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8 Ways To Get More Out of Your DayCategory: Real Estate News | Permalink Published: Monday, July 19, 2010 01.) Before agreeing to handle a task from a client, make sure that you're the most qualified person to deal with it. If a client wants to appoint you for a task beyond your field of knowledge, suggest someone else who could carry out the task better rather than putting your reputation at risk. Who knows, maybe months later the same client will call and seek help in your area of expertise. 02.) Throughout the day, ask yourself if what you're making the best of your time. Even though you may not be working on an activity you like, if it's a top priority, continue doing it. 03.) Never assume; always ask questions. When a client is inquiring about something, don't automatically assume and do something. Make sure to ask questions to ensure that you fully value what your client wants. If you finish a job and realize that it wasn't what your client had in mind, you'll waste more time and energy redoing your work. Get a clear understanding of the request, and then start to work on it. 04.) Don't reinvent the wheel. If your client asks you to do something that you or someone else has done previously, let him or her know. Your client may have forgotten that the same project was completed the year before. There is no sense in replicating something that has been done already. 05.) Get off the phone as soon as possible. When a caller keeps you on the phone longer than necessary, gently prompt him to end the call. You could tell them that you have another call, that you are on a tight deadline or, if they have requested something, tell them that you want to get started on it immediately. 06.) Make your environment conducive to working. This covers two areas: your actual work space and the area surrounding it. If your office is disorganized, you will waste time throughout the day searching for files, replacing lost information and "running in place." Take the time to clear your desk of any distractions, from magazines to knick-knacks, that could be placed on your credenza or shelf near your desk. If you only use an item on your desk every few months, move it to a space that is not in the main flow of your office. 07.) In retail they say, "Location, location, location." The same is true in a home office. A desk located in a high-traffic area is as welcome as a marching band in a library. If your desk is in the kitchen, you will soon notice a few of your office supplies missing. If possible, move to a new location that is away from the flow of traffic but not so far away that you feel isolated. 08.) Stay focused on the activity at hand. If you're growing tired of working on something, move on to something else, but stay away from jumping from project to project. Jump to Top
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10 Important Tips to Successful Real Estate InvestingCategory: Real Estate News | Permalink Published: Monday, July 12, 2010 01.) Compare property values and rents: The best way to determine the market value of the property is to find out the selling prices of nearby properties in the community. The same applies to properties for rent. A low cost is regularly justified by a sensible rent; renters who can meet the expense of a higher rent can afford to buy as an alternative, so reasonably priced rent is a must. 02.) Pay attention to tax laws: Don't base your tax investment on current tax laws. The tax codes change frequently, and a good investment is a good investment despite of the tax code. The right property with the right financing is what you must look for. 03.) Focus in something you know: Start in a market your already familiar with. Whether the focus is on fixer-uppers, foreclosures, starter homes, low-down payment properties, condominiums, or small apartment buildings, you'll benefit from the experience by specializing in one aspect of investment real estate properties. 04.) Know the costs before getting started: Know the ins and outs of the financial statements. Ask questions. What are operating expenses? What are loan payments? Vacancy costs? Taxes? What does the cash flow statement look like? These questions are important to tackle prior to making a solid investment. 05.) Know where your tenants are coming from: If the rent has gone up recently, it's possible that your tenants may be considering moving. Some tenants who have short-term leases may be living there simply to attract unsuspecting buyers. It's important to collect the tenants' security deposits at closing. 06.) Assess the tax situation: Taxes are an integral part of successful real estate investing, and they often make the difference between a positive cash flow and a negative one. Know the tax situation, and see how it can be manipulated to your advantage. It may be a good idea to consult a tax advisor. 07.) Investigate insurance coverage: If a seller's coverage is based on lower-than-current replacement value, your insurance cost may increase when you pay a higher purchase price. 08.) Confirm utility costs: Ask the local utilities to verify recent utility expenses, especially if any of these costs are included in your tenant's rent. 09.) Consult your accountant: Taxation is a key element of successful real estate investing, so be sure to find an accountant who is well-versed with the constantly evolving tax code. 10.) Inspect: Make sure that you always perform a thorough inspection of the property before buying it. Never, ever buy any property without at least examining the site. In some cases, hiring professional inspectors to examine the structural mechanical system may be a sound investment. Jump to Top
