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build your wealth: When buying a home, consider the resale value. - 01/19/08 08:51 PM
Sure, I might be jumping the gun a little. I know you haven't even purchased the home yet or moved in for that matter, but consider what happens if you want to sell it later. How do you choose a home that has a good resale value?
We all want homes that will grow in value and sell quickly, so why not think ahead before making your next purchase. Very few of us live in the same home forever, so the resale value is definitely something you should be considering with your next purchase.
Location, Location, Location. Location is key. Even though a … (0 comments)
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build your wealth: You've Decided to Build, but Where? Tips on Buying Land. - 01/19/08 07:54 PM
Congratulations! You've decided to build your own home. But where do you start?
Now that you've drawn up the plans or maybe even picked out your perfect manufactured or modular home, you'll need to find the land to put it on. It may sound like a simple process. Pick the home, buy the land and move-in, but it's much more complex than that. Finding that right piece of land can be just as cumbersome as searching for the perfect home, if not more. And, to complicate matters even more, not all real estate agents know land, so make sure you find one … (0 comments)
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build your wealth: Purchasing a Home? Make your Offer Count. - 01/19/08 12:08 AM
How you write an offer on the property you chose ultimately determines whether you win or lose. Negotiations are about more than just the price. Here are just a few of my keys to success.
Try to Minimize Contingencies. Fewer contingencies mean a stronger offer. With that in mind, you should insist on some contingencies and do your homework before you put anything on paper. Do you need a survey of the property lines? Is this contingent on the sale of another home? Are you thinking about building? Make sure your planned home is allowed in the neighborhood! Each buyer and property … (4 comments)
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build your wealth: FHA & the Real Estate Circle of Life. - 01/06/08 01:05 PM
There is some great news for home buyers (and sellers!) on it's way in. On December 14, 2007 the Senate passed a new law - the FHA Modernization Act of 2007.
What is this?
Essentially, this will help buyers by offering alternative ways of borrowing money that are much less risky than the sub-prime mess we saw. There are a couple main features involved with this law.
Current Assistance. It will assist homeowners who are in a current unfortunate situation of not being able to pay their mortgage payments as a direct result of being involved with the sub-prime Adjustable Rate Mortgages.
FHA Loan … (9 comments)
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build your wealth: Investors. Don’t Get Stuck in the Dark. (Part 5 - final) - 01/03/08 09:34 AM
To wrap up this series on investment properties, let's take a look at some final pieces to keep your investment an investment. If you haven't read previous articles, start here for some worth while information on how to look at investing.
Investment-Income Producing Properties are a wonderful thing to have. While everyone else is waiting for the market to change, this is the ideal time to negotiate some fabulous deals. But it takes more than just purchasing a property to make it worth your while.
Having started and recently sold a successful property management company, I'm speaking from experience. A good property manager … (4 comments)
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build your wealth: Investors. What's a Good Value? (Part 4) - 01/01/08 10:56 AM
If you are just tuning in and are interested in investment properties, take a minute to browse through my previous articles before you get started. Part 1 - Tips for First Time Investors. Part 2 - Is it a Good Rental? Part 3 - How Long is Your Horizon?
So, you've found a couple properties that might be a good investment. How do you know if they are worth it? First, when looking at a potential investment property, use actual numbers, not future projected numbers.
The numbers part of purchasing an income producing property can be some of the least exciting work, … (7 comments)
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build your wealth: Investors. How long is your horizon? (Part 3) - 01/01/08 10:39 AM
As with any investment, part of planning is knowing how long you are going to keep it. If you plan on keeping a property for 20 years, chances are you're going to have to replace the roof, water heater and other items with a limited lifespan. If you plan on keeping the property for only 5 years, then you'll want to avoid those costly items if possible. Or, at least take them into account with your costs and purchase price.
Remember, real estate is a long term investment. Make sure that you are financially prepared before you start out. You'll have plenty … (2 comments)
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build your wealth: Investors. Is it a Good Rental? (Part 2) - 12/30/07 08:13 PM
So, you've decided it's time to purchase an investment property. How do you know if it's a good rental?
There are a couple basic items to consider when looking at an investment property. Just like in real estate, rentals are about location, location, location!
If you are considering a full-time rental property, is it close to schools, shopping or allow for easy commuting? If you are looking at a vacation rental, what is the draw for that area and why do people visit? Is there a golf course, beach or another attraction that brings people to the neighborhood consistently? Even a retirement … (2 comments)
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build your wealth: First Time Investor? Some things to consider. (Part 1) - 12/30/07 04:18 PM
Now is the perfect time to begin investing in real estate. Many buyers are sitting on the fence waiting for things to change and talk about how our market is "down." In reality, you now have more negotiating power than ever.
If you are a new investor starting out, I recommend starting small.
Duplexes and Mother-in-Law apartments are a great beginning. They allow you to live on one side and keep an eye on the premises while generating income at the same time. Of course, there are drawbacks to this set-up. The primary one is you'll be very close neighbors with your … (6 comments)
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build your wealth: Investors or Anyone. Don't put all your Eggs in One Basket. - 12/30/07 02:41 PM
Now is the perfect time to consider investing in the real estate market. But, you should NOT just run out and buy the first property that comes along. There is some planning that you should do first.
With that said, don't put all your money into one basket. In order to invest smartly, you need to distribute your wealth to your advantage.
Security. Your security basket is what you fall back on in case your world comes to an end. Let's say you lose your job, your tenants move out and you're stuck. This should be a liquid asset.. Stocks are great for … (0 comments)
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build your wealth: Why Real Estate is Better than Stocks. - 12/29/07 06:00 PM
The thing I love about real estate is that it allows you to leverage your money. Here's what I mean.
Let's say that you have $40,000 to invest.
