Hard Money Loans

By now most Americans are very aware of the fact that real estate foreclosures are at an all time high. In many states and metropolitan areas, foreclosure rates have doubled and tripled since the beginning of 2006. A lot of American homeowners, though, still are not clear on exactly what the foreclosure process is or how it unfolds. In a typical case, when a homeowner is 30 days late on its monthly mortgage payment, the lending institution will place a phone call to the home-owner, reminding them to make their monthly payment. The Lender will follow up with another phone call and usually a written reminder after 60 days of non-payment.

Once the homeowner is 90 days behind on their mortgage, the lender will invariably send the homeowner what is called a “pre-foreclosure letter.” read more…

If you’ve been thinking about getting hardwood flooring for your home you’re not alone. Many homeowners have come to see then numerous advantages of this type of flooring. Hardwood flooring is durable, easy to clean, attractive and through installation may be challenging, the end result is definitely worth the effort.

Hardwood floors are durable enough to last for generations. Some commercial buildings have enjoyed their hardwood floors for more than 150 years, a testament to their resilience.

Hardwood floors are easy to clean, and, so long as they are properly cared for, can endure in your home for years to come, while looking as nice as they did when they were installed.

The beauty of hardwood flooring, in my opinion, is unsurpassed. The ambiance they add to a home’s de’cor is unmatched by any other type of flooring.

Proper installation of hardwood floors can be challenging; however, installation is relatively simple for a room that is small and rectangular or square.

If you want to have a hardwood floor that doesn’t squeak, buckle, crack, begin to shrink and that remains in alignment you have to become acquainted with the many tricks and skills of the trade.

A big mistake is installing the flooring material before it’s had a chance to acclimate to the temperature and humidity of the room. Hardwood flooring readily absorbs moisture which alters its shape and size with changes in temperature and humidity.

Ensure, then, that the humidity and temperature of the home or room where you’ll be installing the flooring material is the same as it’ll be when you live there. Do this by unbundling your flooring in the room where it is to be installed and allowing it to acclimate between seven and 10 days before installation.

The vexing task of refinishing hardwood floors has become much more bearable with modern refinishing equipment which has done away with the clouds of dust generated by the sanding of floorboards. Fortunately, by regularly caring for your floor, it need never be sanded again.

Coating floors with several layers of clear urethane helps to strengthen the already durable hardwood. It’s easy to forget that we don’t really walk on the wood floors; we’re walking, instead, on layers of urethane. By not allowing the urethane to completely wear off, particularly in areas of high-traffic, you won’t ever need to sand the wood. Simply by adding a new layer of urethane, say every three to five years, you can say goodbye to the heavy sanding equipment. Just remember to lightly sand the urethane before applying the new layer.

Oak is the most common hardwood flooring material in use. This is perhaps because it is abundant, relatively inexpensive and durable. Maple is another popular material because it has a much lighter grain than oak, yet remains durable.

Each type of hardwood has its appeal, from cherry hardwood to red birch, walnut, ash, or poplar. No matter your choice you’ll be sure to enjoy the beauty of wood flooring.

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Government Grants: It is true. The government is giving away free money for you to do many things such as going to school, writing a book, buying a house, and many other things. Many people are not aware that the US government actually has grants that can help you purchase real estate. There are no criteria for availing these grants. These grants can also be used for real estate financing.

When we say real estate, it means home, land, office, hotel, industrial and retail properties. The government is giving grants from $8,000 to $800,000 to buy real estate. At times, these grants can extend to millions. There are a number of companies online that you help you fill out your application and assist you with getting the grant. These companies will not only assist you preparing your application but will also provide you information on new developments and government financial ventures. They can also help you in sending a direct application to the government for getting these loans.

A point to remember is that these government grants for real estate purchase can be obtain even if you have bad credit and irrespective of your income. These low interest loans are extremely easy to get. read more…

Lease Purchasing is one of the most profitable and practical ways to be in real estate. You don’t need a bank or an extensive line of credit to get started. There is an absence of Tenant & Toilet problems (if setup correctly)! It’s creative and even fun! Lease Purchasing can also be a nightmare if you do not have the foresight to have well designed, strategically written contracts.

