IOWNPROPERTY.COM

Before you remodel, check out the neighbors

2009-09-09T14:50:00Z

When I was younger, there was a nice Victorian home about 5 minutes away from me that I loved. It was painted a pale yellow, and had a huge carriage house next door. I remember opening the local newspaper one day and seeing it as the featured home in the real estate section. The inside was as nice as the outside. It was for sale, and the asking price for a home of that quality was very low. Very, very low.

For as beautiful as that home was, many of the houses in the immediate area were not. Many ...

The $640,000 stone wall

2009-09-09T14:33:00Z

How would you feel if your neighbor spent $170,000 building a stone wall around his property? If it were me, I'd be happy. Not only would it beautify his home, but it would also add character to the immediate area. I wish my neighbors would put beautiful stone walls around their property. Well, it seems like some neighbors in Westport, Connecticut aren't too happy with the wall Albert Hancock built around his home.

The wall was built in the same spot as a previous wall, but neighbors are complaining because it encroaches on public land by 6 ...

Should I hire a real estate agent?

2009-09-04T03:12:00Z

Should I hire a real estate agent? If you're thinking of purchasing a home, my answer is a definite yes. Even if you're not too familiar with the ins and outs of real estate, an agent or broker can help guide you through the process, explain laws, find listings that are only in the local multiple listing service (MLS) and most importantly, give you professional advice. Even if you are rather knowledgeable about real estate, hiring a professional is a smart move. After all, a home is an important purchase both financially and emotionally. Having someone who is detached ...

Cheaper to buy a house than rent?

2009-09-04T00:23:00Z

Do you live in Detroit or Pittsburgh? If you do, it might be a good time to buy a house if you are renting. In those two cities, it's actually cheaper to won a home than to rent. If that's not surprising enough, the firm that put the report together actually assumed the mortgage would finance 100% of the purchase price. So, if you have a decent down payment (or any down payment at all), it could be substantially less expensive to be a home owner. The top 10 least expensive metro areas to buy a home, ...

Do you want to flip a house? There's no need to reinvent the wheel!

2009-08-31T19:56:00Z

Do you want to flip a house? With real estate prices taking a major beating over the past year or two, it might not be a bad idea if you can find a good deal. In many markets, homes have been lingering on the market for a while, which could motivate their owners to take less. Plus, let's not forget about all the foreclosures on the market. There are deals out there, you just have to find them.

If you decide you want to try flipping a house, you need to get your priorities in order. The first priority ...

Homes For $1,000? It's True if you Live in the Rust Belt

2009-01-08T23:39:00Z

I saw the article below, and I had trouble believing the title. Houses in Cleveland, Detroit, and other cities are hitting prices that haven't been seen in a while. Banks have already lost a bundle, and at this point, they just want to be rid of the properties. As the article mentioned, many of these properties need work and they are often located in neighborhoods that aren't the best. With that said, how can investors not be intrigued by houses selling at these prices?http://finance.yahoo.com/news/Radical-cheap-1000-cnnm-14005833.html ...

Welcome to IOwnProperty.com: Real Estate Advice

2008-11-16T05:23:00Z

As someone with a deep interest in real estate, I read every book and article I can get my hands on. As you can imagine, I agree with some and disagree with others. This could probably be said of most topics, but I feel that real estate is completely different. Let me explain. I'm often angered by "get rich quick schemes", and investment ideas that rely completely on flipping. With the housing bubble that has developed, it seems that the snake-oil salesen have turned up as realtors and bankers who will do everything they can to exploit the excitement ...

Buying In A Down Market

2008-11-16T00:36:00Z

Before you buy real estate, you should make an effort to evaluate trends. Constantly read your local newspaper to track real estate price trends, and keep a close eye on national financial news to look for broad issues such as interest rates, which could have an impact on the housing market as a whole. When buying stocks, there is a saying, "the time to buy is when there is blood on the street". Basically, you need to get in when others are getting out. Look at what everyone else is doing then do the opposite.

In a down ...

