Dallas Appraiser L.L.C. wants your help and commentary on our Real Estate Blog

Title: 

The Art of Finding Motivated Sellers

Word Count:

594

Summary:

The key to long term success in real estate is one's ability to consistently find the diamonds in the rough in a sea of mediocre to poor deals. Like diamonds, winning real estate deals come in many styles, cuts, sizes, colors, and other attributes that differ from region to region. And much like diamonds-their value is determined by human emotions and point of view and not necessarily their sticker price.

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Article Body:

Such is that of good real estate deals, the good deals are those which are not entirely based on the selling price of the home relative to it's neighborhood, but of the emotions attached to the owners at the time.

For instance, a homeowner may be undergoing a sea of emotion and may be more eager to sell than others. Scenarios such as foreclosure, divorce, or a death in the family-

though quite unfortunate for the homeowners, in reality provides an opportunity for the investor or homebuyer to purchase a home for much less than it's true value. Instead of thinking of these opportunities as predatory and exploitative of the homeowner, realize that these individuals are eager to sell their homes to resolve a problem-i.e. in a foreclosure or bankruptcy they will have many fees to pay off and as a result must liquidate their assets in order to stay afloat. In the event of a divorce, assets will also have to be redistributed which will incur large legal fees as well, etc. The reasons vary, and the truth is, investors are not only helping themselves with windfall profits but also helping the homeowners in the aforementioned scenarios get out of a financial rut. It's a win-win, which is what real estate is all about.

So now that you are convinced that the good deals in real estate depend on identifying these motivated sellers, how do you go about and find them? Your local County Recorder's office is an indispensable research source. Put on your CSI thinking caps, and start finding leads!

1. Notice Of Default: available publicly, is a notice that banks send out to borrowers notifying them that they are delinquent on their mortgage payments.

2. Notice To Condemn: notifies the homeowner that their property doesn't meet zoning or building code requirements for that county. 

3. Notice Of Divorce: this happens before the actual divorce, and provides a clue that a divorce will happen in the near future.  

4. Delinquent Property Taxes: back taxes that the State will try to recoup one way or another. 

5. Pending probate court cases where the beneficiaries live out of State: Out of state beneficiaries may be more eager to sell for a fair range since they do not have an interest in managing the property remotely.

6. Out of State owners can usually qualify as a possible lead to a good deal.

7: Rental houses - the idea behind rentals is that some rentals are on the market, because owners may have tried to sell in the past with no success, and are no stuck with a property that they really don't want. Look for clues such as broken windows, graffiti, and other tell-tale signs that this property is not highly valued by the current owner.

8: For Sale By Owner - some of these homes may not have enough equity to pay a realtor. These are prime candidates for a subject to type deal.

In all cases, approach as a consultant trying to solve a problem they may have. Empathy and listening skills are highly important. Ultimately by demonstrating your sincerity you will be able to also reap benefits from this transaction in the forms of:

1: Lower price offering.

2: Subject to deals

3: Flexible price offering.

4: Low to no down payment required.

So after you find these deals, make sure you close in on it as quickly as possible because competitors are everywhere! But first hire a handyman to evaluate the property in question to see if and how much repairs would be necessary on the property and factor that into the overall costs.

Title: 

The First Time Buyer

Word Count:

462

Summary:

For years you have been scrimping and saving, preparing for that day when you could purchase your first house. Now, that day has arrived. However, now that it is here, it becomes evident that the process of home buying can be a little overwhelming for a first time buyer.

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Article Body:

For years you have been scrimping and saving, preparing for that day when you could purchase your first house. Now, that day has arrived. However, now that it is here, it becomes evident that the process of home buying can be a little overwhelming for a first time buyer. So, what to do? first of all, don't panic and rush out and put a down payment on the first house you see. This is going to be a big purchase so you will want to plan your steps very carefully. 