Recently I was asked by a reader of my Lease Purchase Times © newsletter where he could find good generic Lease Purchase contracts.To me that is like asking a neurological surgeon if he can recommend a do it yourself brain surgery kit and combination salad maker!

I advised the reader that there are generic contracts from several sources. One such source is your local real estate agent or office. They have the multi-purpose fill in the many blank type forms. The question remains, however, are they any good or even WORTH THE PAPER THEY ARE WRITTEN ON ?

My handy Law Dictionary defines Generic as follows: Something not specific or not referring to a specific thing. Generic contracts are just that generic. They are designed with the one size fits all concept. In reality, they are not designed to protect you or your interest in the particular Lease Purchase transaction with which you are currently involved. I have collected many of these so called generic Lease Purchase contracts for years; Not only have I received contracts from Realtors and stationary stores; others came from the get rich quick, while staying in bed all day, books and seminars. They all have one thing in common. They are garbage ! They are poorly written and lack the necessary clarity and/or specific verbiage inorder for the contract to be enforceable. I have designed and utilize 8 specific contracts for my own Lease Purchase deals. Which one I use is determined by the hat I am currently wearing at the time. Am I the Landlord/Seller, the Tenant/Buyer or the Assignor/Assignee? Will I be Subletting, Assigning, Sandwiching, Pure Optioning or just quick flipping , bird dogging, networking or consulting ?

TIP: I always carry a couple copies of my Lease Purchase Contracts in my cars trunk right next to my earthquake/Wildfire emergency kit* compartment. An investor is always prepared especially if you live in Southern California!

Here are a few suggestions for items that should be contained in any Lease Purchase Agreement. Some of these may seem like obvious inclusions. Having been involved in Lease Purchasing for many years now, I can tell you that the obvious is not always so! read more…

How to profit safely and handsomely from the subprime mortgage mess through smart and timely investment moves.

What a mess the financial geniuses of this country have created through their ‘miracle loans’ to struggling families who dreamed of owning their own home. Through their corporate greed, many of the country’s mortgage loan companies and Wall Street banks have not only caused millions to lose their homes through foreclosure, but they have harmed the U.S. economy as well.

Isn’t satisfying to see these mortgage companies and banks – villains and perpetrators all – now themselves suffer from plummeting stock prices and even bankruptcies? They are now reaping what they have sown.

The root problem is that millions of home buyers used ‘too good to be true’ home loans to buy homes they really couldn’t afford. The mortgage companies and banks offered these loans, often with deceptive and tricky terms, to make millions off the loan fees. The loans were hard for buyers to resist because they had low or no interest charged for the first years. But now the loans are ‘exploding’ with dramatically higher interest rates and these home buyers find themselves unable to make the monthly payments.

For years all was well while home prices skyrocketed with the fuel of low interest rates and easy credit. But now the party has ended. Home prices first plateaued and then began falling, millions of buyers are defaulting, Wall Street is losing billions, and the nation teeters at the brink of a recession.

How can you profit from this? Of course you want a safe method. Want a sure fire method? What is it? read more…

The National Capital Region is witnessing frenetic activity again. This time, it is in all segments and in all categories, including plots, flats and apartments. The elections were a great engine. Affordable housing has captured the imagination of private developers in Delhi, and large groups of developers in the NCR, as DLF have implemented affordable housing in Moti Nagar.

The values have increased by 8-10 percent across the board in established areas of Delhi and another 5-7 per cent of expected increase in capital values after the budget. The buyer profile includes end users, investors, builders and High Net Worth individuals.

Premium in residential areas such as Defense Colony, Vasant Vihar and Greater Kailash has been a significant number of transactions. As a result, there is very little stock waiting to be sold. Only sellers who are asking for unreasonably high values are values. According to a real estate consultant, “In a rising market, the expectation of the owners has increased faster than the market. In a declining market, however, expectations fall more slowly than the rest of the market.”

