1. First thing, you must understand and accept that Flipping is not as easy as it sounds or appears on TV shows.

2. Flipping will give you financial independence but it is unlikely that you will become rich in one or two such deals.

3. You should be prepared to spend time, Flipping a property is a business and a successful business needs your attention and time. Finding properties that are good values and right for flipping requires a great deal of time and effort.

4. When it comes to knowledge-you should always act like a sponge-always eager to absorb new knowledge and information.

5. Learn everything about the local area where you would like to buy but do not give up your daily job.

6. If you are a handyman with fine skills, it will help. In any case, you should have easy access to experts in the field of finance, accounting, legal, renovations and interior design & Décor and real estate brokerage.

7. You should have access to present and past sales data of properties in the area where you are considering to buy.

8. If Flipping would involve renovations before a property can be sold, you should be able to get realistic estimates of time and costs involved in renovating different sections of a property.

9. You should be able to assess the value of the property and not entirely depend upon the asking price or the listing price of a property. Such reliance can cost dearly and can eat into profits.

10. You should have patience to wait and the ability to react when a right property comes in the market.

11. You may not be able to buy or it may be too expensive to buy in most desirable areas of the town, nevertheless, based on your budget, look for properties in the best location and surroundings with amenities demanded by the buyers.

12. Properties in high demand and with a potential should be preferred over the properties with less desirable features even when they appear to be better financial deals. In a declining market, better feature properties will still sell and take a less time to sell.

13. Know the builders and their reputation. While in a hot market everything will sell, in a soft and declining market, reputation of the builder can make the difference.

14. Watch the market trend. You need to be on the right side of the market.

15. Unlike the stock market, real estate market does not respond right away to the economic developments. More often, real estate market activity lags by 60 to 90 days, allowing intelligent and nimble investors time to exit or enter the market.

16. Unlike Dow Jones, there is no daily index to watch for your local real estate market. You will need to depend upon your own business acumen or expert advisers. Most often, by the time strength or weakness of the real estate market hits the papers, it is often too late for the novice real estate investors.

17. Ability to Correctly forecast the market, i.e. how the market will be when you get the possession of the unit/property, will increase your profits and save you from trouble.

18. You should have access to full deposit money, preferably your own money, without stretching your credit limits.

19. If you are going to get a mortgage, talk to several financial institutions to know your options. Preapproval will help but you will have to re-qualify for the mortgage at the time of closing the sale.. Your financial status should be the same or better at the time of closing of the sale. Any negative report on your credit rating can have serious impact and you may be denied the mortgage.

20. You should be able to raise, if needed, funds to handle any surprises. The buying process should not strain your day-today living or your lifestyle.

The reality about MLS searches on the Internet.

This article attempts to explain what most Buyers don’t understand about MLS listings on various websites on the Internet

This, by far is one of my favorite subjects, the information here is simply a reflection of my Knowledge and Opinions on the “Use” of the MLS systems for casually browsing for properties on the Internet.

The Internet is a great source to use in your early process of searching for homes in the areas that are desirable to you. The multitude of websites have all kinds of nice tools for you to analyze and do some initial research without some pesky Real Estate Agent breathing down your neck. I am a Realtor and I do the same thing, I love to peruse different properties in different states, just to compare prices and see what values are like in different areas of our Country.

Statistics tell us that the average Buyer spends about 6 months on the Internet looking for properties before they start seriously considering moving forward to the process of physically looking at and purchasing a home. Now here is where things get a little confusing to the average Buyer once they are raring to go, this is how the Internet sites work from this point in your journey.

First of all, let’s try and make a few things understandable that may be a little confusing, especially if you are a first time buyer. #1 Most people have now become aware of the acronym “MLS” this stands for the Multiple Listing Service. The MLS is where all of the Real Estate Agents List the properties for sale in a particular area. When a Seller lists a home, they will hire a Real Estate Agent who then will put all of the information onto the MLS so that all of the other Agents can see the property, in Orange County California, that’s a lot of Agents (about 13,000) Chances are the listing agent will not have a buyer for the home that they have listed but there is a very good chance that the other 13,000 agents will, that’s the power of the MLS.

