Posts Tagged: ‘homes’

Buying Homes At The Foreclosure Auction: Be Careful, Buy Smart

December 10, 2011 Posted by admin

Buying homes for sale at the foreclosure auction may seem glamorous to some, but without proper preparation you may end up with an expensive life lesson. With a few simple measures one can properly harvest profitable properties time and time again minimizing risk and maximizing profitability.

The first measure, and the absolute most important, is to thoroughly research the foreclosure auction process in your area. Specifically the trustees sale auction dealing with bank foreclosed properties. In my area, our trustees’ sales are held at the courthouse on Friday Mornings. Each state has different rights for the homeowner, bank and potential auction purchaser, start with a web search and research your area. It would be strongly advisable to spend an hour discussing with a knowledgeable local Real Estate Attorney or Realtor.

Once you are up to speed on your local Foreclosure Auction procedures and rules you need to begin attending your local auction as frequently as possible and tracking auction properties. You do not want your first time at the auction to be the same day you make your first purchase. You can obtain lists of properties in foreclosure from your local Realtor or through your local title company. A Realtor will be a great asset in providing comparable sales analysis and resale projections for your purchases.

Depending on your area, the information you receive may be sixty to ninety days in advance of the sale. To obtain more current auction data, research homes for sale on the trustee’s website, the trustee is usually listed on the foreclosure sale data you receive from your Realtor or Title company. A simple web search for the trustee name will yield their website, most sites are easy to navigate and you can easily drill down to your location and see homes for sale and often times, the opening bid of the auction. Pick a list of properties you want to watch, have your Realtor partner pull comparable sales and make a quick drive by of the properties. It’s important to note that most foreclosure auction processes do not allow interior inspection of the property and they are usually sold as-is.

In addition to comparable sales, there are some legal considerations to investigate when purchasing auction properties. This is where an experienced attorney or Realtor can come in handy to help minimize risk. There are some services which will provide all the data for you, but typically cost up to three percent of the purchase price for the data. A few important factors to consider:

You Must (absolute Must) purchase the primary lien on the property.
If you purchase a subordinate lien, such as a second mortgage, you risk the primary mortgage foreclosing and eliminating your position in the sale. Do your title research on this if you mess up here, you can kiss a lot of money goodbye in short order. Most subordinate liens will be removed after the purchase (here is a good topic of discussion with your Real Estate Attorney).

You Must research IRS liens.
Depending on when the lien was filed this can be a problem. It’s important to allocate time to research this. It’s different in each area and a good title company can help.

Some like to preview the properties at auction, I know I said that you typically cannot preview them, but in rare cases they are listed by a Realtor up until the auction. Have your Realtor partner schedule an appointment and take good notes, you may have an advantage over other bidders by knowing this “inside information.”

If you don’t have funding lined up, do it now. Most auctions are cash sales. They want paid when you win the auction. Some auctions will require a holding fee anywhere from $1,000 to $5,000 or more. Get your money together and have it ready. In most cases, auction purchases must be done with hard money (through an investor usually at high interest rates, this must be factored into your budget).

While you’re doing your research, make time to attend your local auction. Track what properties are for sale and what they sell for, also track the properties that do not sell. Start keeping a simple database of properties. Most experienced I investors will suggest watching a minimum of ten auctions prior to attempting your first purchase. After attending several auctions, you’ll begin to see some familiar faces. Watch their methods, track their properties, what they purchase and what they sell for and begin developing your plan.

With several auctions under your belt, money in hand and more research than you think you need, you can step up and make your purchase at the action. Once you’ve made your purchase a number of things may happen. Most areas will have you fill out the deed on the spot, others will have a small mail in process. If the home you purchased was occupied the former owner retains some rights and may have twenty days or more to get out of the home. You may have to evict them. I suggest using a Real Estate attorney for this process, as an incorrect step may result in the former owner living in your home longer than expected and free of charge.

This is not intended to be an all inclusive tutorial on auction purchases, but a compass to point you in the right direction. Auction purchases require lots of hard work and research, if any point were to come across we’d like it to be that one. Get out there, start tracking auctions and start investing in Real Estate, it’s a great time to make great money if you track the details and make one of the great buys that are out there!

Brandon Marchand sells Spokane Homes For Sale in Spokane WA. He is an avid Real Estate Investor, Business Owner and Consultant.