In the market for lower value as Saket, Hauz Khas and Green Park, the rate of operations has been low with values of 15-20 percent drop from peak values. In middle class areas like Moti Nagar and Vikas Puri values have seen a sharp drop of almost 30 percent.

Mayur Vihar and much of East Delhi is on the crest of the Commonwealth Games and the arrival of Metro. Areas that had previously recorded very low capital and rental values have already witnessed an increase of 100 percent. The reason for displacement of the population of Noida expensive to Mayur Vihar has been more affordable rental values and the constant increase in demand for rental housing. The arrival of the Metro will further increase these values.

The demand for flats builder experienced a drop of 37-50 percent in Delhi in recent weeks. In active trading on the field in the south and west Delhi, the plant construction market is expected that the values rebound.Rental builder of apartments and flats experienced no significant change in the Q3-Q4 2008-2009. They are more or less stable, with a simple change of 5.15 percent marginal prices depending on the location and treatment. According to local real estate agents in New Delhi, people living in rental are the end users and therefore there is always a demand for rental housing in New Delhi.

Retail market of Delhi has been slow with only 10 percent occur in transactions in recent months. The retail malls are going to search for rental of Rs 225-250 per square foot on the lower floors and Rs 100-125 per square foot on upper floors. On the streets of high levels of rent ranges between Rs 700-800 per square foot, less than 1,100 rupees per square foot a year earlier.

In the neighborhood markets like Lajpat Nagar and Sarojini small format units were available Nagar Rs 350-400 per sq. ft. However, this comes with no backup power or maintenance. Super to the carpet area ratio in small format stores is only 10 per cent compared with 40-50 percent of cargo in large format store and malls.

Delhi market has witnessed a weakening confidence because of the global economic slowdown and the consequent loss of jobs. Today, segments of active buyers are businesspeople. Experts say there is money to potential buyers, but are slowing down, and waiting for market to bottom-out or because they are hoping to improve the economic scenario. For serious buyers end user this is probably the best time to buy. After this once underground developments in New Delhi through the NCR, the values are bound to rise. Today it is possible to negotiate with sellers, but after a few months this may not be possible. The retail market will have more time to stabilize. The local neighborhood markets and shopping complexes have scored more shopping centers that have seen a drop in the footsteps.

More information about Delhi and India Property log on to Properties Hut

I write this article for those people, who want to invest in Delhi NCR Property. Delhi, known locally as Dilli and also the official name of National Capital Territory of Delhi. From this article you can imagine Delhi Property Market and Real Estate India is growing up.

Article Source:http://www.articlesbase.com/real-estate-articles/property-demand-in-delhi-ncr-1369132.html

A developer is planning to build a 100 unit condominium development in a very popular location. The developer has already worked out the numbers and thinks that the project will make a handsome profit. Since he doesn’t have the required amount of capital to complete a project of such magnitude, he approaches banks to request financing.

But before banks lend out millions of dollars to the developer, they want to know that the project has the potential to sell after completion. Since there is no way to know the future and banks like to reduce risk as much as possible, they require the developer to pre-sell a certain number of the units (usually 25%-50%) before they will lend money. In this example a bank agrees to finance the developer if 40% of the units are sold before construction begins.

There are very few home buyers who are going to commit to buying something without actually seeing it with their naked eyes. So the developer has no choice but to approach real estate investors who understand the risk and reward of such ventures. In order to reward these investors for their risk, the developer gives them a 10% discount off the appraised value (after construction value) of the condos if they sign a purchase agreement (contract).

This creates a win-win situation where the developer is able to secure financing and the investors are able to get built-in equity by getting the property below appraised value. The investors who buy these condos before the construction is completed are called pre-construction investors, and this investment strategy is called preconstruction investing. read more…

Time is running out for you to avail tax incentive provided by the American Recovery and Reinvestment Act of 2009 for first time home buyers to purchase a home. In accordance with the provisions of the act, tax credit for an amount of USD 8000 is provided to first time home buyers provided they purchase a home between January 1, 2009 to December 31, 2009.  It is important to understand the definition of a first time home buyer. All individuals who have not purchased a home up to a period of three years prior to purchase under this scheme are eligible to avail this tax credit.  It is not necessary that you need to buy a new home; your purchase could be even a re-sale to claim this tax credit.

