Important information for SELF-EMPLOYED or INCOME PROPERTY OWNERS!
Did you know that you can make the interest on your personal home mortgage tax deductible? That’s right! It is called the ” Smith Manoeuvre “. In 3 short years, I have been able to convert the conventional mortgage on my home into a business line of credit using my business expenses. The interest of the line of credit is a tax deduction on my income tax!!! Send me a message, if you would like to discover how to put the Smith Manoeuvre to work for you!
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New Properties Purchased, January 27, 2011!
These properties were purchased on January 27, 2011:
245 Liberty Road, Jasper, AL 35501 (MH11-01)
657 S. Warrent Street, Mobile, AL 36603 (MH11-02)
114 Morgan Street, Murfreesboro, AR 71958 (MH11-03)
205 Cherrywood Drive, Sherwood, AR 72120 (MH11-04)
14200 S. Stallion, Pima, AZ 85629 (MH11-05)
4125 N. 29th Avenue, Phoenix, AZ 85018 (MH11-06)
497 E. Van Ness Street, Cochise, AZ 85606 (MH11-07)
2845 W. Taylor Street, Phoenix, AZ 85009 (MH11-08)
Clint Mason Road, Crestview, FL 32539 (MH11-09)
14218 Hollings Street, Jacksonville, FL 32218 (MH11-10)
3904 W. Leonard, Jacksonville, FL 32208 (MH11-11)
8534 W. County Road 18, Lake Butler, FL (MH11-12)
19684 County Road 137, Wellborn, FL 32094 (MH11-13)
2340 Old Zebulon Road, Forsyth, GA 31029 (MH11-14)
111 SW Lookout Circle, Rome, GA 30161 (MH11-15)
113 SW Lookout Circle, Rome, GA 30161 (MH11-16)
115 SW Lookout Circle, Rome, GA 30161 (MH11-17)
421 S. Iowa, Old Town, ID 83822 (MH11-18)
7924 S. Avalon Avenue, Chicago, IL 60619 (MH11-19)
6745 S. Indiana, Chicago, IL 60637 (MH11-20)
158 W. 141st Street, Riverdale, IL 60827 (MH11-21)
320 Leitrim, Boyce, LA 71409 (MH11-22)
22 Stickney Hill Road, Brownville, ME 04414 (MH11-23)
4943 W. Herrick Road, Farwell, MI 48622 (MH11-24)
309 Prairie View, West Point, MS 39773 (MH11-25)
9382 Sequoia Drive, Granite Falls, NC 28630 (MH11-26)
1105 Clay Street, Statesville, NC 28677 (MH11-27)
128 E. Lane Avenue, Lima, OH 45801 (MH11-28)
1367 Plainfield Road, South Euclid, OH 44121 (MH11-29)
319 Old Georgia Road, Pelzer, SC 29669 (MH11-30)
1486 Old Cherokee Trail, Saluda, SC 29138 (MH11-31)
661 Winter Place Drive, Trenton, SC 29847 (MH11-32)
708 Cotton Street, N. Little Rock, AR 72117 (MH12-01)
122 1st Street, Cook, CO 80726 (MH12-01)
491 NW Spradley Road, Lake City, FL 32055 (MH12-03)
2883 Knollberry Lane, Decatur, GA 30034 (MH12-04)
12314 S. Aberdeen Street, Calumet Park, IL 60827 (MH12-05)
4816 W. Erie Street, Chicago, IL 60644 (MH12-06)
617 N. 5th Street, Paducah, KY (MH12-07)
1817 W. 6th Street, Owensboro, KY (MH12-08)
114 Mill Street #114, Southbridge, MA 01550 (MH12-09)
184 W. Greendale, Detroit, MI 48203 (MH12-10)
8056 Hubbell, Detroit, MI 48228 (MH12-11)
1313 Rathbone Street, Grand Rapids, MI 49509 (MH12-12)
17 23 Lois Lane, Pontiac, MI 48342 (MH12-13)
3348 Burroughs Avenue, Burton, MI 48529 (MH12-14)
16512 Whitcomb, Detroit, MI 48235 (MH12-15)
4532 Isabelle Street, Inkster, MI 48141 (MH12-16)
4789 108th Street, Pullman, MI 49450 (MH12-17)
820 N. Crysler Avenue, Independence, MO 64050 (MH12-18)
202 E. Whittington Street, Greensboro, NC 27406 (MH12-19)
490 Lawrence Street, Burlington, NJ 08016 (MH12-20)
