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Building a Real Estate Team

March 28, 2012 By

Investors and home buyers alike constantly ask me for recommendations for various people and companies I work with personally in the real estate business. It is true, I have been building a real estate team that works together well a

nd functions efficiently since the first day I started in real estate just over three years

ago – AND YOU SHOULD TOO!

Especially if you want to get into the home buying and home selling business regularly, become a landlord, learn how to renovate and flip houses, OR become a homeowner for the first time. I cannot stress how important this is and it is one of best tools that you can provide yourself or your own stakeholders/clients in order to create successful real estate business.

Before you begin building a real estate team, make sure you know all the key players:

1. Loan officer.
2. Escrow agent with the title company.
3. Real estate agent.
4. Tax advisor/CPA.
5. Homeowner’s insurance agent.
6. Home inspector.
7. Handymen/Contractors.
8. Real estate attorney (just in case).

Remember, it is not necessarily what you know, but who YOU KNOW and WHO KNOWS YOU! Each of these key players must be able to work together, having the same end in mind in order to be successful. Building a real estate team can be mutually beneficial to the consumer, the real estate agent, loan officer as well as anyone else on your list. Once you’ve begun building a real estate team, keep in mind the goals of that team and the information necessary to keep that team running at peak efficiency. Not to mention, you should consistently seek to maintain the list – either adding new contacts or removing ones either no longer in the business or no longer dedicated to the same goals you or your team

has.

Make sure that you know the changing mortgage guidelines. One of the biggest complaints that consumers have about patronage of real estate and loan combinations is that the real estate agents sometimes seem to be in over their head when it comes to mortgage lending. Make sure your real estate agent is in the know when it comes to factors like changing mortgage guidelines, FHA loans, FHA marketing ideas, or federal regulations regarding mortgage interest and processing can go a long way to instilling confidence in the consumer. One aspect of my career that compliments the real estate business I offer to my clients is my years of experience managing and buying my own properties as well as my accounting experience as a Tax Accountant. I am an investor’s dream as one who understands tax planning, income shifting, and other real estate related tax deductions property owners and landlords can make.

Building a real estate team is the beginning of a successful real estate career or portfolio. Keep your team up to date and educated on the local marketing trends as well as the national market trends. The more education and specialized knowledge in the fields of real estate and mortgage lending that you have, the more appealing your company will seem to your target audience. Providing the highest quality service can go a long way to establishing good customer relations which can lead to referrals and a long-term client base AND repeat customers.

Please comment below and let me know what other key players that are missing from this list that you have found helpful in building your real estate portfolio. And as always, have a nice day and let know if you have any topics you would like to see covered on my real estate blog. Thanks for the opportunity to work with you.

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The Internet and Home Buying

November 10, 2011 By

There’s no doubt about it, the internet is now an intrinsic part in the process of buying and selling homes. The majority of people looking to buy a home search the web for homes fo

r sale in their desired area. Savvy buyers and sellers can compare stock from the comfort of their homes at any time of day or night. But when it comes time to actually buy, there’s more to it than just clicking send.

For starters, make sure what you are searching through is worthwhile. You may enjoy searching through lists of fancy homes, but if you are spending a lot of time daydreaming about houses you can’t afford, it is a waste of time. That is fine if what you are after is to kill time, but if you want to find a home, look within your price range.

This brings me to another point: getting pre-approved for a mortgage. It truly is the first step to home buying. It tells you exactly what you can afford, thereby giving you a price range to look within. It also tells sellers you are serious, and prevents losing a home you are interested in, while the sellers accept an offer from someone who’s more prepared.

And while you can find homes for sale, and even lots of great buying and selling tips on the internet, nothing beats the knowledge and expertise of a certified real estate agent—a real, live person. There is a lot of legal-talk and small-print involved in real estate sales documents. Do yourself a huge favor and always have a professional, either a real estate lawyer, a Realtor®, or a mortgage broker, have a look over the paperwork of your real estate transaction. Don’t rely on the other parties professionals. After all, they work for the other party. You want an experienced professional who is working for you to verify that the contract is fair and legitimate. Even if you don’t hire them for their full services, most real estate agents will help you with parts of a transaction for a small fee.

Another thing internet listings are great for is comparative shopping. You might see a great home, but aren’t sure if the price is realistic. A few clicks can show you what other homes in the area are selling for, and also what other types of homes are available in the same price range.

