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A question often asked when incorporating is, "where do I incorporate?" There are many promoters of various jurisdictions, such as Delaware and Nevada and even offshore. Related Article Tags: , , , , , , , ,
Have you ever had a tenant leave in the middle of the night or the middle of an eviction? Did you ever wonder what to do? Basically when a tenant abandons the property, you do not need to file an eviction or wait for the sheriff. You can change the locks. As for the tenant's stuff, in most states you can simply toss it. You should check your state or local law to see what your legal obligation is to store the items for the tenant. Related Article Tags: , , , , , , , ,
Taxes are your biggest expense in your lifetime, so choose your source of income wisely! Real estate has some of the BEST TAX BREAKS of any investment in America! Related Article Tags: , , , , , , , ,
Most "standard" real estate contracts and leases contain provisions that state something to the effect, "If there is any dispute as to the agreement, the winning party is entitled to attorney's fees." Is this a good idea? Well, yes and no. First, understand that attorney's fees are generally not awarded by the court to the winning party in a lawsuit. Related Article Tags: , , , , , , , ,
Too many investors go to closing and sign documents without ever reading them, taking the word of the "professionals" involved in the closing. This is a huge mistake, unless that professional is your lawyer, and he or she has read and understood the loan documents. Don't presume that the lawyer you are paying represents you. Related Article Tags: , , , , , , , ,
If you have been reading my articles, you are probably familiar with the concept of creating and using land trusts for privacy and protection of your real estate. However, what about your ownership of notes, mortgages, deeds of trust, leases and options that may appear on public record? What about cars, boats, mobile homes and other items that are registered and recorded in public places? Good news... there is a special trust just for that purpose! Related Article Tags: , , , , , , , ,
Cash is King, so they say, and investor would be wise to keep an adequate cash reserve for things that can go wrong in real estate, particularly rentals. It is easy to buy real estate with no money down, but it's difficult to survive when you have no cash set aside for a rainy day. Related Article Tags: , , , , , , , ,
If you read the news media, you'll see that there's a proliferation of new real estate gurus and seminars coming around to feed the endless demand for real estate these days. One event recently attracted over 30,000 people, with Donald Trump as the headliner (like he knows anything about buying a duplex, so, how do you tell the good from the bad? Well, first let me comment that I believe there is very little truly "bad" info out there. The difference is mainly price and quality of information. Related Article Tags: , , , , , , , ,
A home equity line of credit ("HELOC") can be an excellent financing tool, if it is used properly. A HELOC is basically a credit card secured by a mortgage or deed of trust on your property. You only pay interest on the amounts you borrow on the HELOC. If you don't use the line of credit, you don't have any monthly payments to make. You can access the HELOC by writing checks provided by the lender. In most cases, it will be a second lien on your property. Related Article Tags: , , , , , , , ,
When we go to a store many of us pay for our goods by cash if we don’t have our credit cards with us. We are very familiar with the different money values that we see regularly.
Many people have a very 19th century view of real estate investors. They think that we are modern-day "robber barons" who prey upon distressed or ignorant people, take advantage of them, and laugh all the way to the bank. The truly sad thing is that some real estate investors think this of themselves, and think that in order to get ahead, they must behave unethically. The truth is that, in the long run, it pays to be a scrupulous investor. Do you really expect referrals if you "take advantage" of people? Of course not. Related Article Tags: , , , , , , , ,
As a real estate agent, you can increase your commissions by learning how to structure wraparound transactions. You will undoubtedly come across dozens of listed properties with high loan balances and little chance of selling by conventional means. Your knowledge of wraparounds will be your ticket to increased commissions in a competitive market.Once you understand the transaction and have all the pieces of the puzzle in place, you will have more deals than you can handle. Related Article Tags: , , , , , , , ,
I am sure that at one point or another you have looked at the various dollar bills that you have with you. You will see 50 dollar bills, 100 dollar bills and even 1 dollar bills.
Working with one or more partners on a real estate deal is frequently a wise decision, if not a necessity. For beginning investors, taking a partner helps offset the risk of even a small investment. More experienced real estate investors may want to take on partners for the same reason, since as the deals get bigger, the risk becomes greater. Furthermore, individual investors can often benefit from the wisdom, experience, and diverse perspectives that partners can bring to the table. Related Article Tags: , , , , , , , ,
Contracts are important in all aspects of business, but more so in real estate than in any other field. Technically speaking, a "contract" is not necessarily a formal written document drafted by a real estate broker or attorney - it is any legally binding agreement. You've undoubtedly heard of "oral contracts" in TV courtroom dramas, and in fact, a signed document can be dismissed by a judge if he or she rules that one of the signing parties didn't understand it. In essence, there is no contract without a mutually understood agreement - a "meeting of the minds. Related Article Tags: , , , , , , , ,
Flipping" is the buzzword of the year in real estate - flipping books, flipping articles in the newspaper, and even flipping shows on TV! What is flipping, how does it work and how you can profit,flipping simply means buying a property and reselling it quickly, as opposed to holding on to a property long term as a rental. Flipping comes in several varieties, most of which are legal and profitable, some of which are not. Related Article Tags: , , , , , , , ,
If you are low on cash or have cash and are low on time, a partnership or equity-sharing arrangement may be for you. Using partners to finance real estate transaction is the classic form of using "OPM" (other people's money). Experienced investors are always willing to put up money to be a partner in a profitable real estate transaction. As with many businesses, talent is more important than cash; if you can find a good real estate deal, the money will find its way to you! Related Article Tags: , , , , , , , ,
The Fair Housing Act of 1968, as amended, prohibits discrimination on the basis of race, color, religion, nationality, familial status, age, and gender. Many state and local laws also forbid discrimination on the basis of sexuality or source of income, and the Americans with Disabilities Act makes it illegal to discriminate against the disabled. If you harbor any such prejudices and would allow them to come into play when renting a housing unit, then you're probably not cut out to be a landlord. Related Article Tags: , , , , , , , ,
The most common myth in real estate in that you can only make profits when the real estate market is rising. While it is true that more people make money in rising markets that falling markets, the reason is often luck, not good market timing. Armed with the right knowledge, you can profit in any real estate market, but first you must know your market so you can plan your investing strategy to fit that market. Related Article Tags: , , , , , ,
In real estate there is a saying that you don't make your money when you sell, you make your money when you buy. The name of the game is finding amazing deals and then keeping them for the long term or turning around and flipping for a handsome profit. Of course, if great deals were that easy to find, everybody would be doing it. Related Article Tags: , , , , , ,
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