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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
Showing posts with label owner. Show all posts
Showing posts with label owner. Show all posts

November 5, 2010

Best Markets For Commercial Real Estate Investing

Commercial Real Estate Investing
Hi Folks,

   Hope everyone made it through this week a few steps ahead of where you were on Monday.

   Since we always look at Real Estate and Rent to Own from the Residential angle, today we're going to take a look at Commercial Real Estate Investing, along with some information and some forecasts that could prove quite valuable for you.

   We spoke with two individuals that are quite well-versed in the Commercial Real Estate market, and we asked them about which markets are the best right now, and what the outlook is going forward.

   Our first comments come from Shari Olefson, a Real Estate Lawyer, Author, and an expert panelist who frequently appears on CNBC, MSNBC, FOX, CNN, and CSPAN. Olefson says that the best Commercial Real Estate (CRE) markets, "mirror the best - or least worst - residential markets.", and that, "Folks perceive home wealth gains or losses as more permanent than stock markets gains or losses". Olefson says that home equity gains/losses are spread across all socio-economic groups, while only the top 1/3 of Americans hold most of the stock. "Why does this matter?"; Olefson said that, "since CRE values (occupancy and rates) depends on tenants or occupants generating income which oftentimes comes (from)  folks in or near that geographic location.", and that, "When those folks feel poor they don't spend"

   Olefson offers some tips for Investors with strong staying power, in that, "they may find the best deal in longer terms non cashing flowing asset purchases from lenders. For example defunct residential projects in Florida. And particularly where FDIC loss share agreements are involved.". She also says that, "For now acquiring banks are not selling notes on these deals as the guidelines for pricing notes from the FDIC are not clear.", and , "As a result these assets are having to go thru the entire foreclosure process. But once this kink is resolved those CRE note purchases may be good values. Knowing the terms of a banks loss share agreement is helpful as during the time immediately before those expire banks will be especially eager to try to deal."

   We also spoke with Denise Beeson, a Commercial loan officer with Bay Sierra Financial, Inc., who states that, "If you are a professional i.e. MD, dentist, podiatrist, or small business owner, etc. this is the ideal time to buy your building under the SBA 504 program (10%) down, or through a commercial loan (25-35% ) down with interest rates this low.". The reason, she says, is that, "Owner occupied buildings are very appealing to the professional or business owners who have paid rent/leased and the building owners are interested in selling."

   Beeson believes that the market will continue to be, "rather 'soft' in the next 2-3 years as buyers recoup from financial problems i.e. stock market decreases, vacancies, depressed real estate prices.", and that the economy has to stabilize before you will see any active purchasing.". Beeson does go on to say that, "the private money market is prospering since commercial investors always need money to buy or refi outside of the traditional banking avenues."

   Overall, it does truly seem a mirror image of the Residential situation, but usually lags behind the events in the Residential spectrum. If you have anything to add to this, such as promising CRE markets, or anything additional, please comment below.

Have a Great Weekend, and Happy Rent-to-Owning !
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

October 27, 2010

UPDATED: Top 5 Concerns When Selling a Home FSBO



For Sale By Owner (FSBO)
  Hi Folks,
   Happy mid-week to all of you. Just a few more days, and it will be my birthday (Halloween). Please don't ask how old I am, will be, or if my face is a permanent Halloween mask...I've been down that road before !

   Today, we will be taking a look at some of the best pieces of advice for people selling their home as a "For Sale By Owner" (FSBO). Based on a wide variety of discussions, we have rounded out 5 of the main topics of advice for "Fizbers": Legal Concerns, Preparation of the Home, Mechanics of the Sale, Addressing Security Concerns, and Marketing the Home.

   "If they simply refuse to list with a professional, they must know the facts and legal requirements", advises Wendy Hooper, a Realtor in Orange County California, who says that it is important to, "Download as much information from the State Dept of Real Estate as they can get their hands on and use the correct forms". Patrick E. Hudson, an attorney specializing in Commercial Real Estate Law, concurs, and adds that it is important to, "Know your State's disclosure laws to avoid litigation over the property condition".

   Preparing your home for sale is also quite important, as you can imagine. Tom Wright, who was a builder and home flipper for 30 years, advises that you need to clean up the home, rake the leaves, and clean up the lawn, in order to, "Make sure the first impression is a good one". Wendy Hooper suggests that you, "Stage the home like a new model home", and that you should visit some model homes for examples. Wright adds that on walk through days, you should, "bake some bread".

   Your game plan is almost as important as the sale itself, and these "Mechanics of Selling" the home are the keys to your success. Patrick E. Hudson suggests that you know what you are willing to pay a buyer's broker, and also, where you will go once you have a willing buyer. Along the same theme of pricing, Hooper suggests that you, "Visit the local "competition" and price the home accordingly. Homes priced correctly WILL sell".

   A huge part of the mechanics of selling your home FSBO is actually showing the home. Hooper tells us that you need to make sure the home, "is available to see with as little notice as possible", since, "Buyers are fickle and won't wait around until it's convenient for Sellers to let them inside. They'll move on and buy the home that was easiest for them to see according to their schedule". Tom Shipley, a homeowner/homebuyer, says that, "it makes prospective buyers very uncomfortable to tour a house in front of the owner.", and that you should, "ask a trusted friend or even hire someone else and make sure they go out of their way to mention they are not the owner.". The advantage to this is that, "people will spend more time looking at your house and imagining themselves living there.", but, "If you don't have somebody to help you, make sure you don't follow the buyers around.".

   As part of selling your home, you are opening your doors to complete strangers, and this could be an invitation to trouble, so addressing the security concerns is well-warranted. Lydia Player, a Realtor, says that, "A "For-Sale-By-Owner" sign is an invitation to strangers to wander through your home". Player cites many scams, where the visitor asks if you have a security system, one where they go to your bathroom and look for the prescription drugs, and one where they take photos for a "spouse who is out of town", with the photos helping them "case" the layout of your home.

   Player offers some tips to help minimize your risks:

1. Make all of your showing  by appointment only (get a name and number and call back to verify them).
2. Don't be home alone when a stranger visits.
3. Have visitors sign a guest book and ask to see identification, and put the information in a safe place.
4. Place all valuables out of sight, including prescription drugs.
5. Eliminate displays of personal information, such as which schools children attend.
6. Never leave a messages informing callers that you are not home. Don't let strangers know your schedule.
7. Request that visitors enter and exit through one door only. Have quick and easy access to all of your exits.
8. Never leave a stranger alone and watch everything they do while in your house.
9. Do not put information on flyers which would compromise security.

   Finally, in marketing your home, Hudson suggests that to increase exposure, "get the house listed on MLS, using a friend or paying a fee". Kenny Jahng, a small biz and web consultant, suggests that you, "Create a website with a virtual tour, tons of photos and contact form using the street name in the actual URL.". Additionally, if you are also looking to entertain a Rent to Own/Lease Option arrangement, you can list your home on our website (http://www.lease2buy.com/prospectivesellers.php).

   Hopefully, these tips will serve as a great help for you in selling your home "For Sale By Owner" (FSBO), and remember, there are tons of fantastic and hard-working Realtors and Agents out there, should you decide you do not want to do it alone. As always, we welcome your comments.

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



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