Article Source:http://www.articlesbase.com/investing-articles/buying-homes-at-the-foreclosure-auction-be-careful-buy-smart-1496129.html

How To Buy Government Foreclosed Homes

September 28, 2010 Posted by admin

Learn the secrets to finding, buying and financing government owned foreclosures. This is a modern day gold rush for anyone wanting to buy a home a deep discount prices. With a little bit of research you can buy homes for half of their fair market value.
How To Buy Government Foreclosed Homes

Interior Design Ebook – Space Planning for Homes

September 16, 2010 Posted by admin

Space Planning for Homes, for anyone looking to try their hand at interior design. A practical design guide to show you how to get the most out of your living space. Written by a professional designer with easy to adapt home concepts.
Interior Design Ebook – Space Planning for Homes

Floating Retirement Homes

August 14, 2010 Posted by admin

Imagine a floating retirement home that includes accommodations for two with ocean view, all meals, co-ownership in a cruise ship, a membership to a Golf and Country Club, monthly Bahamas cruise and annual cruise to the Caribbean. Sound too good to be true?

Now offered by Waterfront Lifestyles International, this is the latest concept for Florida’s seniors. The retirement community is a luxury cruise ship, complete with dining room, cocktail lounges, night club, library/Internet cafe, spa, fitness room, cigar bar, shops, medical center, sun deck, hot tub, casino and shuffleboard. The ship is located in Cape Canaveral with proximity to Orlando and famous central Florida attractions including Disneyworld, Sea World, Universal Studios and the space launches.

Residents actually own a 1/100th share of the ship that includes stateroom for two, meals and use of ship facilities. Similar to a condo, they pay a maintenance fee proportionate to the size and cost of their stateroom (range from 125-330 square feet).

This fee goes toward the ship’s operating expenses. Since you are not purchasing real estate, the sale will not be subject to property taxes, or closing fees. The members actually form a Homeowners Association to make decisions about the ship’s maintenance and monitor fluctuation of monthly fees. The ship is currently referred to as “Alegria”, but the Homeowners Association will have the final say in its name. Profit from the shops, bars, casino and spa go back into the maintenance fund to subsidize the operating budget.

Ship Amenities include:

- Weekly housekeeping

- 12 guest cabins available for free stays for friends and family (includes meals)

- Cashless Casino for recreation when ship is docked, but boosts up to authentic gaming casino when at sea.

- Access to ship laundry

- Shuttle bus for shopping, events and site seeing

- Staterooms have flat screen TV’s, telephones, and high-speed internet access

- All rooms are outside units with large windows

- Monthly cruise to Bahamas and annual cruise to the Caribbean

- Membership to local Golf & Tennis Country Club

- Parking

- Storage facilities

Costs range from about $2500 to $5,500/month for two people including meals and weekly housekeeping. Actually pretty reasonable, when you consider the cost of a retirement home is usually much higher for one person. An average seniors home may be between $1,000 and $3,000/month for one person, or from $6,000 to $8,000 for upscale facilities.

Investors can even put off purchasing until they retire, and rent in the meantime. Residents are also permitted to rent out their staterooms, but only for a minimum one year lease.

After viewing their brochures, if you’re still interested, leave a refundable $10,000 deposit to hold the stateroom that most interests you, and you can board the ship and view the facilities first hand. If it’s not what you’re looking for, the deposit is totally refundable.

Alegria the first cruise vessel being offered by Waterfront Lifestyles, but they hope to add additional ships in Tampa, Jacksonville, Palm Beach and Sarasota.

Jerry Clifford has received the prestigious 100% Club award for his success as a Minneapolis real estate agent. He is certified as an ePRO and prides himself on attention to detail. If you need help in your search for Wayzata Minnesota real estate, visit JerryClifford.com.

Key West Florida

May 28, 2010 Posted by admin

Key West FL is the southernmost city in the Continental United States. Key West is a city and an island by the same name near the southernmost tip of the Florida Keys and encompasses the namesake island, the part of Stock Island north of US 1, Sigsbee Park and Sunset Key.

Many passenger cruise ships utilize Key West as a seaport. Key West International Airport also serves the area. Naval Air Station Key West offers a training site for Naval Aviation.