1. Get your credit sorted out. Having a good handle on your finances will only make this process easier. It's great that you have a down payment set aside, but have you secured financing yet? Having financing arranged before you start looking for a home is one of the best moves you can make. However, having financing arranged before you start looking means having the credit to get pre-approved for a mortgage. 

2. Get pre-approved. Being pre-approved for a mortgage allows you to shop worry free and it lets you know ahead of time what you can afford. Having your mortgage pre-approved will also be an attractive asset to realtors and home owners as it shows them that you are a serious customer. 

3. Be Choosy. This will likely be one of the more difficult steps. Buying a home is allot like looking for a rental property but with much more stress and emotion, and a much bigger payoff. If you are not sure what you should be looking for in a home, consult extensively with your realtor and friends that own homes. Start thinking about what you need in a home. What are your requirements in terms of rooms, location, amenities and other such aspects? Making a list is the easiest way to keep track of the necessities. 

4. Get an Inspection. After finding the home that you can see yourself purchasing, have the home inspected. This is a huge step that must be observed. Most people include a subject on the purchase contract that the home must pass an inspection. Never skip this step! There could one of many things wrong with the home you have chosen that the owner may not even know about. Inspections will survey the plumbing & electrical systems in the home as well as the roof and the structure itself. Anything that is amiss can be utilized as a bargaining point in the sale of the home, or if severe enough; can simply be reason to walk away from that particular home.

5. Close. Assuming that everything has gone according to plan you should now merely be concerned with your possession date. The home passed inspection, your offer was accepted, and the deal closed. Congratulations! You have bought your first home!

Title: 

The Ins and Outs of Bank Foreclosures

Word Count:

800

Summary:

The term bank foreclosure is one which may seem mysterious to many individuals, especially if they have never experienced one and/or are unfamiliar with real estate terms.

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Article Body:

The term bank foreclosure is one which may seem mysterious to many individuals, especially if they have never experienced one and/or are unfamiliar with real estate terms.  Bank foreclosures occur when a current homeowner can no longer pay their mortgage, is deemed to be in default and the bank repossesses the home.  There are certain things which all individuals should know about bank foreclosures so that they can be more familiar with the term and prevent this from happening to them.  

What the Lender Gains from Foreclosures

The lender will profit in various ways from foreclosing on a borrower’s home.  The first profit is repossessing the home and putting a stop to any future losses that may occur as a result of the homeowner’s nonpayment from that point forward.  Another way the lender profits from foreclosing on a home is that they will be able to sell the home and try to reclaim what was lost such as loan balance, attorney’s fees, court costs and more.  

Condition of Title in the Home

When an individual purchases a home in a foreclosure sale, the prospective buyer wants to ensure that title in the home is good and that there will not be any issue with such a thing should they purchase the house.  A good tip to keep in mind is that the lender will bid on a home at a foreclosure auction if title is good but may not do so if title is cloudy.  Lenders often bid on foreclosure homes at Sheriff’s sales in order to obtain the property and sell it for a greater amount down the road.  They will be less likely to do so if title is at issue.

How Lenders Dispose of Foreclosure Properties

There are a variety of ways with regard to how lenders dispose of foreclosed properties.  Some lenders advertise foreclosure sales in newspapers while others retain real estate agencies to advertise the properties for them.  The lender wants to choose the most effective yet least timely manner when it comes to disposing of foreclosed properties.  With regard to the larger lenders, many of these companies have a department within their financial institution which deals exclusively with handling sales of this type.

Investing in Foreclosed Properties

Some individual investors make their living by investing in foreclosed properties.  These individuals scan the market for possible goldmines and try to obtain the property for the least amount of money possible thereby making a good profit when they later sell the same property.  A beneficial way for investors to find that perfect foreclosed property for sale is to do some independent research at the local courthouse or peruse the newspaper for possibilities.  Once the investor has located some potential properties, that individual should calculate the profit margin by subtracting the default amount from the estimated market value.  If the property is a good deal, the investor should go about pursuing the purchase of the property.  

