Is buying a Multi-Family property a smart first investment?

Buying a Home: Is a Multifamily Property a Smart First Investment?

Thinking about buying a home? Is a multi-unit property just what you need or a disaster waiting to happen?

There are a huge number of first timers looking at buying a home today and many interested in cashing in on the current market to invest in real estate while home prices are still cheap and mortgage rates still so low. So is a multifamily duplex or triplex a smart move?
These types of properties are frequently pitched as the perfect starter real estate investment, and they do come with a number of advantages.

With interest rates so low those looking into buying a home might find that they can by a multi-unit property with a principal and interest payment around or less than what they are paying in rent. On a three unit property that means you get to live for free and have rent coming in from two other tenants. So you could be getting paid every month while living for free.

If you ever decide to have kids or need to take care of your parent or have the in-laws moving in, you can always work a tenant out and use the extra space as your needs grow.

With some low down payment mortgage options like FHA loans still out there this can be a great way for some to leverage more real estate and begin building up a nest egg.

Even if you can just lower your rent it seems like buying a home like this is a no-brainer. Plus, if you ever need to relocate out of the area you can rent all of the units and enjoy extra income every month.
However, many first time home buyers and investors do get carried away and overlook the details. You must watch out for all the expenses of owning a home and responsibilities of managing a rental property.

What if renters don’t pay or you have to replace them, do you still have it covered? How much additional money might you have to invest in cash to improve or upgrade the other units for tenants?
It might be the best deal of your lifetime, just make sure you know all the numbers before leaping.

Article from:
http://www.cthomesllc.com/2013/02/buying-a-home-is-a-multifamily-property-a-smart-first-investment/
 

Should you ditch the Boob Tube?

Hey Oregon Coast Real Estate Fans!

Have you ever realized how much Television the average person watches? It's kind of crazy! WE found the article below on how removing t.v. from your life may have many benefits. How much television do you watch?



Article from   http://earlyretirementextreme.com/day-19-getting-rid-of-your-tv-addiction.html
Posted by Jacob in Early Retirement, Health, Makeover, Strategy

While I can not prove this, I think not having a TV, or at least not watching it, is a big factor when it comes to choosing unconventional paths. Naturally, there’s this popular idea that TV feeds the masses with certain values, but I believe this is exaggerated. Most programming offers fairly reticent opinions and is quite free of content. The great beauty of TV is therefore not so much that it acts as a form of active propaganda steering people towards certain goals, but that it keeps people from having goals in the first place.

When TV was invented it was thought to be a great opportunity, a great teaching tool for quickly reaching the masses. However, ironically, it turned out that TV was much better employed to keep people from learning. This fits perfectly with the focus on specialization. During the day, professionals attend to their jobs. During the evenings, they vegetate in front of their TVs, thereby preventing them from learning anything, and this effectively keeps them in their jobs. Actually, the closer you get to middle class values and neighborhoods, the greater the preponderance of silent streets; all you see in the evening are empty streets with a faint blue hue emanating from behind the curtains of every house.

Retiring early is not just about saving enough money. It is also about learning things with the aim to save money as well as with the aim to find something with which to occupy yourself once you retire from employment.

Watching TV prevents this development, that is,

• It prevents you from developing a dissatisfaction with your current life.
• It prevents you from developing new ideas.
• It prevents you from learning anything that can change your life.

In other words, it promotes the status quo; your status quo. In other words, if you want to stay where you are. Keep your TV, but if you want to change, maybe the first thing to do is to get rid of your TV.

Hey there Oregon Coast Real Estate Fans!

Here is yet another beautiful spot on the oregon coast! Don't wait,call or e-mail today to get your piece of paradise!

EcoSMART Property Soultions
541-995-0011
ecosmartpropertysolutions@gmail.com

Attitiude is Everything!

Attitude is Everything!

Do you have an attitude that says “I want to get out of debt” or “I want to get my finances under control?” Or, do you fly by the seat of your pants and have the attitude that “life is not fair” and “I am never gonna get ahead in life?” Well, as Henry Ford once said, “whether you say you can or you can’t, you’re right.

If you believe that you won’t get ahead, than that is exactly what is going to happen. You wont try to get ahead if you don’t believe that it will make a difference. If you want to make a change for the better, than you have to adjust your attitude. How do you do this practically? There are two things I would recommend that you do:

1. Find a mentor – Find someone that you view as successful, preferably in a field that you want to be successful in. I mean if you want to be a Doctor, than who would be the best person to get advice from, a Doctor, right? Then ask them questions about how they got where they are and learn from them.

2. Hang around people with the right attitude – Usually people spend the most time with people that are like-minded. If you want to change your attitude it would be helpful to surround yourself with people that have the right attitude.

