctions from the way they did a few years ago, and if you are not on your toes you will not only lose out on seriously good deals, but you could lose your shirt in the bargain.
It used to be that lenders auctioned off foreclosed properties often for pennies on the dollar just to get them off their hands. Now, however, there are so many properties in foreclosure that a bank will not take just any offer on a property. They may send a property to auction 3 or 4 times and ask market value or higher for that home because they simply cannot afford to lose the money on it. Only when a house has not sold repeatedly at auction does it become a good deal (in most cases, of course) in this day and age. When you do your research on the auction, you need to check to see what properties are â??repeat offenders,â? since they will likely be the best deals.
On top of this, many banks and other lenders will try to incorporate legal fees accumulated during foreclosure into the cost of the property. Legally, you are generally not obligated to pay these fees, but watch what you sign or you could be agreeing to do so. In addition, properties that have been at auction several times may have a variety of â??hiddenâ? problems like wiring, mold and other interior issues that tend to develop when a house is left uninhabited for a long period of time. A simple drive-by BPO (broker price opinion) or your own drive-by estimate may not actually encompass all the issues that a property has.
When you are buying properties at auction, you should always learn as much about the situation of the property ahead of time. Check out crime rates in the area, crime relating to that property (e.g. vandalism) and also try to determine whether the last owners may have done interior or unseen damage to the house before they left. You can get some seriously amazing deals at todayâ??s real estate auctions, but you have to know what to look for and when to act in order to succeed in this type of investing endeavor.
Peter Vekselman has been successfully investing in real estate since 1996. He has completed over 1200 real estate deals, owned a construction company, been a private lender, and owned a property management company. Peter currently works with clients all over the US helping them achieve riches in real estate investing. For more information please visit  www.CoachingByPeter.com.

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Peter V -
About the Author:

Peter Vekselman has been successfully investing in real estate since 1996.
He has completed over 1200 real estate deals, owned a construction company,
been a private lender, and owned a property management company. Peter
currently works with clients all over the US helping them achieve riches in
real estate investing. For more information please visit
www.CoachingByPeter.com.

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