Real Estate in 2017

custom-home-real-estateThere are lots of conflicting reports when it comes to the outlook for real estate in 2017. Some experts believe that the real estate market is going to start to crash yet again, making things even worse for the people who have lost a lot of money in the real estate market cycles of the past ten years. Other experts believe that real estate listings are going to improve, and the real estate market is going to get better in noticeable ways that may still favor investors. Ultimately, all of real estate is about location, and that includes the recovery of the real estate market or lack thereof.

Real Estate Market Performance in the United States

The performance of the real estate market in the United States varies according to the state in question. As stated on one realtors website, the Pacific Northwest seems to be doing much better than the rest of the United States when it comes to real estate for some reasons. The fact that Seattle introduced the high minimum wage has made all the difference for the people who are trying to find a way to improve their situations in an economy that is still only recovering very slowly.

This has encouraged people to relocate to Seattle, which has a growing population at present. Seattle also has a strong economy, bolstered by the high minimum wage and the growing population. It is not a surprise that one of the top forecast markets in the United States for real estate is in Seattle, Washington at 11.2 percent price appreciation. Portland, Oregon, which is more or less part of the same region of the United States as Seattle and is culturally similar, has an appreciation price level of 11.1 percent.

Many other parts of the United States are genuinely in trouble when it comes to their price appreciation, and people who are interested in relocating to these areas are going to have a difficult time doing so for many reasons. Tennessee, New Jersey, Texas, and many similar areas are struggling when it comes to the growth of their housing markets, and these areas are certainly not good places for the people who intend to invest in the local real estate opportunities.

Overall, this is still more of a buyer’s market as opposed to a seller’s market. It is difficult for a lot of the people who are currently trying to sell their homes. The buyers are still going to be able to favor the fact that people are selling their homes for less than what they put into them initially, which makes this a better time to buy a home than to sell a home. Still, houses are going relatively quickly in places of high population growth like Seattle and Portland, Oregon. It may be more of a seller’s market in the Pacific Northwest and less of a sellers’ market in the American South.


Real estate listings change quickly, as does the broader real estate market. People are going to have a difficult time when it comes to truly anticipating all of these changes. However, overall, it is going to be easier for people who are trying to make it in real estate in 2017 than the people who did the same thing only a few years ago.

Why Get A Plumbing Inspection Before Buying A Foreclosed Home

Foreclosures are always sad. Economic downturns make people lose their jobs, thus forcing them to cut their expenses. However, when you have to eat and send your children to school, there aren’t too many areas where you can reduce costs. Insurance and mortgages are the first to get slashed. Families unable to pay their mortgages anymore are forced to give up their dream and move from their homes. As sad as it is, this trend adds to the real estate offer, thus helping people who want to purchase a home take advantage of slightly lower prices. However, buying a foreclosed home isn’t all fun and games. You have to be careful, as you may end up spending a lot of money on repairs and improvements. This is not necessarily a bad thing, but you should make sure you get what you pay for, nothing less. A foreclosed property isn’t necessarily a bargain, as many people imagine. The process can be quite complicated, so you need to be prepared to do what it takes, if you really want to buy a foreclosed home. Apart from paperwork and legal issues, such properties may also have physical problems. Some of them could be run down, as their previous owners couldn’t afford to care for them properly anymore. Life can be tough when you lose your job or when you spend more money than you earn.

This is why you have to get a plumbing inspection before purchasing a foreclosed home. Many companies offer these plumbing services for a small price of what you would pay if you bought the house and had to repair the pipes afterwards. Former owners were in financial trouble, hence the situation you are now trying to use to your advantage. Their money situation means they may have chosen to ignore regular maintenance and repairs of many systems and elements of their house. As plumbing systems may wear out without visible signs, ignoring regular inspections may aggravate otherwise minor leaks or other issues that could have been fixed with ease and with relatively small investments.

By making sure you have your plumbing system thoroughly inspected, you are going to know exactly what type of repairs need to be done, should you decide to buy that property. This doesn’t mean you should give up buying the house, only because there are plumbing problems to be fixed. However, this inspection can help you get a fair price. You can imagine everybody wants to sell a house for as much as possible. That’s why buyers shouldn’t take anything for granted, so they should hire experts to help them assess the situation of the house they intend to purchase.

