 |
How To Buy Real Estate - Yes, YOU CAN!
If you want to buy a house but don't think you can for any of the following reasons, this article is intended to give you correct information so that you can make smarter choices and open yourself up to a world of wealth, possibilities and realistic expectations. The truth is you are being unrealistic when you believe the following reasons to be true: I can't buy property now because?
I am here to tell you that you CAN buy property, regardless of any of the above. In this day and age, there is absolutely NO reason why anyone can't own their own home. The strict days of the 20%-down-excellent-credit-and-stable-well-paying-job loans are over, replaced by no-down-payment-prior-bankruptcy-and-stated-income loan programs. With the wide array of today's diverse lifestyles comes an abundance of opportunities and programs created for each and every possible situation. Businesses need to make money, and the best way to open themselves up to a larger range of customers is to offer services for the vast and varied circumstances of each individual. Many lenders today offer little to no down payment programs, poor credit leniencies and even no proof of employment or salary requirements (in lender speak, it's called "stated-income programs" where you simply state your income to the lender without having to prove it with pay stubs, W2's, etc. This is widely used by freelancers and consultants). In addition to the countless programs offered by lenders, there are now government grants and (often free) services available for the low-income, low reserve home buyer as well as plenty of programs for first time home buyers. Government programs and many private loan programs also offer assistance for closing costs (the costs required up front to pay for lender fees, escrow & title charges, etc.), with some programs requiring the seller to pay for most of them. For a list of government grants, go to www.cfda.gov (The Catalog of Federal Domestic Assistance) or www.firstgov.gov (The US Government's Official Web Portal). Click on "Benefits & Grants" to get to their grants page. "Ok, that's great," you're thinking, "but the real estate market is so inflated now, even if I could qualify for a loan, how am I going to afford a house in the neighborhood I want?" Welcome to the wonderful world of foreclosures, tax auctions and rehabs (otherwise known as fixer-uppers)! It is a myth that all foreclosures and tax-defaulted properties are in poor, run-down neighborhoods. One good thing about foreclosures and tax-defaulted properties is their indiscrimination. They occur in gang-ridden crack neighborhoods, middle class neighborhoods and elite million dollar communities alike. Another benefit is that they are generally much cheaper than the lowest priced house in the same neighborhood. We all know the difference between retail and wholesale. You could go to the mall and buy a shirt for retail at $20 or you could go to the garment district in the city and buy the same shirt for wholesale at $10, or better yet, with the advent of the internet, you could do all your wholesale shopping online in the comfort of your pajamas. The same is true for real estate. If you wouldn't spend that extra $10 dollars to buy a shirt at retail, why would you spend an extra $10,000 (or usually more) to buy a house at retail? In the industry, houses that are listed on the market are considered retail. Houses you find through foreclosures and tax auctions are considered wholesale. These are discounted houses, available at a low price for a quick sale, usually because the Bank or County is seeking to simply make back the money they've spent on it before (and after) the buyer defaulted. This equals to huge savings for the educated buyer. Rehabbing is buying houses that are a little less than perfect and fixing them up, either to sell for a profit or to keep as a residence. Some people enjoy the challenge of buying a property that needs a complete overhaul (new roof, extensive remodeling, structural fixes, etc.) while others prefer a "cosmetic fixer," a house which needs a little touch up paint here and there, some flowers planted in the yard, maybe even a new kitchen countertop, etc. Cosmetic fixers are a fun and easy way to make money. You get to do a little artistic handiwork (even if you've never done it before) and make money at the same time. The quick profits you yield can be rolled over into a bigger and better house, you can repeat the process over and over again, working your way up from a $50,000 house to a $500,000 house within a few years - and the best part, it's all tax-free! Called a "1031 Exchange," the gains you receive from selling the house can be tax-deferred as long as you continue to buy an equal or higher priced house with the proceeds you make from the sale. Unlike a straight sale of a residence, there are no occupancy requirements or live-in time restrictions for a 1031 Exchange. For a residence, federal law states that you must live in the home for 2 out of 5 years of ownership in order to avoid capital gains tax. You may choose to live in it for 2 years and bank the proceeds - yes, tax free! - or you may choose to flip it and do a 1031 Exchange - yes, tax deferred! If you're sitting there scratching your head, thinking all this sounds like too much work when all you want is simply a house to call your own, chances are good you can still find a great deal in the retail market as well. If you are convinced, or even slightly convinced that you just might be able to buy a home after all, here are some steps for the average, traditional home buyer.
