Things to Consider Before Buying a Condo

Before you rush right in and sign all the paperwork that will make you a condo owner there are many things to consider. Before you commit to buying a condo it is always a good idea to check out, in depth, the state of the property and the association.

Before you make a final decision, take some time and walk the property. Look closely at the condition of the common areas such as the pool area-if there is a pool-and the landscape. It is also a good idea to talk with some of the residents you see while you are out. Ask questions about the property. Is it maintained routinely and has the property seen a decline since they have lived there? Then ask the residents questions about the board members. Do they keep up the property; are they nice, and do they answer questions and inquiries in a timely manner? Knowing this ahead of time can save you some from having some unwanted surprises once you are the owner of your new condo.

You should also take the time to find out the condominium complex's financial stability. To do this you will need to get a hold of the most recent financial statements and the annual budget. This can be tricky as the association board is not required to share this information with a prospective buyer. Instead of going to the board you may try the seller. If the seller wants to insure the sale of the unit they are likely to grant your request. Once you have obtained the financial statements check for things like the reserve of the property and what the insurance costs are.

Checking how many units are in foreclosure is another way to determine if the condo you are looking at is a sound purchase. A real estate attorney should be able to run a title search on all the units in the building and tell you how many units are in foreclosure. While there is no set rule for a "bad number" of foreclosures, obviously a high percentage rate is not going to help the value of the property.

Don't forget to check the rules. Once you sign the closing papers on your condo you agree to abide by all the rules and regulations of the condo association. Be sure to read the rules thoroughly and check for everything from pets to kids to cars allowed in the parking lot. Make sure that the rules that are in place are rules that you will be able to live with. You don't want to move in only to find out you can't bring Fluffy the cat with you or that your pick up truck will not be allowed in the parking lot.

The condo lifestyle can be a rewarding one but great care should be taken before you decide to sign on the dotted line. Thorough research done on the property and the association before you sign can save you hassles, headaches and buyers remorse. The condo that you will be buying will be your home and like with any home you should make sure you will be happy living there for many years to come.

Paul J Coulter has an extensive background in real estate and understands the benefits of condo ownership. For condo listings and information in Toronto, visit Toronto Condos for more information.

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Apartments, commercial real estate, commercial real estate investing, investing, real estate, homes

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Success in Commercial Real Estate Means Thinking Big But Starting Small

I've talked in past articles about setting lofty goals and not being afraid of big commercial real estate deals, and there is indeed truth to this. I honestly feel there are few goals that can't be attained with the proper approach and dedication. That said, sometimes the best way to get big is to start small and commercial real estate, fortunately enough, offers such opportunities.

I bring this up because I work with many investors who would just as soon jump from owning a few single family homes to owning a 100-unit apartment complex. Is this doable? Of course. Is it realistic? That is more questionable. I always admire the gumption but I think investors who do this are often guilty of wanting the prize without having to first win the fight.

My suggestion here is twofold. First, commit yourself to running numbers effectively for cash flowing properties. If you can do this well for a 4-unit building, the same effort for a much larger building is only with different numbers. My point is that many investors seem disinclined to view income properties the way they need to be viewed, as income producers.

Many residential investors are flippers, making the bulk of their income from buying and selling real estate. The income production is a secondary issue. Transitioning immediately from that format to a large apartment building can be disastrous, since the numbers analysis is largely different. A small commitment to learning how to properly analyze cash flowing rental property I feel is necessary precursor to getting into larger deals like apartments. It will also make your investments more profitable in the end.

Second, don't be afraid to take baby steps before running a marathon. There's nothing wrong with buying a couple of 4-unit buildings and getting used to owning them before graduating to larger buildings. While I don't buy into the idea that the best way to manage property is to manage all your own units personally, I think some trial period of owning cash flowing rental property is beneficial to getting your feet wet and preparing you for bigger and better things to come.

