Posted by Marie Presti on 8/30/2015

If you are thinking about owning a piece of property to live in while wanting to have an extra section to help pay the bills, then you will find that there is an effective way to do it. Today, many people are considering the idea of buying a multi-family home, because this allows you to have your own space for you and your family while getting extra income from renting the other apartments. Keep in mind that as advantageous as this is, there are a few points that you have to consider. The first thing to keep in mind is becoming a landlord will require some extra work. When repairs are needed, or a tenant does not pay the rent it can cause some unwanted worries. This being said it can also be a great way to start off allowing you to live, in some cases, rent free while getting monthly income to help pay down your mortgage. Another point to remember is that when it comes to renting, is choosing the right tenants, you have to remember that you are in fact running a business, as you will be collecting an income from the home you are renting. Take the time to choose the right tenant, a credit check, otherwise you might find yourself in a situation where you will be losing money if your tenant does not pay up at the end of the month. If you are willing to put in the work, purchasing a multi-family home can be a great way to invest.





Posted by Marie Presti on 4/15/2012

The recent drop in homes prices, affordable mortgage rates and the popularity of television shows showing investors turning over homes has many people wondering if they can make money flipping homes. Flipping a house simply means buying and then selling a home quickly for profit. There are different ways to do this, but if you are interested in buying and selling houses, or just want to find a good deal to invest your money in. You will want to follow some tips on how to make sure you make money and not end up busting the budget. 1. KNOW THE AREA It is not just about the house you want to buy but also the area. Focus on buying homes in an area that holds value and where homes sell quickly. The golden rule of a home, location, location, location, applies here as you will want the home to be able to be sold quickly. Get to know the average costs and days on market for homes in that area. The more information you have about the market you have chosen, the better decisions you can usually make when it comes time to buy. 2. DO NOT GET EMOTIONAL This is a business venture; your goal is to make money. Emotions and money rarely mix well. Do not get emotional about house flipping. When choosing colors, fixtures and carpets go neutral, you will not be living in the home. Be careful of becoming too attached to the flip. Choose a price to sell the home, do not overprice the home. Overpricing typically leads to you holding the flip longer thus reducing your profit. 3. KNOW YOUR LIMITS If you are new to flipping homes, it is important to know your financial and work limits. The budget will always be more than you anticipate, plan for unexpected problems. Start with homes that mainly have cosmetic problems. Look for houses that need new, modern paint or updated fixtures. Homes where the outside yard and landscaping are unappealing are usually a great buy and can yield more profit. Curb appeal is usually a problem that can be fixed very easily and relatively inexpensively while greatly increasing the value of the home. 4. HAVE AN EXIT STRATEGY The point of flipping is to get in and out as quick as possible. Every day that you own the homes costs you money. Have a plan and know exactly what you're going to do with the home before you buy. Make a schedule of when work will get done and drop dead date of the house going back on the market. If you don't know if you can sell it quickly, don't buy it.





Posted by Marie Presti on 1/6/2012

There are many ways that you can invest in real estate. One way is by purchasing land. This option can be a very lucrative choice, as long as you keep the few important points in mind. The reason why purchasing land could be a viable option is because you get to pick your location, and build a home to your specs. This will allow you to find your own contractors to construct your building for you. By having full control over who you choose and what you pay, it becomes easier for you to save on costs. Keep in mind that while you do have full control over who you choose to build on your property, it also means that there will be more responsibility hanging over your shoulders. For example, you would need to make sure that you have all the right permits to construct your building, and you also have to make sure that you choose the right contractors; otherwise the whole project can turn into a big catastrophe. Therefore, before deciding to purchase a piece of property that is completely void of any buildings, take some time to do some research, as this will save you a lot of headache in the long run. Buying land in a down market can also be a great investment. Land is becoming harder to come by, which is creating a higher demand for land and in turn bringing the price up. Buying land now and holding onto to it could bring some great return. Think about it in 10 years from now there will be a lot less land and your lot could be worth a pot of gold. Invest now and reap the rewards down the road. Think of it like a savings account, you deposit money into a piece of land and watch your money grow!