If you are searching around on the internet for great listings, look for an agent that is also web savvy. Some agents have very clear, user-friendly, readable, and informative web sites. Then there are those web sites that are just factory filler. You can tell by reading the text if they are trying to appeal to you, or just manipulating search engines to get into the top ten list. If a site doesn’t have a person behind it, one with a bio about themselves, and clear listings of what homes they have for sale, then it isn’t worth your time.

The key is, no matter what you find on the web, your real estate transaction will happen in real life. So it’s best to use the internet as one

of many tools in your search for the perfect home.

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Rent vs. Buy

September 21, 2011 By
property_11

Many people are asking the question? Does it make

more sense to buy a home rather than rent one? Here are the latest facts:

According to a national real estate website’s data, it is now less expensive to own a home

than to rent one in 72% of U.S. cities.

This percentage will likely increase because analysts feel rental costs are about to explode. Because foreclosures and short sales continue to saturate the

market, this means an ever increasing number of individuals and families will turn to landlords and the rental market in order to find a place to call home as they rebuild their credit. In other words, as they taught you in economics, as the demand for a product goes up while that supply goes down, then prices start to skyrocket!

Even though home prices could still soften in some markets, the cost of owning a home may increase. This is because mortgages may soon get more expensive. Researchers with the Mortgage Bankers Association expect mortgage rates to rise the last three months of this year and continue to increase gradually through 2012.

For most folks, it makes utmost sense to buy a home at a discounted price and secure a 30-year mortgage at an historically low fixed interest rate. This lets you set your housing expense for the next thirty years–while rents keep heading skyward.

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Real Estate Investment Class: Re-evaluating your investments in Mesa, AZ

August 20, 2011 By
Has your 401K (or other investment monies) been taking a beating the last few weeks as you have watched the market helplessly from your cubicle a

t work – not knowing what you should do? RSVP below if you would be interested in a 45 minute Q&A training meeting on how you can finance your next home purchase including using funds from your 401K or Roth IRAs. Real estate may be the safest investment in this market and I will tell you my “7 secrets” why. Please RSVP below or on the right pane

in the Facebook applet. Refreshments will be provided.

Click here to RSVP:
http://www.facebook.com/event.php?eid=209244615795604
Click here to get more info about the event:
http://www.facebook.com/markhardyrealtor
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When should I get Pre-Qualified?

July 4, 2011 By

A common question I get is “When do I get pre-qualified in the home buying process?”

The answer may differ in certain situations but ultimately the advantages of ha

ving a prequalification in hand when looking for a house far outweigh any disadvantages:

Situation #1: “I will be buying in 6-8 months, should I get pre-qualified now?” A: The first question I always ask next is: “If you found the perfect home tomorrow, would you still have [or want] to wait?” Before you answer, understand that there is a difference between “having to wait” and “wanting to wait.”  I added “want” to the question prompt because sometimes buyers cannot come up with a valid reason for waiting unless there is something that is preventing them from qualifying (usually financial or credit related problems). If there is nothing preventing you from qualifying, then why pass up the perfect home or lose out on a bargain due to delays of getting pre-qualified after the home is found?

Buyers that have a pre-qualification in hand are more in control of the situation. They have the choice to move now or wait.  If they choose to wait, they may have to have their credit pulled a second time if the lapse in time from their initial credit check is too long.  You can always discuss everything with a loan officer without actually having them pull your credit until the house you want comes along.  This way you have an idea of want price range you should be looking in and allow you to finalize pre-qualification faster at the appropriate time. 

Situation #2: “I’ve been thinking about downsizing into something smaller than the home I currently own.” A: Take 15-20 minutes and make a phone call to your lender of choice.  You may be surprised at what you may qualify for with your current mortgage. This will help you make a more informed decision on your financial future.  Many buyers consider purchasing a second property and renting out one or the other.  This may add an additional income stream helping with one’s retirement.  Although profit margins are smaller for landlords/investors having a mortgage on a home, the current rental demand and rental rates in Arizona are creating situations where homeowners can step into an “instant cash flow” situation by deciding to buy an investment property.

Situation #3: “I want to submit an offer on a home, but I have not been prequalified.” A: You can currently submit an offer on a home in Arizona with no proof of funds or prequalification.  Is it advisable? Not exactly – for at least two reasons.  First: What if you cannot qualify for the amount you need to purchase the property?  Then you are wasting your time, your Realtor’s time, and the seller’s time. Second: if multiple offers are submitted on the same property and you have not included proof of pre-qualification; your offer may not be considered as strong as others.  If they accept your offer they are taking a chance that you may not qualify and the other potential buyers may be long gone by the time it is figured out, thus wasting their time which could be critical depending on their situation.  

