Minnesota investment property

Renter Resources For Emergency Services That Might Help With Rent

In today’s economic environment, tenants are feeling the pain of a recession as well-or even more-than the rest of the population. This might mean their job loss or lesser wages. It is hard to pay the rent without an income. Therefore, as a landlord, your consider learning about and sharing resources with your tenants that provide emergency services in the Twin Cities. I have put together a few ideas on services/programs that might be able to help with food, utilities and even the rent. Besides the greater possibility and likelihood of getting your rent, you are being a friend and showing that you care. What goes around comes around.

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Minnesota investment property

2012-will it be just another year or is it YOUR year of transition?

I recently gave a Toastmasters speech on this topic. Key to answering the question is whether or not you have written goals in mind regarding what you want or intend to accomplish. Unless there are specific goals that require you to plan and live with a purpose and focus, life will just happen. Either way is fine as long as you know what to expect. Many people are frustrated when they expect something different. Mastering time and focusing on goals may more create a more fulfilling life. Soon, I will begin my annual project of goal setting. I intend to plan my year with measurable goals. I find I’m much happier when I’m focused on where I’m going. As such, I just came across this PDF called The Tower. I thought it was interesting and wanted to share it here. It is a short e-book about a man who is achieving his goals and living the dream. He’s living life on his terms and creating a legacy. He became more focused after he analyzed a video game he was playing. It is a pretty interesting book. Maybe one of your goals involves real estate-buying a new home or investment property. If this is a goal of yours, I can help. Give me a call and let me help you figure out how we can make real estate goals become your reality in 2012.

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Minnesota investment property

Short Sales Vs Foreclosures Vs Traditional sales

We need to understand that while the current economy is really a “Tale Of Two Cities” in that some people have no idea we are in a recession whereas others are in deep pain, the real estate market as a whole is being impacted by distressed properties. Based on the current backlog of homes, it may be this way for some time. That being said, why are short sales being embraced by everyone as the most economical way to move markets forward? When you look at a comparison of the loss incurred by the lender, you will see that losses are generally worse with a foreclosure. Larger losses via lower sales prices ultimately impacts everyone who is buying, selling or refinancing. I have a report and flyer I’d like to share. Both provide you with opinions and resources so you can draw your own conclusions. Solving the housing problem starts with understanding the problem as well as exploring viable solutions.

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Minnesota investment property

HUD Home Tips

Recently, a representative from Best Assets came to speak in Minnesota about how they are handling the disposition of HUD homes in conjunction with the asset managers, agents, and the website http://www.HUDHomeStore.com . The process of buying and selling a HUD home is very similar to that of “traditional transactions”, but there are some small differences and nuances. I have attached a sheet that covers some of items that you should be aware of.

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Minnesota investment property

Minnesota HUD Homes

Most properties that become lender owned are generally available through our online MLS. HUD homes are listed in our online MLS as well. That being said, HUD maintains a site at http://www.HUDhomeStore.com that lists all their properties for all states and provides you a lot more information about specific homes. I would encourage you to go there and see what is available. As an agent, I am able to show and help you purchase a HUD home. Just let me know what you’d like to view. I can set up a specific search for you within our Online MLS and see that listings that meet your parameters are emailed to you daily. Attached you will see that process that occurs once you’ve purchased a HUD home. It will provide you with a flow chart so you know what happens. Did you know that HUD allows you to put $100 down on a full price purchase offer of a HUD home utilizing FHA financing? These terms and conditions are subject to change at any time. Keep up to date at http://www.HUDhomestore.com

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Minnesota investment property

Expanded HARP Mortgage Refinance Option-Available Soon!

Today, the government expanded the HARP program and qualifications. Attached is the news release. Qualifying for a new loan to lower your rate may now be a possibility even if you are upside down-ie underwater on your loan. Terms/conditions always apply-see the release and call me if you think you fit the parameters. We can take it from there.

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Minnesota investment property

National & Minnesota Foreclosure Trends

The market is still slow, but this is the opportunity for those who want to roll back the clock and purchase at price levels combined with interest rates that we haven’t seen in years. See the newsletter for more information. Also, I have MUCH more information to share. Simply give me a call or send me an email to get started. Let me show you how I can help.

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Minnesota investment property

VA-Veteran Loans Funding Fee & FHA Maximum Mortgage Changes

Starting October 1st, 2011, the maximum FHA loan limit for single family loans is being lowered from $365K in the Twin Cities to $318,550. See the attached form. This is not a good thing, but reflects the reality of declining value of much of the real estate. Unfortunately, underwriting of all loans continues to tighten. On a positive note, the VA funding fee is being lowered. This would be due to less losses and a lesser need to collect as much insurance premium to protect against defaults. So, the question I have pondered is: Why are VA loans-typically financed at 100% loan to value-not experiencing the same loss ratios as other mortgage programs. VA 100% financing has been around forever. It works-and well. The problem of our mortgage crisis is not the loan to value or a required minimum down payment or tighter underwriting as some would have you believe. Imagine all the new homeowners if we actually took what we’ve learned from decades of underwriting VA loans and applied it to a new “stimulus mortgage program”. Instead, we are becoming a nation of renters. Somebody in congress needs to talk to the people who have their boots on the street for real solutions to our mortgage and real estate problems.

