We’ll call the seller “Mike”. Mike was selling a home that he had renovated and immediately got several showings. One of the selling agents, we’ll call her “Cheryl” brought “Bob” through the house and he loved it. The next thing Mike new. He was fielding offers.
An Ethical Dilemma Read More »
I’m sure you’ve heard the term “ARV” pop up from time to time, but what exactly does it mean? “ARV” stands for “As Repaired Value”. Basically, ARV is not the value of a home today, but it is the value of a property after it has been fixed up and repaired.
What Does “ARV” Mean? Read More »
Getting started in real estate investment isn’t for the faint of heart. It takes courage, knowledge, guidance, and most of all…money! It has been said that you can’t take a long journey without taking that first step, but where should you start if you are trying to break into the fix-n-flip business. Here are 7 things you will need to think about before you start your flipping adventure:
Seven Things to Know Before Starting Your House-Flipping Business Read More »
I often get the question “Do I need a pre-approval to buy a home?” If you aren’t paying cash, then yes…yes you do. Why would any seller take their property off the market if they didn’t know if their buyer was approved or not.
PreQualification vs PreApproval Read More »
2004 saw the Gulf Coast get hammered with several hurricanes only to be followed in 2005 by Hurricane Wilma. These hurricanes coincided with the building boom which caused American drywall suppliers to run short on supply. In order to keep up with demand, suppliers started shipping in drywall from overseas, particularly China.
Defective/Chinese Drywall Read More »
I really hate drug company commercials. What I hate most is the explaining I must do when a prophylactics commercial pops up in the middle of Dora the Explorer. A close second to that would have to be all the acronyms I’m expected to know. COPD, ED, IBS, ABC, XYZ…I can’t keep up. I’m not a doctor, yet everyone thinks that I should automatically know what IC stands for. Every industry has their acronyms. Unfortunately, every industry also forgets that not everyone understands what they heck people are talking about when they are used.
Acronyms, Acronyms, and More Acronyms Read More »
One of the questions we hear most often here is this: “I want to buy the property in the name of my LLC, but I don’t want to be personally responsible for it. Can I do that?” The answer is yes…if your lender will let you.
What are Recourse and Non-Recourse Loans? Read More »
If you are in a real estate-related business, you undoubtedly work with contracts and agreements in your business. Although we are taught to read everything carefully before you sign a contract, most people simply gloss over the highlights before signing. If you are part of the minority that actually reads everything that they sign, they you have probably encountered a term called “Force Majeure” buried somewhere in the legalese.
It has been told that King Solomon charged one of his servants to find a ring that would make a happy person sad when they wore it and, if a sad person wore it, they would become happier. When the servant told the wise king that he could find no such ring, King Solomon commissioned a jeweler to inscribe a ring with the saying “This too shall pass.”
The Lesson of the Ring Read More »
Recently, I wrote an article about confusing acronyms. Real estate-related investing is no different. Two of the acronyms that keep popping up are MBS and CMBS. These common acronyms stand for “Mortgage-Backed Securities” and “Commercial Mortgage-Backed Securities” respectively. They are the vehicles by which our real estate market moves forward.
Mortgage-Backed Securities Read More »