Ok, now we all know what the MLS is! But what about all of the other area’s around the Country? There are thousands of MLS’s, all serving the other areas for Real Estate Agents. And every Real Estate Agent out there and I mean every one has to have a Real Estate license to access their own particular MLS, they also have to pay a fee to use the MLS. So how do all the different websites that you have been looking at have all these homes on their sites? They are allowed to distribute the information through a system called IDX or Internet Data Exchange, in other words it is up to every single agent in the country to decide if they want to allow IDX to distribute their listing when the enter it into the MLS system. Most do, some don’t. That means, chances are you are not seeing all of the listings per your specific criteria on any websites out there on the Internet. You are not having access to the real Mls only a re-hashed version of it. Also this is the same mechanism that you will find on an individual Real Estate Agents website, they will have a property search section somewhere on their site, this is the same information that you will get on every website in the country on the internet. The websites just rehash what is entered into the MLS and may offer other features on their website that give you more of a “Touchy Feely” experience

#2 So now you might start wondering, this is very nice of all these websites to offer me all this information for free, gee I wonder why they are doing this? MONEY, and I mean BIG MONEY!! Ever notice how your Spam picks up after an intense period of surfing the Internet Real Estate web sites! It’s all about advertising revenue and possibly obtaining you as a future Client.

Another thing that these Websites do is they will leave a property on their Website, long after the home has sold, they don’t go out of their way to remove the property because it increases the amount of homes that people will inquire about, therefore increasing their profits. In fact in my research 30-35% of the time the home you are looking at will be in Escrow, Some sites will let you know that others may not.

So, here’s my point, is that how you want to meet the agent that you are going to use to help you make one of the most important decisions of you life? Of course not! Don’t get me wrong, the Internet is still the place to go when you are just starting out, but when it comes time to seriously looking for a home you will want the best Buyers Agent that you can. I strongly suggest that you find a Buyers Agent that will work for you, it will be to your advantage in every way imaginable. After all a Buyers Agent for Real Etate is free as the Seller pays all Agent commissions.

1) If you’re looking to acquire property to build your business on, or if you’re looking to acquire property to develop for investment purposes.

2) If you’re a landlord who owns property, whether it be commercial, residential, or industrial, and are looking to lease space but need help finding good, qualified tenants.

3) If you are considering relocating your business’s headquarters, doctors’ office, restaurant, or retail center, but aren’t sure what your options may be, a commercial real estate agent can help you explore the best areas for your business, why relocating to those areas may make sense for your particular business, research customers and traffic in those particular areas, and can help you find available space.

4) If you’ve got capital to invest in property but are unsure of your options or don’t know where to begin. A commercial real estate agent can help you find properties, whether the land is occupied or vacant, to fit your criteria.

5) If you’ve got property and have already found tenants, but need help drafting a proper leasing agreement between two or more parties.

6) If you’re looking to invest in property but are considering getting into a joint venture agreement. A commercial real estate agent can help you explore your options and determine the best course of action.

7) If you want to sell your property and need someone to properly assess its value, while determining a listing price, marketing your property or space, and showing it to potential buyers, it may help to contact an agent here. A commercial agent will also handle the negotiation process and make sure you’re comfortable with the asking price and the agreement. This person will handle everything through the disposition or final sale process.

If you’ve got property that you already own but need someone to manage your property, including handling property maintenance, rent collection, utilities and additional fees, enforce terms of the lease, and be available for emergency support. This is typically handled by a property management company, which many commercial real estate companies operate or have working relationships with. This can be especially valuable for multi-family residences including apartments, condominiums, and townhomes, as you are dealing with a large number of tenants rather than just a few.

9) If you’re looking to purchase a block of condominiums or apartments (but not the entire building), a real estate agent can notify you of opportunities to purchase these types of properties which are available. You can then lease these properties to tenants and handle them yourself or have a property management company handle them.

Virginia Beach, Virginia, is part of one of the largest metropolitan areas on the East Coast, if not the entire United States. Ideally located along the Chesapeake Bay and Atlantic Ocean, the city is a short drive from the state’s capital and only a few hours from the Outer Banks of North Carolina and Washington, DC. As the home of one of the nation’s largest Naval bases, the city boasts a rather large military presence, too. If you plan to relocate to the Tidewater area, you might wonder if Virginia Beach is the right place for you to buy a home.

The diversity of neighborhoods in the Virginia Beach makes for an interesting study of the city. The proximity of a popular oceanfront region and beach have tempted many a potential home buyer to plant roots, and opportunities for employment through major corporations like Stihl, Dollar Tree, and others with headquarters in the area have allowed for an influx of new residents – as of 2009, the number hovered close to half a million people. Other statistics from City Data to consider:

The average household income is just under $60,000 a year.
The average value of a home is just under $300,000.
Average rent in the area is around $1200 a month.

