HomeRun Homes Rent to Own Homes Blog

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HomeRun Homes is a centralized marketplace which helps people Find or Sell a Rent to Own Home, both Nationwide and Globally to the thriving Rent to Own Market. http://www.lease2buy.com

August 30, 2010

10 Million New Renters?

Good Morning,


   We hope everyone had a great weekend. We certainly hit a homerun (no pun intended) here on the East Coast with golden sunshine, deep blue skies, and low humidity all weekend long. Ahhh...allergies !!

   When looking over some stories on a Google search the other day, I came across a story titled, "Renter Nation", in which the author says that, "The recession and shifting demographics will swell the ranks of people who will rent, not buy, housing over the next five years", and he deduces that, "roughly 10 million extra folks could be moving into rentals over the next five years". While this could be a frightening prospect for those who are thinking about selling their homes within the next 5 years, this does still hold optimism for some segments of the market.

   Those who are looking to sell their home would not have to stretch far across the table to rent their home with an option to buy, or Rent to Own. More often than not, those looking for a rental home will jump at the opportunity to earn some equity while they are renting. In this respect, these numbers hold promise. For Realtors, they will still earn the rental fee. For those who are renting out homes in the first place, they could see a surge in demand, which might potentially drive up some rental prices in certain areas.

   What would be the "Butterfly Effect" of such increases in rental prices? Good Economic sense tells us what should happen, but things have been so very far off from common sense over the past few years, that I would not even venture a guess. We welcome your opinions and comments on this question.

Have a Great Week, and Happy Rent-to-Owning !

August 27, 2010

5 Tips For Buying a Second Home/Condo for Investment or Vacation

Hi Folks,

   A Happy Friday to All. In our continuing series of answering your requests, today, we will be covering the process of buying a second home or condo as either an investment home or as a vacation home. We have had numerous experts weigh in on the topic, and their comments break out into 5 main tips/categories:

Tip 1 - Location:

"Look for an area with tremendous upside", says Jeffery Nielsen of MyntStyle.com. Nielsen says that he prefers to look for cities that cater to a large international audience so you are not, "tied to the economy of one country." Nancy Clement, Realtor/ Dollar-Wi$e Divas Columnist, concurs, and advises, "Buy a second home in a location that has broad appeal and lots of people are interested in living in the area". Nielsen says that you must also see whether you walk to major conveniences, i.e., "Is there good public transportation nearby (not the bus)."

Tip 2 - Purpose of Home/Goal:

Karl J Trommler, Business Development Manager with PenFed Realty, says that you need to begin by asking yourself some questions: Is it "Truly just a vacation home used only by friends and family? An income property that we will use sometimes? An income property now that will be converted to a primary or secondary residence later? Am I looking for a long term or short term investment? Am I looking for a personal retreat, a source of cash flow, a tax shelter, future income (i.e. retirement)?", and that you should, "Decide what you can afford and be realistic.- Upfront costs and ongoing monthly". Mike Smith of The Aliya Team/WEST USA Realty, says that, "Define Your End Goal. Is this second home/condo a retirement home or an investment or both? Defining this could make a big difference in what you buy. For instance, if this will eventually be your retirement home, you would want to pick a home near amenities that you enjoy (golf, tennis, hiking, etc...).You may also want to chose a single story home because climbing stairs may not be what you want to do as you get older."

Dina Goldentayer, Principle at The DS Team, Keller Williams Miami Beach weighs in and says, "Weigh the pros and cons of purchasing a home vs a condo. A full service condo can offer the the benefits of on-site security, which is vital to a residence that is vacant a few months per year. A home has added privacy, but added responsibility for upkeep of the grounds". Even more importantly, she says, "Consider the possibility that the home may become the primary residence one day, and this is especially important for Baby Boomers nearing retirement."