The sky's the limit with commercial real estate (sometimes literally) so don't be afraid to take a little time to get used to the business and what it takes to be a good owner of rental property. Not only will the experience benefit you, but you will also likely have a greater net worth and better portfolio to put forth when it does come time to go after those larger deals. Smaller steps now can lead to leaps and bounds later.

David Lindahl, also known as the "Apartment King" has been successfully investing in single family homes and apartments for the last 14 years and currently owns over 7,000 units around the US. David regularly shares his secrets and experience on the same stage as Tony Robbins, Robert Kiyosaki, and Donald Trump! For two FREE copies of his highly recognized newsletter Real Estate Insights, please go to http://www.davesoffer.com/ezine

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Apartments, commercial real estate, commercial real estate investing, investing, real estate, homes

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The Rental Market and Florida Property

The Florida real estate market was particularly hard-hit, even devastated, by the implosion of the housing bubble that characterized the past 10 years. The Miami market, like all urban markets, saw sharp decreases in home value, an increasingly tight credit market and the loss of jobs and reduced incomes caused many homeowners to put their homes on the market or, in the worst cases, fall into foreclosure and end up moving not of their own accord. This sad situation has been repeated all over the nation in the months since but signs of recovery, slow and steady, are beginning to show.

In Miami, investors have shown significant interest in purchasing distressed properties. Distressed properties are those that have fallen into foreclosure and are usually available at significantly discounted prices compared to their standard market value. Banks generally want to unload these properties as soon as they can and savvy investors, looking for a way to turn an economic tragedy into a source of new opportunity, have begun to take an interest in these properties.

Homeownership was touted, especially over the last 10 years, as the most sensible dream of any responsible American. However, many individuals-the majority, in fact-in the US are renters. These individuals prefer the freedom and excitement that comes with being able to change homes for only the cost of another deposit and the move. Investors in the South Beach, Miami Beach and Sunny Isles, Florida region seem to have noticed this market on the edges of their radar and realized that there is potential profit to be made in providing for the needs of this segment of society.

While owning a seaside home may be out of the financial range of most Americans, rending one may be well within it. Investors purchasing the distressed properties left in the wake of the real estate bubble's utter collapse have begun purchasing these properties in the aforementioned areas, oftentimes at surprisingly low prices, and turning them into rentals. As more Americans have come to view a mortgage as a not-entirely positive way to manage their money, the market for rental homes is sure to increase. Purchasing these homes at distressed property prices and converting them into rental homes not only helps the investors, it helps many families get into a new home and possibly one they could never afford to purchase outright.

Sunny Realty of South Florida features technologically advanced and Internet savvy realtors. They specialize in Sunny Isles real estate, Miami Beach luxury real estate and luxury condominiums. SunnyIslesMiamiRealEstate.com provides instant access to the best in Miami Beach condos.

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Miami beach real estate, Miami beach condos

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Custom Home Contractors - Beating the Liability Woes

Getting out from under the liability monster. Insurance costs are crazy. Many builders are finding new ways to limit their exposure while still performing their craft and helping people build, remodel and create the home of their dreams.
 
It's a litigious time and alternative approaches make sense. Especially for builders who do not have a full slate of clients-in-waiting with more work than they can handle.
 
What about you? Are you looking to build a business with lower liability and less insurance? Perhaps you want to continue your career in building but put in less time and reduce your personal responsibility.
 
Become a Home Building Coach and Advise Owner Builders
 
More builders, contractors, and trade professionals are slaying the liability monster by offering their knowledge, experience, and contacts to the growing market of owner-builders. People want to have more control, save money, and get more of what they want and are looking for help from industry insiders like you.
 
Become a Home Building Coach. There are some amazing benefits to both you and the owner builder. Here are five ways that this approach can lower your liability:
 
1) Contractually, your position changes from one of builder to advisor.
 
2) Clients assume responsibility by becoming their own General Contractor with you as their coach.
 
