Buying Real Estate for Profit

Buying Real Estate That Needs Repairs

Buying real estate right now will most likely mean that you will need to do some work on the home before you can rent it out or sell it. Home repairs and improvement projects can be dangerous. If you are using sharp tools or power tools you must take extra precautions to avoid injury. Here are 7 tips to stay safe when you are working around your home:

1. If you are working with wiring be sure to turn off the circuit.
2. Unplug your power saw before you change the blade.
3. Keep your power tools dry and only plug them into grounded electrical outlets.
4. Read the instruction manual and follow the manufacturer’s safety instructions before using a power tool.
5. Keep your fingers away from a power blade. Clamp down small pieces of wood instead of holding them.
6. Take off your gloves and roll up your sleeves when you use a power tool.
7. Wear eye and ear protection when you are working with a power tool.

Some of these tips may seem

Investing in Foreclosures and Abandoned Properties

This is the time to make big money in real estate if you know where to look for the best opportunities. This may be easier than you think. Investing in foreclosures and abandoned properties can make you wealthy if you have the right information at the right time.

The undisputed expert in this field is Reggie Brooks. He is an author, investor and international speaker on the subject of purchasing foreclosures and abandoned properties. I went through a seminar with him back in 2005 and was able to purcahse some incredible deals here in the Los Angeles area.

Politics and Real Estate - How the Upcoming US Elections Will Affect Prices

With the Iowa caucus looming, it is time to examine whether the presidential election next November will have much of an affect on interest rates and real estate prices. Traditionally, when the current president is completing a second term both parties make every effort to show that they will be the ones to turn the economy around. The question is whether or not this will be enough to give the real estate market the boost it needs. The war in Iraq is also a major factor and time will tell if we will benefit from anything going on in the political arena.

Buy Real Estate in A different City Than Where You Live

If you live in the Los Angeles area, as I do, you may be thinking that real estate prices are down all over the country. This is not necessarily true. There are many areas of the United States and Canada where residential real esate is still appreciating. Do your research and then go after the deals that  make sense to you.

Short sales and REO's will be lucrative in 2008 in Los Angeles and much of the rest of the country. Again, do your homework before you make any offers or sign any contracts.

If you are a realtor or agent, take a look at my Marketing for Realtors program. You will learn how to get clients to come to you and make more deals than ever before, without cold calling or knocking on doors.

Have Prices Finally Hit Bottom?

Prices may be just about as low as they are going to get, according to many leading industry experts. The National Association of Realtors is holding its annual convention in Las Vegas this week, and everyone is buzzing about the future of real estate throughout the United States.

Many feel that prices will not go down much further, and that we will see at least a temporary boost in activity over the next year because of the impending presidential election.

Las Vegas Real Estate Home Values

I am here in Las Vegas for a convention and decided to take a look at some residential properties for sale. The prices here have dropped significantly since last spring and there are some very good deals to be made.

For the first time in over five years, owners are again ready to carry back paper and offer other concessions. This would definitely be the time to buy if you were ever considering Las Vegas or the surrounding area for an investment.

Teleseminars Will Change the Way You Run Your Real Estate Business

Teleseminars can make you very wealthy if you know how to do them. Check out Alex Mandossian and his annual Teleseminar Secrets class on December 6th. If this call doesn't move you to join us for the next 10 weeks, I will be amazed. No matter what area you work in, holding regular teleseminars will increase your bottom line.

California's Housing Market

According to Jack Kyser, the Chief Economist for Los Angeles County Economic Development, we will know when prices have hit bottom when the number of home sales returns to what we consider normal for our market.

This may seem like profound information, but it has been the same since at least the early 1970's, which is as far back as my experience goes. Real estate is cyclical. Right now prices are still declining and the number of transactions is down. When the number of transactions increases, even slightly, for three months in a row, the market will be at the bottom of this cycle and will start to move back up. Politics and natural disasters also come into play, but overall the cycles remain fairly predictable.

California Fires - How Will Real Estate Be Affected?

The fires that ravaged southern California over the past two weeks, causing several counties to be declared federal disaster areas, are now almost over. Thousands of people in the San Diego area remain evacuated from their homes, but things are getting back to normal almost everywhere and the rebuilding will soon begin. Just how will real estate investments be affected by this?

If you look back at past natural disasters, you will see that generally areas affected by floods, hurricanes, earthquakes and other catastrophies come back stronger than before. This is due in part to the influx of insurance money and government aid given to people in order to rebuild their homes and businesses. It also strengthens the economies over the next one to two years by making jobs and other construction supported industries busier than before the disaster.

Hopefully, this will be a good thing in the long run for San Diego, where foreclosures are up and property values down.

Buying Real Estate if You Are Self Employed

If you are self employed you may think that it will be more difficult for you to purchase real estate. That is not true. I have bought properties in several states over the past thirty years and have never had a problem because I am self employed. These properties have been both new construction and resale homes, and commercial as well as residential.

A larger down payment may be a good idea when you are trying to get a loan. The more "skin" you have in the game, the more favorable the lender will be in determining your rate and terms for a loan. Talk to your lender before you make an offer on a property. Having your financing in place before you make an offer will increase your negotiation power with the seller.

Make sure that your tax records and bank statements are in order before you make an offer. Also, check with the credit bureaus to make sure that the information they have is correct in your file. You don't want paperwork troubles to hold up the purchase of property.