Property Investing Secrets 7

Property Investing Secrets:

How Buying Real Estate Is Like Planning a Trip to the Greek Islands

One you start property investing, one important tip is to press the flesh with the real estate agents in the areas where you plan to buy. Because property investing is a bit like buying a holiday package, you must separate yourself from the rest of the investors by giving the real estate agents the information they are looking for in your first face to face meeting.

Most people will say to an agent, "I want to buy a property, what do you have?" Immediately they will lose any credibility they've established with an agent. You see, imagine walking into a travel agency and saying you want to go on a holiday, and asking "What destinations do you have available?" That's a dumb question, because the travel agent has hundreds of available holiday destinations.

If you think of property investing like shopping for a holiday, you must give the agent some criteria. If you say to the travel agent, "I want to go on a holiday to the Greek Islands and I want to go on these specific dates, and here is how much I want to spend?" in turn they will put together a package for you. They know because they have received specific instructions from you.

It is the same with buying any type of property. When you're property investing, if you say my price range is this, these are the kind of returns I want and give any additional criteria you have as long as you don't make it too hard for the real estate agent. (I must have a pink house that backs up to a reserve.)

If you're reasonably specific but general enough that there are available properties for sale the agent will be more willing to work with you because you're not wasting their time. Don't do this: some property investors will walk into an area where the bottom price for a suburb is $400,000 and say I'm looking to purchase starting at $350,000. The agent will come right back with, "You're not going to buy here for $350,000, the entry level into our area is $400,000." The agent knows you haven't done you're homework. If you make it too hard for them the agent will discount you and perhaps chose not to work with you.

If you think of property investing like planning trip and give the real estate agent enough specific information to set yourself apart from the other buyers, you both will be well on your way to establishing a fruitful relationship.

Rick Otton is the director of We Buy Houses Pty Ltd. He has been property investing full time for 14 years. Rick has completed over 351 property transactions in Australia and the United States.

Rick specialises in creating positive cash flow through a variety of strategies he perfected in the United States and adapted to Australian conditions. He sells home study courses on vendor finance, one year mentoring program as well as a yearly 3 day boot camp on the Gold Coast. Go to http://www.rickotton.com for more property investing information ring 1800 003 588 in Australia.

More than 40 states signed onto a proposed $25-billion deal with major mortgage servicers over faulty foreclosure practices. New York, Nevada and Delaware joined California in holding out for better terms.

More than 40 states signed onto a proposed $25-billion settlement with major mortgage servicers over faulty foreclosure procedures, but California, New York and other key states were still not among them.

California has until Monday to share in a multi-state deal with banks to obtain mortgage relief and reforms. Atty. Gen. Kamala Harris, who walked away from talks last year, says the door remains open.

With a Monday deadline at hand, California officials have resumed direct talks with the Obama administration about joining a multibillion-dollar, multi-state mortgage settlement with the nation's largest banks, a source said Sunday.

The talk show host pays $12 million for the 4,088-square-foot house with four bedrooms and four bathrooms. The ocean-view home sits on 1.26 bluff-top acres with beach access.

In one of the more talked-about transactions in town, actors Brad Pitt and Angelina Jolie have sold their Malibu beach house to daytime host and comedian Ellen De Generes for $12 million.

The four-bedroom, five-bathroom house built in 1920 for industrialist James Wigmore lists for $2,875,000.

A decorative cast stone entrance opens to this restored Spanish Colonial Revival-style house in Pasadena's South Orange Grove area. Built in 1920 for industrialist James Wigmore, the house retains such original details as coffered wood ceilings and arched doorways.

They don't believe they can sell their property for what it's worth, so they're spending money on making their homes more comfortable.

Do you fit any of these descriptions?

A biennial research report by the National Assn. of Realtors indicates that a handful of real estate agents and brokers and their clients either don't know the law or don't care to follow it.

When it comes to lawsuits, real estate agents and brokers tangle mostly among themselves.

The president aims to help about 3.5 million people with good credit who are unable to refinance at historically low rates because their homes are worth less than their mortgages.

 

The White House hopes to help millions of homeowners lower their monthly mortgage bill with a $5 billion to $10 billion plan to set up a streamlined refinancing program for people who are current on their payments.

The Standard & Poor's/Case-Shiller index of 20 large U.S. cities fell 1.3% in November from October as foreclosures continue to drag down the housing market.

Three straight months of home-price declines in the biggest U.S. cities showed that foreclosures remain a significant drag on a housing market that is entering its fifth year of deterioration.

L.A. Clipper Chris Paul may be quick down the court, but he moves pretty fast when it comes to buying multimillion-dollar real estate too.