|Real Estate Information|
Real Estate Investing - House Problems
Houses can have lots of problems
Real estate investing requires expertise in recognizing these problems and the costs for repair.
Sometimes you stumble onto a jewel investment by discovering a house where mom was an excellent housekeeper, and all that's necessary is minor cleanup of the premises to prepare for selling. But the truth is that most people don't even sweep the floor when they move after the house is sold. And sometimes the house they leave behind is a wreck.
If a yard looks trashy and overgrown, you know how to pick up the garbage and mow.
If the walls look drab and shabby from years of neglect, you know how to replace new wall paneling or repair holes with wallboard mud. If these basics are not understood, you can always get a quick lesson at your neighborhood Home Depot or Loew's.
But zilch experience is necessary for slinging a paintbrush, unless you are just sloppy. Paint is the easiest of options in giving fresh renewal to property.
Cosmetic repair is simple and easy. You can either do it yourself or hire a handyman.
Houses that really only need some yard work and a few gallons of paint are readily found in the real estate buyer's market. But these houses tend to be far from deeply-discounted or bargain-priced investments.
Some house problems constitute severe potential pitfalls in real estate investing. The most critical problems are foundation irregularities and mold.
I inspected a house recently that had serious foundation problems. My attention was first called to the entrance steps with broken brick due to shifting of the house on its foundation. As I walked around the inside of the house, I saw that the sheet rock had cracked in several places on the level above the entrance steps. What was obvious to me was obvious to every other buyer who had seen the house, which explains why the property had been on the market for over 200 days. So as this red flag went up about the foundation problem, my curiosity was also raised about the cost of repair. I know nothing about foundation problems, and I would never tackle such a problem on my own. But I knew there were specialists in the area with expertise in foundation repair. So, I got a couple of estimates before deciding if the purchase price was fair.
One of the most serious problems in buying any house today is mold contamination, especially in the southeast. This is a recent problem that we never experienced in the past with such prevalence. Let me warn you: repairing a mold-infested house can cost you big bucks. Even in excess of $100,000!
An infested house must first be tested by a certified lab to ascertain the extent of damage. A third-party contractor usually takes responsibility for repair after the initial test. Then the testing lab must re-evaluate the premises after repair to confirm whether toxicity levels have been reduced to acceptable standards. Then, and only then, can you re-enter the property to make modifications or paint. You are in a heap 'o trouble, boy, if you buy a house WITH MOLD, unknowingly or knowingly, and if you fail to remedy the problem or try to sell without disclosure. Just write it off as a bad experience and bad investment if you buy without taking remedial costs into consideration. Mold is a serious problem in today's housing market.
This warning doesn't mean you should not buy any house with mold infestation. You can obtain firm bids (not estimates) for repair on some situations. However, damage can be so severe and widespread that even mold-removal firms will not even quote a firm bid! Factor the remedial repair into the buying price and the selling price. Be prepared, however, that it just won't work in some cases.
Mold is damaging to health. Some people are more sensitive to mold than others. Mold replaced the asbestos scare of the '70s and '80s when Texas homeowners sued insurance companies for millions of dollars over mold damage. The mold problem has migrated from the South and is moving into northern states. Many Alabama insurance companies went out of business because of the mold problem, and those insurers left usually refuse to insure any house with mold history.
Don't let mold catch you with your pants down!
Most houses have some kind of problem or problems. Learn to distinguish between the cosmetic and serious problems, and recognize that solutions are usually available for either. You, the real estate investor, must become a problem-solver of house problems.
Phil Speer, Ph.D., started his real estate investing career 25 years ago. Without the availability of credit and using only a $10 bill, he purchased $1 million in properties in his first year, and had accumulated $10 million in properties by his fourth year. http://www.CashinHouses.com/ He was featured in a Wall St.Journal editorial as most successful investor in the Nothing Down Real Estate Movement, and was honored with a Caribbean cruise as top investor of the year. In his hometown of Nashville, Tennessee, he has been a businessman and Human Resources Consultant for 30 years. He is an author, speaker and seminar director.