135 Chamber Street, Newburgh, NY 12550 (MH12-21)
201 W. South Street, McGuffey, OH 45859 (MH12-22)
4102 Riverview Avenue, Middletown, OH 45042 (MH12-23)
247 Hanover Street, Toledo, OH 43609 (MH12-24)
1697 Bancroft Avenue, Youngstown, OH 44514 (MH12-25)
12014 Robertson Avenue, Cleveland, OH 44105 (MH12-26)
12 N. Cherrywood Avenue, Dayton, OH 45403 (MH12-27)
13813 Granger Road, Garfield Heights, OH 44125 (MH12-28)
811 E. Water Street, Prospect, OH 43342 (MH12-29)
4th Route Box 133B, Okemah, OK 74859 (MH12-30)
1434 N. Ithan Street, Philadelphia, PA 19131 (MH12-31)
419 Sumter Avenue, Hartsville, SC 29550 (MH12-32)
10145 County Road 41, Lindale, TX 75771 (MH12-33)
341 A & B Route 60, Boomer, WV 25031 (MH12-34)
1311 Airport Lane SW, Bessemer, AL 35022 (AI-10)
2901 Avenue U, Birmingham, AL 35208 (AI-11)
19A NW 28th Avenue, Fort Lauderdale, FL (AI-12)
7823S Ada Street, Chicago, IL 60620 (IL11)
6881 Piedmont Street, Detroit, MI 48228 (MI49)
3855 Gaylord, Detroit, MI 48212 (MI50)
3325 Virginia Avenue, St. Louis, MO 63118 (AI-13)
336 Kreider Avenue, Barberton, OH 44203 (AI-14)
136 Donora Road, Monongahela, PA 15063 (AI-15)
They are brand new to market and have not yet made it to our website. Be sure to check them out before anyone else does! For more information, please contact us at (803) 403-9555 or via email at email@example.com today!
New Properties Purchased, January 14, 2011!
These properties were purchased on January 14, 2011:
8023 Division Avenue, Birmingham, AL 35206 (AL41)
833 Overton Avenue, Birmingham, AL 35217 (AL42)
830 78th Street South, Birmingham, AL 35206 (AL43)
561 61st Street South, Birmingham, AL 35215 (AL44)
1616 Bush Boulevard West, Birmingham, AL 35208 (AL45)
1621 West Graymont Avenue, Birmingham, AL 35208 (AL46)
4657 Elfreth Johnson Road, Birmingham, AL 35215 (AL47)
46 17th Avenue South, Birmingham, AL 35205 (AL48)
1417 Gulfport Street, Birmingham, AL 35224 (AL49)
1717 Cullman Avenue, Birmingham, AL 35208 (AL50)
169 McDonald Terrace, Childersburg, AL 35044 (AL51)
3901 40th Way, Fairfield, AL 35064 (AL52)
608 E Orange Avenue, Foley, AL 36535 (AL53)
502 Wilson Street, Gadsden, AL 35904 (AL54)
4102 Broyles Avenue SW, Huntsville, AL 35805 (AL55)
204 Pine Street, Sylacauga, AL 35150 (AL56)
201 East Locust Street, Morrowville, KS 66958 (KS01)
127 South 6th Street, Quenemo, KS 66528 (KS02)
1409 North Fountain, Witchita, KS 67208 (KS03)
2825 North 27th Street, Kansas City, KS 66104 (KS04)
4102 North 22nd Street, Omaha, NE 68111 (NE01)
102 2nd Street, Maskell, NE 68751 (NE02)
4307 Erskine Street, Omaha, NE 68111 (NE03)
2015 North Birmingham Place, Tulsa, OK 74110 (OK01)
8914 NE 13th Street, Midwest City, OK 73110 (OK02)
220 North Peachtree Street, Ponca City, OK 74601 (OK03)
2205 Dawson Avenue SW, Birmingham, AL 35211 (AL40)
100 North Lotus Avenue, Chicago, IL 60644 (IL10)
13640 Tacoma Street, Detroit, MI 48205 (MI47)
13981 Steel, Detroit, MI 48227 (MI48)
107 North Clark Road, Deer Creek, MN 56527 (MN03)
298 Avalon, Cincinnati, OH 45216 (OH23)
65 East Mapledale Avenue, Akron, OH 44301 (OH24)
They are brand new to market and have not yet made it to our website. Be sure to check them out before anyone else does! For more information, please contact Kathy at (803) 929-1117 x238 or via email at firstname.lastname@example.org today!