3) Your relationship changes as clients see you as a trusted building professional and not as "their builder". It's better than having a friend in the business.
 
4) With this trusted position and pre-set communication schedules, you gain more respect, greater harmony with clients, and endure less blame.
 
5) Most of the liability passes from the owner builder to the subcontractors.
 
Home building coaches will still get business insurance as necessary but many builders find they don't want to keep up their contractor's licenses. They position themselves as advisors and in certain instances they convert their licenses to simple "re-sellers" licenses and compile and sell materials packages to their clients.
 
There are many ways to skin a cat. This is an approach that is gaining momentum because it is so advantageous to builders and homeowners alike. You can beat the liability woes. And you are even better equipped now to give your clients what they want.

You can learn so much more about home building and remodeling online. One great option is to take advantage of a very informative yet simple to follow *free* e-course that you can find by clicking here http://www.DreamHomeCreation.com You will also find other tips and tools, surveys, videos, and additional articles by Mel Inglima.

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custom home, home building, contractor, subcontractor, home builder, mel inglima, liability, owner builder

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Real Estate - The Blue Ridge Mountains Are Perfect For the Outdoor Enthusiast

Is city life making you feel burnt out? If you long for the opportunity to raise your family in the great outdoors, far away from the madness of city life, there are few better places than the Blue Ridge Mountains region of North Carolina.

Buying real estate in the Blue Ridge Mountains, Asheville, and Hendersonville, North Carolina is a great decision right now.

While in the rest of the country, housing prices are fluctuating, in North Carolina they have remained steady and the real estate market is definitely not stagnant. Setting up home in this area will give you access to some great outdoor activities and inspiring vistas of some of the highest mountain peaks in the Eastern US.

With some of America's most popular parks, The Great Smoky Mountains, as well as the Nantahala and Pisgah National Forests, you'll have easy access to some great vacation destinations and outdoor activities. From hiking and climbing to mountain biking and rafting, there's something for everyone here.

If you buy a home in Asheville, you'll also have access to the amazing scenery, white water rapids, swimming holes, botanical gardens and historical areas in and around this area. That is when you're not busy taking in the art, music, museums, history and nightlife of the city.

75 miles north of Asheville is the rugged Grandfather Mountain, a nature preserve with miles of alpine hiking trails, where you can explore wildlife habitats and enjoy amazing scenery. You can bond with your kids while exploring the Appalachian Trail, biking in the mountain trails or rafting on the Nantahala. Other fun places to explore with your family are the waterfalls and gem mines.

You can enjoy the changing of seasons with the blooms of wildflowers that transform the countryside in spring and early summer. The fishing enthusiast will enjoy fishing in the many lakes and rivers and choose from some of the best waterfront real estate in the greater Asheville, Brevard and Hendersonville areas of Western North Carolina.

You could ask your real estate agent to show you around the beautiful man-made lakes like Lake Glenville and Biltmore Lake, and the spectacular Lake Lure. If you love living by the water, the river front areas of French Broad, Rocky Broad, Cane Creek, Davidson, and Swannanoa have great possibilities for real estate purchases. You could even own a private estate with a natural creek or stream, many of which are excellent for fly fishing.

Love to ski? Then the ski areas of North Carolina's High Country are the perfect place to buy real estate. Riding enthusiasts can opt for Asheville's scenic horseback trail rides. Rock climbing and mountaineering are naturally popular, with a number of schools offering rock climbing and ice climbing courses. If you're not afraid of the dark, the deep, dark underground labyrinths of Linville Caverns, located under Humpback Mountain, are Nature's very own masterpiece that beckons to the braver explorers.

When you've decided to make the Blue Ridge Mountains your home, make sure you find a good local real estate agent familiar with the areas of Asheville and Hendersonville to help you make the buy your very own piece of heaven in North Carolina.


Article Source: http://EzineArticles.com/?expert=Andrew_Stratton

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