There are a few tips for investors who are looking to buy foreclosed property.  The first is to always include relevant costs and expenses in the calculations when determining profit margin.  Secondly, the investor should inspect the property to be sure that they are getting what they are paying for.  Third, make realistic offers as those which are not so will be quickly rejected or bid out by another investor.  Lastly, once the offer has been accepted by the lender try to sign the purchase and sales contract as soon as possible to ensure that the property will indeed be yours.

Advantages and Disadvantages to Purchasing a Bank Foreclosure Property

There are certain advantages concomitant with purchasing a property that was foreclosed upon.  The first advantage is that the price of the property will be much less than many other types of properties which will allow investors to make a good profit when they resell the property.  Another advantage to purchasing a home that the bank has foreclosed on is that many of the problems have been remedied by the lender and should not present an issue for the buyer.  Lastly, a lower price obtained on the property will mean a lower monthly mortgage payment and accompanying costs.  

As for the disadvantages, there is always a chance that an investor who purchases a property in this manner will have difficulty selling it at a later time.  Another disadvantage to buying bank foreclosure properties is that the property may be sold as is and lead to the completion of multiple repairs by the new owner.

Conclusion

Bank foreclosure properties are ones which the bank is anxious to sell and the investor is more than willing to buy.  With this relationship in existence, it is easy to see how foreclosure properties get sold as quickly as they do.

Title: 

Loss Mitigation Home Business Opportunity !!!

Word Count:

613

Summary:

Today’s pre-foreclosure business is more than just looking for free foreclosure listings on the Internet or taking the plunge and investing in foreclosure listings that carry a monthly or annual fee. Anybody can do this and what will set you apart as a foreclosure real estate investor and as a pre-foreclosure specialist is the type of loss mitigation training you have.

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Article Body:

When real estate investors envision what it means to invest in foreclosures, they usually fall into one of two camps. One camp contains investors who primarily focus on the REO process, and they typically purchase REO properties or HUD homes to build their portfolios or generate profits. The REO camp usually requires access to a little more capital to be consistently active so this may offer limitations to many investors, particularly those new to real estate.

The other camp, and the one that I have built my own real estate business around, focuses on pre-foreclosure properties and short sales. There is also fantastic money to be made here (if there was not, I would not personally be doing it) and it offers more opportunities for the novice investor. It is primarily for this camp that I have used a Pre-foreclosure Cash Flow System. 

Working the pre-foreclosure side of the foreclosure business is a natural draw for many investors interested in foreclosures because there is an abundant source of motivated sellers. That is only the tip of the iceberg, though. No matter how motivated a seller may be, real estate investors need to be well trained to be at their best. At the core of this need for training lies loss mitigation training. 

What is loss mitigation? It is a general term that refers to working with a lender, whether you are helping a seller negotiate a payment arrangement or if you are working short sales. Lenders have their procedures they follow when processing foreclosures and so too should you have a process for working with loss mitigation. 

Today’s pre-foreclosure business is more than just looking for free foreclosure listings on the Internet or taking the plunge and investing in foreclosure listings that carry a monthly or annual fee. Anybody can do this and what will set you apart as a foreclosure real estate investor and as a pre-foreclosure specialist is the type of loss mitigation training you have. 

I have been in this business of foreclosures for a long time now and I have seen a lot of experts come and go whose best approach was simply to tell you about all the money there was to be had in pre-foreclosure and short sales. Where these others fell short was their inability to effectively train their clients in loss mitigation. 

My business approach is a little different. Sure, I am going to be honest with you and tell you that there is indeed a lot of money to be made in short sales and most any aspect of the pre-foreclosure business. I also back that up by providing the type of loss mitigation training that I have proven successful with my own business. 