Above all, the BEST thing you can do for your success is believe in yourself, believe it CAN be done and go out and do it! Stop wasting your time making up excuses why it CAN'T be done and start spending your time more effectively by finding ways it CAN. Teresa Franklyn is author and publisher of The Daily Dose, a popular inspirational online publication. When she's not passionately typing away at her computer, she enjoys investing in Real Estate for fun and profit. For more information and helpful links about how to get into Real Estate, visit her website at http://www.followyoursoul.com. To read about her adventures as an Owner/Builder, visit her Blog at http://followyoursoul.blogspot.com
MORE RESOURCES: London Ontario Real Estate Information Can I Sell My Private Mortgage Notes? TORONTO , May 17, 2012 /CNW/ - The Ontario Real Estate Association (OREA) applauds proposed legislation introduced today at Queen's Park that, if passed, would facilitate the use of electronic agreements ... BTB Real Estate Investment Trust announces the acquisition of an office building in Ottawa, Ontario TORONTO, ONTARIO-- - Allied Properties REIT announced today that the Trustees of the REIT have declared a distribution of $0.11 per unit for the month of May, 2012, representing $1.32 per unit on an annualized basis. The distribution will be payable on June 15, 2012, to unitholders of record as at May ... Pure Industrial Real Estate Trust Announces Agreement to Acquire Two Fully Leased Industrial Properties for $19.5 Million and Closing of Previously Announced $7.28 Million Transaction TORONTO, ONTARIO-- - Allied Properties REIT announced today that it has entered into an agreement to purchase the following property for $61.75 million:  Address                               Total    Office   Retail   Parking                                            GLA       GLA      GLA    Spaces  ----------------------------------------------------------------------------  Lang Tannery ... TORONTO, ONTARIO-- - Canadian Real Estate Investment Trust today announced its May 2012 monthly distribution in the amount of 12.42 cents per unit . The May distribution will be payable on June 14, 2012 to Unitholders of record May 31, 2012.CREIT is a real estate investment trust focused on accumulating ... TORONTO, ONTARIO-- - Calloway Real Estate Investment Trust is pleased to report strong results for the first quarter ended March 31, 2012.Highlights:--  Maintained portfolio occupancy rate at the 99.0% level for the ninth    sequential quarter. --  Funds from operations  increased by 14.4% to $54.6 million and    5.1% to $0.434 on a per unit basis compared to the same period in 2011 ... TORONTO, ONTARIO-- - RioCan Real Estate Investment Trust today announced a distribution of 11.5 cents per unit for the month of May. The distribution will be payable on June 7, 2012 to unitholders of record ... Canadian Real Estate Investment Trust Increases Its Investment in Dartmouth Crossing Shopping Centre TORONTO, ONTARIO-- - Canadian Real Estate Investment Trust announced it has acquired an additional 25% interest in certain components of Dartmouth Crossing Shopping Centre located in Dartmouth, Nova Scotia, ... TORONTO, ONTARIO-- - InnVest Real Estate Investment Trust announced today that a distribution of $0.0333 per stapled unit, payable on June 15, 2012, has been declared to the holders of record as at the close of business May 31, 2012. The distribution is $0.0333 per unit of InnVest Real Estate Investment ... |
|
|
|
REAL ESTATE ARTICLES
Selling Your Home - Be Sure It Shows Well Whether you are selling a house, townhouse, condo or apartment, there are universal tips that will help it sell. Primary among those tips are making sure your home "shows well. 10 Tips for Investing in Distressed or Foreclosed Properties 1. Search on the world wide web for distressed or foreclosed properties as a starting point. Real Estate Professional in the Palm of Your Hand GETTING THE MOST FOR THE LEASE-TRACKING YOUR REAL ESTATEIf you own rentals and/or investment properties, you know that you have to keep track of your portfolio, maintenance profiles, property managers, and related financial matters. There are a multitude of programs for the Palm-Pilot system to keep up with lease dates, lease expirations, and rent due dates. Home Owner Association Restrictions - Read Before Buying Many communities have associations for homeowners, property owners, condo owners, or similar associations. The presence of a homeowners association, also known as "HOA", introduces another layer of rules and regulations to consider when buying a home. Maltas Market Battle With new destinations such as Bulgaria, Slovenia and