Naturally, the closer the home is to water, be it the Chesapeake Bay or Lynnhaven Inlet, one can expect the price of a home to increase. Nonetheless, it is possible to purchase a single family house in a decent neighborhood at a good price. Other factors that will interest you if you are still deciding to buy in the vicinity are:

1) Real estate potential in the area. If you ultimately choose not to live in the area, Virginia Beach offers many opportunities for real estate investment. The purchase of a condo to sub-let to vacationers or others seeking temporary housing can lead to a good supplemental income for you.

2) Good schools. According to Great Schools, the city ranks above average overall in terms of public school quality. The presence of higher education institutions like Virginia Wesleyan College and Regent University have also helped the city’s image as a great place to get an education.

3) Pleasant weather year-round. While there are hurricane risks in the area, the area generally enjoys mild winters and pleasant summers.

Should you choose Virginia Beach as your home? You will find there are many advantages to living in the area, especially if you are active outdoors. If a move is in your future, consider contacting a local Realtor to tour possible homes.

Appraisal management companies are the safety net needed between you and your mortgage and lending companies to protect you from any kind of shady business practices or plain outright fraud.

When it’s time to buy or sell real estate, it has been a normal practice to hire an appraiser to do a market research on that property and give you the best estimate for the value of the real estate you are interested in buying or selling. However, through time and experience, companies and individuals have been seeking to find a safer avenue to complete the transaction. This has created a new business venture for many professionals and it has become a benefit to both buyers and sellers.

Appraisal management companies are the middle man that acts as the go between, between you and the mortgage and lending companies. Some of these AMC agents are actually appraisers themselves and are under a stricter guidelines and supervision to ensure they are giving their clients the best, most honest appraisals for the current real estate markets today.

The actual name tells you what you need to know about the actual duties performed by AMC’s. They manage the activities involved with the appraisal process from the original agreement to the final documents to make sure everything is accurate and complete in order to move safely to the next step in the real estate process.

It is important to remember that a real estate transaction isn’t like buying a car. Sure you want to get the best value for your dollar when purchasing a new or used vehicle, but if something goes wrong, it’s much easier to rectify the situation with an automobile than with a piece of real estate property. As it is said, that’s not rocket science.

These days, it is important to get the best deal you can, whether you are buying or selling and it may cost a little extra to hire an Appraisal Management Company, but in the end, you will have a better outlook on your purchase or sale without the extra worries and stress you don’t need. There are plenty of issues to worry about during a real estate transaction and the AMC is just one way to help ease any added burdens that will surely arise during the course of the entire transaction.

In the end, you will thank yourself for hiring an appraisal management company that will be your friend and protector in the harsh world of real estate transactions.

In the early 2011, there was a prediction that the prices of properties will go down by as much as 20-30%. This is the reason why there are a lot of people who are looking for properties that are priced 30% lower than the market value. They believed that this is the only way for them to protect themselves from the downside market. At the end of 2011, there was report saying that the national market price went down by 2.1%.

The average market price refers to the average of all the prices of homes in the United States. Some states may have an increase in the prices, while some have lower than 2.1%. Nonetheless, it is still very far from the prediction in the early 2011 that the prices will go down by as much as 30%. It probably did in one or two states, but if this is the case, we can say that the market in the remaining states is above -2.1% for the whole year.

Now that we are in 2012, there are still a lot of people who are saying that the prices of real estate market will go down by as much as 30%. Actually, this is not something new for agents, since this predication became a tradition every year for years. The problem is that there are a lot of people who always believe in these predictions, and they will never buy something that is priced the same as the market value.

As I always say, if you are going to buy a property, always think that the price of properties won’t change for years. It may go down for about 2% for this year and 3% next year, but it will definitely be back on track in the next few years. Only one thing is for sure; if you always believe in those kinds of predictions, you may never be able to have your own property, because you always wanted it to have a price lower than 30% of the market value.

If you want to know the current situation of the market in your state, it would be better if you are going to contact your trusted agent or Realtor. They have a more accurate record of the ups and downs of the market, and they can provide you with better advices compared to the predictions about the market crash, which only ruins the market as a whole.

Keep in mind that buying a property should be based on your intentions, your budget, and your need. If you want to buy and sell properties, then look for one; if you want to find a property that is within your budget, your real estate agent can provide you with a list; and if you need a home, buy a property regardless of the status of the real estate market. You are the one who will be dealing with your property, and everything in real estate is negotiable. Predictions are nothing, especially in real estate where predictions like this come at least every month.