Tip 3 - Pricing/Finances:

"Sellers are expecting low offers. But how low do you want to go and at what cost? Appearing ruthless can ruin a negotiation to the point where a seller will no longer respond.", says Kristen Maley, an Associate Broker with BJ Adams and Company. Trommler adds that you need to, "Arrange financing before you look. - This will be influenced by how you plan to use the property. Decide what data you need and where you will get it- Loan programs and rates, zoning, tax considerations, HOA costs if any, insurance costs. Brainstorm and make a list." Clement adds, that, "What financing is available for second homes and can you qualify to purchase? Get your loan pre-approved before you shop for a home as qualifying may be more difficult for you to obtain than is true for a person who plans to live in the home full-time." Anyone who purchases or has purchased a second home realizes that this is a vital point.

Tip 4 - Team:

Building your team is essential. Maley suggests that you, "Get a broker and go look", and to, "Get a lender to help you define your buying power - before the search", and to, "Look past the circa 1973 rock walls - these are the properties that make for a good deal. The market has forced them into the lowest price ranges. Don't be afraid to take on a project in a second home." Smith adds that you, "Consult a Tax Advisor. The tax implications could be devastating if you don't collect all the facts". Sound advice!

Clement also suggests that you, "Hire a good property manger and have the person not only collect rent but do an interior inspection at least quarterly. That way you will be aware of any potential and costly problems the tenants may not want to tell you about, like a leaking toilet that could lead to an expensive to repair problem like water intrusion that could lead to a problem with mold.". Obviously, if you have tenants, this would apply, but sound advice, nonetheless.

Tip 5 - Costs:

Trommler warns us to, "Plan for unexpected costs- Repairs now and ongoing repairs and maintenance", and Goldentayer similarly states that, "Consider carrying costs and maintenance fees of a condo building, especially if it is only a part time residence."

Patrick Hohman, a 22-year Association President, advises that, "Primary tip for condo buying, is to check the difference between what SHOULD BE in the Reserves NOW, as opposed to what is actually there. Otherwise, potentially big special assessments or even worse, maintenance is neglected and property values tank."

   Overall, your strength is in your team and your dedication to the details. Do you have any additional tips to add that would be helpful to others? Please comment below.

Have a Great Weekend, and Happy Rent-to-Owning !

August 25, 2010

Homes Sales Fury, Plus Part 2 of Our Radio Interview

Hi Everyone,

   Let's immediately address the elephant in the room (or the cyber-room, if you prefer) - "Existing home sales drop 27 percent in July" and "Existing home sales dive to 15-year low". Yes, you read these on Yahoo News and all over the Web and on TV yesterday.

   I pose this question to you: We know that the expired homebuyer tax credit is the main culprit for these dreadful numbers. But let's say there was no tax credit in the first place (follow me here - I am not taking political sides)...what would have happened to the housing market? Is it really a guessing game.

   Now, just today, the headline, "New home sales hit slowest pace on record...Unexpected 12.4 percent drop is latest sign recovery fading". Where is all of this headed? Why did we stop the tax credit? We're in a deep enough hole already...at least people were starting to buy homes, build back some confidence, and get back on track. The key is, "confidence", which is psychologically vital to any economic recovery.

   OK, I can rant on and on about this, as well as the demise of "Cash for Clunkers", but the show must go on.

   As promised, I have included part 2 (final part) of the radio interview that we did on the "Unlock Your Wealth Radio Program" (hosted by Heather Wagenhals). As a reminder, this particular segment was about Rent to Own Homes, so please have a listen, and Enjoy !

Have a Great Day, and Happy Rent-to-Owning !

August 23, 2010

Our Radio Interview on Rent to Own Homes, Part 1 of 2

Good Morning Everyone,

   Glad to have you back here with us, and we hope you had a great weekend !

   Today, we'd like to present to you a Radio interview (MP3 attached) in which I was honored to participate in and provide some information from HomeRun Homes/Lease2Buy.com.