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Minnesota investment property

Using A Reverse Mortgage To Purchase

With some of the major lenders leaving the reverse mortgage business-possibly just on a temporary basis-you might find it more difficult to find a lender offering the program. At the same time, it is worth your time to look. If you are 62 years old and have approximately 50% equity in a home, you can obtain a reverse mortgage. You can use this loan for a purchase as well. So, if you put down 50% of the value of the home, you can obtain a reverse mortgage. Remember, the reverse mortgage doesn’t have a monthly payment associated with it. While you are still responsible for the taxes and insurance, you pay off your loan when you sell the home. The attached PDF will give you some examples of how much is required to buy a home using a reverse mortgage at various age groups. This is a unique opportunity for seniors to consider, especially if they are on a fixed income.

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Minnesota investment property

An Economic Blog/Resource For You

I just found this blog at http://www.CalculatedRiskBlog.com It is a cool economic blog. Go there and read articles to see what is happening in the world. Then, go to the graphs gallery. Simply amazing. It is worth your time if you want a macro view of the world and environment in which we live today.

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Minnesota investment property

What’s happening in the Twin Cities Real Estate market?

Are you wondering what’s happening out there? Well I have my “boots on the street”. Here is where I see it and where I see it going in the short term. Overall, sales are slow, but not dead. We are now in the fall market. In as early as 30 days, we could have snow on the ground. Then, you have Thanksgiving and all of the other holidays. Combine all these events and this tends to be the slowest time of the year. This means it will likely get slower over the next 90 days for traditional home sales. I’ll keep you posted about the Spring market when we get there. That being said, I am keeping very busy-thankfully!. Many of my transactions today are involving investors. The deals are just too good to pass up. I would be happy to show you what I mean and give you actual examples involving investor transactions I’ve been involved with. If you believe that values will increase in the future, now represents the best buying opportunity I have seen in my 26 years. Is it all uphill from here? Absolutely not! In fact, depending on the community and property type, it might get worse before it gets better. Yet, if you are a long term investor, purchasing for the long term, this is a golden opportunity. Interest rates are at 50 year lows, the banks will soon have to do something with their inventory of properties. Banks are actually accelerating their foreclosure procedures. This means more homes will be available for sale or even possibly for rent. The government is thinking about solutions-so we’ll have to stay tuned. Will they become landlords? Will they raise the LTV loan limits for underwater mortgage refinance opportunities and expand eligibility beyond Fannie and Freddie loans? Will there be write downs of principal and equity sharing going forward for existing underwater homeowners? These are all ideas being talked about. Stay tuned for more!!

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Minnesota investment property

Amazing Video-Wouldn’t Believe It If I hadn’t Viewed The Video

Amazing message-mortal enemies can get along! What an example for the rest of us!

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Minnesota investment property

Great Cartoon from 1948

Human beings are human beings. Only the names change. When we refuse to understand history, psychology, and human nature we end up repeating mistakes that could be avoided. Re-learning lessons is getting mighty expensive. Definitely worth watching.

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Minnesota investment property

VA financing their foreclosed properties for Investors

This is pretty exciting.  It is a way that investors can buy VA foreclosed homes with VA loans.  I personally have not participated in this yet, but I wanted to make sure everyone knew that it was an option and might be available.  See the flyer for more info

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Minnesota investment property

Achieve Success In Real Estate Investing

By Alexandria Anderson

Perhaps the wealthy achieve their success because they have been taught the perils of neglecting the basics. Many people , for instance, may make the assumption that successful people are simply very, very lucky or that they have been blessed with some intrinsic talent for investing.

That simply is not true.

What the wealthy do differently from other people, and, indeed, what each and every successful property investor does, is prepare. The successful property investor does his homework.

“The ABCs of Property Investing” author Ken McElroy relates the story of a client of his that became a client after turning his investment into a complete mess. McElroy and his company manage properties for the owners. In the best case scenario, a property owner hires a property management firm immediately, rather than attempting to manage his property himself while living in another city. That’s what this guy did. He soon realized that the time commitment to manage his own property was unreasonable.

That wasn’t his sole error. In addition, he had not even bothered to make a visit to his investment property before purchasing it, so he hadn’t the faintest idea it was filled with deadbeats and criminals. He had neglected to engage a team of real estate experts who would have been quick to advise him not to invest in that neighborhood, which was also filled with criminals. It was not a good neighborhood, and he should’ve known to avoid it. In fact, he could have avoided it very easily if he had just done his research.

It is not difficult to imagine the prodigious amount of money he put into rehabilitating the property-money he would have saved just by budgeting for the real estate experts he needed. There was no way to fix the problem of the building’s location, therefore the property didn’t have the potential to fetch much rent.