Croatia offering two and three bedroom apartments for sale for £50,000, there was concern last year among some Malta estate agents that 2005 could see a drop in the number of UK and Irish buyers choosing to buy a holiday home on the island.With good all year round temperatures enticing many buyers for the winter months as well as the summer, driving on the left and a warm welcome from the local population who nearly all speak English, Malta has been popular for some years among overseas property buyers. Free Tips That Will Dramatically Increase the Selling Value Of Your House (Part 1) Did you know that it's a proven fact that a properly maintained home sells substantially higher then a home that is dirty, depressed looking and clearly not maintained very well? When it comes to selling your house the statement "first impressions are the selling impression" couldn't be any more accurate. This article will highlight some quick tips that will increase the amount of money you can ask for you home when you're ready to sell it. The UK has Gone Property TV Show Crazy! The UK has gone property TV crazy. There are now shows about developing, buying, doing up and selling your home on every channel nearly every day. Property Investing Secrets 1 When property investing, pay the seller their asking price but negotiate the terms under which you can buy property. You'd be absolutely surprised when property investing at how many sellers will help fund you into their property. Real Estate Tax Incentives Lower Your TaxesTax incentives for real estate investors can often make the difference in your tax rates. Deductions for rental property can often be used to offset wage income. Water, Water Everywhere on the Waterfront Waterfront living is among the most desirable of locations in our area (Florida). The views and vistas are fantastic, not to mention the ability to walk out one's door to drop a line to fish or untie a line to enjoy boating. Selling Your Home Quickly, Even if You Have No Money For Repairs Do you need to sell your home quickly? If so, don't be tempted by the ads you see that say "We Buy Houses" or "Sell Your Ugly House in 9 days for Cash." Those types of ads are placed by real estate investors who are looking for sellers under duress, and they'll only pay up to 70% of the low end market value for your home. Customer Service - The Real Estate Revolution Traditionally, real estate has been viewed as a sales industry. But perceptions are changing. Fixing Houses: Mixing Your Own Paint for Savings and Harmony To make the maximum profit on your investment properties, you'll need to save money wherever you can. One way to save significant amounts of money is to mix your own paint. Part 1: FAQ's From Media Interviews With Real Estate Author Do you feel there is going to be a real estate bubble?Nash: No. Are some coastal and resort markets over-heated, yes. First Impressions Will Sell Property Fast! First impressions count, buyers will have already formed an impression before they step into your property. A well-kept garden, pathway and fence, plus a freshly painted front door are immediately appealing, whereas a scruffy outdoor space with a litter bin outside the front door may turn many prospective buyers away. 18 Easy Steps to Buy a Bargain House What is a "distressed" property? What is "bargain" real estate?A distressed property is one with a distressed seller. Job loss or transfer, divorce, death, pending foreclosure, and lack of money cause sellers to sell fast for less. Utah Real Estate Looking to buy real estate in Utah? The market has changed over the past few years and is going to continue to change over the next few (drastically) and here are a few things you should consider before buying any Utah real estate.First, the Olympics didn't affect the state as much as people thought it would. Quality of Life in Sussex County Delaware. Facts, Statistics, Observations and even opinions! We Sussex Countians are fortunate in many ways as we have a wonderful quality of life here.Climate: Our climate for one thing is the best in the region. Mortgage Broker Training: How to Secure Loyalty From Realtors So you've just returned to your office after delivering an Oscar worthy presentation to a real estate agent. They're impressed and ready to do business with you. Good Faith Deposit - Real Estate Transactions In a real estate transaction, a touchy issue is how much trust the seller has in a buyer. The existence of a good faith deposit helps put a seller at rest.
|
| find a perfect home in Ontario | site map | City London Canada | Accountants | Real Estate | Canada Foreclosure Listings |
| Privacy © 2012 London Ontario Canada houses & Real Estate |