by Shawn Boday | Feb 7, 2023 | Real Estate, Shawn Boday
If you’re looking for a great deal in a tough real estate market, buying a foreclosed home may be the best option. While the main benefit of purchasing a foreclosure property is the price, the process is more complex than with a traditional real estate listing. It’s important to know what to look for and how to buy a foreclosed home if you want to get the best deal. Here are five tips to keep in mind when buying a foreclosed home.
It is often difficult to access these properties before they become available for sale.
Many people think there must be a secret way to get access to foreclosed properties before they go on the market, but the reality is that most of these properties are owned by large financial institutions that have a lot of other assets. These companies tend to outsource the entire foreclosure process to a management company, which includes hiring a local Realtor to evaluate the property before it is listed. Local banks may be able to provide information on who’s handling the foreclosed property, but this is the exception rather than the rule. So this means it can be difficult to access these properties before they become available to the public.
Make sure that you are actually getting a good deal.
When it comes to buying a foreclosure, it’s important to ensure that you’re actually getting a good deal. Contrary to popular belief, foreclosures are not always the best buy. In fact, most foreclosures are listed on the open market, meaning that the visibility and demand for them are the same as you would expect with other properties. The price of foreclosures is set at the highest possible value in order to meet the needs of the bank and the listing agent. Therefore, it’s important to remember that foreclosures are not being offered at discounted prices.
Conduct a full property inspection, including all utilities.
Before you purchase a foreclosure property, you should get a full inspection done with the utilities turned on. Make sure the house has been winterized, and you can access the furnace if necessary. Be aware that you may need to purchase special access to get the utilities going, which can be costly and time-consuming.
Prepare for the worst if purchasing a home as-is.
If you’re buying a foreclosure in “as-is” condition, you should prepare for the worst. Although no inspection is required, it’s a good idea to have a contractor evaluate the home and estimate the cost of any repairs. An inspection can identify major issues that the bank isn’t aware of, so it’s worth considering. This will help you decide whether you want to proceed with the purchase or walk away from the deal. To make sure you have room to cover repairs and other costs, look for a foreclosure home within the lower end of your budget.
Get a preapproval letter.
If you’re thinking about making an offer on a foreclosure, it’s important to have a mortgage preapproval letter in hand. This letter will outline information about the amount you are able to borrow based on your credit score and income. With foreclosures, the best deals often go quickly, and buyers need to have their financing worked out beforehand. Real estate investors who pay cash are usually the ones to take advantage of these deals.
by Shawn Boday | Feb 7, 2023 | Real Estate, Shawn Boday
Are you looking to expand your real estate knowledge? Podcasts are an excellent source of information on investing, home improvement, and the latest housing news. With so many real estate podcasts available, it can be a challenge finding ones that are worth your time. To make it easier, here are 10 of the top real estate podcasts that span a range of topics related to property and housing.
The Indicator from Planet Money
For those looking to gain a better grasp on business and economics and work in quickly and easily understandable terms, check out The Indicator from Planet Money, a 10-minute podcast that explores “big ideas” related to the economy. Topics include home sales, moving trends, the commercial market, and renting, with each episode featuring data releases or findings and how they affect consumers and the economy. Perfect for buyers, sellers, homeowners, and investors.
BiggerPockets: The Real Estate Investing Podcast
The BiggerPockets Real Estate Podcast is a popular weekly podcast that features informal and fun interviews with a variety of investors and entrepreneurs. Guests range from well-known names like Matthew McConaughey and Ken Corsini from HGTV’s “Flip or Flop Atlanta” to industry players who share their experiences and advice. Hosted by Rob Abasolo and David Greene, this podcast is perfect for beginner and intermediate investors.
Real Estate Today
Real Estate Today is a radio program and podcast hosted by Stephen Gasque, the broadcasting and multimedia communications director for the National Association of Realtors. With hundreds of episodes, the program covers topics such as purchasing a second home, home buying for millennials, maximum selling secrets, creating a smart home, and first-time buying. This is a great resource for buyers, sellers, homeowners, and investors.
Homebuyer Radio
This podcast is the perfect resource for homebuyers, both first-timers and repeat buyers. Hosted by Dan Moralez, a mortgage expert and loan officer in Michigan, it covers topics such as credit repair, getting preapproved for a loan, mortgage comparison shopping, and tips for self-employed homebuyers. With over 150 episodes, it offers a wealth of insider secrets and helpful advice to make the home buying process easier.