It is fair to buy a home for a lower price, and then invest relatively high amounts in repairing the plumbing, the electric plugs, the boiler or whatever other appliances may be broken. On the contrary, when you pay a relatively high price, you expect the level of spending required to repair various things to be much lower. The role of pre-purchase inspections is to reveal such problems, the ultimate goal being to pay a fair price for the home.

Tips To Remember When Buying New Appliances For A New Home

washer and dryer appliances

Moving to a new home can be a stressful time for anyone, especially if you have to complete renovations or purchase new appliances for space. Sure, many people opt to buy the cheapest or most expensive appliances in stock at a local appliance store, but more thought should be given to purchases if you expect them to last. Next time you go out and peruse the appliance aisles at your local store, try the advice below!

Think Of Features You Want Or Need

When you purchase an appliance like a refrigerator or dishwasher, it should make your life easier, not harder. There are dozens of options to choose from in virtually every category, which is why you should consider your wants and needs. For example, you can purchase refrigerators that scan barcodes and keep you updated on what groceries you need to buy, but is this a feature you need? Bear in mind, the more bells and whistles an appliance has, the higher the cost to purchase it.

Always Think Of Yourself

Shopping with friends and family is fun, but not if they try and tell you what you should buy regarding appliances. If you live alone and do laundry once a week, there’s no reason to break the bank and purchase the largest washer and dryer unit in stock. Think about how much use you need to get out of your appliances and make purchasing decisions from there.

Buy Energy Efficient

energy star approvalMost appliances are now being sold as energy efficient, but you may still run across an oddball appliance that isn’t. Though these types of household appliances may cost less to purchase, they can increase your utility bills. Spend a little extra and you’ll be glad you went with the energy efficient appliances.

Measure Space Twice

One would think that household appliances are uniform in size, but that’s never the case. You need to make sure that when you purchase and have appliances delivered to your home that they will fit. Measure the doorways in your home and space where your appliances will come to rest. When in doubt, measure twice and ask a friend or family member to help.

Don’t Purchase For Aesthetics Only

There are beautiful and modern appliances out there, and though it may be tempting to buy appliances based on aesthetics, that’s not something you should do. Sure, stainless steel can add value to your home when you look to sell, but does the appliance fit your needs? Take into consideration the features that an appliance has before making a decision based on aesthetics and value.

Check For Accessories Included

Not all appliances will have accessories included with them that are vital for operation, and these are additional costs that you will need to prepare yourself for. For example, dryer units may not come with the proper vents or a hood may not be included with your new stove.

Get Extended Warranty

Should the unthinkable happen and your appliances malfunction, it’s important to consider the cost of repair. In fact, often, repair costs can rival that of purchasing new appliances, therefore, if a company offers extended warranty, it’s worth investing in it. Most major brand appliances come with the limited warranty, but you need to look beyond that.

As you can see, there are quite a few things to take into consideration when choosing brand new appliances for your home. It may seem like a daunting task at first glance, but you can make wise purchasing decisions when you follow the tips above.

How to Apply for Mortgage after a Foreclosure

bank owned foreclosure sign

There are many reasons why a person may have had a home foreclosure in the past. Financial problems, divorce, or the death of a family member, can all lead to a person losing their home. Just because you went through a foreclosure, it does not mean you can never own your home again. Here are some things you can do to make sure you can purchase a home in the future.

Improve Your Credit

Your foreclosure will be listed on your credit report for at least seven years. If your home mortgage were the only credit that you had, your credit report would not look good to lenders. Because of the foreclosure, your FICO score will drop. The credit you will be eligible for will be at a higher interest rate. However, since it’s important to reestablish your credit, you may choose to apply for a high-interest loan or credit card. If you do, make sure you handled this credit responsibly.

Save for a Down Payment

Getting a mortgage after a foreclosure is involved. Most lenders would feel more confident about your willingness to pay the loan if you have a large down payment. While some borrowers can get a loan with a little as 5% down, you may want to save at least 20% of the amount that you need to borrow. You can estimate the cost of the home in the neighborhood where you like to live, to come up with the exact amount you’ll need to save.