   The radio program is the "Unlock Your Wealth Radio Program" (hosted by Heather Wagenhals), and this particular segment was dedicated to Rent to Own Homes/Lease Purchase Homes. During the interview, we covered different areas and markets around the country, as well as some of the mechanics of the Rent to Own process.

   Since the entire interview spans close to half an hour, we have split it into two parts, and attached Part 1 of 2, with Part 2 coming on Wednesday. Enjoy !

Have a Great Day, and Happy Rent-to-Owning !!

August 20, 2010

Short Sales, Press, Housing Numbers - A Recap

Hi All,

   Can you believe that it's already Friday? We are headed into our last few weeks of summer, and from whatever corner of the globe that you are reading this, the summer here in the Northeast has been brutal! Time to polish up the snow shovels...yes, it won't be long !

   Today, we just wanted to recap a very eventful week for HomeRun Homes/Lease2Buy, as well as to take a look ahead at next week.

   Over the past week, we have provided you tips and strategies on the Short Sale Process, provided a free widget that shows all current Ads on our website in "Real Time", and we have humbly received some great write-ups in a new American Express Magazine Article, as well as another write-up in AOL's Patch.com.

   We hope that over the past few days, we have given you some great investing tips, a handy new utility for your website, and have brought multitudes of people to our site to either offer you a Rent to Own Home or to Buy your Rent to Own Home ! In the process, I hope we have also made some new friends and helped many others to meet their goals.

   Next week, we have some additional goodies coming along (Stay tuned to this Blog). Further, there are important numbers coming out next week:

   Tuesday 8/24: NAR Existing Home Sales
   Wednesday 8/25: New Residential Sales & FHFA Quarterly House Price Index
   Friday 8/27: Revised Building Permits

   As you can imagine, these are all key numbers that will give us a sense of where we are headed in terms of the housing market and an economic recovery (recovery? lifeline?).

Have a Great Weekend, and Happy Rent-to-Owning !

August 19, 2010

HomeRun Homes Knocks it Out of the Park

Hi Folks,

   We just wanted to alert you to some great publicity that we just received on Patch.com. The article is titled, "HomeRun Homes Knocks it Out of the Park", and it is located here: http://sachem.patch.com/articles/home-run-homes-knocks-it-out-of-the-park

Here is an excerpt from the story:

"By focusing on the rent-to-own segment of the real estate market, Eisenstein's business has made impressive strides. Generating a considerable amount of web traffic through its site - over 1.2 million hits to date - HomeRun Homes has also expanded in other markets of real estate"

   This is just another reminder that we are out here bringing more folks to your Ads, whether you are Buying a Rent to Own Home or Selling a Rent to Own Home.

Please read the Full Article at Patch.com

Have a Great Day, and Happy Rent-to-Owning !!




 
 

August 18, 2010

Short Sales - What Do You Need to Know?

Hi All,


   Happy Wednesday to you. In keeping with our promise to tackle every topic you threw at us a few weeks back in that now "famous" Blog Post, today we are going to discuss some tips and strategies when pursuing Short Sales.

   A conversation about Short Sales would be incomplete without looking at it from two viewpoints: that of the Buyer (Broker or Investor), and that of the Seller (The Homeowner), and we have spoken with a few experts in the field who will discuss both viewpoints.

   First, we will examine things from the vantage point of the homeowner (the Seller). Geena Becker, of Geena & Company/William Raveis Real Estate & Home Services reminds us that the credit score is bruised on a short sale vs a foreclosure - "whereas foreclosure your credit score is driven down 200 points and banks will loan money to a bankruptcy victim before they loan to a foreclosed victim.". Becker also states that the banks pay for the attorney, realtor commissions, and back taxes, but will, "not pay any liens on the property. Those liens have to be negotiated OFF before the approval."

   In addition, Allan S. Glass, President of ASG Real Estate Inc. adds that, "The bank is settling a bad debt. Anything and everything they can extract from you regarding financial information will be used to that end, there are no casual off the record conversations with the banks while they are collecting your debt". Glass warns that you need to make sure you are working with an expert in the field of short sales, and that, "not every agent/broker is created equal and there is a learned skill to negotiating a debt settlement."