Friends, loss mitigation and short sales are incredible opportunities but it can also be a jungle out there if you lack the loss mitigation training you need to be at the top of your game. You owe it to yourself to check out my Pre-foreclosure Cash Flow System and the detailed, cutting edge approach to loss mitigation that is contained within it. I wish you the greatest success in real estate investing. 

Remember; do not be afraid to consult a professional like a home appraiser or an experienced local realtor!

Title: 

Pricing A Home

Word Count:

1421

Summary:

A home will sell for two reasons: price and exposure. In the real estate market for the 21st century, exposure has taken a new turn with the advancement of many Internet technologies for real estate. Be it as it may, the real estate industry's new exposure tools will not help a home sell if the home is not priced correctly.

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Article Body:

How To Price A Home  

A home will sell for two reasons: price and exposure. In the real estate market for the 21st century, exposure has taken a new turn with the advancement of many Internet technologies for real estate. Be it as it may, the real estate industry's new exposure tools will not help a home sell if the home is not priced correctly. When considering putting your home up for sale, it is very important to first analyze your real estate market on a subdivision level, not a metro-area level, to derive the features and amenities that are driving the value in your neighborhood. You must then establish a pricing strategy in accordance with your financial and timing needs.

Identifying Selling Needs

No two real estate transactions in today's world are identical. As a homeowner, only you can derive your needs with selling your home. We will call this your "win" in your real estate transaction. Be careful; the years of owning your home can cause a strong emotional attachment and can cloud logical thinking. This is absolutely normal, and fortunately, there are professionals available across the nation to help bring a logical, non-emotional approach to selling your home. These professionals are known as real estate agents, and each can be a vital tool in making sure you get the most amount of money for your home in the least amount of time, and with a minimum level of stress.

You will want to focus on your timing needs first. Do you want to sell your home in 30, 60, or 90 days? Are you looking to have a contract by that date, or to be closed and moving into your next home? Always remember that in typical real estate transactions, buyers will take approximately 30 days to close on a home. This time period involves getting inspections, negotiating repairs, and securing financing with their mortgage professional.

Are you going to need a certain amount of equity after closing on your home? If so, lets understand this number from the very beginning and make sure that this need will be satisfied out of the sale of your home.

Understanding Your Local Market

The next step to selling your home is to make sure that you have leverage. Leverage is the key ingredient to winning in a real estate transaction. When selling a home, leverage is achieved by pricing your home at a market price that will attract the most amount of buyers for your area. Homes can be priced one of two ways: negotiation and market. Pricing for negotiation will result in exactly what a seller expects: negotiation on the asking price. Pricing at market will allow your home to be exposed to the widest range of buyers and enable the seller to have a leveraged position in the real estate transaction.

There are three types of market research that one must analyze when pricing a home: sold, expired, and active properties. First, the sold history for your subdivision for the past year will give great detail on the selling trends in the neighborhood. By analyzing the sold price per square foot of homes with similar features, amenities, and condition, you can easily identify your selling range in relation to price per square foot. Price per square foot allows you to level the playing field and compare apples to apples. A homes square footage is a basic unit of real estate, and all homes will be priced according to the size of the home. At this point, you will want to gain an understanding as to why homes are selling in the per square foot range that they are being sold in. Once this step is complete, we can have a higher level of understanding as to which homes are desirable and getting the most money, and which are the exact opposite.

After you have made conclusions as to why homes are selling in the range that they do, you can then test these conclusions on homes that did not sell, or expired properties. This is done to make sure that the conclusions derived during the analysis of sold properties are accurate and applicable to your real estate transaction. Remember: Not all real estate transactions are typical and your conclusions may not be able to explain exactly why a home did not sell. You can usually assume that if your conclusions can logically explain why 3-5 homes have not sold in the past 6 months, then your conclusions are accurate enough to be considered factual.

Find Your Homes Selling Range

Now that we have an understanding as to why homes are selling in the range that they are, we can then look at the features and amenities of your home and identify the price per square foot range that will be most suitable for your home's asking price. For this information, we are going to look back at the one year sold history of your neighborhood.