Buying Foreclosed Properties

2008-11-16T00:35:00Z

Have you ever checked out the legal notices in your local newspaper and spotted foreclosed properties going up for auction? Usually, they request you show up with a check for $5,000 to get in on the bidding. If you see auctions like this in the paper, be cautious. It is probably not the best way for you to obtain property at a reasonable price. Why? Read on.

The property is being auctioned because the owner couldn't pay his expenses. They got in over their head, made bad decisions, and they drowned in their debt. In many cases, ridiculous ...

Real Estate Investing: Cash Flow vs. Price Appreciation

2008-11-16T00:34:00Z

I've read lots of real estate books that tell you how to make money in real estate, but they never seem to tell the whole story. They always provide examples of making money by buying a property, then selling it for a profit. Essentially, any profit comes from price appreciation. This leaves me wondering...what about cash flow? These books normally talk about buying as many properties as you can, and placing as little money down as possible. Essentially, being highly leveraged will increase the return on the small amounts down.

I really don't like this method of investing. ...

Buying Your First Home

2008-11-16T00:32:00Z

When deciding to buy your first home, you should begin by doing research. Research neighborhoods, school systems, shopping, and other amenities you are interested in. Next, it's important to think about what you want, and what you need. For example, you may want a 3 bedroom house with 2 bathrooms and a garage, but you may only need 1 bedroom, 1 bathroom, and outdoor parking. It's important to determine whether you can comfortably afford what you need, then build on that while staying in your financial comfort-zone. Don't buy more house than you can afford!

In order to ...

How to Flip A House

2008-11-16T00:31:00Z

So, you want to flip a house? Are you sure? I'm nota fan of flipping. I look at real estate as a way of extracting long-term cash flow, ie. monthly rental income. The whole thing seems very appealing to many people because it is a short-term investment, and involves renovations, which can be exciting. I'll give you some advice about flipping, but be warned: I'm not a fan.

* If you want to flip a house, follow real estate trends andmake sure you are in a market that is trending up. Past performance does NOT guarantee future performance, but ...

Investing in Raw Land

2008-11-16T00:29:00Z

As the old saying goes, land is a good investment because they're not making any more of it. So, that means you should rush out and buy some, right? Maybe, maybe not. Unless you are buying land with the sole intention of building quickly, it's probably not a good investment unless you have a lot time, and a lot of money to sink into a piece of land that you think will be in demand in the future. For the rest of us, I would suggest staying away from land as an investment if your intention is to just ...

Investing in Condominiums

2008-11-16T00:27:00Z

I remember reading that condominiums are a lousy investment because of the owners inability to improve the exterior. I didn't like the author's argument then, and I still don't. Condominiums have several advantages over houses that are frequetly overlooked.

Condominiums are usually cheaper than comparable houses because you don't own land or common areas, just the unit. As a result, you will have a smaller mortgae, and a cheaper property tax bill. You will also have a cheaper insurance bill, since you will not need to insure the contents of the unit, which is the renter's responsibility, or ...

Investing in a Multifamily Property

2008-11-16T00:26:00Z

I've heard lots of people tell me how they would love to buy their first home. They tell me how they want at least 3 bedrooms, 2 bedrooms, a garage, etc. When I ask them what percentage they are willing to put down, they often tell me they don't have anything to put down, or just a few thousand dollars. This won't even pay the fees for the mortgage.

So, what do you do if you want to buy a home and put yourself on the path to a comfortable life, but don't have money to put down? Well, let ...

Where to Begin When Purchasing Real Estate

2008-11-16T00:25:00Z

Well, you've decided to buy property. Now what? The first thing to do is research. Since you're here reading this, you've already taken the first step. However, your research needs to be broad. You should identify which neighborhoods you are interested in, and get to know them well, find local real estate web sites and follow trends in prices, learn about mortgages and how they work, and begin looking for a real estate agent to assist you.

In an ideal situation, you would have at least 20% of the purchase price as a down-payment, your mortgage payment would ...