To learn how to profit in real estate investing, even without cash or credit, read his report at http://www.BigMoneyinFixerUppers.com/nomoneydown/flipping.html/ Subscription is free to his Fix-up Ezine. He and other contributing authors provide free articles and resources on real estate investing at his online "Academy of Advanced Real Estate Investing Techniques" at http://www.AAREIT.com/
Real estate: The coming crash in commercial property Tahoe Daily Tribune
Windham County real estate edges back into focus Vermont Biz
Real Estate People, May 25 Sarasota Herald-Tribune
Lebanon County real estate transfers for week of May 25 Lebanon Daily News
San Diego real estate deals raise questions about property values, disclosures - The San Diego Union-Tribune
San Diego real estate deals raise questions about property values, disclosures The San Diego Union-Tribune
Boulder-area real estate, commercial deals May 25, 2020 Boulder Daily Camera
Larry Laukka, Twin Cities real estate developer, dies at 84 Minneapolis Star Tribune
Your weekly real estate roundup: Ventnor condo, the state of the market under COVID-19, Christopher Meloni's house and more - Press of Atlantic City
Your weekly real estate roundup: Ventnor condo, the state of the market under COVID-19, Christopher Meloni's house and more Press of Atlantic City
Residential Real Estate Transactions May 11-15 YourObserver.com
Sunday Summary: Facebook Is Still Taking Real Estate Commercial Observer
Social distancing in home selling: How Lehigh Valley real estate agents are adapting to new reality - lehighvalleylive.com
Social distancing in home selling: How Lehigh Valley real estate agents are adapting to new reality lehighvalleylive.com
Massachusetts real estate transactions for Hampden, Hampshire and Franklin counties, May 24, 2020 - masslive.com
Massachusetts real estate transactions for Hampden, Hampshire and Franklin counties, May 24, 2020 masslive.com
Signs of life in real estate market as stay-home orders lift – New Orleans CityBusiness - New Orleans CityBusiness
Signs of life in real estate market as stay-home orders lift – New Orleans CityBusiness New Orleans CityBusiness
Commercial real estate highlights Richmond.com
How the fight to expand ADUs in Chicago will impact real estate Chicago Agent magazine
Toro Real Estate Sells Suburban Jacksonville Community Multi-Housing News
Real estate transfers | News, Sports, Jobs The Steubenville Herald-Star
Sal Capozucca, Rock Drummer with a Real Estate Gig, Dies at 65 The New York Times
Newport County real estate transactions: May 23 newportri.com
Routt County real estate sales total $7M for May 15 to 21, 2020 Steamboat Pilot & Today
La Crosse County real estate transfers for Sunday, May 24 La Crosse Tribune
Re-Igniting a City Following a Crisis ConnectCRE
US Real Estate Crisis: Home Sales Plunge to 9-Year Low, Mortgage Delinquencies to Soar Past Great Recession Level - Bitcoin News
US Real Estate Crisis: Home Sales Plunge to 9-Year Low, Mortgage Delinquencies to Soar Past Great Recession Level Bitcoin News
Real estate still strong Santa Barbara News-Press
William Lyon, Orange County real estate magnate, dies at 97 Los Angeles Times
Blackhawk Community Credit Union shifting focus away from real estate development - Janesville Gazette
Blackhawk Community Credit Union shifting focus away from real estate development Janesville Gazette
DATA: A look at March residential real estate data in Pearland, Friendswood - Community Impact Newspaper
DATA: A look at March residential real estate data in Pearland, Friendswood Community Impact Newspaper
North Bay real estate market improves in May as remote workers shop the suburbs - Sonoma Index-Tribune
North Bay real estate market improves in May as remote workers shop the suburbs Sonoma Index-Tribune
Real estate down as expected due to COVID-19 shutdown The Grand Junction Daily Sentinel
Hot Property newsletter: Real estate plows through the pandemic Los Angeles Times
The Online Real Estate Transactions Platform, Spruce Raises $29M CIO Applications
There’s now a $32 billion pile of commercial real estate loans in special servicing, the first step to debt relief - MarketWatch