It is important to be realistic and logical in this step of the pricing process. If your home is 1500 square feet, look at what other homes within 200 square feet are selling for per square foot. You will also want to take into consideration the other main features that buyers are interested in: bedrooms, bathrooms, year built, and unit stories. After you have pinpointed homes that are similar to yours, see the maximum and minimum price per square foot that they are selling for to give your home a possible selling range. Don't be surprised if this is a large price range. We are simply identifying the range at which similar homes are selling for. We will then take your needs to determine what part of this selling range your home should be priced in.

Price According To Needs while Analyzing Competition

Do you remember earlier when we identified your win in your transaction? These rules for selling your home, usually timing and required equity, will help you determine the most appropriate price entry point for your price per square foot selling range. You will want to make sure that your final asking price will satisfy all of your needs.

Let's say for example that you must sell your home in 90 days. Your main concern is to make sure that you receive an offer within these 90 days, and are perfectly fine with closing 30 days later. You also want to make sure that you will net at least $25,000 from the sale of your home after paying all selling expenses. The next step is to look at the amount of inventory for homes with similar features to your home. The most important factor to look at is the number of bedrooms. In the past twelve months, how many homes were sold that had the same number of bedrooms as yours? How many homes are there on the market now with the same amount of bedrooms? When you know these two numbers, you can derive the amount of inventory available. If there were 12 homes sold with 3 bedrooms in the last 12 months, that means there was on average one home sold per month. If there are six homes available, it is safe to say that there are 6 months of inventory.

For our example, we must receive a contract on a home within 90 days. If there are 6 months of inventory available, then it is accurate to state that the current level of competition will take a toll on your final asking price due to your 90 day requirement to receive a contract. You must make sure that your home is more attractive than your competition, especially now that we know that we must receive a contract in 90 days and there is 6 months of inventory available.

Using this same logical approach, you can determine where your home must be priced in your selling price per square foot range. Make sure that you stay non-emotional and realistic when finalizing these numbers. You want to make sure that you can satisfy all your needs when selling your home. If your final asking price is reduced due to a high level of competition, and this reduction causes you to not net the equity you need, then you will simply lose by putting your home on the market. Be sure to understand this concept and be assured that you are making the most informed, intelligent decision possible. Selling your home can be a very tedious journey; you will want to make sure that your time invested will be able to satisfy your selling needs or else your efforts will be wasted.

Remember; do not be afraid to contact a professional like a home appraiser or an experienced local realtor!

Putting the Nail In to Find a Good Contractor

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You are finally in your dream home.  You have the perfect layout of the house, you have everything you need in the right place, and you even have a sign on your wall saying welcome home.  However, after a few months of moving in, you may have noticed that something wasn't quite right or you wanted to change something.  If you don't know exactly how to do this, why not find a good contractor?

A good contractor will have several qualities that they can use in order to help you with home improvement.  The first is that they will listen to what you need.  Initially, you will want to set up a time to meet with the contractor, than tell them what you are thinking in order to design, improve or change your home.  You should make sure that they understand this and are able to meet your needs.  While any practical contractor will simply give you a bid based on the area you are fixing and what you are fixing, a good contractor will also relate to these needs and see your overall vision.  

The next set of qualities you will want to build on before finding a contractor is in relation to how they relate to outside sources.  Before beginning to find a contractor, you will want to see what their reputation is and find some past work that they have done.  The most important way to get the best quality in things is by finding the references and going by word of mouth.  You will also want to make sure that other outside sources, such as the relative prices from other contractors are met by the standards of the contractor that you are considering for your work.  

Home improvement is always important for those who want to invest in a property properly.  Before you jump into knocking down the walls, make sure that you have the right people to see why you want to change the outlook and are able to meet your expectations.  This will help when you are working towards turning your house into a home.  

