What to Know When Buying Your First Investment Property

propertyPurchasing investment property can be exciting, but there are several factors you should consider before making this decision. Dean Graziosi has provided you with some valuable information that will give you a realistic view of what all it entails.

Before buying your first investment property, you will want to figure out what you will do with it. There are a variety of ways to make money with your investment property. You can rent it to tenants, flip it and resell, or if the building is large enough and lends itself to this type of project, renovate and create several apartments. No matter which you choose, it is important to note there are a number of costs that will be associated with your new property.

If you are planning to rent it to a tenant, some remodeling may still be necessary. You will be responsible for the upkeep on your property and will need to make repairs and replacements as needed.

If you plan to flip and resell, you will first need to figure out whether you will do the work or hire someone else to take care of it. Either will cost money, but hiring someone to complete the renovation job will of course come at a higher price.

Turning a large house into an apartment building will take a considerable amount of renovating not to mention money. You’ll need to decide on a size for each apartment and work out all the logistics. There will also be the cost of upkeep once you are renting to tenants.

So what will purchasing your first investment property mean exactly? You need to keep in mind there will be a monthly mortgage payment to take care of on a regular basis. You may also need to make some renovations or complete a few remodeling projects before renting your home out to tenants.

Before you make the decision to purchase an investmentproperty, learn what you are up against. Do the math and talk to others in the real estate business who can explain all the ins and outs. Investing in real estate can be a very lucrative business, but it can also carry with it some problems. Take the time to explore those possible problems and think about how you will handle them should they occur. As an article posted on nasdaq.com points out, investing in real estate can either turn out to be a windfall or a money pit.

Before buying an investment property, decide on a budget. Figure out how much money you’ll have to spend on any renovations or remodeling projects you may be required to undertake. Factor in the costs of monthly mortgage payments and upkeep. You can learn more about this and other real estate topics by visiting Dean Graziosi’s website.

How to Make Your Home Sell More Quickly

homeSelling a home can take time. You hope it will be bought quickly, but it doesn’t always happen this way. The good news is there are steps you can take to improve its ability to sell. Check out Dean Graziosi’s blog for more information on how to make your home more attractive to prospective buyers.

 

Go for a neutral look. If you have customized your home with lots of bright colors and themes, you may want to consider making a few changes. Potential home buyers will want to imagine their own looks and themes, and colors may cloud their visions of how it should look. Neutral colors and themes will also  mean less work for the buyer who wants to make changes after the house has sold.

 

Remove items that simply aren’t necessary. While you don’t want to eliminate all your furniture, moving some of it to a storage spot or a different location can help sell your home. Less furniture makes the home appear more spacious and creates more walkways for prospective home buyers when they come to view the property. This way, interested buyers will be able to imagine how they will arrange each room.

 

Replace old fixtures and hardware. If it’s been a while since your cabinet knobs and drawer pulls have been switched out for new ones, consider doing this before placing your home on the market. It’s often surprising how much of a difference even the smallest of changes can make.

 

Replace kitchen and bathroom cabinets. If they are relatively new, but may require a bit of work, clean and paint them.

 

Avoid the presence of lingering odors. No one wants to smell something unpleasant when walking into a home that may wind up being theirs. Be sure to take out the trash and remove anything that has a strong smell pleasant or otherwise. Consider lighting scented candles or using scented plug-ins prior to a prospective buyer’s visit.

 

Don’t undertake major renovations just before selling. These take time and are typically quite costly. Remember, you may not make that money back when your house sells. Instead, make the small changes as described above.

 

Make sure the front of your home is presentable. Keep in mind this is the first part of the property prospective buyers see, so how it looks is extremely important. De-clutter the garage or carport, and make sure the yard and all walkways are clean. Rake and bag all dead leaves to give the yard a more pristine look. Mow the lawn and pick up all stray limbs and branches.

 

There are many things you can do to make your home more appealing to buyers. Start by using the information above. You can learn more about this and other real estate topics by visiting Dean Graziosi’s website.

Five Tips for Choosing The Right Realtor

realtorChoosing the right realtor is important. You want to go with someone who will truly help you sell your home, buy a new house, or both. Knowing what to ask can be difficult, especially if you are a first-time home buyer. Dean Graziosi understands this and has provided valuable advice to sellers and buyers alike in this area. The following five tips will also help point you in the right direction.

 

One: Begin by getting references. One of the best ways to actually choose a realtor is to ask around. Find out who friends, family members, and acquaintances have used. If you have a specific agent in mind, try to learn about the experiences of past clients. You’ll find out a lot by simply talking to people.

 

Two: Find out if the real estate agent you are considering is licensed. This is extremely important. A person who isn’t licensed isn’t who you want to sell your home or help you buy another. Likewise, also find out whether or not any disciplinary actions have been brought against the agent. Again, this is important because you don’t want a realtor who would not have your best interest in mind or who might bend or break some rules along the way.

 

Three: Does the realtor specialize in a certain type of home sale? This is important. For example, if you own a condo and wish to sell it, you should probably go with an agent who has helped others buy and sell condos. You want to make sure to choose a realtor with enough experience to help you get the asking price you desire as well as assist you when bidding on the home you wish to buy.

