Real Estate Investing, It Isn’t Just for the Boys Anymore

, , , , , , , , , , , , Red Rock Management and Real Estate Investment

When 51 year old stay-at-home mom and part time piano teacher Gena H. from Washington State woke her husband up at 1:15 AM and said “I want to be a real estate investor,” he patted her on the shoulder and said, “that’s nice dear.” In the morning he shared all the reasons he believed it could not work for her. Fast-forward a few years and Gena, who obviously didn’t listen to the husband she adores, is a successful and very profitable investor. She has in her words “dramatically changed the financial course for me and my entire family.”

Stories like these are coming to my attention at a rate like I’ve never seen in my well over 20 years of investing. I’ve been fortunate to watch countless people go from real estate observer to successful real estate investor. But never before has there been such a massive wave of women taking ownership of the household finances using real estate.

In watching this transition, I believe it’s due to a couple of primary factors. First, we all know that the real estate market peaked like never before around 2006, and then the bubble burst and the market crashed. It reminded me of flying down Space Mountain in Disneyland. However, after the bottom comes the inevitable shift in the market, when it begins trending back up as we are seeing now. This is truly a magical time for investors.

Second, I think we are heading into the years of more empowerment of women. I could be criticized for saying this, but I think it’s less about women’s liberation, as that was yesterday’s news. I see it as more that women are just losing any hesitation at all to do anything they want. I think it’s a very positive trend for our country. I watched my single Mom struggle to support my sister and me growing up, so I’m always cheering for the ladies. I think we are entering a whole new era of advancing equality. But that’s for another story.

Jen G., a single Mom, was working in an accounting office with no windows and too little pay each month to support her and her son. Frustrated, stressed and wanting a new path in life, she decided to reinvent herself through real estate investing. Friends and family told her real estate investing was for people with money and experience. Some even expressed resentment and actively discouraged her. Recently, Jen called to tell me: “Just six months after starting, I got to walk into my office and tell my boss I no longer needed her services!” Jen quit her job and has done more than 185 real estate transactions so far and feels she is being the Mom she always wanted to be.

Tammy R. lives in a crazy fast moving market in CA. This is a market where even seasoned investors are afraid to take the plunge. However, this determined Mom of four, who was homeschooling her children when she started investing, refused to yield to her fears. She didn’t listen to her husband who said “it won’t work for you.” Like Jen, she didn’t have a ton of money to start, but researched a method called “wholesaling.” Wholesaling is matching up monied investors with good deals, and making money in the middle. On one transaction alone she made more then she did the prior two years, and she is currently working on her 23rd deal. “You just can’t let the naysayers spoil your dreams” she said when asked about the secret of her success.

Whether you’re in a strongly rebounding large urban market like Tammy, a more rural and smaller city in Alabama that’s coming back at a slower pace like Jen, or somewhere in the middle like Gena in Washington State, it doesn’t matter. The current state of all of these markets is opening up endless opportunities for investors to gain the knowledge to profit and who aren’t afraid to go for it.

Real estate is my life, and with over 20 years of non-stop investing I’ve personally experienced that there is always a profitable strategy that fits the current market cycle. However, the massive spike in real estate, followed by the inevitable and dramatic crash, is setting up a solid rebound. I truly believe this is the greatest time for everyone who would like to secure a better future to get educated, learn from those who are doing it, and jump into real estate investing.

I’m currently doing 30 to 50 deals every month all around the country, in 9 states actually. I’m working with women like Gena, Jen and Tammy, as well as a slew of others who are crushing todays shifting real estate market rather then complaining about it.

Maybe real estate investing is cooler and more possible then you think. All I can say is that the boys better step up.

Follow Dean Graziosi on Twitter: www.twitter.com/deangraziosi

 

 

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Looking to maximize your rental income without spending a lot of money out-of-pocket?

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Looking to maximize your rental income without spending a lot of money out-of-pocket? Tenants don’t want to cook in a dark, cramped, outdated space. Increase the wow-factor of your property by updating your kitchen. Stainless steel appliances are nice, but if you’re remodeling on a budget, read on for some easy, low-budget ways to improve your kitchen. Plus, if you decide to sell in the next 5-10 years, a mid-range kitchen remodel  can give you up to a 70% return on your investment, according to Remodeling Magazine’s 2015 Cost vs. Value Report

Paint Cabinets White

Are your kitchen cabinets a little beat up? Do you have wood cabinets that look dated and make the room gloomy? You can easily upgrade your kitchen by painting your cabinets white. White cabinets work with all types of design styles, so whether your tenant’s style leans more toward rustic or modern, they’ll be able to make their belongings fit nicely. White cabinets also give you a neutral palette to try out an array of stylish backsplashes or even a bold color for a statement wall.

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Via Modernize.com

 

Add Interesting Lighting

Lighting is an inexpensive way to add some real style to your kitchen. Pendant lamps or even a chandelier are great tools for integrating your cooking and eating space–whether it’s a breakfast nook or an adjacent dining room. You can also play with scale to make a cavernous space feel more intimate or a small space more cozy and welcoming.

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Via Modernize.com

If you have a kitchen that tends to get very hot, consider adding a light fixture with a ceiling fan. Your tenants will appreciate it in the warm summer months.

 

Maximize Storage Space

Even if you have a small kitchen, you’ll be able to meet the needs of your tenants with some smart storage solutions.,. Install multiple shelf units within cabinets to double and sometimes triple the storage space. In the area under the sink–always tight because of plumbing–install some handy door racks inside the cabinet to keep supplies organized. You can also make the most of those faux drawers (typically found below the sink) by converting them to tilting drawers that hold sponges and other small cleaning supplies. If you’re working with limited space for dishes, utensils, spices or small cooking accessories, look underneath the cabinets. There are ample options for installing racks with hooks to hang coffee mugs or utensils; magnetic strips for cutlery sets, dish drying racks and even spice shelves. The space underneath cabinets can provide an incredible amount of unexpected storage space, and in a neat and tidy manner.