Wait for the Foreclosure to Clear

Negative information can only remain on your credit report for seven years. The clock starts after the first negative events, which would be when you stopped making payments. Your foreclosure will remain on your credit report for seven years after the foreclosure goes through. After seven years, the latest is on your mortgage payments and your foreclosure information will no longer be on your credit report. If you have established good credit by then, it will be easier for you to get a new mortgage.

However, you do not have to wait seven years before you apply for a new mortgage. After the first two or three years, lenders may be more willing to give you a loan. If you have established a good credit history during those two or three years and have a reliable source of income, it’s more likely that a lender will consider your application. However, you may still have difficulty in locating a lender may be willing to give you a mortgage.

“The secret to applying for a mortgage after a foreclosure is to find a lender who is willing to work with you.”  says Byron Rodgriguez, a mortgage broker at Community Lending Centre. “You can start by going to a mortgage broker. Mortgage brokers work with several lenders and have access to more, so they should be able to find a lender who works with people with negative credit issues. As long as your established good credit, have a steady source of income, and have money for a down payment, you stand a good chance of being able to buy a new home.”

Common Pests In Arizona Who Want To Make Your Home, Their Home!

It’s a topic none of us like to think about it. Unfortunately, though, Arizona has its fair share of potential pests that just love to make your home their home! What are some of the common pests that may be trying to make their way into your house? Let’s take a look!

red ant


Here’s one very common pest type that can bother households nearly the world over, very much including Arizona!

In fact, because there are over 12,000 ant species around the world, it’s no wonder these guys are mentioned first. Don’t worry, though; you won’t find all 12,000 species in Arizona!

Once ants find a place they enjoy, they are quick to set up shop so to speak. Unfortunately, they don’t jut stick to staying at ground level but can also be found crawling up and around furniture and so on. Sorry for the details!

lawn grubs


Again quite a variation can be found amongst grub species. They can grow anything from around 3 inches in length up to a whopping 8 inches. These guys are the larvae of beetles and tend to be seen in the Spring and Summer months.



It seems fitting that after mentioning grubs, we should move on to beetles. Now if you thought that the 12,000 varieties of ants were a big bug number, you’re not going to like what I’m about to reveal to you. There are between 5 and 8 million different species of beetle in the world! Staggering to think on really!

Beetles can primarily be found close to plants or decaying plant and animal matter since this is their preferred source of food.



These guys have a species range of around 20,000. If you suspect that you have a bee nest in your home, you are not going to want to tackle the problem alone, a sure pest problem for the experts.



If your home tends to show a lot of moisture, then there’s a higher possibility that you may have to deal with these earwigs. Their favorite foods are plants, other insects, fruit and garbage. They also have one of the least attractive appearances out of the pests we are considering, in my opinion anyway!



Known for being elusive and extremely hard to catch, (trust me, I know from experience), these guys are greedy blood-suckers. While they are known for feeding on dogs and cats, fleas also have no problem preying on humans when they’re in supply!

Ranging from 1/16 of an inch to 1/8 of an inch, fleas move around by leaping and can often go unnoticed until the householder either finds that their pet is scratching more than normal, or they are!



Moving on to a pest that may appear like a giant in comparison to the tiny flea, mice can cause quite a level of havoc to a peaceful home when they decide to move in! Often their entrance is in search of food or shelter.

Since they are capable of spreading disease both through their feces and parasites, these guys need to be shown the door as soon as possible.

Indeed, Arizona has no shortage of pests! While we may like to keep our home to ourselves, the typical pests in our area can often be keen and determined to share it with us. From fleas to earwigs and beetles to ants, one of the key abilities in controlling pests is being able to identify the little guys that are causing the trouble.

Using Trophies To Keep People Motivated

A guest post from local Phoenix business, Lane Award Manufacturing.

In any competition, there must be some motivation for the participants to compete. Sometimes this is a fairly straightforward matter of gathering competitors who simply want to be known as the best. The drive towards excellence is a powerful motivator for most people with anything resembling a competitive streak, be they artists, athletes and or any number of other areas of expertise that ordinary people in many parts of the world will pride themselves on and wish to be known as among the best in their area, if not the entire world. Sometimes the thrill of competition is enough to drive people to great heights, but in the end, it all comes down to proving one’s ability.