10 Ways To Find Investment Properties
If you really want the best deals in investment properties, you have to increase your odds by finding more deals. Who is more likely to get a cheap apartment building, an investor that looks through the MLS listings and calls it a day, or the one that uses ten resources?
Here are the ten:
1. Talk. Let people know you are looking and sometimes the properties will come to you. There are a lot of owners out there who want to sell, but haven’t yet listed their property.
2. Use the internet. Go to a search engine and enter the type of real estate you are looking for, along with the city you want to invest in. You never know what you might find.
3. Drive around looking for “For Sale By Owner” signs. Owners often don’t want to pay to keep the ad in the paper every week, so you won’t see all properties there.
4. Find abandoned properties. That’s a pretty clear sign that the owner doesn’t want to deal with the property. He might sell cheap.
5. Find old “For Rent” ads. Call if they are a few weeks old. Landlords are often ready to sell, especially if the haven’t yet rented the units out.
6. Talk to bankers. You might get a foreclosed-on investment property cheaper if you buy it before they list it with a real estate agent.
7. Offer someone a finder’s fee. There are people that always seem to hear about the good deals. Have such people coming to you.
8. Eviction notices. If your local papers publish eviction notices, or if you can get the information at the courthouse, it can be useful. A landlord who just went through the procees of evicting tenants is a likely seller.
9. Old FSBO ads. If you call on two-month-old “For sale By Owner” ads, and they haven’t sold, they may be ready to deal. Owners often give up the effort, but still would love to sell. Help them out!
10. Put an ad in the paper. “Looking for investment properties to buy,” might be sufficient to generate a few calls.
Tips for Investment Properties
Investment properties are real estate which is purchased for the purpose of generating financial returns. Whether you buy a large apartment building or rent out your basement, when you are renting to a tenant you become a landlord which means you are subjected to laws, responsibilities and regulations that differ between provinces. Below are ten tips for renting your investment property.
- Contact your local or municipal government to first determine if you are legally permitted to turn your home into an income property. Work with them to ensure the unit adheres to all existing building and fire codes.
- Get to know the landlord-tenant relationship regulations in your province.
- Inform your insurance company about your plans for renting out space in your home, and ask them if you require additional coverage.
- Get your home renter-ready. Whether it requires simple changes like a fresh coat of paint or major renovations, make your home look and feel as spacious, bright and comfortable as possible. Your home should look appealing inside and out in order to attract potential renters.
- Price and market your unit competitively. Scan the classifieds and visit rental websites to find out how much similar units are listed for. You can ask your Royal LePage real estate agent for pricing advice, and to help you find the right tenants through a listing.
- Conduct a screening process for applicants. Consider running a criminal background check, as well as a credit check, on prospective tenants.
- Draft a written tenancy agreement. It may contain information such as the date the tenant will move into the rental unit, the rent amount, the date rent is to be paid, what services are included in the rent (such as electricity or parking) and any separate charges, as well as the rules that you require the tenant to follow.
- Consult a lawyer to look over the contract. Although not necessary, a lawyer can ensure there are no legal problems or issues with the contract before you present it to your tenant.
- Request a minimum deposit in advance that may be used against any property damage or unpaid bills, depending on the laws in your province.
