castle rock loans: Investing in Real Estate - Getting Started 1
- 10/30/08 03:22 AM
Investor often ask me what types of real estate investments are available on the market. Here's what we tell them. This is the first of several postings on the topic. Please offer comments - positive or negative! Assignments. If you don't have much equity to work with, and/or if your credit power is limited, assignments can be a way to get started in real estate investing. You will need to have a strong "sales" personality to succeed at it, though.
Rental Condo or Rental Home. Purchase of a residential property to be rented out to tenants, usually on a 6-12 month lease … (2 comments)
castle rock loans: Topics for Investors: Basement Kitchens
- 10/30/08 03:11 AM
You walk into a property you're looking to buy and rent and you walk down into the basement and voila! you find a full second kitchen. Great! You start calculating how much rent you could get if you could rent the downstairs separate from the upstairs and the cashflow is out of this world! But wait, there are a number of very real problems with this scenario. First of all, it's illegal unless the property is zoned for more than one tenant and the property has been converted to non-residential use. But there are even more practical reasons why having … (0 comments)
castle rock loans: Investor Series: Why sewer scopes are important
- 10/30/08 03:09 AM
A LOT of agents don't advise their clients to get sewer scopes when they purchase a property. This is a major mistake. A broken sewer can cost between $3,000 - $10,000 dollars to repair and it only costs $99 ($99Rooter - others are more expensive) to have a tech put a camera down the sewer pipe and videotape the sewer all the way to the mainline. This will tell you and the-buyer what the condition of the sewer is. So let's see, we pay to have the furnace inspected but a new furnace will only be about $2,000. We pay to … (0 comments)
castle rock loans: Topic: Investor Series: Estimating Rents
- 10/30/08 03:07 AM
A lot of clients ask me how to figure out what market rents are in a neighborhood. This is a critical input into the calculations an investor needs to make in order to determine what their return on investment will be on a rental property. So you don't want to screw this up! Unfortunately, this is one of the many figures new investors get wrong. One place people go to get rents is Rent-o-Meter. Rent-o-Meter is billed as an online resource to get accurate market rents. In my experience it is anything but! However, I have a fairly simple solution. Multiply … (0 comments)
castle rock loans: Topic: Special considerations for Investor loans
- 10/30/08 03:06 AM
The talk around the water cooler these days is all about LOANS. Who can get them? At what price? What if I already have a few loans, do I still qualify? A year or two ago the question was at what price do I get a loan (those were the days!). Today it is "am I still in the game?" Here's the deal: if you have an owner occupied loan and 3 investor loans you cannot buy any more properties and get Fannie Mae / Freddie Mac financing, meaning you can't get a conventional 30-year fixed loan. Now, my … (0 comments)
Investor often ask me what types of real estate investments are available on the market. Here's what we tell them.;)
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