Martini Mortgage Podcast
The Martini Mortgage Podcast, hosted by lending expert Kevin Martini from Raleigh, North Carolina, offers listeners a wealth of knowledge and advice on the ins and outs of getting a mortgage loan and purchasing a home. Over 150 episodes, listeners can learn about topics like winning bidding wars, improving credit, tax credits for first-time buyers, avoiding forbearance, and home affordability. Ideal for sellers and buyers, this podcast is a great resource to help navigate the homebuying process.
The Money Pit Home Improvement Podcast
This podcast, which is also a nationally syndicated radio program, focuses on home improvement and repair. Hosted by experts Leslie Segrete and Tom Kraeutler, the podcast covers a wide range of topics related to homeowners and DIYers. Popular episodes from the over 1,500 available include four popular home improvement hacks, stress-free closet organization, germ-free faucets, high-return home improvements, and the best kitchen lighting. It is perfect for homeowners planning to remodel.
The Remote Real Estate Investor
The Remote Real Estate Investor podcast is the perfect resource for remote and out-of-state investors interested in real estate. Hosts Emil Shour, Tom Schneider, and Michael Albaum explore a range of topics, from finding the hottest markets to analyzing properties from afar and avoiding common pitfalls. Perfect for those looking to invest in real estate without actually living near the property.
Making Money in Multifamily
If you are interested in investing in multifamily properties, you should check out the Making Money in Multifamily podcast. Host Dave Morgia is a real estate investor and interviews industry experts to discuss the practices and principles for successful investing in this field. He also dives into deals that didn’t meet expectations and why they failed. It’s perfect for those who are just starting out or experienced in multifamily investing.
Best Real Estate Investing Advice Ever
Joe Fairless hosts this popular podcast that has had over 3,000 episodes, offering daily real estate investing advice. His journey began with low-cost single-family homes, and now his portfolio is worth billions. This podcast provides insight into commercial real estate investing and helps listeners navigate through uncertain markets. It’s a great resource for both novice and experienced investors.
Real Estate News for Investors
This podcast is ideal for beginner and experienced real estate investors, as well as news buffs. Host Kathy Fettke, co-CEO of the Real Wealth Network and author of “Retire Rich With Rentals,” reviews the latest reports from national organizations and market data analysis to inform listeners about building and holding a real estate investment portfolio. Topics range from the best real estate markets to investing in property values and tax law, as well as news and information for real estate flippers.
by Shawn Boday | Jun 2, 2022 | Business, Real Estate, Shawn Boday
A legislative process, zoning allows the government to divide a property into different zones for different uses. These laws regulate the construction and use of structures on the property. Zoning laws are important to determine whether the types of structures that can be built on a property are compatible with its surroundings. They also determine if an existing structure can be repurposed or if a new one can be built. Understanding the various aspects of zoning is important to ensure that the necessary changes are made to improve the appearance and function of the property. Even if these aren’t changes to your property, your neighbors might try to make these changes and, consequently, negatively affect your property.
To protect the health, safety, and general welfare of the people, zoning laws are designed to ensure that the use of land doesn’t affect the people in negative ways. They also try to minimize the impacts of land use on the people by separating incompatible uses and ensuring that the properties’ value is protected. Developing a comprehensive land-use policy allows for the orderly development of the city. Aside from protecting the health, safety, and general welfare of the people, zoning laws also ensure that the city has adequate public infrastructure.
Cities are generally focused on developing industry as a way to stimulate economic growth as well as developing areas for residential use. However, if the two are developed side-by-side, this can cause upset amongst residents. This is the task of zoning, a process imposed by the government that aims to make both parties happy.
The goal of zoning is to create a set of rules that will allow the community to develop a compatible and sustainable use for their land. After considering the various factors that affect the development of the city, it then divides the city into multiple districts. These laws then regulate the use of structures within each district, as well as the types of buildings that can be built within each zone. Because of the law’s recognition that life is not always black and white, zoning laws can also provide the government with the flexibility to accommodate the changes in the city’s development. Although it’s possible to decide for yourself what type of project you want to develop, given the varying jurisdictions of the city and the complexity of the laws, it’s important to consider taking the advice of a knowledgeable individual.
by Shawn Boday | Jun 14, 2021 | Real Estate, Shawn Boday, Uncategorized
The commercial real estate industry is never always straightforward. Before working with developers, clients must know what they specialize in and how much expertise they have in their fields. There are many crucial facts to know about commercial real estate development.