   Glass also provides additional pointers, such as to never pay any fee under any circumstance up front ! ("Professional agents will not charge until they are successful in completing your short sale or modification"). Further, he says that you should never sign over title to an investor who will then negotiate with the banks, as you do not need to sign over title to your home to be helped with a short sale. Finally, Glass reminds us that investors who help you with short sales are attempting to buy your home for a discount in order to make a profit, and that, "Not that anything is wrong with that when reasonable, however make sure you ask what happens if they cannot negotiate a purchase price low enough for them to invest."

   From the Buyers point of view (broker or investor), Becker provides some important pointers:
   1. You Will be buying "as is"
   2. You may be subject to more than one banks approval
   3. The Buyer won't know if the seller's loan was an FNMA (takes longer).
   4. If seller has it in their contract to make it subject to not receiving a deficiency judgment tied with short sale appraisal - there is a 50/50 shot of getting that wish.

   Further, she says that she will, "always find out if the mortgage they are late on was their mortgage that they first had when they bought the house. If so, nationally the bank CAN NOT go after the sellers with a deficiency note or promissory note on the difference. With the bank knowing it can come into play in a short sale negotiation since they know they can't come after the seller or borrower for the deficiency. If they have re-fi'd meaning it was not the "original" mortgage they will not have that slam dunk protection."

   Glass also provides some pointers in reminding us that, "the banks are motivated by values. They will do a short sale if they make more money by doing so compared to completing the foreclosure process", and that, "the bank and the seller are NOT working together to get the highest price from the buyer." Glass tells us that the best strategy is, "for the seller and buyer to work as a team to deliver the best value to the bank.". He warns that you must, "understand the numbers (as a broker or investor) and have a strong understanding of market value. Compare what the bank will net as a short sale vs. foreclosure / REO sale".

   As for timing, Glass says that it is key to, "follow up, follow up, follow up. If you are not following up the bank is not working on your file!", and Becker suggests that you make sure the buyer is very clear that this will not be a normal closing time frame, and that the buyer has to be able to, "wait without having to move in." and tells us, "I have had a lot of short sales last year especially where the buyers walk 1/2 way through my negotiating process and I have to start all over again. The buyer's agent must get it through to their clients that they can not be in a hurry. Good deals come to those who wait..."

   This is good sound advice from some seasoned Short Sales Professionals. Do you have any additional tips to share with our readers? We welcome your comments below.

Have a Great Day, and Happy Rent-to-Owning !

August 17, 2010

To Buy at Your Best, Get Creative (Rent to Own)

Hi Folks,
   Just a quick "Hello", and to let you know that we were just quoted in a great article in a new American Express Magazine ("Currency"):

The following excerpts are from this new article:

"Markets known for rich foreclosure shopping are also ripe for those willing to rent before they buy, says Rob Eisenstein, president of rent-to-own marketplace operator HomeRun Homes..."

"It's a great strategy for potential buyers with less-than-perfect credit or insufficient savings, Eisenstein says: While you navigate the lease period, you can build credit and equity at the same time"

Additionally, we were quoted as calling rent-to-own agreements, "creative real-estate at its finest."

   Head on over to their website (located at http://getcurrency.com/article/to-buy-at-your-best-get-creative) to read the full story

Have a Great Evening, and Happy Rent-to-Owning !

August 16, 2010

New Widget with Scrolling Ads from our Site

Good Morning Everyone,


   We hope you have all had a great weekend.

   OK, so once again, we are referring to that "Magical Blog Post", where we asked for your input, and you gave it to us. Over the past few Blog posts, we have already addressed The Top Real Estate Investing Markets, What You Need to Know in Real Estate Investing, The Top 5 Things NOT TO DO When Selling a Home, and What You Need to Know when Buying a Foreclosure.