In almost every case, the savvy property owner can’t afford to NOT employ a team of experts.

Successful investors are also possessed of an amazing degree of focus. That’s why they are wealthy. They decide on their target and they narrow their scope until they are looking at one piece of property. They’ve already decided what type of investment property they are interested in. As a matter of fact, they may make a specialty of hotels or apartment buildings or what have you. They always are aware of the areas that interest them and the age of buildings they are willing to look at.

In the event that their preferred location does not yield any leads, they move on to the next best, and on and on. But they never lose track of exactly what it is they are looking for.

One lesson being rich teaches people is that money talks. Savvy property investors know you don’t have to wait until a For Sale sign goes up in order to purchase. If an interested party takes the current owner by surprise, it is often possible to get a good price on a piece of property that isn’t even up for sale. And there aren’t any competitors to drive up the price.

Those with money do indeed seem to live in a different world. For them, resources are always plentiful. They will not worry in the event that a deal goes awry, because they are confident another is right around the corner. Someone hoping to increase his wealth substantially through investing may worry that he let one get away.

McElroy says the best approach is to be aloof, to assume every negotiation will end with the buyer leaving the table. Most deals simply are not deals, McElroy said. The savvy investor knows that it is dangerous to become committed to the idea of closing the deal.

Successful investors know all of this, not because they were born with this information, but because they have been educated on the subject, or else they have made the effort to educate themselves. Anybody can potentially invest as the rich do. It just requires research and practice.

Alex Anderson Is One The Only Minnesota Realtors That Specializes In Helping People To Find The Money-Making Investment Properties Of MN. Download A Free Copy Of “The Investors’ Rental Guide” At http://www.GreatInvestmentProperty.com

Article Source: http://EzineArticles.com/?expert=Alexandria_Anderson
http://EzineArticles.com/?Achieve-Success-In-Real-Estate-Investing&id=1159059

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Minnesota investment property

5 Questions To Ask Before You Buy Investment Property

5 Questions To Ask Before You Buy Investment PropertBy Alexandria Anderson

Deciding to buy investment property is one of the best decisions you will ever make for your future. However, it isn’t something you can decide to do one day and then rush out and do the next. There is a process that you have to learn and lots of information to digest. If you think you have done that already and you are now prepared to go out and make your first purchase, here are five questions to ask that will help you to prepare.

What type of investment property are you interested in? Are you interested in a duplex, multi-unit complex, or perhaps just a single family home? Are you interested in commercial real estate? What about undeveloped land? How you answer this question will determine other things that you do later, such as how you go about financing your investment. It is also best to focus on a particular type of property so you don’t go on wild goose chases and so your team knows what they need to clue you in on.

What area am I interested in? Are you going to invest in the city where you live? If not, what part of the country do you want to invest in? The Internet is the best resource for determining what area of the country you would like to put your time and resources into. Ken McElroy, author of “The ABCs of Real Estate Investing,” calls this Level I research. Later, when you have determined a part of the country and a city in which to look, you will need to decide what neighborhood interests you. You will find that during McElroy’s Level II and Level III research.

Do you have a financing strategy? The type of property you are looking for (as well as your own assets) will determine how you can make your purchase. If it is a small property such as a house, you may want to pay for it outright. However, even if you don’t have the money to pay for it, if it is a piece of property that has made money in the past, the bank will probably give you the finacing you need. They know that they will make money on the deal regardless of what happens to your investment. If you are looking at a large property that you can’t afford outright, you will probably be able to find other investors to partner with you.

Is my team in place? You can’t do this successfully without a team. That is simply because of the large amount of work involved, and so many different types of expertise needed, that you simply can’t do it all. There is not enough time for you to become proficient enough with real estate law and accounting, plus broker your own deals and manage your own properties. You have to delegate. That is why McElroy recommends you start with an attorney, an accountant, a broker and a property manager. After that, you may also need appraisers, tax consultants, a surveyor, a structural engineer, an architect, an estate planner and more.

How much do you have to spend on repairs? This is essential. Knowing this will help you determine what areas to look around in because some areas may be full of old buildings or some newer buildings may actually be in need of a lot of upgrades. You will want to what you are getting into and whether you can handle it.

This isn’t a a complete list of questions. Once you embark on your real estate investing adventure, you will find a never-ending list that you will need to address. But these will get you going on the road to asking yourself the right kinds of questions. Sometimes asking the right questions is more important than the answers themselves.

About the Author: Alex Anderson is a licensed Realtor from Minneapolis, MN who specializes in Minnesota Investment Property. Visit her website at http://minnesota.greatinvestmentproperty.com for more information on Minnesota Real Estate Investing.

Article Source: http://EzineArticles.com/?expert=Alexandria_Anderson
http://EzineArticles.com/?5-Questions-To-Ask-Before-You-Buy-Investment-Property&id=661179

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