Key West is officially known for having the nation’s first and oldest continuous gay and lesbian chamber of commerce. Thus the city’s motto “One Human Family”

Kay West was inhabited by ancient peoples known as the Calusa People in Pre-Columbian times. Juan Ponce De Leon was the first European to visit the area and the island was known as Cayo Hueso. It was established as a fishing and salvage village with a small fort to protect the Spanish colony.

Cayo Hueso literally means “bone key” as it is said that the island is littered with the bones from an Indian battlefield or burial ground. It is thought that the name changed to Key West is an Anglicization of the word “Hueso” that could mean west in English. Many businesses on the island use the name.

Great Britain took control of Florida in the late 1700′s and relocated the Spaniards and Indians to Havana. Florida passed back to the Spanish 20 years later but they did not formally resettle. The island was used by fishermen from Cuba and joined by fishermen from the United States.

The island was deeded to Juan Pablo Salis in 1815 but when Florida was transferred to the United States Salas was eager to sell the island. First he sold it for a sloop valued at $575 and then to a US businessman named Simonton for about $2,000. The sloop trader sold it to a man named Geddes who could not secure rights to the property because Simonton had help from influential friends in Washington and gained clear title. Simonton bought the island because he had learned of the opportunities presented by the strategic location. Simonton’s friend John Whitehead, once stranded on the islands by a shipwreck had seen the deep harbor.

Lying 90 in a strategic location on the deep shipping lane Straits of Florida the harbor was considered the “Gibraltar of the West”. Matthew Perry said into the harbor in 1822 and physically planted the US flag to claim it as US property. He reported on the piracy problems and renamed it “Thompson’s Island” and named the harbor “Port Rodgers”. Neither name stuck. In 1823 Commodore David Porter took charge and tried to rule the island as a military dictator under martial law.

Simonton soon subdivided the island into plots and sold 3 undivided quarters of each plot to private individuals. Simonton spent the winter in Key West and then the summer in Washington to lobby for development of the island and for the establishment of a naval base. Among other first founders are Pardon Green who moved there permanently and became a prominent businessman. John Whitehead lived there for 8 years and partnered with Greene in the firm of “P.C. Greene and Company”. He left the island for good in 1832 returning only once during the Civil War. John Fleeming, active in the mercantile business in Alabama was a friend of Simonton. He spent only a few months in Key West before leaving to marry in Massachusetts. He returned to Key West intending to develop the slat manufacturing of the island but died soon after. The names of these founding fathers of modern Key West used as names for the main arteries of the island.

Many residents of Key West emigrated from the Bahamas. They were known as Counch. They arrived in ever increasing numbers after 1830. Sons and daughters of Loyalists fled to the nearest British soil during the American Revelation. Many of residents of Key West refer to themselves as Conchs and the term is now generally applied to all residents of Key West. The term “Fresh Water Counch” refers to a resident not “native born” but who has lived there for more than seven years. The name is derived from the tradition of placing a conch shell on a pole at the home of a new born baby.

“Bahama Village” is an area of Old town next to the Truman Annex largely inhabited by Bahaman immigrants.

Fishing, salt production and ocean salvage were major industries in the early 19th century. The salvage operations made Key West the largest and richest city in Florida and residents had a high concentration of fine furniture and fancy chandeliers which the locals used in their homes after taking them from shipwrecks on the Florida reefs.

During the Civil War Fort Zachary Taylor was established in Key West after Florida seceded and joined the confederate States of America. It was an important outpost and now contains the largest collection of Civil War cannons ever discovered in a single location.

In 1912 Key West was connected to the Florida mainland via the Overseas Railway extension. The railway created a landfill at Trumbon Point for rail yards. In 1935 the Labor Day Hurricane destroyed much of the railroad and hilled hundreds. About 400 World War I veterans living in camps there working on federal road projects and mosquito control projects in the Middle Keys were also killed. It was too expensive to restore the railroad. In 1938 The Federal Government rebuilt the rail lines as an automobile highway. Completed in 1938 it became an extension of the US Highway 1. The portion of US 1 running though the Keys is called the Overseas Highway.

Numerous artists and writers have come to the Keys but the two most associated with the island are Ernest Hemmingway and Tennessee Williams. Hemmingway reportedly wrote 2 novels “A Farewell to Arms” and “To Have and Have Not” while living in the Keys. The Ernest Hemingway House and Sloppy Joes Bar have become important tourist’s attractions. The Hemingway House is currently inhabited by six or seven toed polydactyl cats descended form Hemingway’s original pert named “Snowball”. The cats live on the grounds and are cared for by the Hemingway House even though the USDA complains about the number of them housed there. The Key West City Commission exempted the house from a law prohibiting more than four domestic animals per household.

