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In the last five years, real estate has outperformed the stock market, inflation, money market funds and bonds. With home sales reaching record levels due to lower interest rates, everyone wants a piece of the real estate pie.
If you are interested in learning more, there are many resources that can help you get started. The tips below are just a few options to help you begin your journey on the road to financial success in real estate.
Scout for Foreclosure Properties. A foreclosure occurs when the property owner fails to make payments on a loan that is secured by a mortgage. If the loan amount is less than the property's market value, as is often the case, the home will be sold below market. This presents a unique opportunity for investors to buy properties at a lower cost. For information on the foreclosure process and property searches, visit: http://www.info.No DownPayment.com.
Call on Uncle Sam. The Department of Housing and Urban Development (HUD) administers housing and community development programs. HUD promotes home ownership by insuring loans that meet its underwriting criteria, making it easier for everyone to invest in real estate. Lenders are more likely to provide home loans knowing that they are protected against loan defaults. Visit: http://www.hud.gov for more information.
Consider Condos. Recently, condos began appreciating in value at more than double the rate of detached single-family resale homes. National survey data show that the median price of a resale condo was up 15.1 percent from a year earlier, while single-family homes were up 7.4 percent. Remember, before investing in a condo, check the home owners association's reserve fund, since a healthy fund promises that you won't be slapped with any special assessments. For more information on the American Homeowner's Association, visit http://www.ahahome.com.
Incentives for "Reconversions." Investors who rehab should be aware of reconversion grants, sometimes called deconversion grants, which are offered by city governments as an incentive to convert multi-unit rental properties back into single-family homes. Some cities provide incentives and assistance to structures that are restored to their original use. Priority is given to applications that show a significant impact on the neighborhood.
Get A Coach. In baseball, you need guidance and knowledge to swing at the right pitch and hit a "home run." Likewise in real estate, coaching can help you identify the right opportunities and make smart decisions. For more information on Real Estate coaches, visit: http://www.info.NoDownPayment.com.
For additional information on real estate investing, call 1-800-283-0202.
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