- Have the tenant sign the agreement, and provide him or her with copies.
Finally a Government Bailout for Real Estate Investors!
Despite being blamed for the housing bubble it has been clear that the government and banks have been looking for the aid of real estate investing professionals to bail the nation out of the economic slump but it has taken until now for any support to come to the aid of investors. What’s the deal?
It has now been announced that changes to the HAMP (Home Affordable Modification Program) will enable investors to start receiving up to 4 federally subsidized loan workouts, beginning in around 60 days. Basically this means loan mods, cutting mortgage rates, lower payments and principal reductions for real estate investors caught out by the bust. This includes those speculative investors and real estate investing companies who took out low down payment loans with high rates and couldn’t flip them or make ends meet.
With 45% of mortgages in top foreclosure states taken out by investors and over 30% of purchases made by those in real estate investing in 2006 alone this is a huge pool of property owners who could potentially be helped. Plus, that doesn’t count all the multiple ‘owner-occupied’ purchases and loans that were made which were actually investments.
While these modifications are really aimed at helping buy and hold investors who will continue to rent them or who will make plans to find tenants for them, obviously the more wealth preserved and fewer homes in foreclosures, the stronger the overall economy will remain and grow.
How does this really help those getting into real estate investing today or those who lost their investment properties already?
The great news for those getting back into real estate or getting involved in real estate investing for the first time is that this signals strong motivation and willingness on the behalf of the government at all levels and lenders to offer incentives for those who will take on distressed properties and rent them out or at least maintain them. Use this to build in even better profits.
Avoiding Common Investing Mistakes
As with any investment option, real estate investment isn’t foolproof; many make mistakes that can cause them to fail. You want to avoid these mistakes so that your investments are successful and profitable. Here are some of the biggest mistakes beginning investors make, and how you can avoid making them yourself.
Perhaps the most important mistake is failure to plan; it’s very important to set goals, then make a plan to reach those goals. Oddly enough, many wannabe investors skip this step, and simply start searching foreclosure listings, throwing their money at any cheap house. The problem with that is without properly evaluating an investment you can’t be sure a property is really a good deal. If the house is only $30,000, but needs $40,000 of work done, it’s not really a deal, is it?
Successful real estate investors all share three specific traits:
- They write down specific goals.
- They create a plan that will help them achieve those goals.
- They follow the plan, and check their progress periodically.
So to avoid this mistake, write down your goals; are you looking to have a certain number of properties, or make a certain amount of money? Whatever your goals are, write them down, then determine what you need to do to reach those goals. A plan will also allow you to check your progress periodically, to make sure you consistently stay on track.
A second common mistake is taking advice from unknowledgeable sources. If you are looking for investment advice, you should talk to a broker; they are the ones who are going to be able to accurately answer all of your questions. Friends, family members, co-workers and neighbors all have good intentions, but making decisions based on advice from people with no knowledge of real estate investment can cost you way too much! Just remember that what works for one may not work for another.
A third mistake is buying property without researching to verify the value first. You’ll need to evaluate the investment to make sure it’s worth the price it’s listed at. You should only buy a property if the price is significantly below market value. Remember that when you’re investing in real estate, you should look at the properties as sources of income, nothing less, nothing more.
Consider the purchase price, the cost of any work the property requires, and how long that work will take. Essentially, you should ask yourself how long it will take to generate an income from this property.
Another common mistake many investors make is making emotionally based investment decisions. It’s very important to remember that when you look at Investment Properties, don’t buy a house because you fall in love with it; you always have to look at the bottom line: how much profit will I make?
You aren’t going to be living in the house; it is solely a vessel with which you will earn money. Therefore, it doesn’t matter if you like it! Avoid buying properties that appeal to you, unless they appeal to you for their value. This is important, not only when you purchase a property, but also later when the property becomes more of a liability and it’s time to sell. Too many investors fall into the trap of holding on to a property because they like it, long after they should have gotten rid of it.
Have questions? Contact us! We have a very knowledgeable staff that can help you reach your goals!