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Studies Say Minorities Hurt More By ForeclosuresCategory: Real Estate News | Permalink Published: Monday, July 05, 2010 According to a new study, recent African American and Latino home borrowers were highly more likely to lose their homes to foreclosure than those who are non-Hispanic whites throughout the continuing housing crisis, regardless of their income. As their income increased, in fact, minority borrowers foresaw the probability of foreclosure growing even larger in contrast to non-Hispanic white borrowers in the same identical income bracket. The study found out that non-Hispanic whites made up 56% of home forclosures during this two year period in comparison to only 16% for latinos and an estimated 12% for African American homeowners. However, nearly 8% of African Americans and Latinos who did recieve home loans or refinanced between 2005 and 2008 eventually lost their homes to foreclosure between 2007 and 2009, compared with just 4.5% of non-Hispanic whites. Overall, Latino and African American homeowners were 71% and 76% more likely to go into foreclosure than those who are non-hispanic whites. Even African Americans and Latinos with the uppermost earnings were 81% and 94% more likely to face foreclosure than non-Hispanic whites with similar incomes Similar disparties were also found amoung other ethnic minorites. With a record of 4.6% of all mortgages in the foreclosure process, the study estimates that "among those who were homeowners in 2006, 17% of Latino and 11% of African American homeowners have lost or are at imminent risk of losing their home, compared with 7% of non-Hispanic white homeowners. Jump to Top
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Tax Credit Closing and Flood Insurance ExtensionsCategory: Real Estate News | Permalink Published: Thursday, July 01, 2010 Today the National Assocaition of Realtors praised Congress for the passing of two bills to extend the home buyer tax credit closing deadline and reauthorize the National Flood Insurance Program. Both of the bills cleared the House beforehand and were accepted by the Senate last night. THe bills are now headed to the president for his signature. The tax credit closing cut-off date and the National Flood Insurance Program reauthorization were extended to September 30th. The National Association of Realtors worked directly with congressional leaders on both of the sides to perform these key parts of legistration. By extending the tax credit deadline and the Flood Insurance closing date it will provide further stability to real estate markets across the nation. "what a great way to begin celebrating our nation's most patriotic holiday by opening the door to the American dream of homeownership to thousands of home buyers who would have been shut out of the homes of their dreams thrugh no fault of their own," said the National Association of Realtors President Vicki Cox Golder. The passage of H.R. 5623, the Homebuyer Assistance and the Improvement Act, affects the homebuyers tax credit closing deadline extension just to homebuyers who have authorized agreements as of April 30, 2010, but couldn't close sooner than June 30, 2010. THe legislation is designed to create a seamless extension of the new closing deadline for eligible transactions to September 30, 2010. THere will be no gap between June 30th and the date the president signs the bill into law. Jump to Top
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FICO Loses The Battle On Credit ScoresCategory: Real Estate News | Permalink Published: Tuesday, May 18, 2010 Credit scoring is very important to the mortgage process. Behind the situation, a battle is rampaging over who can place claim to that process. The Fair Isaac Corp (FICO) was rejected a new trail concerning what it claims to undoubtedly be its trademark; the act of rating an individual's credit on a scale of 300-850. However, VantageScore Solutions, the credit rating provider established by America's three main credit reporting corporations -- Equifax, Experian and TransUnion -- effectively argued that the system that rates credit on a scale between 501-990 is not in breach of the FICO trademark. Ann Montgomery, who is the presiding U.S. district