The Process Could Take Years
The process from conceiving the idea to finishing the construction could take years. The commercial real estate industry is unpredictable. It takes two to three years for some development plans to reach the first step, which is to purchase the right amount of land. Some plans become legal cases that get tangled up in courts for years.
In other cases, it takes years to finish constructing the building. This delay may be the result of budget deficits, inclement weather, manmade or natural disasters, shortage of materials or workers, etc. Overall, professional real estate developers are hired to handle a project from start to finish.
Different Developers Have Different Duties
The types of real estate properties determine the types of developers’ jobs and tasks that exist. Commercial condo developers are tasked with selling individual condos within a building. Developers of apartment complexes focus on leasing apartments. Other developers focus on constructing office buildings, school campuses or industrial facilities.
Commercial real estate developers have various specializations. Some specialties are determined by the type of building, such as residential buildings, commercial buildings or buildings for lease. Some developers specialize in constructing energy-efficient buildings. Others are knowledgeable in purchase and building on raw land while others understand finance and the steps to obtain funding for projects.
Site Selection is the Most Crucial Step
Many developers agree that the most important step is selecting the site and buying the right amount of land. The success of any business depends on its geographic location and proximity to customers. Similarly, a residential building is effective only when its homes or apartments are located in a safe, comfortable area.
Commercial real estate development includes good ideation, planning, designing and manufacturing. Some facts are obvious, such as the importance of choosing the perfect location. Other facts take some research to learn more about. Not every project can be completed on time because legal challenges may arise. Clients who are planning to work with developers need a good overview of what they’re facing.
by Shawn Boday | Apr 21, 2021 | Real Estate, Real Estate Investing, Real Estate Tips, Shawn Boday, Uncategorized
Hello, technology, meet the real estate industry. It seems that these two giants were made for one another, doesn’t it? In recent years, both have evolved and given rise to some amazing real estate/tech companies often referred to as ‘PropTech’. Let’s take a look at some of the top real estate tech companies, learn about who they are, what they’re known for, and how they make navigating the world of consumer and commercial real estate easier than ever.
OFFERPAD
Founded: 2015
Location: Arizona
States Served: Georgia, Texas, Arizona, Florida, Nevada, North Carolina, Colorado.
First up on our list of top real estate tech companies is consumer-centric Offerpad. With Offerpad, the process of selling a home is seamless. Simply request an offer, fill out a questionnaire, include pictures (videos too if you can), and wait for your cash offer. If the offer looks good, you’re on your way.
Offerpad Pros: The process for selling a home is straightforward.
Offerpad Cons: Offerpad serves a small relatively small number of areas in a handful of states.
HubbleHQ
Location: UK (London)
Areas Served: HubbleHQ serves 20 areas throughout London.
Next, we step into the world of commercial real estate with HubbleHQ, a top real estate tech company in the United Kingdom. HubbleHQ’s focus is on office space for not only companies in the UK who want to be in London, but also for any other company elsewhere who’s thinking of expanding. A great perk of going with HubbleHQ is that they handle the whole process from start to finish for free. Who doesn’t like a service that is free?
HubbleHQ Pros: Again, a simple process, and HubbleHQ handles all the details from beginning to end at no additional cost.
HubbleHQ Cons: There don’t appear to be much in the way of cons with HubbleHQ. The areas served might look like just a few, but London is a global destination so the number of potential customers is huge.
FlyHomes
Founded: 2015
Location/Areas Served: Seattle, Southern California, Portland, Boston and the San Francisco Bay Area.
The final top real estate company we’ll visit today is FlyHomes. FlyHomes is a real estate brokerage that helps consumers buy and sell their homes. They work with consumers as well as real estate agents. FlyHomes was started in 2015 by a single real estate broker and they’ve now expanded to an amazing 150 brokers.
FlyHomes Pros: FlyHomes touts a guaranteed cash offer a trade-up program and an app.
FlyHomes Cons: It’s hard to find a con with FlyHomes.
So whether you’re a consumer looking to buy or sell a home or you’re a commercial client who needs office space, there are a ton of top real estate tech companies you can turn to for help. The three companies we visited today, we think, deserve strong consideration.