   Today, we are giving you access to a Free "Widget", which is a piece of code that you can add to your website or Blog, and it will continuously scroll with the latest Buyer and Seller Ads from our website (See Below). The Widget and the Code are shown below as follows:




WIDGET CODE:


   Once the code is inserted into your Web Page or Blog, it will look something like the image on top of this Blog Post.

   If you have any questions on how to use the code or any additional questions, please let us know via commenting on this post.

   Have a Great Week, and Happy Rent-to-Owning !


August 13, 2010

UPDATED: Buying a Foreclosure? This is a Must Read...

Hello Everyone,

Welcome to Friday !

We have been receiving a lot of questions about foreclosures from people who are asking us specific questions on how the foreclosure market works. In order to paint the best picture for you, we have spoken with some of our peers who are active in the foreclosure property marketplace in one function or another.

Sheriff Sale guru Marc Sherby uses a 10-point checklist to tackle all aspects of purchasing a foreclosure home. His Process is as follows:

1. Do Your Homework (research the liens, mortgages, comps, bid price, etc. before going to the auction). NEVER bid on a property without doing this first. Joanne Cleaver of ForSaleByOwner.com says that it is important to, "Understand the micro-economics of the neighborhood. On some blocks, a foreclosure is an exception. On others, it's the rule. This affects your ability to quickly get good comps when you've fixed up the foreclosure and are trying to resell; this also affects its marketability as a rental." Additionally, Jan Green, an Arizona Realtor, suggests to, "check the health of the Home Owners Association (HOA)" (if applicable), and to, "Check the date of the last reserve study that was done in the HOA, making sure it was within the last year if not 6 months. A lot can change in 6 months in a neighborhood. If it was 1 year, then check the number of foreclosures currently in the neighborhood and ask if more than 10 - 15% are overdue in paying, another hint." She also suggests checking to see if, "there is an Environmental Report available that will disclose information the surrounding area for airports, landfills, soil conditions or other abnormal findings that could pop up."

Alfred Miller President, Private Lending Solutions, LLC, adds that it is important to know, "how long it takes to sell a home in your price bracket", to, "study the sale prices of comparable homes in your area.", and to remember that, "the sale is for the home as is."

2. Set up your support team (real estate attorney, accountant, realtor, Title Company, contractors, insurance agent and so on). Find people you are comfortable working with. Miller concurs, and suggests that you, "Find an agent specializing in foreclosures."

3. Learn the rules for your particular area FIRST. Rules and “conditions of sale” are different for each county and for different types of sales. You can obtain a copy of these rules the Sheriff or auctioneer. Green, who works in the Hot Arizona market, states that, "The deed issued in Arizona for REO's is a "Special Warranty Deed" and not a "Warranty Deed" that is the typical deed in a regular sale. Why is this important? There is no title coverage for past problems with the title prior to the bank taking ownership of the home. And always always buy title insurance to cover the transaction against any liens on the property, no matter the type of financing used to purchase the home." Know your market !

4. Get the list of auction properties. In most cases depending on your area, you can obtain the list of properties going to auction for free. If the sheriff or auctioneer has a website many times the lists are also posted on them.

5. Line up your funds BEFOREHAND. In most cases you will not be able to obtain a traditional mortgage beforehand to pay for the property. This is one thing many people do not realize. Cleaver agrees, and suggests to, "Have lots of cash. Banks will negotiate a little, but they will mainly listen if your money talks loudly.", as well as Miller, who suggests that you get, "Get pre-approved for a mortgage."

6. Go look at the property (before you bid), and try and determine if it is occupied or unoccupied. Green suggests that you, "Knock on neighbors' doors to ask for details about the area. Neighbors can be your best source of information about a neighborhood and can provide the names of others serving on the HOA board.", and Cleave similarly says that you should, "Get neighbors on your side. They are well aware that the foreclosure next door has eroded the value of their own property. Position yourself as as hero, not as a bottom feeder."