judge in Minnesota, went even further and requested for FICO's trademark to be invalidated in her judgment. Her verdict addressed the jury's ruling stating, "Indeed, the jury's verdict was a wholesale, unambiguous rejection of Fair Isaac's central theory of the case -- i.e., that one can legitimately claim trademark protection in the numerical range for credit scores." CEO of VantageScore Solutions, Barrett Burns, also stated that the court's conclusion proves it's longstanding accusation that FICO's claims are "meritless" and "at every step, VantageScore has prevailed against Fair Isaac's claims." According to Craig Watts, a director of public affairs at FICO, they have every intention of appealing. He said that FICO strongly disagrees with Judge Montgomery's decision. "Nothing has changed as a result of this order," he said, "the defendants have not been held accountable for copying what it took FICO 20 years to build and consumers will continue to be victims of big-budget ad campaigns that trick them into buying knock-off scores that they think are genuine FICO scores lenders use to make decisions." Jump to Top Other Recent ArticlesShould You Buy Or Rent A Home? Cost Gap NarrowsCategory: Real Estate News Published: Thursday, April 29, 2010 Housing costs and depleted interest rates have formed a perfect time for many buyers to purchase homes, and a recent week-long glance at homeownership validates it. The nationwide analysis illustrates that the variation between monthly rents and mortgage costs is at it's lowest point in just about 20 years. Jump to Top Buying a home is possibly the most strenuous, costly and indespensable purchase you'll ever complete. A single error could end in catastophe---it could possibly be the worst mistake you'll ever make. In order to steer clear of mishaps for the duration of such a complex transaction, buyers must acquire the knowledge of the most common home buying blunders. To identify them is to avoid them. Jump to Top Concerned homeowners no longer have to disburse California state income tax on debt forgiven in a short sale, forclosure, or loan modification. On the 12th of April, the Senate Bill 401 by and large supports California's tax management of mortgage debt relief income with federal law. Forfor debt forgiven on a loan protected by a qualified principal residence, borrowers will nowadays be excused from both federal and state income tax consequences. The existing federal exemption is for indebtedness up until $2 million, while the most recent California exemption is for indebtedness up to $800,000 and forgiven debt up to $500,000. Jump to Top What do buyers want in a home? Survey offers cluesCategory: Real Estate News Published: Friday, April 09, 2010 Home Buyers have a tendency to desire it all, especially in this time of affordability, when prices and mortgage rates are low. However, this also is the time of frugality, a period of economic uncertainty, when numerous people are not as worried about their next pay increase as they are about the next round of layoffs. So today's bueyers are far more willing to do without extras. Jump to Top C.A.R. applauds Gov. Schwarzenegger's signing Homebuyer Tax Credit legistion into lawCategory: Real Estate News Published: Tuesday, April 06, 2010 On March 25, 2010 The California Association of Realtors (C.A.R.) commended Governor Aronold Schwarzenegger for his leadership in authorizing the Homebuyer Tax Credit Legislation into law. Jump to Top This is the recent update on the price-to-rent ratio via the First American Core Logic price index published, Thursday March 18th 2010, for house prices during the month of January throughout the years. Jump to Top Califonias Unique State Of Mortgage BehaviorCategory: Real Estate News Published: Friday, March 26, 2010 One of the states that was hit hardest by the housing crisis was California. This left Mortgage borrowers with several of the most innovative mortgage products - and a number of the most unique payment behaviors. Jump to Top Unfortunately the realities of managing and maintaining a rental property can hastily become rather overwhelming to even the savviest of investors. Day to day tasks may begin to feel daunting which is why many people look into hiring a property manager. Jump to Top Guest Speaker Larry Ward visits Reliable RealtyCategory: Real Estate News Published: Monday, February 22, 2010 The Reliable Realty office was fortunate enough to have Riverside County’s Assessor-County Clerk-Recorder, Larry W. Ward as a guest speaker last month. Jump to Top Temecula and Murrieta Short Sales; sellers find out the factsCategory: Real Estate News Published: Tuesday, February 09, 2010 Short sales are on the rise in Temecula and Murrieta. What does a short sale mean for a seller versus a foreclosure? What are the pros and cons resulting from a short sale? How does one successfully obtain a short sale approval from the lender? Call Us Today!
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