Option 1. You find an income producing property, maybe a little run down that is only $200,000. You put 15% down, or $30,000 and still have $2,000 for closing costs and $8,000 for upgrades.
Option 2. You invest it into the stock market. Say $20,000 in mutual funds and $20,000 into an aggressive stock.
Now, move forward one month.
Option 1. The mortgage payment, even with PMI at today's interest rates is around $1070/month. This home in … (50 comments)
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build your wealth: Foreclosures. Do Your Research! (Part 4) - 12/27/07 05:40 PM
Thorough research should be REQUIRED if you are interested in purchasing a foreclosure. This is research that you need to have completed before the morning of the auction. Purchasing a property without doing your research can result in very unwanted and costly surprises. Keep in mind that even the most diligent research may not find all the potential roadblocks you have ahead.
So, what are some of the issues that you need to address before finding a suitable investment?
Zoning. What is your intention for the property? Check into local zoning, building, use restrictions and other controls that will affect your plans.
Title … (6 comments)
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build your wealth: Foreclosures. How long before it’s mine? (Part 3) - 12/27/07 05:37 PM
If you are considering buying a property at a tax foreclosure auction, there are many RISKS you should be aware of. Remember, auctions are BUYER BEWARE sales. I can't stress that enough. The County will make no representation about anything regarding that property, so it's up to you to deal with the issues and do your homework.
There are different types of foreclosures. The type I'll address here are tax foreclosure sales in Washington State, specifically Snohomish County. Even if a property has gone through a tax foreclosure sale, there are still circumstances where a prior owner may have rights to the … (0 comments)
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build your wealth: Buying a Foreclosure? Think First. (Part 2) - 12/27/07 05:33 PM
There is a misconception out there. Many beginning investors and homebuyers automatically think foreclosures are a good deal. Unfortunately, I'm here to tell you they rarely live up to the "hype" and they are certainly not easy.
Sellers who go into foreclosure will stop making payments for a variety of reasons. There may be medical conditions, loss of a job, divorce, job transfer, or excessive debt. Whatever the reason, they stop making payments and in many instances, the upkeep on the home as well.
For those who specialize in investments, there are many reasons why it is preferred to deal with … (3 comments)
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build your wealth: Foreclosures. It goes back to supply & demand (Part 1) - 12/27/07 05:29 PM
Think about it this way. Real Estate is all about supply and demand. In my area, almost all short sales and foreclosures are listed through our multiple listing service. These homes are available on the market, just like all the other homes in the area. Good investors do not like to get caught in bidding wars. That defeats the purpose and the good deal usually goes right out the window.
If that property has not sold under the normal market conditions, what makes you think you are getting a good deal at the auction? Remember, it's all about the moment and the … (2 comments)
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build your wealth: Sellers, how do you compete against DESPERATE sellers? - 12/20/07 06:33 PM
I recently had the situation arise where a buyer I was working with was drawn away from a beautiful home, for the chance to buy a short sale. Unfortunately, this is not the first time I have seen this and it got me to thinking. How are my sellers supposed to compete with the desperate sellers?
Today, there are far more listings and I'll admit, a few less buyers than in the recent years. This leads to less of a demand and our prices are starting to reflect that. In my market, buyers have a lot of options when choosing a home. … (16 comments)
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build your wealth: Giving is a selfish act. Yes, selfish. - 12/20/07 02:22 PM
Giving is one of the most selfish acts around. Yes, selfish. Here's what I mean.
Recently, I have committed a lot of my time to improving my community. Not because I hope it will improve my business, but because I feel good about myself when I can help others. So, is giving selfish?
Helping out our local organizations with the planning of annual events and fundraisers is something I thoroughly enjoy! You'll find me volunteering in auction committees for the Food Bank and Camano Island Senior & Community Center. I've assisted where I can with our local scholarships and students by helping the Stanwood-Camano … (4 comments)
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build your wealth: We live in a litigious society. Be cautious. - 12/19/07 02:20 PM
I love selling real estate. Each day, I wake up and I'm excited! I get to sell real estate!
Unfortunately, our society is a very litigious one and we need to take precautions to avoid misunderstandings down the road between all parties involved.
Here are some points I always consider to help me down the road.
Everything in writing. If the seller says they are going to replace the front door before closing, put it in writing. Not only will the seller be more likely to follow through, but you have also provided your buyer with something to fall back on. If something … (12 comments)
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build your wealth: There is no secret plan. - 12/17/07 04:52 PM
There are more and more companies than ever before that will show you the "secret to success in real estate." Add to that the issue that so much information is available online, everyone has become an "expert" in real estate and you have quite a mess on your hands. Today, not only will the marketing companies sell you the secrets to success, but your mother, friend and neighbor all have the answers too. How confusing is that!
Here's what I believe... There is no "secret plan." There is not one approach that will work for everyone. We are all individuals. Not until … (13 comments)
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build your wealth: Education = Success - 12/15/07 09:46 PM
I see it time and time again. "Experienced" agents are so busy in their disorganized business that they neglect their education. To me, education is key. It's the closest thing to a "shortcut" that you'll ever find when climbing the latter to success.
Look around. A large percentage of the real estate industry views clock hours and education as a task. They sign up for hours at the last minute before their license renewal and then all they do is waste their time there. They run out the door at every break and jump on the phone. Or, they sign up … (9 comments)
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Jen Hudson - Stanwood, Camano & Arlington,WA
Stanwood,
WA
More about me…
Windermere Real Estate/M2, LLC
Address: 95020 19th Ave, Everett, WA, 98208
Office Phone: (360) 652-1200
Cell Phone: (206) 293-1005
Email Me
What you should know about real estate in Stanwood, Arlington & Camano Island, WA. And, maybe some other tips too.
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