The amount of tax credit available under the scheme is 10% of the value of the home purchase subject to a maximum amount of USD 8000. There has been a income limit specified for eligible first time home buyers wherein the maxim um income for a single tax payer should not exceed USD 75,000 while it stands exactly twice at USD 150,000 for married tax payers. In case however, you have not owned a house during the past three years but your spouse has purchased a house within the same period, you are ineligible to be benefited under this scheme. There is something known as the phase out range which has been defined for this tax credit program. This has been set at USD 20,000. This implies that the tax credit entitlement shall be nil for an individual income exceeding USD 75,000 i.e. USD 95,000. In case of married taxpayers the income at which the tax credit shall become nil equates to 20,000 exceeding 150,000 i.e. 170,000. For individuals who have income between USD 75,000 up to USD 95,000 there is a way of computing the reduced tax credit on a proportional basis.

The process for claiming the tax credit is fairly simple and user friendly. An individual is allowed to claim the tax credit while filing federal income tax return. The first time home buyer should fill in a form known as the IRS Form 5405. Apart from this form, there is no other form required. It is extremely hassle free to enjoy this privilege.  It is best advised that you read about this scheme on the official website of IRS to know about the scheme in depth. The resource is exhaustive and does complete justice to the process of tax credit availability for first time home buyers. 

The objective of the federal government in allowing this tax credit is to make housing affordable for each individual and give impetus to the housing sector. A healthy housing industry positively impacts other sectors such as steel, cement and utilities as well and has a cascading effect on the country’s economic growth.  So go ahead and grab your new home before you step into 2010.

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Article Source:http://www.articlesbase.com/real-estate-articles/hurry-and-take-advantage-of-the-home-buying-tax-credit-1364725.html

Acquisition: The right move at the right time

Sophisticated land investors know the ultimate profit is made when the property is purchased. That’s why our company believes land should be acquired three to five years before development. Further, we believe the cost of the property should be 25 percent to 30 percent of the price developers are currently paying for comparable land that is ready for development. These criteria assume that developers will pay no more for land in the future than they are paying today, and that continued demand will not exceed supply. Also, they also assume the property has access to utilities, and that no profits are dependent upon changing zoning.

This conservative approach enables our company to minimize risks by adhering to a formula that creates investor returns. Risk is primarily a function of the unknown. So tremendous energies should be expended to identify and understand all possible risk factors. By thoroughly studying a property before acquiring it, the investment outcome is more predictable, and the potential risk, if any, is more manageable. Regarding property acquisitions, follow this simple rule: when in doubt, don’t.

The purchase process

If all the analysis factors are favorable, then consider price and terms. But low price alone doesn’t make a property suitable for investment. You should negotiate not only the price and terms but also the factors critical to a proper acquisition. You may analyze hundreds of properties and negotiate no many of them before you find a property that meets all of your requirements. However, if any point of the contract has not been negotiated to your complete satisfaction, don’t consummate the acquisition. Instead, move on to the next prospective property. When you begin to compromise your standards, you create future problems for yourself. read more…

The Property Management Contract – Taking it Apart

The manager will be taking on significant responsibilities with the owner’s real estate. It is important to look at the contract and at a minimum it must
1. Name all parties to the contract
2. The legal property address
3. Define the responsibilities of the manager and the owner
4. Enumerate all fees and commissions for leasing or real estate sales.
5. Define the term of the contract
6. Both parties must sign and date the contract

What is Agency?

“It may be referred to as the relationship between a principal and an agent whereby the principal, expressly or impliedly, authorizes the agent to work under his control and on his behalf. The agent is, thus, required to negotiate on behalf of the principal or bring him and third parties into contractual relationship.”

Wikipedia

Basically you are signing off and binding the manager to act in your behalf and in your best interest regarding the management of the property.

The Take-away: read more…