There’s now a $32 billion pile of commercial real estate loans in special servicing, the first step to debt relief MarketWatch
Charlotte's real estate market is still hot, and Costello REI gives us tips for homebuyers in 2020 - CLTure
Charlotte's real estate market is still hot, and Costello REI gives us tips for homebuyers in 2020 CLTure
High-end deals - Buffalo Business First Buffalo Business First
HABA Presents Online Panel Discussion on Real Estate and COVID-19 The National Herald
Citi Looks at Suburban Real Estate, While MasterCard Tells Its Workers to Stay Home - Commercial Observer
Citi Looks at Suburban Real Estate, While MasterCard Tells Its Workers to Stay Home Commercial Observer
Worcester County real estate transfers, Sunday, May 24 Worcester Telegram
Small hedge fund tries for change at a real estate trust, where activists often find a tough fight - CNBC
Small hedge fund tries for change at a real estate trust, where activists often find a tough fight CNBC
Stanley E. Sugarman, real estate firm owner who dealt with a segregated Baltimore in the 1950s, dies - Baltimore Sun
Stanley E. Sugarman, real estate firm owner who dealt with a segregated Baltimore in the 1950s, dies Baltimore Sun
Uncertain Times Call for Reliable Data PropertyShark
Governor Wolf Announces Real Estate Industry May Conduct Limited Business Transactions Statewide - pa.gov
Governor Wolf Announces Real Estate Industry May Conduct Limited Business Transactions Statewide pa.gov
Orlando real estate attorney says renters aren’t required to sign new COVID-19 agreements - WKMG News 6 & ClickOrlando
Orlando real estate attorney says renters aren’t required to sign new COVID-19 agreements WKMG News 6 & ClickOrlando
Century 21 Real Estate recognizes ProLink agents, offices Sioux City Journal
Coles County real estate transactions | Local | jg-tc.com Journal Gazette and Times-Courier
Aspen real estate snapshot: Highest and lowest sale of the week Aspen Daily News
Real estate transactions for May 24, 2020 | Business Roanoke Times
Commercial Mortgages: Real estate investors trying to figure out the long-term impact from the pandemic - Richmond.com
Commercial Mortgages: Real estate investors trying to figure out the long-term impact from the pandemic Richmond.com
Recent Commercial Real Estate Transactions The New York Times
Loaded with cash, real estate buyers wait for sellers to crack Crain's Chicago Business
Law Firm Leasing Activity Craters as Industry Rethinks Its Real Estate Footprint | The American Lawyer - The American Lawyer
Law Firm Leasing Activity Craters as Industry Rethinks Its Real Estate Footprint | The American Lawyer The American Lawyer
Mystery investor dumps big stake in real estate fund The Real Deal
Local Legend Lost | Rabbi Real Estate Rap | Zoom-Bombing Crime Highland Park, IL Patch
Despite coronavirus pandemic, Asheville's residential real estate market remains strong - Citizen Times
Despite coronavirus pandemic, Asheville's residential real estate market remains strong Citizen Times
A real estate earnings call season for the ages The Real Deal
Real Estate Showing Signs Of Collateral Damage- Part III Yahoo Finance
Zillow restarts home-buying business, showing confidence in real estate amid ongoing pandemic - GeekWire
Zillow restarts home-buying business, showing confidence in real estate amid ongoing pandemic GeekWire
Another Real Estate Crash Is Coming Jacobin magazine
Second Take: Real estate execs say the darndest things The Real Deal
Tehran Real-Estate Survey Financial Tribune
A Possible Bargain: Foreclosed Properties
In the superheated San Francisco Bay Area property market, foreclosed properties are available at as much as 40% below market value, writes Srini Saripalli.The last few months of a calendar year are considered sluggish for transacting real estate, but Silicon Valley seems to be an exception to this.
3 Strategies For Buying Property With No Money Down
Everyone has heard a story or read about someone who bought a property without paying a single dime as a down payment. But how does this work?There are several "classic" methods commonly used to purchase real estate with no money down.