Title: 

Purchase Agreement Clauses That Can Save Your Butt

Word Count:

577

Summary:

Did you include any of these important clauses in your purchase agreement? Forgetting them could cost you a lot of money.

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Article Body:

The real estate purchase agreement is more than just a casual offer. The moment you and the seller sign it, it is a legally binding contract. Since you can put what you want in your offer, why not include some of the clauses that smart buyers use to protect themselves and save money? Some suggestions follow.

-Six Purchase Agreement Clauses-

A better earnest money clause. You can put a small earnest money deposit down and still be taken seriously, if you include a clause like this: "$100 earnest money deposit, to be increased to $2,000 upon acceptance of this offer." You could also have it increased "when all contingencies are met." This way, if there's an argument about you backing out because the inspector found foundation damage, for example, you won't have your money tied up while this is being resolved.

Inspection contingencies. Ask an agent about the wording, but basically you want something like this in the purchase agreement: "Contingent upon a home inspection and buyer's approval of the results; inspection to be done at buyer's expense within ten days." Now you the right to have an inspection done, and if anything negative is found, you can refuse to "approve" of the results, and get your deposit back, or you could re-negotiate a lower price.

Assignation. If buying with a partner who isn't there to sign the offer, or if you want to "flip" the deal to another investor, or if you may need to involve a partner for purposes of funding the deal, be sure that the purchase offer gives you that right. Putting "and/or assigns" after your name on the offer is usually sufficient, but ask the real estate agent what the local custom or language is. This lets you add another buyer to the deal, or assign the whole contract to another.

Let the seller pay. Specify that the seller pays for the closing fee, the title insurance, the recording fees, and even the points on your loan. Sellers often just want the sale at a given price, and don't care about the details. What if they do care? You have given yourself some negotiating points. Get something for dropping each of the costs you included, like maybe a reduced interest rate if the seller is financing part of your purchase.

Basic financing contingencies. Suppose the loan doesn't come through, and you can't buy the home. You'll lose your deposit, unless you have something like this in the agreement: "Subject to buyer obtaining a firm commitment for suitable financing within ten days." If the seller balks at the vague language, you can specify what "suitable" means in terms of interest rate and such.

Spouse's approval clause. This could be as simple as "Subject to a walk through inspection and approval of home by wife (or partner - state their name) within two days." Now, if your wife says no within two days, you can back out of the deal and get your deposit back. If you want the seller to agree to this one keep the time frame as short as you can.

The above clauses are often called "weasel clauses," because they give you ways to back out, or "weasel out" of a real estate agreement. Don't worry about the label. A seller has the right to say no to your offer in any case. You, on the other hand, have the right to use these purchase agreement clauses to protect yourself.

Title: 

Pump Up The Value Of Your Rehab Real Estate Investment

Word Count:

643

Summary:

Many practical tips in this article to help you get top dollar for your next rehab real estate project!

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Article Body:

There are two legal ways to increase your wealth.  

  1.  Keep more of what you have (e.g., tax strategies, rehab efficiencies, cost savings)

 2. Add value to something (e.g., a real estate investment, stocks, bonds)

Let's focus on adding value to your rehab investments. 

The most obvious is certainly bring it back up to standards.  We HAVE to do the obvious things such as:

  - Ensure there are no plumbing leaks and the entire plumbing system is in good working order, including potable water and sewage/septic and water heater.

  -  Ensure the electrical system is safe and working.  This may require an upgrade.  This includes all outlets, breakers, heat and AC.

  -  There can be no leaks in the roof!  Obvious, but sometimes this is hard to determine if it isn't a rainy season.  You might have to take a garden hose to the roof to be sure. Station someone in the attic with a flashlight.

  -  Get rid of any rotted wood or termite damage, repair walls, etc.

Those items I've listed and others like it are no-brainers.  But how do we really add value to the eye?  We make it pretty!

