BAP site syndication http://www.greatncmountainhomes.com Sat, 04 Sep 2010 20:00:54 +0100 FeedCreator 1.7.2 http://www.greatncmountainhomes.com/images/M_images/ http://www.greatncmountainhomes.com BAP site syndication http://www.greatncmountainhomes.com/investor-info/8-steps-to-making-huge-profits-on-investment-properties-in-profile.market2.html Here is the complete formula for making sure you make profitable purchases for fixer properties in . These simple 8 steps will ensure you never pay too much for an investment property in again.SPECIAL REPORT:8 Steps to Making Huge Profits on Investment Properties in .Buying properties in that are in need of repair is one of the quickest ways to make money in real estate in the shortest period of time. These properties are known in the industry as “fixers,” “ugly properties,” or “junkers.”But beware!… I know too many stories of new investors that were too anxious to get into a deal on a property in and ended up paying way too much. The last thing you want to do is overpay for a property and create a massive hemorrhage in your cashflow.You need to understand that you actually determine your profit when you purchase the property in . It is easy to guess that you have a bargain, and later find that you wound up with a money pit because of lack of homework before making your offer.So let me give you the 8 steps to making massive profits on fixer properties in . These simple steps will give you the formula to make sure you consider all your costs before making your offerStep 1Determine the after repaired valueYou actually have to start with the end in mind. On any property in that you are making an offer on, you first need to determine what you can expect the property to sell for after it is fully repaired. You can ask your friendly real estate agent or title company for comparable properties in the area. Just make sure you are comparing apples to apples. You want to compare your investment house against very similar properties in . If you have a 3 bedroom house with 1500 square feet find at least three other houses that are similar within the same neighborhood (or a very comparable neighborhood) that have sold in the last six months.Step 2Determine your closing costs on the purchase of the property in There can be a lot of costs that can add up when you are closing on a property in . Here is a list of things to include in these costs.Down PaymentReal estate commissionAppraisalLoan closing costs and/or pointsHome inspectionTermite inspectionSoil inspection (if there is an underground oil tank, etc.)Finder fees (for anyone that may have helped you find the property.)SurveyStep 3Determine your holding costsA lot of investors can loose profits by underestimating their holding costs. Make sure to include the following:You need to add in 6 mortgage payments to the holding cost budget. You want to have plenty of money set aside for the time it will take to repair and market the property in . Make sure to include 6 months of taxes and insurance as well as utility costs for 6 months.Step 4Add up your budget for repair costsIf you are not good at estimating what repairs will cost get some estimates from contractors. You want to make sure you include everything from carpet, paint and light fixtures, to plumbing electrical and landscaping. It is better to go over on your estimate rather than to underbid what the overall costs will be.When you think you have estimated what your repair budget is add 10-20% to this total. You may not think you need this extra cushion, but more times than not you will end up going over budget on a rehab project. Step 5Determine sale costsNow you need to determine what it will take to sell the property on the real estate market. Take into account your advertising and marketing budgetStep 6Determine closing costs on the sale of the propertyIn step 2 you determined the approximate closing costs on the purchase. Now determine the same thing for the sale of the property. Include any points, real estate commission, etc.Step 7Decide on your profit.This is the fun part. Here is where you decide on how much money you want to make when selling your property in . Remember, you control how much profit you make not the property. Remember that you are going to be investing a lot of time into this property over the coming weeks and months so make sure you are naming a figure that is worth your while.I wouldn’t settle on less than $15,000 minimum for a profit on a fixer property. Even with all the figuring you have done, your profit can still get eaten away by unseen issues that can come up with the property, especially if the rehab and sale takes longer than anticipated.This is the main reason we start with the end in mind. Do your best to look at this as a math formula. Leave your emotions behind when you get to the end of the formula you have your answer on what you can afford to pay for a property.Step 8Determine what the most you can pay for the property will be.Now we are ready to determine what we can afford to pay for the property in the area.Simply take your predetermined after repaired value and subtract the following:closing costs on purchaseholding costsrepair costssale costsclosing costs on saleyour profitWhat you are left with is the MOST you can afford to pay for the property and still make the profit you are looking for.This formula takes a little time, but the more offers you make, the quicker you will get at compiling the data and making lots of offers. There is a lot of free information available to you about buying, selling or investing in real estate. For complete information about the real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything real estate. So