Cashing Out of Preforeclosures - Exit Strategies for Maximum Profit
One of the quickest ways to real estate profits is through preforeclosures. What is a preforeclosure, exactly? A preforeclosure takes place from the time the bank gives notice of default to the time the house sells at auction.
Real Estate Web Design - 3 Items You Must Include on Your Site
Real estate web design requires you to do things a little bit differently because you are selling either your services or actual homes, so there must be several things present on the web page to make it user friendly. Unfortunately, many real estate web sites are poorly designed, ask visitors to supply tons of personal information before being able to view any information, don't provide enough information not to mention photos, and are all around a pain for many visitors.
RESPA: The Real Estate Settlement Procedures Act
The Real Estate Settlement Procedures Act (RESPA) is a consumer protection statute, first passed in 1974. One of its purposes is to help consumers become better shoppers for settlement services.
Tax Deferred Exchanges of Investment and Business Real Estate
The Primary Residence taxation, the Residential Replacement Rollover, Sec. 1034 exception is gone.
FSBO: For Sale By Owners Chapter Two
Sheriff's Deputy Ted Rasmussen was thinking about Carrie-his pregnant waitress problem-when he sighted the traffic disruption meandering near the yellow line on Bay Street. A Bremerton merchant had called the Sheriff's emergency number reporting a wet morning commuter mess.
Selling A Home - What Attachments Stay or Go?
The home selling and buying process can be confusing. This is especially true when it is a FSBO (for sale by owner) operation.
The Ultimate Short Sale Secret
Buying foreclosures can be extremely profitable for real estate investors. However, most of these homeowners are mortgaged to the hilt.
Real Estate Investors: How to Get a Powerful Marketing Education for Free
I am a total geek.A few weeks ago, late at night, I wasn't in the mood to go to bed yet so I turned on the TV.
Market Reaching its Peak
I do not profess to "Know" what the real estate market will do in the next year or two, but I would like to share some information with you that might help you in making decisions regarding buying or selling property in today's market. The following information relates to the types of mortgages that are currently being taken out by those who are currently purchasing or refinancing homes.
Customer Service - The Real Estate Revolution
Traditionally, real estate has been viewed as a sales industry. But perceptions are changing.
Investment Real Estate Secret: Buy a House Today, With No Money Down
If you've read my article "Purchasing Property With No Money Down. .
Home Buying - School District Issues
A good school district is a key factor in home buying if you have kids. It can also be a positive selling point when it comes time to sell your home.
The Secret To Marketing Your FSBO Home For Sale
You're ready to put your home or land (house, townhouse, condo, apartment, farm, ranch, finished lot, raw land, etc.) on the market as a FSBO (for sale by owner).
The Professional Investors Plan
The art of using high-leveraged activities.Here I would like to make just a few suggestions that will hopefully save you from wasting years of hard effort only to learn in the end that had you invested using a better strategy, you would have realized more profit, happiness, satisfaction, control and free time as a result.
How to Create Cash Flow Out of Thin Air!
Want to see a trick every real estate investor will love?From the Desk of Thomas KishCrazy as it may sound..
Maui Realtors: What You Need To Know
Maui is a great place for families of any size. However, before you plan a move to Maui and contact those Maui Realtors, there are some considerations that you should take care of.
Real Estate Investing Myths That Steal Profits From Your Pocket
One of the things that distresses us about our industry is the amount of wrong or incomplete information available to investors. Some myths block what otherwise would be a great deal, while others would have you believe that a bad deal is actually great.
Tax Free Exchanges: Watch out for the New Residence Rules
On October 22, 2004, President Bush signed tax legislation that contained a provision affecting Internal Revenue Code section 1031 (the like-kind tax-free exchange rules).Under this new provision a taxpayer who exchanges under Internal Revenue Code section 1031 into a rental house as a replacement property for a previous investor property and later converts it to his or her primary residence, is not allowed to exclude gain under the principal residence exclusion rules of Internal Revenue Code section 121, unless he/she sells the property at least five years from the date of its acquisition.
|home | site map|
|© 2006 TIGER MEDIA|