  -  We paint all walls and ceilings (usually bright white)

  -  We replace flooring, or if there is acceptable carpet or tile, we professionally clean and restore it.  

 

  -  We hang mini blinds on the windows.

- We trim trees and bushes, paint the outside make the exterior look fresh.

Now, to get the sale, or to get it rented immediately we do some of these things that really make a difference (notice the emphasis on kitchen and bathrooms!):

  -  Replace or refinish the kitchen cabinets, sink and countertop.

  -  Replace the toilet, vanity, and resurface or replace the tub.

What if we want to really make OUR property stand out on the market?  What if we want there to be NO question as to what a great house this is in the buyer's mind?  What if want TOP DOLLAR?  Try these inexpensive upgrades!

EXTERIOR

  -  Put a decorative fence in front.  Plant some shrubs along the front of the house with attractive landscaping bark around it for color 

  -  Replace the front windows with something more attractive.  

 -  Install lighting along the walkway 

  -  Plant a tree

  -  Install a new mailbox

  -  Build a deck in the back

  -  Increase the exterior lighting.  Motion sensor lights are a nice touch.

INTERIOR

  -  Install a security system.  Sometimes the system is installed free with a year's monitoring.  Make the first year of free monitoring (prepaid by you) a selling point.

  -  Install a garage door opener 

  -  Install a used hot tub.  You might be surprised the amount of folks who no longer want their hot tub!

  -  Include a microwave.

  -  Buy new appliances. Kind of expensive, but a deal maker.  Try making this an incentive for a full price offer.

  -  Lay ceramic tile instead of vinyl.

  -  Go with snap-and-lock hardwood flooring instead of carpet especially in a great or living room.

  -  Upgrade the faucet to something sleek and modern.  There are hundreds to choose from.  Go with an extra large sink.

  - Replace the cabinet and drawer hardware to something extra fancy.  This can make an average kitchen POP for little extra cost!

  -  Add ceiling fans instead of just new overhead lighting fixtures.

  -  Add chair rail molding in the dining and living rooms. 

  -  Buy the attractive switch and outlet covers instead of the basic contractor grade covers.

We, as investors, need to make the rehab fit our strategies.  If we want to rent the property, you probably won't add as many upgrades.  If you are looking to sell, and you need to get that property noticed, you should add as many of the upgrades as possible within your budget, especially the visual upgrades.  

I hope this list has got you thinking creatively about how to pump of the value of your next project! Remember; do not be afraid to consult a professional like a home appraiser or experienced local realtor.

Title: 

Protective Covenants - Buying A Home

Word Count:

350

Summary:

In addition to zoning, some properties have covenants recorded at the courthouse that ìrun with the land.î These ‘protective covenants’ can put a serious pinch in your plans for a piece of property.

keywords: #DFW, #Tarrant, #Johnson, #Dallas, #home_appraiser, #home_appraisal, #Property_appraiser, #home_value, #real_estate_appraisal, #Appraisal, #Appraiser, #Home_ownership, #equity, #REO, #foreclosure, #property, #Home, #House, #Real_Estate

Article Body:

In addition to zoning, some properties have covenants recorded at the courthouse that ‘run with the land.’ These ‘protective covenants’ can put a serious pinch in your plans for a piece of property.

Protective Covenants

A protective covenant remains in effect as the property is sold from owner to owner. The covenants are designed to maintain a certain aspect of the area in question. The covenants may require a particular architectural style or use for the land to mention only a few areas of restriction.

Land in a scenic area may have a protective covenant that prevents certain types of development for the land or properties on it. Importantly, these restrictions may not show up in the zoning laws, so make sure you research the issues before buying. Let us consider an example of a great buy gone wrong because of a protective covenant.

A protective covenant may restrict the number of parcels into which the property can be subdivided. Thus, you could find yourself in a situation in which you buy a one hundred acre parcel with an eye toward subdividing it. Upon researching the issues, you discover the zoning laws allow the parcel to be cut into quarter acre lots. Visions of profit swirl before your eyes. Your development dreams, however, could turn to nightmares if there is a protective covenant.