please feel free to contact me with any of your mortgage questions and I will me more than glad to answer your questions. Call me on my cell at 828-557-9206 or email me at MtnPropertySales@brmemc.net (mailto:MtnPropertySales@brmemc.net). Blog - Investor Info Thu, 08 Jul 2010 16:40:37 +0100 http://www.greatncmountainhomes.com/investor-info/8-steps-to-making-huge-profits-on-investment-properties-in-profile.market2.html http://www.greatncmountainhomes.com/local-market-info/keep-your-home-sale-from-falling-apart.html Keep Your Home Sale from Falling Apart (http://buyandsell.houselogic.com/articles/keep-your-home-sale-falling-apart/) After finding a buyer, all you have to do to make it to closing is to avoid these five traps. Read (http://buyandsell.houselogic.com/articles/keep-your-home-sale-falling-apart/) 7 Tips for Staging Your Home (http://buyandsell.houselogic.com/articles/7-tips-staging-your-home/) Make your home warm and inviting to boost your home’s value and speed up the sale process. Read (http://buyandsell.houselogic.com/articles/7-tips-staging-your-home/) 6 Tips for Choosing the Best Offer for Your Home (http://buyandsell.houselogic.com/articles/6-tips-choosing-best-offer-your-home/) Have a plan for reviewing purchase offers so you don’t let the best slip through your fingers. Read (http://buyandsell.houselogic.com/articles/6-tips-choosing-best-offer-your-home/) 5 Tips to Prepare Your Home for Sale (http://buyandsell.houselogic.com/articles/5-tips-prepare-your-home-sale/) Working to get your home ship-shape for showings will increase its value and shorten your sales time. Read (http://buyandsell.houselogic.com/articles/5-tips-prepare-your-home-sale/) 7 Tips for a Profitable Home Closing (http://buyandsell.houselogic.com/articles/7-tips-profitable-home-closing/) Be sure you’re walking away with all the money you’re entitled to from the sale of your home. Read (http://buyandsell.houselogic.com/articles/7-tips-profitable-home-closing/) Visit houselogic.com (http://www.houselogic.com) for more articles like this. Copyright 2010 NATIONAL ASSOCIATION OF REALTORS® Blog - Local Market Info Tue, 25 May 2010 11:16:05 +0100 http://www.greatncmountainhomes.com/local-market-info/keep-your-home-sale-from-falling-apart.html http://www.greatncmountainhomes.com/buyer-info/profile.market2-expert-profile.full-name-s-guide-to-buying-a-home-in-profile.market2-for-the-first-time-buyer-2.html Buying a home for the first time can seem like an overwhelming task. Youíre making the biggest financial decision of your life, and there is so much to consider. It helps a lot to understand the process from beginning to end. In this article, Iíll walk you through the entire process of buying a house in so that your entire home buying experience will go more smoothly.Step #1 ñ Getting Your Mortgage Pre-ApprovedAs we both know, lenders arenít nearly as lenient as they used to be. Itís important to find both a good lender and a good loan officer to handle your loan, preferably before you even go out to see properties.The loan officer will usually want to know what your assets are, what your credit score is and your debt to income ratio.Step #2 ñ Finding a Home You LikeThe next step in the process is to find a home in that appeals to you. Make sure you see a good number of houses before you make your decision, so that you know what the options are.Step #3 ñ The Offer and Negotiation ProcessCrafting a good offer is vitally important. Itís important to work with a real estate agent who understands how to choose contingencies, clauses, the right amount to offer and good negotiation strategies.Once youíve made your offer, the seller will usually make a counter offer. Itís rare that the seller will accept your offer up front. Once you both come to an agreement on the price and terms, the contract becomes binding.Step #4 ñ Completing the Home PurchaseOnce the contract has been agreed on, then you must complete the home inspection and the seller will make any necessary repairs.Then your loan will be finalized with your loan officer. Finally, closing or escrow is where all the documents are signed, the deed and title are signed over, the seller is paid and the keys are handed over.In brief, that is what the home buying process looks like in . There is a lot of free information available to you about buying real estate in . For complete information about the real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything real estate, at Great NC Mountain Homes. Please feel free to contact me with any of your real estate or mortgage related questions and I will be more than glad to answer your questions. Call me on my cell at 828-557-9206 or email me at MtnPropertySales@brmemc.net (mailto:MtnPropertySales@brmemc.net). Blog - Buyer Info Tue, 11 May 2010 14:45:42 +0100 http://www.greatncmountainhomes.com/buyer-info/profile.market2-expert-profile.full-name-s-guide-to-buying-a-home-in-profile.market2-for-the-first-time-buyer-2.html http://www.greatncmountainhomes.com/buyer-info/how-to-assure-a-smooth-purchase-of-your-home-in-profile.market2-2.html Assure a Smooth Purchase of Your Home in . What's the tangible home purchasing process in and how does one ensure that the closing basically occurs at the prepared date.Read this report before you start on the home purchasing process and ensure you will be moving into you new home on time rather than living out of a moving wagon. It's important to make certain the closing goes smoothly. There are a ton of people who will be concerned in the exchange of purchasing your place. Here's a list of who these might include. There is a lot of free information available to you about buying, selling or investing in real estate. For