History shows us that claiming free land has been going on since time immemorial. The task is to choose the right plot in order to claim. This article tells you how to claim effectively for free land.

The practice of staking claim on free land or property is not a new one. Our history books stand testimony to this fact and if you open the pages you will get innumerable such examples.

The new settlers who came to America can be sited as one of the best examples from history. These new settlers came and claimed the free property as their own, creating their own houses and farmland on it.

Coming back to the present it can be safely stated at this point that there exists millions of such unclaimed plots of land that are lying unregistered and unused waiting for someone to claim them.

The first step for you would be property identification where you need to identify a plot of land on which you would stake a claim on. You have to be selective in this and thereafter do a little bit of detective work.

An unclaimed piece of property would always have some sure signs about them. You need to be able to identify such plots with their overgrown gates and gardens, broken and bordered up windows, shrub lands, derelicts, unused garages or even the abandoned commercial premises and industrial buildings.

Since such signs are never much obvious, you will surely miss them if you drive about instead of walking around your own neighborhood.

You need to do the Registration Check once your property identification is done. That is, you need to contact the local land registry in order to check whether the said piece of land is already registered or unregistered. It may also be that the status is pending first application.

If the plot is already registered there might be many reasons behind it. The owner could have died without leaving any relatives behind. Or it may be that the relative do not want the land or may be the owner has moved abroad abandoning this property.

Now, in case it is unregistered, it means it is the still not registered by anybody and hence no owner. This is your best claim bet though it might mean that the owner tracing part will become tough for you.

Thirdly, if the status is of ‘Pending first Application’, it means that someone else has already made a claim on it. So, you would be better off if you leave this plot and search for another such one instead.

In adverse possession, owner tracing is the third step to undertake since in order to claim any land you need to first provide proof that you have tried to contact the original owner.

Some of the effective ways to do research on the owner is ask the immediate neighbors about whether they have any news regarding his whereabouts. Apart from this other avenues such as checking with the electoral role, local post office, newsagents, landlords, milkman, even the probate registry office (in case he is no more) can be done.

When you are ready to stake claim on the property, a good idea would be to create an evidence of your claim start date. Though this is not mandatory, but get hold of two friends or neighbors to sign as witnesses to your document.

Put up a ‘No Trespassing Allowed’ signs or even a mini fence in order to quickly bring to the scene an owner if at all he exists.

The process of adverse possession is long and the claiming period sometimes goes up to 10 – 12 years. What you can do meanwhile is either rent out the land or do things like holding boot sales and the like.

A few people who might be helpful are the local neighbors of the plot of land. This is because hardly anybody wants to live beside an overgrown derelict building along with a garbage filled stream where unwanted events might be taking place at night time.

If you want detailed information about the various adverse possession laws and legislations that prevail, you can take the help of the countless CDs and booklets that are available in the Market. There exists also many websites which undertake the owner tracing detective work on your behalf.

“Closing costs” are various fees charged by those involved with the transfer of property from the seller to the buyer. Some fees are paid by the seller; some are paid by the buyer. Who pays what is always negotiable.

Closing costs are fees paid to transfer property ownership. These fees are for items such as: title policies, recording fees, inspections, courier charges, any fees that lenders charge. The amount of these fees depend largely upon where you live.

Closing costs can range from one to eight percent of the home’s cost, though they are usually about three to five percent of the total purchase price.

Do not ignore closing costs as part of the cost to buy or sell a home.

What the Seller Typically Pays

Real estate commission – six percent of the selling price in most areas
Loan Payoff – to your current lender.
Repairs – found by buyers home inspection
Home Warranty – A service contract that covers the repair or replacement of some of the most frequently occurring breakdowns of certain home system components, i.e. heating and air conditioner units, water heater, and appliances. The service contract is good for one year and today’s buyers expect this to be provided by the seller.
Transfer Taxes – vary by state, even county
Attorney Fees
Closing Costs – negotiated on behalf of buyer
Other Fees – negotiated during the transaction
Then there are recording fees, document prep fees, courier fees, etc.

