Just because they don't know their landlord rights well enough, too many rental property owners suffer from painful mistakes and unnecessary. Find out your rights as a landlord today so that you can manage your tenants easily and smoothly.
What are Your Landlord Rights for Collecting Rent Payments?
The best way to tell if your area is in a buyer's or seller's market is to check the average number of days homes are on the market before selling. When this number rises above 60 days, it's definitely a buyer's market. That means it's a great time to be a buyer, but not such a great time to be a home seller.
Another method is to look at the number of months' supply of homes for sale at the current sales pace. Just divide the number of local homes sold during the last 30 days into the number of homes listed for sale. If the result is more than a six-month supply of homes, the oversupply of listed homes shows it's a buyer's market.
I was driving through a neighborhood on the southeast side of Chicago this past Saturday and I was amazed at how the area had gone down. The area itself was never the best area to live in, but it was a place where people had a sense of pride. As I drove down one particular block, I slowed my car to witness five houses and multi-units in row that were abandoned. I looked towards the opposite side of the street and noticed numerous other vacant structures. As I continued, I again saw countless pieces of real estate that were without occupants.
Two years ago, most Americans and financial planners did not recognize or prepare for the coming drop in the stock market. Many families lost significant chunks for their savings and retirement. And many think that our economy is approaching that same storm again. What will the Average American do to ensure their financial future?
In todayâ€™s real estate market it is difficult to hide from the fact that foreclosed homes are quickly becoming a large part of the available inventory on the MLS (Multiple Listing Service). Real estate investors who in the past have primarily looked to other sources for their deals are turning more and more to foreclosed homes and working with banks as a way to profit.
With the current real estate market slump, there are more motivated sellers than ever before who are looking to get rid of their houses.
A lot of these are profitable deals, but at the same time, lots of them cannot be profitable dealsfor the majority real estate investors.
With this proliferation in the number of deals available on the market, most real estate investors end up with more phone calls from distressed sellers looking to sell their houses. Needless to say, most of these phone calls cannot yield any deals at all.
Welcome back. I posted the first part of this article, "Take Steps to Avoid Foreclosure (Part 1)". I discussed my observations while driving through a neighborhood in Chicago. The things I saw are not unique to this area. Foreclosure is an epidemic that plagues neighborhoods across the country-- rich and poor, urban and rural.
I was watching the news this morning and heard the continued reports about the collapse of Lehman Brothers, Freddie Mac, Fannie Mae, and Bear Stearns. And within the past few days, the Federal government has agreed to give $85 BILLION to AIG, the world's largest insurer. If large companies like these feel the stresses of the economy, imagine what we are feeling.
Investors as you know are a different breed. They work to the beat of a different drummer. Some Realtors love working with investors others hate working with them. That is fine. There is a Realtor for everyone and if you find a match with a local investor, you will find that it can be quite lucrative. But one thing is certain, you need a respectful, trusting relationship where both sides get out of it what they are looking for and that is success and profit. This really is the bottom line when it comes to investors and real estate.
Some Realtors are looking into and considering a niche market in working with real estate investors.
As a real estate investor, I can tell you 2 things. Working with investors can be rewarding and lucrative OR it can be frustrating, difficult, time consuming and involve unwanted surprises.
The difference between whether this niche can be rewarding and lucrative or not worth your time and effort is education and training....of the investor.
For every action there is a reaction. If things are bad for one, they have to be good for another, right? The same principal applies in the world of investment real estate. We have all read about the developers and owners of commercial real estate that are undergoing tremendous financial pressures with some being forced into bankruptcy. So what happens to their real estate? Well, the owner or lender puts it on the market at a discount to attract a solid, mortgage worthy buyer who can perform quickly and close a deal. Unfortunately, you as an individual investor or partnership will never see these deals because they typically involve several properties valued at several millions of dollars. And why would you want them? If the current owner can't sustain them what magic can you perform?