Assume you go ahead and purchase the parcel. While showing it to a friend, a neighbor from down the road walks up and introduces himself. You excitedly explain you plans for subdividing only to be shocked when he tells you there is a protective covenant that prevents the creation of any lots under ten acres. What if the covenant restricts ANY subdividing of the parcels? That great deal you got on the parcel may not look so hot when the protective covenant is factored in.

So, how should you deal with protective covenants? First, you should ask the seller whether any exists for the property. Second, make sure you buy title insurance as the title company will certainly look for any protective covenants before issuing a policy.

Title: 

Property Investment Types

Word Count:

538

Summary:

About Investment Property Types

keywords: #DFW, #Tarrant, #Johnson, #Dallas, #home_appraiser, #home_appraisal, #Property_appraiser, #home_value, #real_estate_appraisal, #Appraisal, #Appraiser, #Home_ownership, #equity, #REO, #foreclosure, #property, #Home, #House, #Real_Estate

Article Body:

Real estate investment is a complex affair. There are many factors that affect the profitability of the investment.

Profitability is mostly dependent upon your ability to find the best possible deal in the market.

You must be able to identify the real estate deals that have the best potential that will allow you to maximize your profits. 

Let us discuss some types of real estate investments that would top the list. 

Big City Vacant Land: Land in big cities is understandably more expensive than that in small towns. Although buying land in a big city would pay richer dividends, it would also involve a higher investment. It is important to understand when to make that investment. Experts suggest that boom time would be good time to invest, as the property value will appreciate rapidly. North Texas right now in July 2014 is experiencing a boom-like scenario in several markets. A similar scenario appears to be taking place in Houston, Austin, and San Antonio. By the year 2024, real estate in Texas will have surely appreciated as we see more scarcity in our city's and suburbs coupled with a growing population. Many of the larger municipalities in Texas are fiscally sound, setting up a perfect storm for vast economic growth in the next 20 years. All that in mind, Texan's very well may experience a higher ROI (Return On Investment) in real estate going forward. Or, you could buy land in low cost outlying areas, where the population is still expanding. With a little patience, this would give you excellent returns. 

Land with Ocean Frontage: Scout around for ocean front land in areas that are yet to be developed.Make sure that the land is residential, and can be built upon, with  no legal impediments.This kind of a deal would be one of the soundest investments to make in real estate. You just have to wait for development to take off, and reap a huge profit on the investment.

Ocean front properties are the most sought after in real estate. 

Land with Lake Frontage: This is similar to land that has an ocean frontage, but on a smaller scale. However, you have more options, because, in general, 

there are more numbers of lakes. Properties like this are of optimum value, 

because most people like to live in the vicinity of water, enjoying lakeside walks. 

So take advantage of this to invest in lake front land if you are unable to get ocean front land. 

Land with a view of a Lake: Do not confuse this with lake front land. 

This is land that has a lake nearby. People who are unable to buy land right on the lakeshore prefer a place that may be a few blocks from there, which would give them access to it. But be cautious, and invest in such land only if there is ongoing expansion and development in the area. 

Golf Course Land: Golf is a great sport, enjoyed by multitudes of people nowadays.Lately, there has been a growing trend of buying property on or near a popular golf course.The greater the popularity of the golf course, the better the chances of a higher return on the investment. To a golfer, walking a few minutes to the course and returning home again everyday would sound like paradise,

especially to retirees. Try to invest in such land for assured high returns. 

Ranch Property: This requires heavy investment, but if you have the resources, 

it can be a long-term project that would give bumper returns. 

Big lots, say one hundred acres, that may be in a remote location,

 but are next to some other developing lots of similar size, can be a sound investment.But it needs to be within your investment limits and other required capacities.