Climbing The Equity Ladder Finding The Best Realtor Top 15 Ways The Real Estate Industry Uses Virtual Assistants Following A Builder For Profits An Example Purchasing Property In Mexico Faqs The Value Of Building Home Equity
If you currently find yourself in the enviable position of looking to buy a second property then congratulations. The equity that you stand to gain from this purchase can be considerable, just remember to plan properly, to maximize your gain. The first step in this process is to decide what the second home will be utilized for.Is it a vacation home? Perhaps a long or short-term rental? Either way, the more detailed about your forward planning you are, the smoother the process will be.
If you are looking at this purchase as a source of revenue then there are certain steps that you should take to ensure the home will bring in as much money as possible, thereby allowing you to pay off the mortgage quickly. For this type of investment, the cleaner the better. Nice homes are in high demand, and they fetch a good monthly rate. Enough so that the mortgage payment can be made easily with cash to spare. Also, ask yourself, “am I ready to be a landlord?” This will involve the task of finding and maintaining good tenants, and sometimes having to do what’s right for you and your property, not what’s right for the renters. If you have the tendency to be “too nice,” land lording might not be for you.
No matter what your property is intended for, be sure to cover all the bases. Be as diligent as you were when buying your first home. Even more so, you will be able to apply any lessons you learned during that process on the new home, and avoid any mistakes or area of stress that were present in the first purchase. Many people buy a second house only to find themselves buying yet another. Once you start to climb the equity ladder its kind of hard to stop!
Finding the appropriate time to leave behind the unforgettable moments that you experienced in your home is sometimes stressful, but it’s always the time to move forward to get a new investment. Statistics in Las Vegas real estate show that the average family is ready to jump into a new home almost every 5 years, so how you interview the best candidate is going to help you to sell your most valuable asset and move to the next step of finding your next “dream home.” Here is some advice for you:
Find an agent with a marketing plan that is designed to incorporate all the resources, tools, and systems accomplishing your goals and needs as the seller of a real state property.
Look for somebody who is going to get you the most amount of money in the least amount of time and the least amount of inconvenience.
Sometimes looking around and interviewing so many candidates can make you confused because everyone uses different strategies to get you sold. It is important that you get focused and express all your concerns and necesities to the candidates that you interview.
Pay attention to the different marketing plans they offer to you. Ask questions all the time about the different steps that happen through the transaction process. Make sure you understand everything they say and take notes. This way, in the end of your process to find a Las Vegas Realtor
Depending on your needs, a real estate virtual assistant can do virtually everything necessary to support you and your administrative needs and marketing efforts.
Virtual office assistants work best as an extension of you. In other words, if you are using a marketing method or target market that works well for you, it’s best to use your assistant to duplicate those efforts in those markets. Here are our top 15 ways you can utilize a real estate virtual assistant:
1. Research for potential sellers via online newspapers, online courthouse records, MLS listings, FSBO listings
2. Manage transactions
3. Compile information for Comparative Marketing Analysis’ (CMA’s) for potential and new clients.
4. Screen sellers for motivation
5. Upload pictures and listings to MLS or other online resource
6. Arrange home showings
7. Process mailings to buyers and sellers
8. Perform outbound telemarketing calls seeking clients/sellers/buyers
9. Manage your email campaigns
10. Enter leads into your CRM (contact relationship management) program. This may be Top Producer, ACT!, or another CRM program.
11. Research to locate absentee owners, or people who’ve skipped out on their rent
12. Set/cancel appointments
13. Work with Excel spreadsheets to organize leads and other data
14. Work with MS Word to create mail merges and process mailings
15. Answer and return phone calls
Real estate virtual assistants are here to stay and growing in popularity. Over the next couple of years you can expect your conversations with regards to real estate virtual assistants to go from “What is a real estate virtual assistant and what does a real estate virtual assistant do?” to that of “Who provides your real estate virtual assistant services?”
Implementing the use of a real estate virtual assistant, especially through a virtual staffing agency is a low-cost, low-risk undertaking. If the real estate virtual assistant doesn’t work out, you simply request another, perhaps for a better fit. What’s more, coupling the use of a real estate virtual assistant (or several assistants) with your already up-and-coming business can catapult your income and success to the next level and beyond.
Will your business be on the forefront of this cost-saving phenomenon of efficiency?
As the real estate market begins to calm down, many worry about making a profit on their homes. Here’s an example of the “follow the builder” profit strategy.
Follow That Builder
In many areas of the country, there are builders who build hundreds of houses each year within a fifty mile radius of each other. They build entire communities, or are one of three to five builders who build entire communities around big employment centers. This is important. Hang with me and you’ll find out why.
The first couple I met who worked the pattern I’m talking about did it the first time almost by accident. They bought one of the first houses built in a neighborhood that took about two years to build out. Toward the end of the two year period, they were out for a walk and, on impulse, went into a house under construction that represented a bit of a “move up” from their home. The same builder who had built their home was building it.
The couple went to the sales office of the builder and found out that the house they’d walked through was already under contract. They were shocked to find out the price was $150,000 more than they’d paid for their home! The house was a little larger, but not enough to account for the difference. In fact, they found out their home had increased $100,000 in value.