7. Know how to bid. Bidding is a psychological game as well as numbers game.

8. Have a plan. What type of property are you looking for and where? Is the area up and coming or in decline? Are you buying as your own personal residence, as a rental, or to rehab and flip? If it’s a flip, what type of buyer will you be looking for? How much money and time can you commit to this project? Know these answers ahead of time because as the old saying goes “those who fail to plan, plan to fail.”

9. “Sit on your hands.” Begin by attending several sales and just watch what goes on. Most sales happen very quickly, usually in just a matter of minutes, so you’ll need to pay close attention. See who the players are and take lots of notes.

10. Get Educated. Many of the people you will be bidding against are auction pros and you’ll need to become one yourself. Reading books, attending training seminars, joining local real estate investing groups, or finding a mentor are just some of the ways you can educate yourself. Additionally, you can check out, "Will It Work In My Town" for some good suggestions, as well.

Green has some additional tips that will be of huge help:

1. Always change the locks immediately upon purchase. REO homes are oftentimes on master keys for other homes in your area. If a home will be vacant for some time, get a security system as the home has a history of being vacant. If it has a pool, make sure it's maintained weekly. Check any other systems around the house to make sure they are being maintained. This way you'll maintain your equipment and have activity at the home.

2. Purchase a home warranty from a company that will cover pre-existing conditions ("hidden defects") for foreclosures.

3. Obtain a very thorough home inspection by a licensed contractor (verify the inspector is licensed, bonded and insured - Lots of home inspectors are not renewing their state licenses in this economy).

4. Check under every sink and water source for past water leaks. If there were leaks and you're still interested in purchasing the home, get a MOLD inspection.

Do you have any additional tips that will help our readers? Please feel free to comment here and let us know.

Have a Great Weekend, and Happy Rent-to-Owning !




UPDATED: Top 5 Blog post for 2010 (For more information, CLICK HERE)







August 11, 2010

Top 5 Things NOT TO DO When Selling a Home

Hi Everyone,


Hope you're having a great week thus far.

Quite often, we hear from people who have had their home on the market for 6+ months, and true, the market is bad, but when they send over the photos for their Ad, it sometimes can raise some Red Flags.

So, our lesson for today is, "Ask before doing !".

Before you paint a wall, do infrastructure, or anything else to a home that you are selling, ask an agent, an appraiser or someone who can give you advice.

This list of the Top 5 things NOT to do when selling a home falls into two categories, which are "Bad Decisions" and "Inept Craftsmanship", and the following items will criss-cross both of these categories:

1. Do Not Paint your walls Red, Green, or some other flamboyant Color. A fresh coat of white paint will freshen up the walls and give off that nice new paint smell.

2. Do Not Put up wallpaper or paneling, unless you are filming a Brady Bunch Sequel.

3. Do Not paint over wallpaper. Remove it first using one of the many products that are out there, but do it professionally or you will wind up with lumpy walls.

4. Do Not undertake any infrastructure jobs that you cannot complete. Once you open a wall to do wiring, it needs to be Spackled, and once again, you need to avoid "lumpy wall"

5. Do Not invite "Huge-bush-asaurus", in other words, do not plant trees and shrubs that block the front of your home and windows. People are leaning towards the more well-manicured look of homes/landscaping, so don't hide behind a tree!

If you follow these tips, you should be steps ahead of the game. If you have followed these rules and you still are sitting and waiting for a sale, re-examine your pricing, and don't rule out a creative idea to sell your home, such as Rent to Own.

Have a Great Day, and Happy Rent-to-Owning !

August 9, 2010

New to Real Estate Investing? What You Need to Know...

Hi Everyone,

Hope you had a great weekend.

With the market in a state of suspended animation, and with people either out of work and/or clinging on to their job by a thread due to the economy, many people are looking for additional sources of income. Some people might hop onto the Multi-Level Marketing programs that are out there, and some others are diligently looking for opportunities.

