Becoming a Real Estate Investor in Los Angeles-The first steps

478114 — Thu, 21 Jan 2010 15:50:00 GMT

I know, you have staying up at night and have seen all these great infomercial on how to make a million dollars buying real estate and now you want to try. Maybe you have even gone one step forward and even paid for a seminar but just not sure how to apply it to our local market in Los Angeles. Well I hope if any that you have come to the realization that for the most part they are all based on the exception and not the rule. At least that was my conclusion.

I paid and attended the Robert Allen seminar years ago, my instructed was from Florida and had apparently great success in buying property and then flipping in Florida. The only problem is that in the City of Los Angeles you really didn’t find property priced so low. Florida like Vegas and other parts of the country at times has had so much inventory that you can pick someone up at a ridiculous price.

Los Angeles is slightly different in the sense that inventory to population ratios is always low. For example I ran a search for bank owned property yesterday and there were 135 single family in the City of Los Angeles, considering the population is 3.9 million ranging from $ 199,000 to $ 6,500,000 that doesn’t seem like a lot of property.

So what should an new investor do?

1) First pick a few areas that you want to focus on.

2) Work with an agent

3) Secure finance

4) Make sure you have seen at least 25-30 property in a specific area

5) Make decision fast

Why pick a few areas? Like in everything else is pays to be a expert instead of a generalist. You need to know the numbers in you selected areas.

Work with an agent. Agents get paid buy the seller no you so in essence you have a high caliber assistant working for you for free. I rather get a great deal that save a few bucks in commission.

Secure finance. If you don’t have a pre-approval or cash you have nothing. This is the most important tool you have to structure a deal. Pre-qualify is not going to work.

Make a decision fast. If you have done your homework this should be easy. You need to know your stuff. You need to be able to come to a conclusion very quickly based on the inventory and pricing you have seen.

Foreclosures on the Rise

478114 — Mon, 13 Jul 2009 14:07:00 GMT

Foreclosures on the Rise – Grabbing Opportunities Amidst the Crisis

While it is true that the entire country is going through a crisis, it is also another fact that amidst the crisis lies a vast amount of opportunities. This is entirely true n real estate. This year alone, more homes in the US have been foreclosed or in the process of foreclosing. The main reason behind this situation is the fact that many homeowners fail to complete mortgage payments. Banks, therefore, as part of the agreement decide to foreclose the homes and put up the house once again in the real estate market. Now, while this situation is indeed bad for many, the fact is, we cannot actually stop it from happening and the best option is to grab these opportunities and turn it to our advantage.

If you are thinking of buying a home either for personal use or for investment, then one option would be to buy a foreclosed house. With foreclosures on the rise, it is not difficult to find a great deal. In Los Angeles, for instance, many homes have been foreclosed and are now in the market. The prices of these homes have dropped up to 30-50%. Now, imagine the savings that you will incur with this kind of property. The key is to find one such property that is much more worth than the asking price.

Of course, getting a foreclosed home that is considered a great deal is not always easy especially if it would be your first time to do so. With foreclosures on the rise, though, finding help and assistance is not that all difficult. First, it would be wise to have a realtor who can help you find the perfect property for the perfect price that you can afford. Also, it would also help to get a real estate inspector who can enlighten you on the house’s real and current value. Also, you can make use of resources within easy reach to educate you on how to get the most of your money when buying foreclosed properties. There are websites which can help you not only directly choose properties currently available in the foreclosed market but also other tools which can lead you to more information or the best realtor.

With foreclosures on the rise, you now have a very good opportunity to buy a home at a much lower price. You do not need to raise as much in order to finally get a home to your name or in order to get your hands on a new investment.

Search results matching tag 'forelcosures'

Becoming a Real Estate Investor in Los Angeles-The first steps

Foreclosures on the Rise