A Repeatable Pattern
Builders usually have bright, attractive, cheerful, enthusiastic people on their sales forces. These people often have a wealth of knowledge. They know (or can usually find out) which communities the builder has built in, is building in, and maybe even where they’re going from there. They know a lot about the pattern of price increases for various models. They have some idea of the speed of build out.
It’s also possible to take walks in a builder’s neighborhoods and ask people how that builder is to work with, if construction and “punch list” completion are done reasonably and well, and if they’d choose that same builder again under similar circumstances.
If all the information you develop is favorable, you can start to “follow that builder.” Builders usually sell the first few houses in a neighborhood for less money than any of the homes subsequently built. They’re contracted for before the streets and amenities are complete, and it takes a lot more imagination to see a charming, pleasant neighborhood where now there’s only mud and bulldozers.
Follow the builder is a strategy that has been used. If you like a particular builder, you can use the strategy to put serious money in your pocket.
Does the Mexican government own my land if I purchase land in Mexico?
Due to recent trade agreements made between the United States, Canada, and Mexico, called the North American Free Trade Agreement (NAFTA), and bank trusts, called Fideicomiso, foreigners are allowed to purchase land in Mexico. American Title companies are also involved in the purchasing process, allowing for secure transactions.
What is the North American Free Trade Agreement?
In 1994, North American Free Trade Agreement (NAFTA) between the United, States, Canada, and Mexico was formed as the world’s largest free trade area, allowing for purchasing land safely in Mexico. The agreement allows for economic growth and rising standards of living in these three countries, while establishing a strong foundation for future growth and setting an example of the benefits of trade liberalization.
Today, nearly 1.5 million Americans own property in Mexico. As a foreigner, the buyer can obtain all the rights of ownership by setting up a bank trust, similar to a US family trust, known as a Fideicomiso.
What is a Fideicomiso?
A Fideicomiso makes a buyer the beneficiary of the purchased property, allowing the buyer to use, lease, sell, will, improve or encumber the purchased property. The Trust does not give direct ownership to the foreign beneficiary. Instead, it establishes the legal basis by which the bank holds the legal title to the property in order to act on the foreigner’s behalf.
The Foreign Investment Law, which was amended in 1993, allows the trust to be established for a term of 50 years and is renewable anytime during its existence. The beneficiary can instruct the bank to sell or lease the property at any time. The bank (trustee) holds the trust deed for the person who purchases the property (beneficiary). The property is not part of the bank’s assets and cannot be liened or attached for any other obligations.
Why was a trust system established?
The Mexican government established the trust system as a protection for foreigners interested in owning property in Mexico. By making ownership pass through the trust process, the bank is required to check ownership, insurance, and liens against the property. There would be an automatic review of the transaction, thus ensuring valid ownership and no outstanding indebtedness of the property
When is a bank trust issued?
Bank trusts are established by a Mexican Notario (Notary), following the receipt of a permit by the Minister of Foreign Affairs. This procedure is routine due to the large number of foreign property owners. The forms are standardized and the entire process is usually completed by the notary as part of the closing procedure
How does First American Title Company ensure property purchased in Mexico?
First American Title Company works to ensure that any claims will be handled in the U.S. without the buyer having to go through the Mexican court system. That means that the title agency will stand by the buyer in response to a challenge to the buyer’s title in Mexico.
First American was the first U.S. Company to issue title insurance policies on Mexican land and it is the most used agency. Its agents are experts in Mexican law, property ownership and transfer system. First American Title Company has been facilitating complex commercial, industrial and residential real estate transactions throughout the country for over twenty -five years. The agency is directly involved with property purchasing for The Pointe de las Conchas.
There are numerous advantages to owning a home. One of the serious advantages is the equity that is built over time. As equity builds, you create a pool of money to access in trying times.
Equity is simply the value of a property after all debts have been deducted. If your home appraises at $500,000 with a home loan of $250,000, you have $250,000 in equity. Whether you realize it or not, this equity can get you through hard times or provide you with a funding resource. Let’s look at some examples.
If you get through life without any family or financial emergencies, you are one lucky person. Unfortunately, most people aren’t so lucky. Home equity can provide a financial cushion when life gets hard. You can use it to pay medical bills, legal fees and any other expenses that arise from your particular problem. You will be extremely thankful you purchased a home if you ever run into this situation.
If you’ve ever watched “The Simpsons,” you may have seen the episode where Bart and Homer go camping. Bart tells Homer a scary story, but you only see the end of it and Homer screaming in terror. The words Bart whispers are, “…and that’s how much it will cost to send Maggie [baby] to college.” It is a very funny scene until you, a parent, actually investigate the cost of college tuition. Trust me, nightmares will soon follow.
Home equity can put an end to college tuition nightmares. You can borrow against the equity to pay college expenses. As with an emergency situation, home ownership will give you the ability to pay the bills.
Making the decision to buy a home can be stressful and frightening. As time passes, you will be incredibly happy you made the leap..
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