There is a fair amount of people who look towards real estate investing, and they want to buy and flip homes, which is basically purchasing the home, fixing it up, and selling it for a profit. Folks, let me tell you this...it's not easy! I am one of these people who, back in 2002, was looking for additional income, when a group of friends told me that they were investing in Central Florida. I took that as my cue and was down in the Sunshine State the following weekend.

We purchased a few homes, but turning these homes around was hard, even in a good housing market. We struggled, and it was very difficult. Things finally turned out well, and I left a job at a Nationwide Corporation in which I was a Computer Engineer. This was a good thing, however, we found it more and more difficult to find people for our homes (this is how HomeRun Homes was born, but that is another topic).

What can I suggest to a "newbie", or someone that is new to Real Estate investing ? Research, Research, and then Research again. You must chose the location to focus on, and research the heck out of how the state and the county works. Do you need an attorney? A Title Company? What is legal and what is not legal? These definitions differ from place to place, so you need to research and do your homework.

We have summarized some very important items regarding investing in Real Estate at THIS LINK, and this should give you a great foundation so you can get out there, make offers, and close deals!!

Have a Great Week, and Happy Rent-to-Owning !




August 6, 2010

UPDATED: Right Time to Buy? Top Real Estate Investing Markets

Good Morning,


Happy Friday! With the dreaded humidity taking a swan dive here in New York, it should make for a nice and dry weekend...finally !

As we discussed on Wednesday, we had a ton of requests for us to discuss the hottest markets for Real Estate investments. Keep in mind that these requests were NOT for the hottest housing markets for the standard property buyer, however, for the top Real Estate investing markets.

We warn you - this is a long post - but there is valuable information here !

We have turned to some experts in their given regions, and we have summarized these markets below. However, keep in kind that they are not in any specific order, and we would need to compare apples to apples in order to put them in top to bottom order, which for our purposes here, is outside of the scope of this Blog post. However, some corroborating reasons are given along with each city/region listed below.

Detroit: We had two experts weigh in on the Motor City. Dennis Fassett, a local investor, tells us that, "Nice brick houses in the suburbs with three bedrooms, basements, appliances, garages, and fenced yards can be bought for $40-50,000 or even less in some cases depending on the area. And the properties I have bought like that rent for $1000 per month and up. The ROI is off the charts.". Fassett says that he currently has, "11 houses and 43 apartment units here, and two more deals in process, and I'm looking to buy as much as I can while the market stays depressed."

Drew Sygit of The Lending Edge at First Michigan Bank , concurs, and states that, "Detroit the city is pretty hot. Meeting today with an Australian CPA who's clients all want to buy $30-50k properties they can rent for $900/month. We've got more foreign demand than domestic!"

Memphis: We spoke with Ryan L. Hinricher, a Senior Housing Analyst with Investor Nation, and he said that, "In Memphis an investor who's looking for income property can purchase pristine investment homes at or near median home prices of $115,000, which offer a positive cash flow, or properties as low as $5000 in areas typically higher in crime and lower in income for section 8 rental purposes". Hinricher also reminds us that, "Memphis was recently named one of the 5 best housing markets for 2010 by MSN, Realty Tracs best places to find a foreclosure in 2010, US News and World Reports #1 place for real estate steals in 2010, and Smart Moneys 5 markets expected to fare best in 2010. This is primarily because the transportation industry is one of the first to lead an economic recovery.".

Orlando: Phil Peachey, a Realtor with Regal Real Estate Professionals in Orlando, Florida, says that, "I have apartments at present at $20,000 and 4 bed 3 bath homes with pools near Disney for $100,000. These were 3 times the price a couple of years back.", and that, "Savvy investors are snapping these up in large numbers as they know the market has to come back at some time". I have to concur, as we got our start in the Orlando/Central Florida market, and that seems like a perpetually favored region.