What the Buyer Typically Pays

All fees to do with obtaining the loan

Appraisal – to confirm purchase price does not exceed market value
Home inspection
Pest inspection-especially in most Southern states because, in humid climates, there are many crawly things that eat and destroy homes (termites, powder post beetles, flying ants, etc.).
Homeowners insurance-typically prepaid for one year at closing.
Mortgage insurance-if they borrow more than 80 percent of the value of the property.
Survey-often not required, but a wise decision because it does make sure property boundaries and easements are accurate.
Property taxes-from the day of closing to December 31.
Interest-mortgage interest paid from date of closing through the last day of the month before the 1st payment is due.
Attorney fees
Title insurance
Escrow fees-if they escrow any taxes or insurance.
Loan discount points-if they paid for a lower interest rate.
Fee for recording the documents.
Transfer taxes-if there are any. Many states charge a tax to transfer property to a new owner. For example, $1 per $1,000 of selling price. Check with county, not state, to find out your rates.

Payment of these fees will be itemized for both buyer and seller at closing on a document called the HUD-1 Settlement Statement. A mortgage loan originator or real estate agent can tell you which fees are customarily paid for by the buyer and which by the seller in your area.

Closing costs are one of the things that are negotiable in the purchase contract. In today’s buyer’s market, most of the costs are paid by the seller.

I’m a 72 year old, former restaurant owner from Charlotte, North Carolina and my New Year’s resolution is to live life to the full. Forget the struggling global economy, life is short and I’m seeking adventure, travel and as much golf as possible. Not bad since I’m retired.

Last year I purchased my first home overseas in Belek, in Turkey. It might sound like a crazy thing to do at my age but it’s completely changed my outlook on life.

Why invest in Turkey I hear you ask?

Well, it has an excellent Mediterranean climate, a reasonably low cost of living and because of the strong economy it’s one of the best places in the world to invest in property. Also, Turkey has risen to become a world class destination for golf. With some 15 immaculate golf courses to choose from, Belek near Antalya on the Turkish Riviera is leading the way.

The idea of buying a home overseas can be daunting at first. But the process in Turkey isn’t so complicated as some people might think. Buying a property in Turkey is actually much easier than buying in Europe for example. For an investment property is very good, the value of property investment in Turkey is going up every month, it’s not uncommon to make 30% profit on new build. I did have some concerns about the buying process but we were fortunate enough to meet a lovely estate agent Zekiye Dincer to whom I’m really grateful.

I bought my apartment off-plan as you get excellent deals. For example, I paid $90,000 for a 2 bedroom, state of the art apartment with a shared garden and pool. The purchase included site management for 5 years, so there’s no need to worry about cleaning the pool or fixing problems if anything goes wrong.

There are many people who feel that retiring is about slowing down but this doesn’t have to be. The challenge of adapting to a new culture and lifestyle in Turkey has been very energising. Retirement I’ve discovered can actually be fun.

Looking forward to the New Year, I feel my life is on track. I hope to spend five months on the golf greens in Belek and the rest of my time back in the US. It seems that when I retired I found the good life, I’m excited about what each day brings and all of the wonderful things I still can do.

I’m a 72 year old, former restaurant owner from Charlotte, North Carolina and my New Year’s resolution is to live life to the full. Forget the struggling global economy, life is short and I’m seeking adventure, travel and as much golf as possible. Not bad since I’m retired.

Last year I purchased my first home overseas in Belek, in Turkey. It might sound like a crazy thing to do at my age but it’s completely changed my outlook on life.

Why invest in Turkey I hear you ask?

Well, it has an excellent Mediterranean climate, a reasonably low cost of living and because of the strong economy it’s one of the best places in the world to invest in property. Also, Turkey has risen to become a world class destination for golf. With some 15 immaculate golf courses to choose from, Belek near Antalya on the Turkish Riviera is leading the way.

The idea of buying a home overseas can be daunting at first. But the process in Turkey isn’t so complicated as some people might think. Buying a property in Turkey is actually much easier than buying in Europe for example. For an investment property is very good, the value of property investment in Turkey is going up every month, it’s not uncommon to make 30% profit on new build. I did have some concerns about the buying process but we were fortunate enough to meet a lovely estate agent Zekiye Dincer to whom I’m really grateful.

I bought my apartment off-plan as you get excellent deals. For example, I paid $90,000 for a 2 bedroom, state of the art apartment with a shared garden and pool. The purchase included site management for 5 years, so there’s no need to worry about cleaning the pool or fixing problems if anything goes wrong.

There are many people who feel that retiring is about slowing down but this doesn’t have to be. The challenge of adapting to a new culture and lifestyle in Turkey has been very energising. Retirement I’ve discovered can actually be fun.

Looking forward to the New Year, I feel my life is on track. I hope to spend five months on the golf greens in Belek and the rest of my time back in the US. It seems that when I retired I found the good life, I’m excited about what each day brings and all of the wonderful things I still can do.