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Via Modernize.com

 

Utilize a Non-Traditional Island

If you have the space, consider adding an island to your kitchen. The island will provide valuable counter space for preparing meals and can serve as a dining room table for small family dinners or as a serving buffet during parties. Depending on the type of island you select, you may also be able to get some extra storage space out of it. You don’t have to spend a lot of money of a factory produced island (that may or may not match your cabinets). Instead, consider non-traditional islands like a repurposed dresser or bookshelves. Here are some great DIY inspirations for kitchen islands. Whatever you end up using, just make sure to fasten the island to the floor to keep the surface stable.

 

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Source : Bryn Huntpalmer, Editor of Modernize.com Via Modernize.com

 

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Is property management affordable for single-family rental owners?

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Not only is property management affordable, using a property manager can actually increase your property’s overall profitability. Most property managers charge a small percentage of your monthly rent in exchange for comprehensive services that range from finding and screening tenants, to handling emergency maintenance, to keeping the books and preparing year-end taxes.

Source – All Property Management

 

 

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Home Refinancing Attempts Increase

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Home Refinancing Attempts Increase…

Recent interest rates cuts have motivated many to attempt to refinance their property.
However, many may be unable to do it successfully. Mortgage lenders are looking for
considerable qualifications. The house must have equity, the borrower must have good credit
and work history, and the house needs to appraise well in the real estate market they live
in.

Many have tried to lock in better rates and a better term for their home but are unable to
because of the previous loan they acquired. To find out if you qualify contact your lender
or your real estate agent who can refer you.

 

 

 

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Investment Properties In Todays Market

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This Holiday season, think about decking the halls of a new investment property!  As the economy continues to improve, many people will feel more confident about their finances and prospects for the future.  Real Estate can be a good addition to your investment portfolios as you build wealth for the future.

Investors need to think about all aspects of real estate investment, including rental income, expenses, home price, appreciation and taxes.  At Red Rock Management we have written about the top markets for rental cash flow and trends in single family rental investment by the largest institutuions.

 

 

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Mistakes to Avoid When Buying a Foreclosure

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Foreclosure filings were reported on more than 1 million U.S. properties during the first half of 2012, which means there are plenty of opportunities for those who want to invest in the foreclosure market.

Be aware, though, that purchasing a foreclosure can be complicated; costly mistakes sit in wait for would-be buyers who have not done their homework.

Zillow polled some real estate agents to learn about the most common mistakes they see when it comes to buying foreclosure properties.  Here are their tips to help you avoid costly blunders:

1. Don’t limit yourselfIt’s OK to go into your property search with the intent to purchase a foreclosure, but don’t wear blinders and assume those are the only homes you should check out. Yes, there are some competitively priced foreclosures on the market, but the same can be said of traditional listings.

Foreclosures often come with baggage – liens against the property, repairs that need to be made, and so forth. A traditional seller might be more flexible about taking care of repairs or negotiating price. Additionally, if you limit your search to foreclosed properties, you may not end up in your desired neighborhood or with the style of home you’ve always dreamed of.

Don’t rule anything out. Keep an open mind so you end up with the best house for your money.

2. Don’t go it aloneFind a real estate agent versed in the complexities of the foreclosure market. Whether you’re looking at a pre-foreclosure, short sale or bank-owned properties, you’re going to need the guidance of a professional who has a background in buying and selling these types of properties in your local market.

Similarly, you must remember that real estate agents are not lawyers. Foreclosure laws and regulations are tricky, and they vary from state to state. Don’t rely on your real estate agent for legal advice; be prepared to consult with a local real estate attorney who understands how these purchases work.

3. Know your stuffKnow how much you can spend. Know the neighborhood where you want to buy. Know the process. Securing early financing is important because it will ensure that you are qualified to purchase the property. Being pre-approved will give you greater bargaining power when the time comes to make an offer.

Target a specific neighborhood or two to avoid becoming overwhelmed by listings. Ask your agent to notify you of listings within these neighborhoods that meet your other criteria, such as size and cost. Check comparable recent sales to get a good feel for the market.

Even though you’re working with a qualified agent and lender, you need to do some work upfront to become familiar with the basics of the foreclosure process.  Learning the lingo will give you credibility, which will help others realize you’re serious about this buying endeavor. Basic know-how may give you the added bargaining power you need to negotiate a better price.

4. Don’t skip the inspectionSure, the house looks good, but what’s going on inside the walls and under the floor boards?

A 2011 survey conducted by Harris Interactive found that 72 percent of U.S. homeowners agree the home inspection they had when they purchased their current residence helped them avoid potential problems; 64 percent of respondents reported that their home inspection saved them money.

The American Society of Home Inspectors website (www.ashi.org) includes a searchable database of certified inspectors.

Tag along while the inspector is looking at the property. Ask questions. Take notes. Most inspectors charge $300 to $500 for their services; it’s up to you to figure out how much it’s going to cost to rectify deficiencies.

5. Look beyond todayBecause a foreclosed home may decline further in value, it’s smart to approach the transaction with a long-term perspective. Sure, you may be hoping to flip the property and quickly resell, but what if you can’t? Are you prepared for the long haul? What will the property cost if you hold onto it for five or 10 years? Pencil out the numbers, or you may suffer long-term financial repercussions.

Source – Zillow Foreclosure center

 

 

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