complete information about the real estate market including current homes for sale, property values and more please Great NC Mountain Homes visit the most complete website online dedicated to everything real estate. So please feel free to contact me with any of your real estate questions and I will me more than glad to answer your questions. Call me on my cell at 828-557-9206 or email me at MtnPropertySales@brmemc.net (mailto:MtnPropertySales@brmemc.net). Blog - Buyer Info Fri, 30 Apr 2010 16:22:06 +0100 http://www.greatncmountainhomes.com/buyer-info/how-to-assure-a-smooth-purchase-of-your-home-in-profile.market2-2.html http://www.greatncmountainhomes.com/buyer-info/the-nine-most-common-mistakes-to-avoid-when-obtaining-a-home-mortgage-in-profile.market2-2.html The Nine Most Common Mistakes You are about to make what will most likely be the largest transaction of your life: your home mortgage. Unfortunately, many home-buyers when shopping in do not take the time to research some of the little but weighty intricacies of mortgages. Researching the mortgage process takes little time compared to the tens of thousands of dollars it could save you.Doesn’t it make sense to become as completely informed as possible before you buy your next home? This special report is designed to help you avoid the nine most common mistakes to avoid when obtaining a home mortgage in !Remember that the right lender can help you make good, sound business decisions based on your personal financial situation.1. Find a Reputable Lender-This is the most important choice you can make when starting the mortgage process. If you don’t trust your lender, you are in for a long and stressful home-buying experience.Pricing-Don’t be lured into a mortgage company strictly by promises of low rates. Find out how long the advertised rate is guaranteed for. Make sure there is enough time to close on your loan. Some companies may make these "promises" but will try changing the rate prior to closing. They may claim that your "lock-in" rate has expired so make sure you have the expiration date in writing. In some cases, the lender may even try to delay your closing to break the "lock-in" rate. In other cases, the delay may be beyond the lender’s control. Make sure to allow yourself plenty of time for closing. Delays in the process are common, and everyone (builders, title companies, even yourself) is responsible.Programs-You will see several programs that offer special low-interest rates. Keep in mind that they may not be the best program for your situation. Make your lender explain what programs they feel best serve your needs and more importantly, why.Fixed or Adjustable Rate Mortgage (ARM)-Conventional thinking is that fixed is always better. While this is sometimes true, it is not always the case. The key here is to ask, "How long am I going to live at this property?" An ARM can actually be a better choice if you are going to be in the home for a short time. The average for how long a first time home-buyer in keeps their mortgage is less than four years. In general, the longer you plan on staying in your home, the better a fixed rate mortgage will suit your needs.Don’t try to bottom out the market-Deciding when to lock in to a mortgage rate can be difficult. Many people will float, trying to guess when rates have hit bottom. Unfortunately, a lot of times they will wait too long and end up with a much higher interest rate. There is nothing wrong with floating, but keep a close eye on economic indicators. Your daily newspaper or even the nightly news can be an excellent source of information on the latest interest rate activity. As closing nears, it might be worth locking in.Negotiate problems prior to closing–It's common for a problem to arise before closing. Waiting until closing will rarely be in your best interest. For instance, if you accept $400 at closing in lieu of the seller making a repair and after closing you find that the repair will actually cost $600, you’ve obviously made a poor decision. Whether the builder agreed to add an item and has not or the seller has made a repair that is not acceptable to you, discussing a solution prior to closing will give both parties time to analyze and determine options.Be prepared for closing costs–In addition to the down payment, you will be required to pay fees and other closing costs at the time of the final transaction. Closing costs typically range from 2 percent to 6 percent but will be dependent upon your situation. Lenders must provide you with a "Good Faith Estimate." The "Good Faith Estimate" will breakdown all costs so that you may know what to expect at closing.Close at the end of the month–When making a mortgage payment in , you will be paying interest that has accrued from the previous month. Upon closing however, your lender will charge you prepaid interest for the date the loan is recorded through the end of that month. Therefore, one way to lower your closing costs is to close in the latter part of the month. This will lower the amount of prepaid interest that you must pay.There is a lot of free information available to you about buying, selling or investing in real estate. For complete information about the real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything real estate. So please feel free to contact me with any of your mortgage questions and I will me more than glad to answer your questions. Call me on my cell at 828-557-9206 or email me at MtnPropertySales@brmemc.net (mailto:MtnPropertySales@brmemc.net). Blog - Buyer Info Tue, 13 Apr 2010 09:56:01 +0100 http://www.greatncmountainhomes.com/buyer-info/the-nine-most-common-mistakes-to-avoid-when-obtaining-a-home-mortgage-in-profile.market2-2.html