Memorialize a Victory!

Some trophies are a bit over the top and ridiculously large.
Some trophies are a bit over the top and ridiculously large.

However, being the best requires proving it. And while handily defeating a world renowned chess player in the park would unquestionably prove one’s skill at chess, it is also an incredible story without any proof to back it. The same goes for all informal competitions. A street court basketball player may be able to beat the professionals, but without a way to prove it, they’re simply one more player in the small local pond. Some memento of a victory then is called for to show a winner’s victory, ranging from video footage of their win to a more personal memento such as a small toy bought with a cash prize.

Trophies are one such means of memorializing a victory in competition. The exact form of award matters little. Sometimes a small trophy with a plaque mentioning the event is enough, with the proof of success being all that matters. Sometimes a larger trophy is called for in the case of particularly large-scale events, whatever they may be. Trophies keep people motivated by providing proof of victory in a fair competition, and while the exact form does not entirely matter, sometimes people do enjoy particularly noticeable signs of success in a fair competition.

So Many Options!

Of course, the urge to compete and win are as old as humankind itself and trophies are a fairly ancient concept that dates back to the earliest competitions. The forms trophies take can be many, ranging from laurel headdresses to medallions to simple photographs of victory. Whatever form it takes, the trophy is less of a prize and more proof of success. While a more material prize can be quite motivating as well, the truly dedicated competitors certainly do appreciate such mementos.

Understanding The Benefits Of Custom Homes

The advantages of building your own home - you get what you want!
The advantages of building your own home – you get what you want!

If you are in the market for a new home, there are a number of different factors that you need to consider, not the least of which is whether you are going to purchase an existing home or have a home custom-built for your needs. Making an informed decision starts by first understanding the benefits of custom homes.

Main Advantages of Custom Homes

One of the main advantages of building your own home is that you can design it from the ground up. That means that you get input on everything from the overall layout and architectural style of the home to the types of countertops and flooring that are installed. This can allow you to build your dream home exactly to your specifications, bringing the image you have in your mind to life right before your eyes.

An example of a custom home interior.
An example of a custom home interior.

When using custom home builders to build your home, you also have an opportunity to think about what it will be like to live in the space. This can help you make smarter design decisions. For instance, you can design your home to be extremely energy-efficient, minimizing the cost of your utility bills for years to come. Although it is possible to renovate an existing home so that it is more energy-efficient, it is generally a costly proposition. By designing the home correctly from the ground up, you can maximize energy efficiency for far less money, making it easier and more affordable to build a highly efficient home.

Another benefit of custom homes is that you can build them wherever you want. This allows you to select the perfect plot of land for your new home. Existing homes are already stuck in a specific location. Even if you fall in love with a home, you may not love where it is located. When you build your own home, you get to not only choose the layout of your home but also the location where it is built. During the construction process, you can also bring in a landscape designer to design a beautiful outdoor setting for your new home. This will help create a cohesive look that is as eye-catching as it is functional.

New Fresh Smell to Your Home!

Finally, when you build a new home, everything in the home is brand-new. This means that it will require very little upkeep and maintenance for quite a few years. The same can’t necessarily be said for existing homes. Oftentimes, appliances, wiring, windows, roofs, driveways and other components of a home can break down over time. When you move into an existing home, these components often require repairs. These repairs can quickly add up, increasing the overall cost of the home.

With new construction, you don’t have to worry about things breaking down right after you buy the home. if you do experience any problems, chances are they will still be covered under warranty. That means that you won’t have to come up with the money out of your own pocket to pay for any repairs. Instead, the builder should take care of them for you as long as the warranty on your home has not yet expired.

How Can a Mortgage Broker Help You Buy A Foreclosed Home?

mortgage broker signing papers

Mortgage brokers do not work for any lending firm or a loan company as many people believe. A mortgage broker is a professional who works independently and not associated with any lender. A broker deals with the instigation of commercial or residential mortgages.

