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Real Estate Experts Provide Advice for Investors

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Real Estate is a popular investment vehicle for American investors.  In fact, 89% of investors put their money into real estate, according to a report by Better Homes and Garden Real Estate.  In a recent article published by Forbes, real estate experts provide reminders and warnings regarding real estate investments in order to help insure a profitable investment.

One real estate professional, Lee Kiser, reminds investors to study the real estate taxes of a property before making the purchase.  Its important to understand what the upcoming tax liability may be down the road, and a real estate tax professional may be able to help an investor prepare accordingly.

Shelling out the money for a professional inspection and appraisal might not be top of the list for investors, but according to Angela Yaun of the Day Realty Group, it may help save more money for the investor later.  The investor may be able to get items covered under a home warranty if they are proven to be functioning at the time of the inspection.  It can also make the buyer aware of repair expenses they should plan for later.  A professional appraisal will provide the most accurate square footage and appraised value, important facts to have on hand when the investor is looking to sell their property.

The article goes on to detail the importance of understanding Home Owners Association restrictions, obtaining a Master Land Use plan for the area surrounding the property, and getting accurate and professional estimates for repairs, holding costs and closing costs.

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Photo Credit: Antonio Carlos Cascatrina

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Thinking of Flipping A House? Review These Helpful Tips

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The home improvement shows make it look so easy.  It appears that as long as you can find an old, run-down house, you can spend a few weeks renovating it and list it for a profit.  Many people realize, however, it is usually not that easy.  Nevertheless, there is a market for flipping renovated homes and flipping these home can be profitable.

It is important, though, to understand the ins and outs of purchasing an old, dilapidated home and attempting to fix it up for resale.  In an article published by Realtor.com, writer Lisa Gordon lists many of common mistakes made by first time home flippers.

For example, it might be tempting to purchase a home “as is” without getting a home inspection since the plan is to fix it up anyway.  However, the home inspection will not only help identify major issues that could turn your flip into a money pit; it might also provide some bargaining power on the purchase price.

Gordon goes on to list additional mistakes such as “Overestimating your renovation skills” and “Underestimating total costs”.  You may feel it will be easy enough to do all of the work on your own, in order to save money; yet, the article warns,  it might be well worth the extra cost to hire professionals for some of the plumbing or carpentry projects.

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Photo Credit:  Bev Sykes

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The Best Cities for Real Estate Investments

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With the median home price on existing homes predicted to rise 6 percent over the next year, investors are turning to real estate as a steady and tangible investment option.  HomeUnion evaluated the real estate market for both investors planning to sell or “flip” the properties as well as those looking to rent out the purchased properties.

To determine which cities made the list for investors looking to flip, HomeUnion looked for cities where prices have yet to return to levels reached before the recession, compared prices from early 2015 to early 2016 and took into account the local economics of the area.

According to an article published by Realtor.com by Peter Ortiz, the top ten cities for home price appreciation are:9682523008_55447863c2_o

  1. Jacksonville, FL
  2. Tampa, FL
  3. Orlando, FL
  4. Chicago, IL
  5. Detroit, MI
  6. Las Vegas, NV
  7. Cincinnati, OH
  8. Phoenix, AZ
  9. Cleveland, OH
  10. Minneapolis, MN

With more and more households holding off on the idea of owning their own home, deciding instead to rent, investors are looking to rental properties.  Prospective landlords may want to consider one of the cities HomeUnion found to have the highest returns for rental properties. The cities were evaluated based on the annual rent growth and local economies and those that ranked in the top ten are:

  1. Cleveland, OH
  2. Columbia, SC
  3. Birmingham, AL
  4. Pittsburgh, PA
  5. Milwaukee, WI
  6. Cincinnati, OH
  7. Memphis, TN
  8. Greenville, SC
  9. Tampa, FL
  10. Philadelphia, PA

Both studies evaluated only single family homes that fall within the range of $232,500 and lower.

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Photo Credit:  Kerry Quinn

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