Tennessee Williams is said to have written the first draft of “A Streetcar Named Desire” while staying at the La Concha Hotel. He bought a permanent house and listed Key West as his permanent residence. Williams’ home in the “unfashionable” New Town neighborhood is quite the contrast to the elegant Hemingway house. It is a very modest bungalow. The house is privately owned and is not open to the public. The Tenn4essee Williams Theatre is located on the campus of Florida Keys Community College on Stock Island.

Key West is much closer to Havana than to Miami. In 1890 it had a population of nearly 18,800 which made it the richest and biggest city in Florida. The population was nearly half Cuban descent and the city had a succession of Cuban mayors. Cubans were reportedly active in nearly 200 factories in town producing cigars.

The Battleship Maine was blown up after sailing from Key West to Havana which ignited the Spanish American War.

Pan American Airlines was founded in Key West to fly visitors to Havana.

John Kennedy used the phrase “90 miles to Cuba” in his speeches against Fidel Castro.

There were regular ferry and airplane services between Key West and Havana until the revelation in 1959. Refugees flooded into Key West during the Mariel Boatlift and continue to come across the dangerous stretch of waters.

In 1982 Key West and the rest of the Keys tried to declare independence and become the “Conch Republic” in a protest over US Border Patrol blockades. The blockade was set up in response to the Mariel Boatlift. This blockade created a 17 mile traffic jam when the Border Patrol stopped every car to search for illegal immigrants. The Florida Keys were virtually paralyzed as tourism nearly ground to a halt. Couch Republic flags and T shirts are still popular souvenirs for visitors. The Counch Republic Independence Celebration is celebrated each April 23.

Key West was always an important military post. At the beginning of World War II the Navy built the first water line extending the length of the Keys to serve the Naval Air Station. The main facility on Boca Chica is where the navy trains pilots. There are 3400 civilians and 16oo active duty military personnel along with family members. The area next to the old For Taylor became a submarine pen and was used for the Fleet Sonar School.

Key West Florida or visit our Self Storage Search Engine

REIWIRED: The Essentials of Hiring Contractors when Rehabbing Homes

January 4, 2010 Posted by admin

If you want to speed up the process of rehabbing homes and move on to your next project, then you should consider hiring contractors. Although seeking outside help can add up to your expenses, you can save a lot of time and energy that you can use to find good deals.

Although it is not mandatory to hire contractors when rehabbing properties, many seasoned real estate investors are encouraging rehabbers – especially the beginners – to seek professional help. Listed below are some of the reasons why it is advisable to let the others do the rehab work instead of renovating a fixer upper home on your own:

  1. Transforming an old and dilapidated property is a physically challenging task. If this is not your cup of tea, then you better build a reliable team that will do the job for you.
  2. If you insist on doing the repairs on your own, you might be unable to spend more time with your family, especially if you are rehabbing houses part-time. In addition, there is a big possibility that you won’t be able to finish the renovations on schedule in case a sticky situation comes up.
  3. By hiring competent contractors, you can be sure that the repairs are of high quality and they follow the local building code. In addition, it can prevent potential problems with the buyer from arising.
  4. If you don’t have enough experience fixing the electrical, plumbing, and HVAC systems or if you are not confident with your handyman skills, you may end up spending more money instead of minimizing your expenses.

Before you hire contractors for your fix and flip project, however, you have to make sure that the workers you will choose are competent and skilled enough. Failure to do so may cause you mind-numbing headaches and will make you wish that you have done the repairs on your own.

Always ask for references so you’ll know if a contractor and his team are capable of doing their job right. You should also avoid hiring laborers who knock on your door, offering the lowest quotes. According to seasoned rehabbers, these people might be unable to deliver the quality of work you are expecting because of their low asking price. In addition, they could be scammers who would run off with your money.

Thus, if you want to make sure that your rehabbing project would turn out right, hire competent and trustworthy contractors. If you want to learn more nifty hints and tips of fixing and flipping properties, log on to www.REIWired.com.

REI Wired is the pinnacle of real estate education by serving high-quality content through high-quality videos. Sign up only takes a minute and you can start right away! Learn More

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