Brokers can just be described as freelance agents working with but not for the lending company. Brokers are the best people who can provide consumers with efficient and viable options when buying a foreclosed home since they have direct access to hundreds of loan products.

The broker can evaluate and provide an assessment based on the financial details provided by the customer. The broker will use this information as leverage to search through hundreds of posted rates to help them find the best one.

foreclosed homes for saleThe broker will provide the expertise, choice, and convenience that the customer needs. Mortgage lending can be a complicated task, especially for a foreclosed home a consumer may be purchasing. The mortgage brokers guide the client through the whole lending process.

When the customer has a less attractive history or bad credit, the mortgage broker help them get loans as they know how to look for loan companies willing to provide loans to these types of consumers.

The brokers also use novel loan packages to allow customers with low to moderate income enjoy the benefits of home ownership. Mortgage brokers help the customer save money, time, and effort. The brokers can assess the client’s financial status and know the products that can fit the client’s needs.

The brokers maintain contacts with several lending companies helping them get the cheapest loans for their customers which makes the mortgage lending process easy and less time consuming for the customer.

The mortgage broker is going to look at your income, overall borrowing circumstance and credit score to help them know which options they can recommend. With a mortgage broker, you no longer hope to get finance but instead evaluate the best financing options available.

Some borrowers may find it overwhelming dealing with the monstrous amount of paperwork. However, when you use a mortgage broker, the documentation will be taken care of by the broker and his or her staff.

Some of the brokers even have people known as processors in their staff whose work is to organize, compile and process all the documentation needed for the loans. Because this is their work and they do it every day, you are confident that no document will be misplaced.

A mortgage broker can help you buy a foreclosed home since they are very knowledgeable about the market. The broker has a significant influence on your mortgage decisions.

Refinishing Kitchen Cabinets In Your Foreclosure Home Purchase In Just A Few Steps

before and after cabinet refinishing

Over years, decorating styles tend to change and kitchens today get outdated faster than you might expect. If your kitchen in the foreclosed home you recently purchased seems outdated and doesn’t appeal you anymore, you might be tempted to invest in a kitchen remodel, but it can quite brutal on your budget. If it’s not within your reach to have the kitchen remodeled, don’t fret, you can have the kitchen looking brand new by doing a refinishing project, particularly on the cabinets. That being said, here is how you can refinish your kitchen cabinets in just a few simple steps.

It can be very tempting to rush through these steps, especially if you are in a hurry, or perhaps you have a busy life. However, if you want the perfect cabinets in a manner you have always pictured them, then you ought to practice some patience.

“The first thing you want to do is prepare the cabinets by dislodging and laying them on a flat surface.” says Connie Burns of The Phoenix Cabinet Refinishing Company. “Clean them off with a light solution. Here, you don’t need to do any sanding or stripping the cabinets. All you need to do is a simple surface clean, enough for applying the refinishing paint.”

The second step is applying the refinishing paint. Well, there are three stages when it comes to applying this paint. First is the bond coat paint, which adheres to the cabinets’ wood. The second one is the decorative glaze which is entirely optional, but it makes your cabinets stand out more if you decide to use it. The last is the top coat, which protects the paint layers from chipping. It is imperative that you take care when applying all the coats as what you are going for is a smooth finish.

After you have applied the paint, leave the cabinets to dry completely. When dry, they will be ready to be hung back to their respective positions. Carefully hang back the cabinets on their hinges and avoid making any scratches. Now that you have completed the job, you can enjoy the transformation and the new look of your kitchen.

You will come across cabinet transformation kits of all sizes and types, which come in various colors to help refresh those cabinets in your newly purchased, foreclosed home. You can even use these kits in bathroom cabinets or even any room where cabinets start to become outdated. Always observe care when doing this kind of work and ensure you wear protective attire. When successfully done, you will surely enjoy the results.

Renovate Your Home With New Windows

window replacement

Replacing windows is one of the best ways to modernize an outdated home you purchased from foreclosure. Newer homes have larger windows that allow more natural light to enter the home whereas older homes have smaller windows that are functional but not always aesthetically pleasing.

