Making Money in Real Estate
You can build a fortune in real estate from raw land to residential commercial complexes, and you can do it on borrowed money, says Tyler G. Hicks in his book How to Make Big Money in Real Estate (Prentice Hall Press). And once you acquire some real estate, you can use it as collateral to borrow more money to take over more income-producing real estate. Foreclosures--properties that have been taken back because money is owed and unpaid--are a good place to begin building real-estate wealth, he suggests. "Many foreclosed properties are offered to the public at sharply reduced prices because the lender just wants the money owed." With foreclosures, according to Hicks, you:....

Sell Your California Home For Top Dollar
HOW TO SELL YOUR HOME FOR TOP DOLLAR 1. Make your home look like a model – even if it isn’t. Hire a Realtor that offers the services of a professional decorator who will assist you in preparing your home for sale – using the existing items in your home. 2. Keep the thermostat set so that buyer’s are comfortable. Imagine buyer’s looking at several homes on a hot summer day, even if your home is perfect, when the buyer’s are uncomfortable when viewing your home, they will not like it. 3. Lots of light. When you know your home is being shown, turn every light on, even on a sunny day. Open curtains (unless the view is unpleasant). When leaving for work, at a minimum, leave on the lights in the entry and the first several rooms that a buyer will naturally be drawn too. Have your windows professionally cleaned. 4. Open houses. Talk to your agent about the frequency and advisability of having open houses...

How to Show & Sell Your California Home
1. When the agent arrives with the potential buyers, have the window coverings open to let in as much sunlight as possible. At nighttime, be sure that all of your outdoor lights are on, particularly any landscape or pool lights. Indoor lights – all of them should be on day or night. I have never heard a buyer tell me – “it is too bright”. 2. Open doors between rooms to give an inviting and open feeling. Turn the television off. When necessary, have the thermostat set to a comfortable temperature. In winter, a fire in the fireplace is inviting - you want the buyers imagining themselves living in your home. 3. Pick up any newspapers, magazines and clutter that may be lying around. Your kitchen and bath counter tops should all ready have been cleared of all but the most basic necessities, make sure dirty dishes are not in sight. 4. If you have pets, take them for a walk. Many people are afraid of pets; others love them and will remember your pet more than your home. 5. The beds should be made and clothes picked...

The Cat in the Attic
Strange and unexpected things happen during home inspections. Seldom are they tragic. Often they are humorous. One such occasion recently came to mind. Not long ago, one of our inspectors was performing a new home final walk-through inspection. Accompanying the inspector were the homebuyers and the builders superintendent. As the superintendent was explaining the many and varied features of the windows, our intrepid inspector went into the attic to have a look around. While in the far reaches of the attic, with light shining bright, the unmistakable reflection of eyes were observed. As our inspector went closer in an attempt to identify the eyes, not by name or color, just critter classification, the critter made a dash out of the light. As our brave inspector followed the dashing fur ball, it became clear it was a cat. After some time spent trying to encourage the cat toward the attic pull down...

An Estate Planning Primer
An estate plan can be designed by clients and their professional advisors to achieve the client’s personal and financial objectives. Or, it can be an arrangement imposed upon survivors by state intestate succession laws if someone dies with¬out a valid, up-to-date will. Even though a will is the most basic estate plan¬ning tool, two out of three Americans die without one. A comprehensive estate plan can arrange the ownership, management and distri¬bution of your assets in ways that meet your needs and objectives while mini¬mizing estate shrinkage. Without such a plan, whatever you may think is going to happen to your estate after you're gone probably won't. • Estate settlement and distribution -- Estate transfer is a privilege that can be exercised only by following specific legal procedures designed to protect the rights of deceased’s heirs. Estate settlement, as this process is called, involves the assigned executor making an inventory of the person’s business and personal assets, paying all debts...

