Tanya Tanimoto's Blog
It is a great time to be a real-estate investor. If you are looking to jump in the investor market low home prices and low interest rates make this a great time. According to Zillow.com. the real-estate market is starting to recover: U.S. houses lost $489 billion in value during the first 11 months of 2009, but that was significantly lower than the $3.6 trillion lost during 2008 and things only continue to look up. While the timing may be right, you will need to have all your ducks in a row. An investment purchase is different than your typical purchase. Consider your options. Have a strategy and know what kind of investor you would like to be. Ask yourself if you want to be a landlord, or are you planning on flipping or restoring and reselling properties. What types of properties are you interested in? There are many choices from land, to apartment buildings, residential housing and other commercial real estate. Partner with experience. Real estate agents experienced in investment property deals know what to look for in a deal. You may also want to consider asking a more experienced real-estate investor for advice. If you plan on becoming a landlord make sure to familiarize yourself with the local laws regarding being a landlord. Location, location, location. If you buy a property with hopes of renting it out, location is key. Homes in high-rent or highly populated areas are ideal; stay away from rural areas where there are fewer people and a small pool of potential renters. Also, look for homes with multiple bedrooms and bathrooms in neighborhoods that have a low crime rate. Also think about potential selling points for your property. If it's near public transportation, shopping malls or other amenities, it will attract renters, as well as potential buyers if you decide to sell later. The more you have to offer, the more likely you are to please potential renters. Have capital lined up. Speak to potential lenders or a financial planner about what you will need for assets and cash flow. You will need to have enough assets to handle the ups and downs that could come with investing. Most experts suggest a fallback of about six months of mortgage payments for landlords. You will need this in case or vacancy or repairs. If you're planning to fix up a home and sell it, you will need reserves to cover the costs to maintain the home while it is on the market. Becoming a real-estate investor is much different than being a residential homebuyer. A buying decision is a business decision not one based on emotions.
Buying your first home can be confusing. Securing a mortgage is one of the most important parts of the home buying process. Making sure that you have the right loan and have chosen the right loan officer are among the things a first time buyer has to do to start the process. Here are some more tips on how to ensure a successful purchase: 1. Make sure your deposit is in order. Talk to your loan officer about what amount of a deposit is required for the purchase and type of loan. You will also want to make sure the funds are accounted for and readily available. You can expect deposits to run anywhere between 3 and 20 percent of the purchase price. 2. Plan to have a cash reserve in addition to your deposit. You may want to have a reserve of at least two months mortgage payments. 3. Ask your lender to go over all the fees that apply to the purchase. It is better to be prepared and know how much the actual purchase will cost. These costs are typically added into your loan but there may be some out of pocket expenses too. 4. Consider how much you can comfortably afford not how much you have been approved for. These numbers may vary considerably. Your mortgage costs should not be more than 30% of your household income. 5. The lowest rate is not always the best deal. You will want to look at not only the rate but also the terms and fees associated with the loan.
Living in an apartment can sometimes be a frustrating experience. Paying rent every month makes you feel like you are throwing money away. Today's housing market makes it a great time to buy and in some cases you can buy a home for less money than you are paying in rent. Living in an apartment with tenants above or below you in some older apartments can be noisy. Single family homes do not have this problem, as none of the walls in your home will be attached to any other home in your neighborhood. This in turn means that you will have more privacy, and more importantly, there will be less noise coming from your neighbors, no matter what time of the day it is. Another reason why owning your own home is so great is because you will generally have your own yard, allowing you to have outside furniture, gardens and entertain which can be harder to do in an apartment When it comes to shopping for a home, it is important that you do a good amount of research beforehand. While single family homes do have a lot of advantages, you have to make sure to take your time and find that perfect home for you. Some things to think about is location, neighborhood, schools, and being close to amenities like shopping, restaurants or other places that may be important to you. One of the best ways to research for homes is on this website. This website is updated every 15 minutes with new listings, price changes, back on markets and open houses. This will allow you to easily browse through homes for sale until you find the perfect home for your needs. Bottom line is buying a home today can be a great invest down the road and can come with a lot of benefits over renting. Feel free to call if you would like help in buying or selling your real estate.
Child-Proofing Your Home. Unintentional injury is one of the leading causes of death in children under 14. That should be enough to make any parent shudder. Child-proofing a new or existing home can be quite the headache, but it's an incredibly neccessary step in making sure your home is safe for all members of your family. Luckily, by following a simple checklist, you can rest easy knowing that you've covered most, if not all of your bases. While there are extra steps that may need to be taken on a house-by-house basis, most of these steps are applicable to just about every kind of residence. Smoke Detectors - While this may seem like an obvious step, you'd be surprised how many people don't follow through with their fire alert system. Low batteries, improper placement, and broken detectors can all spell potential tragedy for you and your family. Pay close attention to the manufacturer's instructions. You should have at least one smoke detector per level of your home, including the basement and attic. One very important step you can take these days is to purchase batteries that are designated for electronic devices. Carbon Monoxide Detectors - These need to be placed near sleeping areas, and at least 15 feet away from any fuel-burning appliances. Anti-Scalding Devices for your faucets - Contact your local plumber to get an estimate. Door Stops and Door Holders - If your home already comes equipped with these, then make sure they are all in good working order. Outlet Covers and Plates - Ensure that covers and plates aren't easily removable. Edge and Corner Bumpers - These come in a variety of styles, and are easily installed on the sharp edges and corners of your home. Pay special attention to the corners in your kitchen, as many child injuries take place here. Safety Latches and Locks - These need to be installed in cabinets that would be accessible at your child's level. These will prevent your child from gaining access to areas that hazardous cleaning materials are stored, like under your sinks. Doorknob Covers and Door Locks - Use these on rooms that aren't child-proofed. If you can prevent unsupervised access to a room, you don't have to worry about keeping it in perfect working order in regard to child proofing. Child Gates - Stair-related accidents can be avoided by implementing a gate system. Pay special attention to the types of gates used.....Pet gates are NOT the same product, and may lack the level of protection needed to ensure proper safety of your child. Childen are resourceful individuals, and can breach many systems that your family pets cannot.
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!