Posted in
Real Estate on the August 12, 2008
There are a few ways you can make money without having to put a lot of time into something each day. That doesn’t mean you don’t have to work on your project, but there are some that can be done up and then left to run on their own, at least for a little while. One way to do this is to be a landlord, though things do seem to pop up all of the time. If you go about buying rental property that you can turn over and rent out, you can enjoy income each month with little work after your initial period of restoration.
Buying rental property can be tricky, but you can usually find the right thing if you look around. Many buy more than one, but when you are just starting out, one might be all that you can handle. For the best investment, you want to find something in a decent neighborhood that might need some work. You will get a good price when you go about buying rental property this way, but you can put a little work and money into it and turn it into a great piece of property. That means you can command a higher rent and get a return on your investment.
Buying good rental property does mean doing your research. You can’t always tell what a neighborhood is like just by driving through during the day. You have to go back a few times at different times of the day to see what is going on. There may be problems at night that are not apparent during the day. If you are looking around for buying rental property, and you notice a great house at a very low price, you have to wonder why that is.
If you are new to buying rental property, you should also know that you should always have someone look over the house for you no matter what you think of it. There could be problems with the foundation or other key areas that mean the house will be more of an investment than you first thought. Though realtors are generally very honest about what is really wrong with a house, you should always get your own person to look over anything you are considering when you are buying rental property.
Tags:
buying rental property,
realtor
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Posted in
Real Estate on the July 29, 2008
My husband and I recently decided that we are going to sell the home that we raised our children in. This has not been an easy decision because we have so many wonderful memories that have taken place in the house. We did decide that it is not financially sound to remain in a five bedroom home for the two of us. We have always wanted to retire by a lake and now seemed like the sound time to do this. We have several years before retirement; however we thought we might as well enjoy lake living now.
We called a realtor to discuss the value of our home and to research how much we could afford for the lake home. We were not comfortable with the amount of money that the realtor told us that we could spend on a home. We want a nice lake property; however we do not want to feel that we are a prisoner to the home. We decided that we would look through the multiple listing service to see what was available in the price range that we were comfortable with. Our son and his wife had recently bought a home and they told us about the multiple listing service that can be accessed online. This is how they found the home they purchased.
The multiple listing service is a listing of homes that are on the market. You can enter in the geographical area that you are interested in, the size of home you want and also the price range. The homes that are available that meet your criteria are presented to you no matter what reality company has them listed. The multiple listing service does not limit you to the reality company that that you list your home with. Also you avoid wasting time looking at properties that you know you are not interested in.
The website provides pictures, legal descriptions, directions to the homes as well as information about the area in which they are located. We looked through the multiple listing service and entered our criteria. We found several homes that seemed to be what we were looking for. We printed off the information and took a day to drive past several of the properties. By driving by the homes on our own we were able to eliminate several listings that we knew by looking at the outside would not meet our needs. We then called the realtor and had her arrange showings of the homes that we were interested in seeing further. By doing this we were not wasting the realtor’s time or our own by setting up appointments based on descriptions only. In a matter of two weeks we found our dream home in a price range that was comfortable for us.
Tags:
multiple listing service,
realtor
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