Real Estate Tax Incentives
Tax incentives for real estate investors can often make the difference in your tax rates. Deductions for rental property can often be used to offset wage income. Tax breaks can often enable investors to turn a loss into a profit. For which items can investors get tax breaks? You could claim deductions for actual costs you incur for financing, managing and operating the rental property. This includes mortgage interest payments, real estate taxes, insurance, maintenance, repairs, property management fees, travel, advertising, and utilities (assuming the tenant doesn't pay them). These expenses can be subtracted from your adjusted gross income when determining your personal income taxes. Of course, these deductions cannot exceed the amount of real estate income you receive. In addition to deductions for operating costs, you can also receive breaks for depreciation. Buildings naturally deteriorate over time, and these "losses" can be deducted regardless of the actual market value of the property. Because depreciation is a non-cash expense -- you are not actually spending any money...

Real Estate Investing with Bad Credit!
By being creative, you can play the game of real estate investing by using what is called Option's investing. This is just one technique of the Option's strategy of investing but can be a power tool in your investors toolbox to help you control more real estate and build wealth. An option is an agreement to you from the seller that gives you the exclusive right to buy a property during a specified time and at a predetermined price but does not obligate you to make the purchase - This is why it's called the Option agreement. You option to buy - You option not to buy. Option investing works when you want to control more real estate with limited out of pocket cash or credit and works if you: Have no credit! Can't pay cash! Can't get a loan! I call this the "SWEAT OPTION". The sweat option works well if you have the ability to do the repairs yourself. Your key's in making a deal like this are: You need to know the basics of real estate investing You need the forms to make this happen You need to know the market area You need to know the laws in your state You need to know how to determine the value of the subject property You need to know how to do...

Setting Goals for Real Estate Success
The power of goal setting has been well documented and communicated so before you skip over this point because you’ve heard it all before I’d like you to consider how well you are doing it. I’m a firm believer that you don’t truly understand something until you are doing it. If you are an avid goal setter you will want to read this to learn some specifics associated with real estate investing. If you are not a frequent goal setter please read on and consider that setting goals really is a powerful tool, does have some magic about it, and is critical to your investing success. Consider the following example. In 1953, researchers interviewed the graduating class of Harvard University about their career goals for the future. It was found that only 3% had written goals and specific plans for achieving them. Twenty years later the researchers re-interviewed the class of '53. They discovered that while all students had shared the best education money can buy, the 3% with written plans for the future were worth more, in financial...

Rehab Foreclosed Houses the Right Way and Keep All the Profits!
I've been teaching people how to buy foreclosure properties for a long time. And we all make the biggest profits on the deals that we rehab the right way. But this does NOT mean what you might think! The right way to rehab any property is by using a new business credit card or business line of credit, NOT your personal cash. Most new real estate investors leave a lot of money on the table when they quickly buy and sell foreclosed houses. Why do they do this? Because they cut corners on the rehab work when they exhaust their personal supply of cash. It can be scary for some people to do the rehab the right way and SINK $50,000 of their own cash into a project. And then wait for the house to be sold. But a rehabbed house with a nice JACUZZI style bath tub sells for much more than the cost to put one in. Most people just don't have the money to do it right when they're starting out as investors. So here's THE SOLUTION! Learn how easy it is to get business credit cards...

How to Create Cash Flow Out of Thin Air
Want to see a trick every real estate investor will love? From the Desk of Thomas Kish Crazy as it may sound... ...there really is something that can create cash flow out of thin air. And it has nothing to do with a magic wand or pulling rabbits out of a hat. It has to do with the use of credit – but not in the way you are probably thinking. The fact is that the proper use of your credit is often the most misunderstood concept in real estate investing. What you need to know – and what I can teach you – is how to use a newly created business name to go out and get business credit cards and lines of credit for your real estate investing activities. Your personal credit profile will NOT be affected when you use these UNSECURED business credit cards! All the debt on this special kind of credit card is, in effect, invisible. So, unlike your personal credit cards, your credit score never goes down if you are using business lines of credit instead of personal credit. One of my favorite ways to maximize cash flow in every piece of real estate I own is by using business credit cards to pay operating expenses. Want to know why I love this? 1. No matter how much I charge on these business cards...