real estate investing

If you are ready to purchase a new home there may never be a better time than now. Home prices are at record lows but a home will still likely be the largest investment you will ever make. No matter how great a deal it seems you should still proceed with caution & don’t rush in to something you are not ready for. A home purchase could affect you for 30 years or more depending on the type of mortgage you choose.

The first question you should ask yourself is how much you can afford before you begin your journey towards home ownership.

Many factors help to determine if you can afford the home you are looking to buy. The most important factors are the amount of income debt down payment & the terms of the loan set by the lender.

Once you determine what you can realistically afford you’ll need to obtain a copy of your credit report & begin the process of finding a lender for a home mortgage. Don’t just start filling out applications everywhere you go rather shop for a while. Armed with a copy of your credit report begin talking to lenders about mortgage terms interest rates etc. until you find a lender that you find a good deal with.

Don’t try to go at this on your own. There are professionals in the real estate field like real estate agents & lenders who have acquired years of experience & knowledge about real estate transactions. There is no way possible for you to acquire within one home purchase the knowledge needed to make a transaction run smoothly & without mistakes.

Ok I am not saying you should let them handle every detail of the transaction. You need to ask a lot of questions & remain in full control of the details about your transaction.

Keep in mind the majority of people in this industry are paid on commission so getting you into that home is just as important to them as it to you.

Hubert Miles is the founder of Waterfront Houses USA an online advertising service that provides Oceanfront House & Ocean House For Sale available in the US & Canada.

When your home is on the verge of foreclosure you certainly will do anything possible to save it. But the problem is how you will do it. One among many is going to your lender & asking for help.

Yet for others contacting the lender at the first sign of financial problems seems to be not such a good idea. It may be because they are embarrassed to discuss money issues to others or they simply don’t see the need to inform their lender right away of their present financial standing most of the time they are thinking it temporary problem. But the fact is asking for your lender’s help will save you a lot of trouble & it will help you save your home in the long run.

Most people have the perception that lenders like banks think only of themselves & don’t care about the future of the borrowers. This leads to the common notion that lenders show no mercy to homeowners who have defaulted on payments & will take the homes when the very first window of opportunity opens. The truth is lenders like owners will do everything they can to avoid home foreclosures. So again the best way to save your home is to work with your lender to solve the problem.

Lenders will send a Notice of Default if you miss payments for 3 consecutive months. Call your lender as soon as possible. Inform them why you have defaulted on a payment & ask for an alternative payment schedule or temporary lower rates until your finances have returned to normal. You can also ask for Forbearance which is where your lender waives some of the penalty fees as a result of default or a mortgage refinance without going through the process of re-application whichever you think is more economical. Mortgage lenders are NOT IN THE REAL ESTATE SELLING BUSINESS thus are more than willing to help you to avoid repossessing your home.

Talk to your lender inform them of your situation & ask for payment alternatives. DO NOT WAIT Act fast. Understand the gravity of the situation & do something about it. It is your obligation to pay your mortgage but when worst comes to worst your lender wants to help you keep your home.

Doc Schmyz has worked with investors all over the US. He built a free free website shares Real estate investing information for all over the US. Find real estate information by state

Have you noticed how anytime you walk in to a book store & find your way to the business or financial books all the views that are expressed in the titles are very similar??? In one way or another they all call out for a monetary version of bloodshed. I mean the titles are about “how you can crush the other guy”or “it’s not personal its business” “How to come out on top” etc etc. Years ago when I got into the real estate investment game I spent hours looking thru the book titles. Trying to find the one book that would teach me how to become that REAL ESTATE INVESTING GOD I knew I could become. After reading many of the most popular books of the time I actually would feel beat up over the content. I mean did I have to be a “take no prisoners” type of investor? Did I have to prey on some one else’s misfortune?? The answer was no. However I did need to learn to take somethings to heart,and NEVER let go of them. I liken it to building my investment suit of armor so to say. So I set out to build a list of my investment rules. We each should have our own set of investment rules. It will help you keep the animal investor inside of you in check. In my case,being that I am a VERY competitive aggressive alpha male type personality I need rules that would keep me “Human”. My own set of personal laws that would keep me on the “non predatory” path. Doc’s Rules for investing:

1 Set up personal guidelines Define & follow your personal guidelines. This is the most important rule I have. My guidelines define the investments I will go after as well as the amount of investment I’m willing to part with to get it. It outlines my investment strategy as well as how I want to conduct my investment business. Things to include but not limit you to are Top dollar amount & lowest dollar amount. Type of investment you want to deal with. Period of term for investment.. Etc etc. Between you & me I even have a guideline about the amount of time I will work per-day

2 Remember some ones family is behind the deal you?re working on. Simply put,whoever you are dealing with has mouths to feed. Treat everyone with dignity & respect. If the price they are offering still falls within the personal investing guidelines you have set for yourself don’t use your position to abuse the seller. If you are getting the house for .40 cents on the dollar,don’t be a jerk & push for .30 cents. Always remember…it could be you in the sellers postion. This rule DOES NOT come in to play when dealing with a bank owned property

3 Always ask for what you want. Where does it say you can’t ask for something in an investment deal you like? I.E. if you’re looking at a piece of real estate ask the seller if they would be willing to throw in new carpet to the sale. I knew a investor who was looking at a house that had been on the market for more than 6 months when he went to talk to the seller he happen to see a 1954 Merc Coupe in the garage,so he asked if it was included in the deal. The deal eventually closed for the house AND the car. 4 Offer everyone the chance to make money as a bird dog for you. I always give several of my business cards to anyone I do business with & offer them a portion of any profit I make from any investments they help me locate. You would be amazed at how many people are willing to help you make money when they get a small part of it for doing very little work. And if you follow rule #2 you will be amazed at how many of those bird dogs will sing your praises from highest mountains