Archive for the ‘rental property’ Category
Monday, October 27th, 2008
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With all the bad news about Wall Street and the credit market, with banks unwilling to loan money even to each other, what hope is there for the average fixer upper house investor? The situation may not be as bad as you may think!
Here’s why:
1. There is plenty of money available for home mortgage loans, either to purchase or refinance a house. This is because the American home mortgage market has been federalized. Ninety percent of all loans are being made through the Federal Housing Administration (FHA), plus Fannie Mae and Freddie Mac. FHA is owned by the federal government and Fannie and Freddie are operating under federal conservatorship, so all three have complete access to global capital at low rates because their borrowings are guaranteed by the Treasury Department.
2. Despite tougher credit standards, you can still get a loan for 3 percent down
with FHA, or 5 percent down on Fannie Mae and Freddie Mac programs.
3. Interest rates are still at historic lows.
4. Home prices, dragged down by foreclosures and short sales, are at 2003 and 2004
prices.
For more details see Kenneth Harney’s article Crises Aside, Would-be Buyers Can Still Get Reasonably Price Loans.
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Tags:Fix em Up Rent em Out, fixer upper houses, loan money, loans for fixer upper houses
Posted in fix up houses, fixing rental houses, home loans, housing market, investing in real estate, investment house, investment property, investments, investmet properties, loan documentation, loans, mortgage rates, mortgages, mortgages and real estate, new purchase, real estate principles, refinance, refinancing, rental properties, rental property, rentals, renting | 4 Comments »
Friday, September 26th, 2008
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The search continues for a new investment house. As soon as my wife and I identify & purchase our next fixer-upper, we will move into it and rent out the one we are in now.
A lingering question related to our present house that we haven’t resolved yet is, what do we do with the swimming pool in the back yard? When we bought the house, the pool had already been installed, but it was missing a pump, it doesn’t have a guard fence, and it probably needs to be painted. We have put off the decision of what to do with the pool until last.
Initially, the plan was fix the pool and sell the house. Now that it will become a rental, the question arises “what if a tenant falls in the pool and drowns?”. Wouldn’t it be better to just put a cover over it and not fill it with water? My inclination is the later.
Watch this space for further developments . . .
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Tags:investment property, rental property insurance, swimming pool
Posted in rental, rental house improvements, rental houses, rental management, rental properties, rental property, rentals, repairing properties, repairing rental houses, swimming pool | 4 Comments »
Thursday, August 21st, 2008
Tags:fixer upper house business, home repairs, lean to make repairs, making repairs
Posted in buying fixing renting rehabs, do it yourself, Fix em Up Rent em Out, fix up houses, fixer upper houses, fixer uppers, house repair, house repairs, learn repair skills, learn to make repairs, making repairs, painting, rental property, repair, repair books, repairing properties, repairing rental houses, repairs | 3 Comments »
Monday, August 11th, 2008
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Would you like to start investing in fixer-upper houses in your spare time?
Check out my new ezinearticles.com article Fixer Upper Investing For the Small Investor – People 5’6″ Or Shorter. It may be easier than you think to work your 8 to 5:00 job and start a fixer-upper house business on the side.
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Tags:fixer upper houses, fixer upper investing for the small investor, investing in fixer uppers, small investors
Posted in fixer upper houses, investing in real estate, investing in your spare time, investment house, investment property, investments, investmet properties, rental houses, rental properties, rental property, rentals, renting, safe ways to invest in real estate, small investor | No Comments »
Friday, August 8th, 2008
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Put your financial ship in order and get ready for your next fixer upper investment house purchase.
With interest rates still historically low and sellers beating the bushes to find buyers, now is the time to put your home equity to work by refinancing your principal residence.
If you need further convincing, check out my ezinearticles.com piece Refinance Now to Take Advantage of the Buyer’s Market Perfect Storm.
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Tags:buyer's market, fixer upper house, refinance now, refinance your home, refinancing your house
Posted in fix up houses, fixer upper houses, fixer uppers, fixer-upper business, investing financial independence, investing in real estate, investing in your spare time, investment house, refinance, refinancing, rental properties, rental property | No Comments »
Wednesday, May 28th, 2008
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Is now a bad time to retire? Probably not if you have been investing in fixer upper rental properties, but that’s the question asked by John, an attendee of at an investment seminar. In a recent newspaper article by Chuck Jaffe entitled Retiring when the market is down is costly if stocks provide nest egg addresses that question.
To see Chuck Jaffe’s opinion and my “unbiased” take on it, check out my new ezinearticles.com piece entitled Is This A Bad Time To Retire? Not If You Have Rental Properties.
Along the same lines, we must consider which offers more security, retiring with a pension or retiring with real estate.
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Tags:chuck jaffe, fixer upper houses, rental houses, retiring with real estate, stocks or real estate
Posted in fix up houses, fixer upper houses, fixer uppers, fixer-upper business, fixing rental houses, investing in real estate, investing in your spare time, rental houses, rental properties, rental property, rentals, retirement, stocks | No Comments »
Monday, April 14th, 2008
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Related to the business of investing in fixer upper houses, I’d like to share with you a couple of good articles I came across recently.
