What Every Landlord Should Know About Discrimination
The Fair Housing Act of 1968, as amended, prohibits discrimination on the basis of race, color, religion, nationality, familial status, age, and gender. Many state and local laws also forbid discrimination on the basis of sexuality or source of income, and the Americans with Disabilities Act makes it illegal to discriminate against the disabled. If you harbor any such prejudices and would allow them to come into play when renting a housing unit, then you’re probably not cut out to be a landlord. However, many sincere real estate investors make honest mistakes that result in discrimination lawsuits. The best way to avoid them is to be informed.
Watch the Wording of Your Ads
The Fair Housing Act (FHA) may appear to be common sense, and most people would never think of discriminating against people of different races or religions, or on the basis of gender. However, it is important to note that the FHA extends beyond the screening process, and into advertising as well. This is where many landlords and property managers make fatal mistakes. After all, there are people who scour the classifieds looking for inappropriately worded ads so that they can pounce on them and threaten a lawsuit. While someone must have standing to bring suit, these scoundrels often work in coalitions to ensure that all of their bases are covered.
For example, if you own a rental property in a predominantly Jewish community, its proximity to the local synagogue could be a major feature. But if your ad says “within walking distance from the synagogue,” you could be sending the message “gentiles need not apply” – even though this wasn’t your intent. And keep in mind that you may not discriminate on the basis of whether a couple is married, whether or not children are to live in the unit, or on the basis of age. Novice landlords may not be aware of these areas of concern, and while it’s a good thing that citizens are more aware of their rights today, it can be a very bad thing for well-meaning landlords who are out of step with the times. Read more
How To Create A Winning Real Estate Business Plan
More and more people it seems have been getting into the market for real estate investing, but the most successful will be those who can create a winning real estate business plan.
This real estate business plan will serve a number of different purposes, and it is important for any would be real estate investor to understand just how important such a plan can be.
Attracting Capital To Close The Deal
On the one hand, a well thought out, professional and polished real estate business plan will help the real estate investor to attract the capital he or she needs to close those once in a lifetime deals.
The secret to success in the world of real estate is that so many of the transactions can be done using other people’s money, and that is where the real estate business plan comes in. The real estate business plan will detail to all those would be investors and money lenders just how the business is destined to succeed.
Using Your Business Plan To Help Guide The Business As It Grows
In addition, a well written real estate business plan can also serve as a blueprint and a guideline as the real estate business moves forward.
It can be quite difficult to get such a business off the ground, especially when a slowdown in the market makes the world of real estate a bit more challenging. Having a real estate business plan at hand will help to guide the business as it grows.
Getting Help From Qualified Professionals
Preparing a high quality real estate business plan is well within the means of most real estate investors, but it is a good idea to ask for help from qualified professionals when preparing such an important document.
For instance, having an accountant or other tax professional take a look at the real estate business plan can provide some much needed insights.
In addition, having the real estate business plan reviewed by a qualified real estate or business attorney can ensure that the document is legally sound and that it contains no errors or omissions. After all, this real estate business plan will form the cornerstone of the new enterprise. It is important that it be a quality document.
Author: Shaunta Pleasant
Article Source: EzineArticles.com
The ABCs of Real Estate Investment Trusts
Let us take a look at how these funds operate, their structure, their return potential and what they mean to you as an investor.
History of Reits :
The concept of Reits originated in the USA. These products grew in popularity over a period of time, as the returns generated by these funds were much better than that from other forms of investments such as bonds, government savings schemes and the like. Now, such products will be soon available in India with SEBI having taken the first few steps to allow mutual funds to set up such funds.
Functioning of a Reit :
A typical real estate investment trust will be structured like a mutual fund. Read more
Vendor program arrangement is a kind of financing arrangement in which finance is offered to the customers as a sales, marketing & deal closing tool.
There are different types of foreclosure auctions, but they all have some common denominators. (1) Foreclosed property in the form of a house, land and sometimes personal property, like jewelry, cars, or furniture. (2) A seller. This may be a bank or other lending institution or the city/county government for back taxes. (3) A bidder. These individual can be real estate agencies, other investment brokers, or private citizens.
The auction begins with the auctioneer reading a variety of legal notices and legal descriptions of the property being sold. The opening bid is set by the foreclosing lender. Most usually this bid is equal to the outstanding balance on the loan, the interest accrued, and attorney fees with any other fees connected with the sale. If no bids are higher than the opening bid set by the lender, then the property will be bought by the attorney carrying out the sale for the lender.
They will then begin taking bids on the foreclosed property as set by the opening bid from the lender. If a bidder has not already been pre-qualified by the auctioneer before the auction began, he/she will be asked to give their deposit check to the auctioneer. Most residential auctions require a deposit check of $5000. The auctioneer will then ask for the bidding to continue to get a higher price. This is usually done in increments of $100, $500, or $1000.
Bidding continues until the auctioneer assesses that the bidding has stopped and the highest price has been bid. He/she will then announce “going once, going twice, going three times, sold!” The auction is then ended.
Foreclosure deeds and purchase papers are drawn between the new purchaser of the property and the mortgage holder. A grace period to allow the purchaser to line up financing will be given. Most of the time this is thirty days.
Once financial arrangements have been secured, closing will take place and the new owner will officially take title to the property. Read more
FHA Purchase Real Estate Financing
If you need to obtain necessary financing for the purchase of a home it is important for you to know that there are alternative lending sources other than banks and traditional lenders that you can use for a mortgage, even if your credit or other circumstances are less than ideal. There are government sponsored programs that allow a variety of people wit different backgrounds to purchase a home with a low or no down payment and affordable interest rate. Fha purchase financing is an option many people who are involved in the buying process.
Fha purchase financing is financing insured by the Federal Housing Administration which is a government owned organization that works to extend mortgages to people who do not meet traditional lending criteria. The Fha was established under the National Housing Act, with their goal being to extend financing to people with repayment abilities who otherwise lack the ability to get a traditional loan. Read more
Private Investors and Loans- Secured Business Loan – Providing A Conducive Atmosphere For Business Growth
- Business Loans – A Source of Finance for your Business
- Business Loans: Translating Potential for Financial Success and Independence.
- Business Loans: If You Know How To Make Good Use Of Money And Expertise
- Secured Business Loans – Equipping Your Business Blueprint With Concrete Groundwork
- The common reasons for business failure
- Successfully Closing the Strategy Gap
- A Lesson in Leverage
- Startup Company – What Are Accredited Investors and Why Should I Only Raise Money From Them?
- Choosing the Right Business Model for Your Startup
- FInd Investors
- Raising Capital For Your Business – How Long Does it Take?
- Executive Search Firms at The Intersection of Human Capital & Investment Capital
- Why is a Business Plan Important? 3 Top Reasons
- What Makes You Eligible for Venture Capital?
- Executive Search Firms at The Intersection of Human Capital & Investment Capital
- Business Consultation – A Growing Industry
- Snap Out of a Boring Retirement With a Legitimate
- Executive Search Firms at The Intersection of Human Capital & Investment Capital
- Ecommerce Affiliate Programs – A Good Low Cost Small Home Based Business Option
- Angeles City – A Hidden Paradise!