Do get out there and start looking for property, but be sure that you are working on your prequalification

and you are comfortable with the payment you will have.  Be reasonable with yourself and always stay within your budget!

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10 Ways To Find Investment Properties

March 4, 2011 By

If you invest in real estate or hope to, you have to find properties that make sense. Everyone watches signs and newspapers, but what more can you do?

If you really want the best deals in investment properties, you have to increase your od

ds by finding more deals. Who is more likely to get a cheap apartment building, an investor that looks through the MLS listings and calls it a day, or the one that uses ten resources? Here are the ten:

1. Talk. Let people know you are looking and sometimes the properties will come to you. There are a lot of owners out there who want to sell, but haven’t yet listed their property.

In addition to talking real estate with everyone, contact a local REALTOR® that can assist you in the property finding process. Many times, their experience and access to various tools such as the MLS can aide you in finding the property you are looking for as well. And remember, using a real estate agent does not cost you a cent because their commission will

be paid by the seller!

2. Use the internet. Go to a search engine and enter the type of real estate you are looking for, along with the city you want to invest in. You never know what you might find. Craigslist.org or Backpage.com are also becoming popular resources for buyers and sellers of all types of goods and assets.

3. Drive around looking for “For Sale By Owner” signs. Owners often don’t want to pay to keep the ad in the paper every week, so you won’t see all properties there.

4. Find abandoned properties. That’s a pretty clear sign that the owner doesn’t want to deal with the property. He might sell cheap. In today’s current market, you might be able to help someone else avoid foreclosure as well!

5. Find old “For Rent” ads. Call if they are a few weeks old. Landlords are often ready to sell, especially if the haven’t yet rented the units out.

6. Talk to bankers. You might get a foreclosed-on investment property cheaper if you buy it before they list it with a real estate agent.

7. Offer someone a finder’s fee. There are people that always seem to hear about the good deals. Have such people coming to you.

8. Eviction notices. If your local papers publish eviction notices, or if you can get the information at the courthouse, it can be useful. A landlord who just went through the process of evicting tenants is a likely seller.

9. Old FSBO ads. If you call on two-month-old “For sale By Owner” ads, and they haven’t sold, they may be ready to deal. Owners often give up the effort, but still would love to sell. Help them out!

10. Put an ad in the paper. “Looking for investment properties to buy,” might be sufficient to generate a few calls.

Contact me today if I can assist you in your investment property search! Call Mark @ 480-773-5195.

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Why Use a REALTOR®

October 1, 2010 By
Watters

Many consumers consider selling their home directly but eventually turn to REALTORS®. Smart home sellers realize they need the expertise in pricing their home, making connections with REALTORS® working with buyers, arranging and staffing open houses,

and coordinating with other professionals in the sales process.
Only about half of all real estate agents are REALTORS® – the top half, in our not-so-humble opinion. REALTORS® work independently, for small agencies, or for large brokerages. They help people buy and sell residential or commercial properties, vacation homes, and land; they conduct appraisals; they operate in the United States and in other countries; some specialize in auctions; and others are buyer’s representatives.
Move or Remodel

Are you considering a move? Check out HouseLogic, NAR’s new consumer site, to analyze the pros and cons of moving or staying put, plus lots more information about owning a home.


REALTORS® Are Experts

Eighty-five percent of sellers were assisted by a real estate agent when selling their home, according to NAR Research, and 79 percent of buyers purchased their home through a real estate agent or broker.

Why Use a REALTOR®?
Real estate transactions involve one of the biggest financial investments most people experience in their lifetime. Here are 12 ways a REALTOR® will make your home buying or selling experience better.

REALTORS® Are Part of the Community

REALTORS® Work to End Housing Discrimination – during April, which is Fair Housing Month, and all year long. REALTORS® are active members of their communities.

REALTORS® Protect You

Only REALTORS® Follow a Code of Ethics
To be a member of NAR and a REALTOR®, a real estate agent must abide by a set of professional principles and serve clients fairly.
Learn how the Code of Ethics affects everyday real estate practices

Specialty Mortgages: What Are the Risks and Advantages?
A growing

number of home buyers are deciding to use one of several new types of specialty mortgages that let them “stretch” their income so they can qualify for a larger loan. Before you decide whether a specialty mortgage is for you, read this brochure.

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