How does this apply to money? Well, people who don’t believe they can get their finances under control, don’t put forth much effort to do so. You need to change your attitude first, that is the foundation of getting on the right track financially.

Will you choose to have the right attitude?

article from:http://wellkeptwallet.com/category/attitude/

Top Three Mistakes of First Time Home Buyers

Owning a home is definitely at the top of most peoples goals. Here are a few pointers for first time home buyers. Three common mistakes to avoid are;



1. Impulse Buying-

Do not impulse buy. You are dealing with thousands of dollars worth of your hard earned money. Slow down and think it through! Things to consider are distance to work, neighborhood, repairs or work needed and more. Look at a lot of homes to find the perfect one for you.

2.Not Getting Professional Help-

It is not a good idea to go through the home buying process without someone in your corner.

-Realtor

Your realtor can help give you a truthful assessment of a property. One that the selling party may not convey.

-Broker

A broker can help you choose the right type of loan to commit to.

3. Not Considering Additional Costs-

Don't max yourself out! Not only do you have to pay a mortgage and property tax, you also will have maintenance costs!

This means that buying at the top end of your budget may not be the best. Leave a little breathing room for these expenses.

EcoSMART Wants To Know ... Who Do You Think Is Going to Win??

Hello Oregon Coast Real Estate Fans!!

EcoSMART wants to know:

Who do you think will win Super Bowl XLVII??

The battle of the brothers should be a good one!  Are you rooting for the Baltimore Ravens. . . or the San Francisco 49ers??

Where would your dream home be located?

Good Morining Real Estate Investors!

IF you could choose any place, where would your dream home be?

Maybe some place like this?

 

 

EcoSMART would like to hear from you!

What are your Real Estate goals in 2013?

Good Morning Oregon Coast Real Estate Fans!

EcoSMART wants to know, what are your real estate goals for 2013?

The Times Are Changing!

Good morning Oregon Real Estate Investors!

Have you noticed anything different in the real estate market lately?

Prices are actually starting to go up!

This is a great time to buy into a new home or investment. Interest rates are still at historic lows and properties are still available below market value!

Don't wait too long, this opportunity might just pass you by!

Take action today by contacting EcoSMART! We can help with all of your real estate needs.

EcoSMART Property Solutions
541-995-0011
ecosmartpropertysolutions.com

4 Common Mistakes Sellers Should Avoid with the 2013 Housing Boom

• 4 Common Mistakes Sellers Should Avoid with the 2013 Housing Boom

 

It seems as though we may be on the path to a new housing boom in the U.S. for 2013! Even though home equity and home values may be slightly rebounding there are a few critical mistakes those selling a home should avoid…

The market seems to be starting to turn around this year.  With this turn of the market comes an overconfidence and a false sense of security.  An improving market can create a trip up with home sellers.

So what mistakes should those selling a home this year watch out for?

1. Pricing

Pricing is one of the most common ways homeowners sabotage their efforts in selling a home. Do not underestimate this. Pricing too high can prevent a home listing from even getting in front of the right buyers at all. On the other hand while some have begun trying to bait buyers into bidding wars with low teaser pricing, this can cause legal issues too.

2. Not Maximizing the Value

For those who aren’t in a rush to sell it’s always worth looking at what can be done to maximize the value of a home to obtain the highest possible price and net proceeds. This can range from simply sprucing up the curb appeal to staging to the way it is marketed.

3. Over Improving

In the reverse of the above, doing too much to a home or spending on the wrong items can often result in not just losing the money put in but in the worst cases, actually decreasing the value of a property. This is especially true for those already in a bind. Don’t put more money into a dead weight property you want to get rid of. Perhaps the best thing to do is sell for cash fast.

4. Waiting too Long to Sell

The U.S. housing market as a whole has been improving very well over the last year. However, that doesn’t necessarily mean homeowners have more to gain by dragging their feet in selling a home. Some pockets of the country are still battling foreclosures which could cause some temporary dips in appraised values in a few select locations. Plus, holding costs, maintenance and risk of liability or damage while holding onto a home longer could seriously outweigh any short term net gains in home value.

Visit our website! http://www.ecosmartpropertysolutions.com/

Build Your Real Estate Portfolio NOW!!

Good morning Oregon Coast Real Estate investors! It's another beautiful day here on the scenic Oregon Coast.

EcoSmart has a tip for you on building your Oregon Coast Real Estate portfolio.

Right now is a great time to buy Oregon Coast Real Estate at below market value. Gaining instant equity is a great motivator! You can buy a property, rehab it, tenant it, and have a great cashflow property!

Another option is to buy Oregon Coast Real Estate that is already in great shape. Use it as a personal home, vacation rental, or rental property. All great options.

EcoSmart is here to help! Visit or website for more info:

http://www.ecosmartpropertysolutions.com/