 

Four: Choose a realtor with a good track record of helping others buy and sell. Someone who is known for helping others buy and sell their homes quickly will likely attract the interest of potential clients such as yourself. Though every new realtor does have to start somewhere, it’s still a good idea to choose someone with the experience it will take to help the process go as smoothly as possible. This is especially true if you have never bought a home before.

 

Five: Ask questions. Before making any big decisions, you’ll want to ask your new realtor questions. Begin by making a list of things you want to know. That way you won’t forget anything and can ask your questions all at once.

 

Choosing a realtor doesn’t have to be hard, but it will take some time and consideration. You can learn more about this and other real estate topics by visiting Dean Graziosi’s blog.

Why Consider Installing An Outdoor Kitchen

kitchen

Outdoor kitchens have become quite popular in recent years. They provide a prime place for summer cookouts and add a wealth of entertaining options to any home. Because of this, they can raise the value of your property. As you will read about in Dean Graziosi’s real estate blog, there are many ways to raise a home’s value, so finding or creating features that will be profitable is extremely important. An outdoor kitchen will help do this for you.

 

The size of your outdoor kitchen will depend on the size of your yard. There are many configurations you could choose from, so now is a great time to begin planning how you will use your space.

 

An outdoor kitchen will consist of several components. First, you’ll need a place to prepare food. Typically, this will consist of a grill or other cooking option, counter space where the actual food preparation will take place, and cabinet space for storing items. A small refrigerator and freezer can complete this component of your outdoor kitchen.

 

Next, you’ll need space for entertaining. Some people opt for a screened-in porch or covered area that will help keep sun, wind, and rain out. A space that gets plenty of sunlight might also be preferred. No matter how you choose to arrange it, you’ll want to make sure there is plenty of room for tables and chairs.

 

If you don’t have much space to work with, you might consider simply adding a grill and counter space for food preparation beside your patio. This will still enable you to cook and entertain outside. As an article in the Deseret News points out, there are several ways to create an outdoor kitchen.

 

The size and type of outdoor kitchen you build will depend on the amount of space you have to use for this purpose. The important thing is you will be able to customize your own space the way you want.

 

The first step is to determine your budget. Figure out how much you will be able to spend for renovations, then choose options that coincide with your budget.

 

Next, you’ll want to check out the various contractors in your area who could take care of the renovations. Describe to each the work you would like to have done, and get estimates. Then you can compare the estimates you receive with your budget to see how it checks out. You can add or subtract options as necessary. Remember, you can always add on to your outdoor kitchen in the future.

 

Because many home owners are now adding outdoor kitchens, yours will make your home more appealing when it comes time to sell. You’ll be able to enjoy your new addition for as long as you live in the house as well as reap the benefits of the added value when selling time arrives.

 

Get more tips and information about buying and selling real estate by visiting Dean Graziosi’s website.

The Most Common HARP Refinancing Questions

mortgageHARP, also known as the Home Affordable Refinance Program was created by the government to help many homeowners lower their monthly mortgage payments and stay in their homes.  If you are a homeowner who is currently underwater on their mortgage, HARP may be able to help you too, even if you currently owe more on your existing loan than your home is currently worth.  Since it was first created in 2009, the program experienced many changes which have allowed it to help more homeowners refinance their existing mortgage.

While HARP has proven to be beneficial for homeowners, many still have questions about the program itself and what it is designed to do.  To help you understand the program and what it consists of, Mr. Graziosi has put together a list of the most commonly asked questions regarding HARP.

  • Can I Refinance Through HARP If I Have An Adjustable-Rate Mortgage – The answer to this question is yes.  In fact, refinancing through HARP can help you obtain a more stable fixed-rate mortgage.  If you’re a homeowner who is approaching a payment reset, refinancing through HARP now will lock you into a low fixed-rate before they go any higher.
  • Have Recent Changes To HARP Made It Easier To Be Eligible Now – Recently the program experienced significant changes, but the major improvement to the program was that the limit on the amount that they could be underwater was removed.  Because of this recent change, more homeowners may be eligible to seek refinancing through the program than before.
  • Is HARP My Only Option – HARP is currently one of many different refinancing options available for homeowners.  What makes HARP unique is that it is the only program available that allows borrowers who have little to no equity in their home to take advantage of the lower interest rates we are currently seeing.
  • During A HARP Refinance Can I Remove Or Add Someone On The Loan – This is a common question among those who are interested in refinancing through HARP.  The answer is yes, during the refinancing process changes can be made and borrowers can either add or remove someone as long as one of the original borrowers remains on the loan.
  • How Do I Determine Whether Freddie Mac or Fannie Mae Owns My Loan – This is a relatively easy step for homeowners interested in refinancing their mortgage.  The first thing you should do is visit the following websites to determine if your loan is owned by one of the lenders mentioned above.  http://freddiemac.com/mymortgage  http://knowyouroptions.com/loanlookup
  • Will I Have To Make A Down Payment If I’m Currently Underwater – The answer to this question is no.  There is no down payment required when you refinance through HARP, many lenders will often allow you to include your closing costs in the new loan to avoid any out-of-pocket expenses.