But before you take the step to renovating your windows, there are a few factors that you may want to keep in mind:

1. Insulation

Modern homeowners seem to be more environmentally conscious and want to ensure that all the elements in their homes minimize their carbon footprint as well as lower their energy expenditure. While adding larger windows decreases the need for energy consuming lights, ensuring proper insulation is also important to save energy.

Insulation keeps your home cooler in the summer months and warmer during colder spells. How does this work? Simply by keeping the outdoor weather out and providing a more comfortable climate-controlled environment inside the home.

Windows are one of the primary factors that affect energy consumption related to heating or cooling a house. Ensuring that the windows seal properly and provide the necessary thickness to prevent heat or cold escaping or entering the home are essential.

2. Character

The existing style of the home must be taken into consideration when replacing windows. Installing windows or frames that do not match the aesthetics of the original structure could lead to a design disaster.

The most important factor to consider here is the frame of the window. The main choices are between wood, steel, and aluminum. How the frames are designed is also important. If you are unsure about which frames would be ideal, consult a design expert for assistance.

The choice of glass and way in which the windows are installed may also factor into how well your new windows relate to the character of the home. Bigger may not always be better in some cases, but the addition of new windows could be beneficial.

3. The Basics

It is best to determine whether replacing the entire window is necessary or if some basic renovations may be all you need for a new look. If you don’t want larger windows, some simple maintenance on the frames like a coat of paint may be all that is needed. Windowsills may also need some repairs as these are the areas around the window that are the most susceptible to wear and tear.

If the frames are rotting (in the case of wood) or rusted and corroding (in the case of metal), an entire frame replacement may be necessary. Glass should only need to be replaced if it is cracked, scratched or shows signs of deterioration.

Window hinges and seals may also benefit from some attention. Seals can be added or replaced to improve the insulation in the home. Hinges that are becoming problematic could only use a bit of lubrication or may also need to be replaced to function optimally.

4. The Cost

Cost is always a major concern with any home renovation project. However, careful attention needs to be paid to the quote your receive from a window repair or replacement provider. In the last decade, these companies have had a spotlight aimed at the only exorbitant prices that they charge homeowners for anything from basic to total window renovations.

It is advisable to source as many quotes as possible from local window replacement specialists. Make sure that the quotes are fully inclusive with costs listed for labor, replacement parts as well as any other materials or features that will be necessary to complete the renovation. Compare these quotes to get the best value for your money and to ensure that you have the available budget.

Buying Las Vegas Condos Hasn’t Been Cheaper In Years

las vegas condos for arizonans

Are you an Arizonan looking for a vacation rental home you can enjoy in Las Vegas whenever you want because you’re the owner? Are you planning on generating rental income from this Las Vegas condo? You can, of course, do both of those things, and Vegas is a favorite spot for condo shopping. One thing you’ll want to pay attention to when you buy a condo is the homeowner’s association and what you will have to pay for monthly dues. Have there been any assessments?

What does the balance sheet look like for the homeowner’s association? You want to know that the building’s common areas are going to be taken care of for sure. Are there any restrictions on how much time you can spend in your condo? Some condo associations require that you rent a condo out for a period of time even though you own it. They do this because they make money off the rental proceeds along with you, typically as much as 50 percent.

However, in an agreement like this, you would find the property management company is going to take good care of your condo. They will fix any maintenance issues, but you will be responsible for some things of course. What will you be responsible for? That is a big question right there. What do the people say about the place? You should be able to find reviews of the place if you’re planning to buy a condo in Vegas.

You’ll find that when it comes to the Las Vegas condo market, there are some great deals. You still might have to pay a considerable amount of money, say $150,000 dollars. But let’s say you pay that, and can you imagine what your condo used to be worth? Condo prices have fallen considerably, some are even in foreclosure, and so the opportunity has presented itself. Have you always wanted to live in Vegas or have a place to go to on vacation from Arizona?

I did the same thing only in a different city that is also a tourist destination. Imagine all the fun you’ll have, but you have to watch yourself. When you’re around all that fun and hype, sometimes it can be difficult to stay focused. I work from home, and I know how difficult it can be when I look outside and see everyone playing on the beach. But it’s also great because I get to enjoy it, too, and often. You will get to enjoy as much Vegas as you like.

