Archive for the 'Investors/Landlords' Category
The Secret to Buying Real Estate for Profit is Starbucks?
July 9th, 2008 categories: Investors/Landlords, Real Estate Market
I came across this article in Newsweek via Sellsius - The Starbucks Effect.
If future Starbucks locations herald a boom in local real estate values, the news isn’t great in CT. The only Starbucks planned is in Bethel, CT. But if you’re planning on buying real estate on Long Island - do so now - there are several stores in the works.
Check out the Starbucks store locator.
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Deadbeat Tenants Win the Day in this Eviction Video
March 19th, 2008 categories: Investors/Landlords
I came across this in an email newsletter from Landlord2Landlord. Video is of a landlord in Baltimore, MD trying to legally evict a tenant who hasn’t paid rent in three months - since they moved in.
| Discussion: 2 Comments »
4 Free Tools to Help Landlords Determine Rent
March 3rd, 2008 categories: Investors/Landlords
1. The newspaper/apartment websites/craigslist.com. I combined these into one because they are the rates other landlords are advertising.
2. Rent-o-meter.com. Enter the address, the current rent and hit enter. You’ll see what other landlords/tenants are saying they are charging for rent for a similar unit near your unit.
3. US Department of Housing and Urban Development at HUDUser.org. For example, fair market rent in the Hartford/W Hartford/E Hartford area is $985 for a 2 bedroom. This information is helpful for landlords accepting Section 8 vouchers as well as for Section 8 applicants.
4. Your local, friendly Realtor. While not all or even most landlords list their rentals in the Multiple Listing Service, this is a good resource for getting the full details on rentals and maybe even photos.
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Rental Scammers Using Craigslist to Target Landlords - No More Names
December 5th, 2007 categories: Investors/Landlords
Here a link to is my most popular post - Rental Scammers Using Craigslist to Target Landlords.
I’ve received over 70 posts in response to my initial piece, many listing names of people or e-mail addresses of people who had e-mailed posters to Craigslist and are suspected to be scams. I firmly believe that, collectively, we helped many people across the country identify rental scammers on-line and avoid being duped.
Unfortunately, I have decided to delete most of these posts for legal reasons. There are more and more stories circulating about bloggers being sued for not only what they post, but what is in their comments. In particular, I was concerned about people posting names and that coming back to haunt me.
If you suspect you are being targeted by a rental scammer, as I think I was in the e-mail in my original post, contact Craigslist. Use common sense and read my original post for signs that the e-mail is a scam. One more tip - Google the name and e-mail given.
And, please, no more names. You can post copies of the e-mail only if you delete all identifiable information such as names, addresses and e-mails. I’ll delete everything else.
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Short Sale - What Buyers Should Know
November 20th, 2007 categories: Home Buyers, Investors/Landlords
In my last post, I gave homeowners a quick explanation of short sales. This time, my post is for potential short sale buyers.
What’s a short sale?
A lender agrees to accept a sale of a property for less than the mortgage owed plus the expenses for having a short sale (realtor, appraisal & attorney fees, e.g.). The homeowner owns the property and is selling it, but before the sale can occur, the bank needs to approve.
How do I know it’s a short sale?
If you’re looking at properties that have descriptions such as “subject to bank approval,” “subject to lien-holder approval,” or “as is,” these may be short sales. Some listings will say, “short sale,” but not all.
How is a short sale different?
In a traditional real estate transaction, there are two parties - the buyer and seller. With a short sale, add one more -the bank. Like any other real estate purchase, a buyer sees a property they like and submits an offer to the seller. If the seller likes the offer, they accept it, contingent upon the approval by the bank.
The buyer can still perform an inspection, but since the sale is “as is,” neither the seller nor the bank are likely to make any repairs. In addition, most lenders will not permit closing cost credits for repairs.
The buyer still pays for their own appraisal via their bank but the seller’s lender also has an appraisal done and it is this appraisal that matters. The bank will base its decision to accept or reject the short sale based on their appraisal - and they have been known to reject offers that are lower than the appraisal. They may even come back to the buyer and ask for the buyer to increase their offer before approving the short sale.
The time to close in a short sale is also different. A bank can take anywhere from 4-6 weeks (possibly longer) to approve the sale and once they approve, they generally want to close ASAP. So, before the sale is even approved, the buyer will have already had an inspection and had their appraisal done.
What are the risks for buyers?
| Discussion: 2 Comments »