5 Tips for Buying a Home in a Down Market
by Bankaholic.com
The subprime mortgage bust has scared a lot of people away from the shaky housing market. The nightly news is filled with images and stories of everyday Americans who are losing their homes because they made greedy and uninformed decisions, they were taken advantage of by predatory brokers, or a combination of these situations. However, the news isn’t all bad. This decline in the market has dropped prices and made housing affordable to many fiscally responsible renters who never considered home ownership to be an option.
If you find yourself house-hunting, make sure that you follow these five simple steps to take advantage of this downturn in the market; if you don’t, you could be the next sad story on your local news. Click here for full article.
What Makes an Ideal Tenant?
by Resty Malia
Who are the Folks That Makes an Ideal Tenant?
Finding the right tenant is a common challenge that most property managers encounters at one point or another in their life. The following bits and pieces of information in this article will allow you to have a better idea in picking the right or ideal tenant.
Searching for the right tenant can be simple or even a challenge sometime, but having an idea of the different types of America’s work force qualities as tenants could help you decide and screen the right and ideal tenant for your property.
So you have done your credit check with your prospective tenant ( you done it, right?) and now you’re probably wondering what part of the demographics would make an ideal tenant.
Generally there are Four (4) Population Strata or Groups where your prospective tenants will be coming from. Click here for full article.
Info on Terry’s Book
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Tags:buying home in a down market, finding tenants, Fix em Up Rent em Out, fixer upper houses
Posted in down market, finding real estate, finding tenants, house buying, landlording, rental management, rental properties, rental property, rentals, renting, tenants | 1 Comment »
Saturday, March 29th, 2008
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An easy way to start out in real estate investing is the time when you are ready to upgrade and buy a new house, as most people do every six years. Instead of selling your present house and buy a new, keep your old house as rental. For more details see my video on the topic “Turn Your Home Into a Rental Property” and my Ezinearticle.com piece Don’t Sell Your Home, Turn it Into a Rental!.
Another good article I came across is Should I Buy a Home in 2008? by Darin Sewell. Dreadful information about the slumping American housing market is all over TV news and in almost every paper. During this housing slump many potential first time home buyers often wonder, should I buy a house in 2008? While every persons situation is different this article presents a useful perspective on whether or not to buy a house in 2008.
Info on Terry’s Book
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Tags:turn your home into a rental property
Posted in buy a house in 2008, buying real estate, rental property, turn my home into a rental, turn your house into a rental, turning a primary into a rental, turning an owner occupied home into an investment property, turning my home into rental property, turning your home into a rental property | No Comments »
Sunday, January 20th, 2008
Tags:Fix em Up Rent em Out
Posted in best blog posts, credit, Fix em Up Rent em Out, fsbo, landlording, money, rehab, rental property, retirement | No Comments »
Sunday, November 18th, 2007
Sunday, work continued on the fixer-upper house that we live in, and plan to sell (for more info on this investing strategy, see “How to Turn Your Home into a Rental Property, Instead of Selling It!” coming in Sept. 2012.) There was a little grouting left to do in one of the
bathrooms, around the tiles that made a baseboard-type border abound the bathroom floor.
Here are the tools I used – small bucket, white grout, a trowel, and a small “mud” (or joint compound) spatula (not pictured)
I mixed up a small amount of grout. Add water to the powder until you have grout the consistency of peanut butter.
When I mix grout, I wear a mask or kerchief to cover my mouth and nose. The grout mix contains cement, so if you breath in the powder it can scar your lungs.
I apply the grout with the small spatula.
Afterwards, I clean up tools with water.
After the grout has cured for three days, I apply grout sealer.
There are two pretty good books on floors and tiling published by Home Depot, “Tiling 1-2-3” and “Flooring 1-2-3“. I recommend “Flooring 1-2-3”, if you just want to buy one book. It cover tiles about as well as the other book, and also addresses how toinstall several other types of flooring. I used it as a guide to install both laminate flooring, and vinyl flooring.
As always, to make money in the fixer-upper business its best to do everything yourself. You learn by doing. Start small but work up to bigger projects.
Our first tiling project was in a small bathroom, a good place to learn the process. But since then, my wife and I have worked our way up to doing large bedrooms. We feel comfortable tackling any tiling project now.
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Tags:books on tiling and flooring, do it yourself, fixer upper house business, grouting project in bathroom, Home Deport books, start, turn your home into a rental property
Posted in do it yourself, fixer upper houses, fixer uppers, fixer-upper business, fixing rental houses, grout, house repair, house repairs, how to turn your home into a rental property, making repairs, rental house improvements, rental houses, rental properties, rental property, rentals, repair, repair books, repairing properties, repairing rental houses, repairs, small investor, start small, Uncategorized | 2 Comments »