2 Reasons Buying Foreclosed Homes is a Good Idea

phoenix foreclosure listing

If you have recently noticed multiple foreclosed homes in your neighborhood, you may want to buy some of them. These properties are often left in good condition. However, their original owners were unable to keep up with the monthly mortgage payments, and they ended up losing the property as a result. If you do not know whether this is a good investment to make or not, consider all the things you can do with these different homes.

Start Your Own Rental Business

“Some people prefer to work for themselves. If you are not enjoying the kind of work you do at the moment, you could start buying foreclosed homes and renovating them with friends.” points out Myles Powell, a property manager from Red Hawk in Greater Phoenix. “As soon as you complete the renovations, you can begin renting out the properties to different local families who are on the search for a good rental home. Renting helps you earn the money you spent and then some.”

After continuously renting out properties to different people, you will start bringing in a lot of money. It is a great way to make an income doing something you enjoy. However, you will need to make sure to maintain properly all of the properties and fix any problems the tenants have during their stay to keep them satisfied with their living space.

Buy and Sell Properties at Higher Prices

Not interested in renting out to tenants? Instead of renting out the properties after buying them and fixing them up, you could put them back on the market and sell them for much more than what you initially paid. As long as you spend some money to make some serious upgrades, plenty of potential buyers should start contacting you and making offers to buy the home. Even just a few small renovations, such as a modern mailbox, energy-efficient windows and a new roof, will drastically boost the value of the property.

Whether you decide to buy and rent out or buy and sell, investing in foreclosed homes is a fantastic idea. Of course, you should spend time doing an evaluation of each property before you start to spend your money on any of them. You will certainly get a better deal when you decide to buy foreclosed homes, but you want to make sure the ones you choose are still in good enough condition so you do not have to do way too much work to them.

Exterior of home with 'for sale' sign in front yard

4 Lethal Mistakes Real Estate Investors Should Avoid

Investing in real estate requires meticulousness and wisdom. A mistake can be quite costly and you could lose your entire profit. If it is a serious one, it could mark the end of your fledgling real estate investment career.

Mistakes are part of the game, but the trick is to keep them small and to avoid repeating them. Better still, learn from the mistakes of others. Avoid the following traps and you can become a successful real estate entrepreneur.

Mistake #1: Not conducting enough research

The number one blunder that real estate investors make is jumping in without having enough knowledge. Investing in real estate is exciting and it can be very tempting to stake your money without doing enough research.

Don’t succumb to this temptation.

Take time to learn the ropes. Real estate is a wide subject and you should make an effort to understand as much as possible about various investment strategies and options. A good way to start is to study the pros to understand the methods they use to succeed and achieve long-term financial security.

Another common trap most real estate investors fall into is mastering one strategy and applying it in all situations. Learn as many strategies as you can which will give you the power to make the best decision for different situations.


Mistake #2: Thinking that you’ll get rich overnight

This kind of wrong-headed thinking is usually perpetuated by self-appointed gurus who make infomercials and colourful graphics and make it sound as if investing in real estate is a piece of cake. They come up with all sorts of ludicrous and farcical fads which can easily mislead you into thinking that getting rich quick in real estate is the norm.

What these gurus will not talk about is all the hard work, patience and skill required to succeed in this industry. You have to be smart, and you need to understand your risk tolerance. Anything else is probably a lie.

Mistake #3: Playing lone ranger

Successful real estate investors work with a team of professionals experts. As a start, build cordial relations with at least one real estate agent, a property inspector, an appraiser, a closing attorney as well as a lender. You will require their help when processing your own deals and also to provide financing for prospective buyers.

If you are into remodelling and maintenance, you will need a team that includes a roofer, a HVAC expert, a plumber, a flooring expert, an electrician and an all-round handyman. Real estate is broad, and having the right experts for every stage of a transaction will do you a lot of good.

Mistake #4: Overpaying for properties

If a real estate investor isn’t making profits, chances are he or she is paying too much for the properties. Due to mistakes in the analysis, an investor ends up paying over the odds, and then is at a loss to explain why he is not making profit. A good real estate expert learns how to analyse properties by factoring in many angles so as to come up with a comprehensive assessment. Diligence is a virtue in this industry.