St. Louis: Adam Kruse, a St. Louis Realtor of The Hermann London Group, advises that a lot of the investors are making their own rules on the purchase criteria in that city. Kruse says that, "There are areas of St. Louis where people just don't really buy as primary residence, but they buy them all the time to hold for rental",and says that he has a client who advises him to, "Take the purchase price, subtract off the last 2 zeros, double that number, and I want to be able to get that for rent.", and that they have helped him buy at least 15 places with that criteria. (example: purchase price $35,000, rent amount $700+ per month.)

California: Griff Straw, President of Solidifi, a technology-based appraisal management company, tell us that in California, "Coastal areas continue to offer good opportunities for investors, especially in California, where San Diego has been among the strongest areas in the country. The more remote coastal areas like Oxnard, north of Los Angeles, are less of a sure thing for shorter term appreciation, but may offer potential.

Some Additional Areas that show promise for the Real Estate investor have been identified by Alfred Miller President of Private Lending Solutions, LLC. Miller has, "identified the discount and cash flow properties as well. These are investor friendly markets". The markets he mentioned are Dallas-Fort Worth-Arlington (Texas), Houston (Texas), Tulsa (Oklahoma), San Antonio (Texas), Salt Lake City (Utah), Phoenix (Arizona), Indianapolis-Carmel (Indiana), Denver-Aurora (Colorado), Oklahoma City (Oklahoma), and Charlotte-Gastonia-Concord (North Carolina/South Carolina)

We hope that this list will be of significant help to you. We welcome your comments on any and all of the cities mentioned above.

Have a Great Weekend, and Happy Rent-to-Owning !


UPDATED: Top 5 Blog post for 2010 (For more information, CLICK HERE)

August 4, 2010

Construction and Home Sales Down...Is the Sky Falling?

Hi Everyone,


   Thanks for the overwhelming response to our post on Monday, and by a landslide, you have told us that you want to hear more about Real Estate Investing and the hottest markets. We hear you and we listen to you. Later on this week, we will be doing a piece on this very subject. Thank you, and we hope you enjoy all of your HomeRun Homes/Lease2Buy.com goodies that you received for your input. Enjoy !

   We had some housing numbers come out on Monday and Tuesday. The first set of numbers, pertaining to construction spending, showed these numbers slightly above the revised May estimate, however, 7.9% below the June 2009 Estimate. It's a huge difference, and we are all seeing it happen (or "not" happen).

   Pending home sales were released yesterday, and these also came down as well (in comparison with the Spring when the tax credit was applicable for home buyers).

   With all of these gloomy numbers, there are some gems out there. As mentioned earlier, we will discuss these real estate investing markets in our next post.

   The sky is not falling. Don't feed into that hype or it will take longer to recover. Keep your head up and keep your mind in the game.

Have a Great Day, and Happy Rent-to-Owning !
 

August 2, 2010

Commercial Real Estate...and We Need Your Input !

Hi Everyone,


   Hope you had a nice and peaceful weekend. As for me, having a toddler, the word "peaceful" does not exist !

   We wanted to announce a few new things currently and on the horizon. First, we have created a new RSS Feed with all of our Press Releases, that covers our news, press and media, regarding rent to own and real estate in general. It is freely available at this link

   Next, for those of you who have placed your buildings, stores, apartments, and land available Ads in the "Homes Available" Section, please note that your exposure would be much better in the Commercial Real Estate section. Please let us know if you would like your Ads moved over to the Commercial Property section.

   Now, we want to turn things over to you, and we have a few questions. For all of those who respond via comments on this Blog or via E-mail, we will send you a small token of our appreciation (please provide your E-mail address along with your correspondence).

Question #1: Would you be interested in seeing additional countries added to the website? If so, which ones and why?
Question #2: Are there any Social Networks that you would like to see us on that we are NOT on currently?
Question #3: What other topics would you like to see discussed on our Blog? Please be specific.

   As mentioned above: If you answer any (or all) of the above either via comments on this Blog OR via E-mail, along with your E-mail reply address, we will send you over a small token of our appreciation.

Have a Great Day and Happy Rent-to-Owning !