I'm going to give you three examples of how real estate investing mistakes can derail your plans and destroy your dreams very quickly. Imagine yourself in the following three "What if..." situations. These situations will give you an idea of just how quickly you can go from being in charge of your destiny to hanging on for dear life.
Plan A: Bubble Investing more...
A Quick Fix and Flop
You've found the perfect fix and flip property. After running the numbers through your mind countless times you're convinced it's a winner. After rehab expenses, which you've figured no fewer than 100 times, you think you'll be able to turn a profit of about $5,000 if you can sell the property at market value. more...
No Matter What Strategy..
I call this the "No matter what" strategy. It truly is a comprehensive strategy because if you buy a property with the intention of renting it out and you find that you can't make money despite your best intentions, you move on to "Plan B". If your alternative falls apart, you go to "Plan C". more...
Take it From John
Take John for example. Because he knows his own neighborhood and the property values much better than areas farther away from his home, he decided to get started with a property just a stone's throw from his front door step.
The good news is that it's a very attractive property - and he can point it out to his friends as tangible evidence that real estate investing is a great idea. The truth is, he paid retail for the property, but he rationalizes it in his mind because of its proximity to his house. It is after all one of the best-looking places on the block. more...
Working With Contractors
If you’re in the process of overseeing your first property renovation you’re in for a real treat as you get a crash course in working with contractors. While most are professionals who are dedicated to doing the best possible job for you, there are some prima donnas out there waiting to take advantage of your naiveté. Here are some steps you can take before you hire a contractor to ensure that your first contractor experience is a positive one. more...
Entering the World of Real Estate After Bankruptcy more...
How to Find the Best Deals in a Down Real Estate Market
We have already gone over the idea that you want to invest in a down real estate market, and how to be smart about investing, but so many people don’t know how to find the best deals in a down real estate market. Here are a few tips to help you make an informed decision about investing in real estate in a down market. more...
5 Reasons to Invest in a Down Real Estate Market
We’ve been talking about investing in the down real estate market for a while now, but there are so many people out there who are afraid to plunk down the kind of money it takes to get going in a down real estate market. Here are five things you should keep in mind when investing in a down real estate market: more...
Last June, the South Florida Business Journal announced a Fort Lauderdale proposal for a new streetcar system called, The Wave, to replace the current downtown Sun Trolley. The proposed running date: 2012. The proposed price tag: $150 million.
The present Sun Trolley (on wheels) conveys approximately 100 passengers per day. The Downtown Development Authority of Fort Lauderdale, which is planning The Wave, believes this jazzy new, electric streetcar system will attract 6,000 riders per day, especially with plans to link it to the Tri-Rail system. more...
After watching a disturbing video on Inman on home foreclosures in Southern California, I became acutely aware of how much Americans caught up in the net of losing their homes to the volcanic mortgage situation lost something more precious than their homes: They lost their integrity.
The video showed abandoned, completely furnished homes being “trashed out” by a company hired by the banks to empty the property to be ready for sale. Brown lawns are being spray painted green to improve curb appeal for marketing. What are these people thinking? more...
The Florida Finance Network, a nonprofit consortium of organizations, exists to ensure that small to medium sized Florida companies have access to affordable capital they need to succeed. FFN delivers financing assistance from state and federal programs. Most Florida businesses established for two years are eligible. Start-ups are also funded, but might require assistance from the Florida Small Business Development Center Network.
Member organizations are: more...
Mason Pruner, Branch Manager of Wells Fargo on Glades Road in Boca Raton recently sent me this update from Washington on The Housing and Economic Recovery Act of 2008. If you haven’t already heard, I’m sure you would like to know the new facts. more...
It is my pleasure to share another exciting incentive enrolled by the governor’s office toward making Florida an environmentally sound and beautiful locale for living.
On June 24, 2008, the South Florida Water Management District began negotiating an agreement to acquire as much as 187,000 acres of agricultural land owned by the United States Sugar Corporation to reestablish a part of the historic connection between Lake Okeechobee and America's Everglades. more...
BREATHE EASIER IN FLORIDA: Reducing Greenhouse Gases
As of the 16th of July 2008, a Memorandum of Understanding was drawn between the United Kingdom’s Carbon Trust and the State of Florida. The memorandum, signed in London by Michael Rea, COO of The Carbon Trust and Governor Charlie Christ, is summarized as follows: more...
Governor Charlie Crist and the Florida Association of Realtors aggressively supported the now-passed Amendment 1, originally known as the Save Our Homes Amendment begun in 1995. For those residents unsure of how Amendment 1 affects their real estate plans, here are facts from Florida Realtor Magazine: more...
Looking back on the unprecedented growth in the real estate market for the past ten years, the well-muscled housing prices seemed to have been on . . . well, steroids. While lenders matched loans and interests rates to the swelling real estate market, many observers knew the day would come when the high would hit a low.
An interesting article in Continental Airline’s July in-flight magazine called, The Silver Lining Strategy, by Chris Warren, cites real estate developers and investors across the country excited about the new real estate diagnosis. more...
Mayfair International Realty (one of Premier Estate Properties’ affiliates), based in London, England, provides me with valuable market data and an opportunity to promote some of Fort Lauderdale’s finest luxury residences. The latest report from Mayfair International Realty revealed the following facts:
1. Some Florida Statistics more...
GOOD NEWS ON FLORIDA'S HOUSING PROGNOSIS
Florida Trend Magazine has an interesting article in the July 2008 issue. A ‘prognosis’ made by the University of Central Florida’s Institute for Economic Competitiveness states that the U.S. will begin recovering from its “mild” recession right about now. Good news. Florida, however, is supposed to be delayed in its recovery due to the statewide housing slump. more...
Margot Larkin, Assistant Vice President and Mortgage Office from Gibraltar Private Bank & Trust, recently commented on the emerging trends towards luxury real estate, which she claims is always the first asset to be super-sized, ultra-designed, and updated with the latest technology and trends.
• Design and Layout
Today’s high-end luxury residences are brimming with amenities never dreamed of years ago. “Smart” homes have been the rage for a few years, but now you can “call” your residence and pre-set the temperature, lighting, television, and more. more...
