Real Estate Blog

Over the years, real estate investing has helped many people achieve their goals and fulfill their dreams. Despite the ongoing economic crisis, many people are still encouraged to take part in this lucrative industry. Well, who could blame them? With just a small capital, patience, dedication, and hard work, you can earn big investment returns and provide a good life for your loved ones.

Two of the most common forms of real estate investing is flipping homes and wholesaling houses. Although many people confuse one for the other, using each of them to make a living has its advantages and disadvantages. Continue reading ‘Flipping and Wholesaling Homes: Your Key to a Better Future’ »

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When it’s time to buy a house — on Long Island, or anywhere — you should definitely start the process by doing your own research into what is on the market, what interest rates are, and what your budget is. After you do some research on your own, you should contact a broker to help you find your home and an attorney to represent you in negotiating your contract and closing the sale.

Step 1: Do your own research on the Process of Buying a Home

The U.S. Department of Housing and Urban Development provides tips that will assist you in finding your house, determining your budget and how to finance your home. Specifically, the Department of Housing and Urban Development provides tips on: Continue reading ‘3 Easy Steps to Buy a House on Long Island’ »

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Due to financial problems, many have decided to sell their property. If you are one of the many who are planning to sell the property, you should have made the necessary preparations already. Keep in mind that there are several factors you should attend to before you market it. Necessary preparations have to be taken because there is a tough competition in the real estate market today. There are a lot of sellers and the buyers are becoming pickier with the choices they make.

So what are the factors you should be considering when selling the property? Well, the first thing you have to look at when selling is looking at the product. The product will direct you on what to do next. In this case, the product is your house. Check what will make it marketable. It would be best to inspect the property thoroughly first before you put up the for sale sign. Inspection is very important because it will help you identify areas that need repairs. Identifying what needs fixing is also a great way to increase the value of your property. Continue reading ‘Factors to Consider in Selling a House’ »

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Section 32 provides all the attachments. Then there’s the signature area. You date and sign it. All parties must sign the lease. If you have three tenants, all three tenants sign.

You don’t want to get into an argument with the judge later saying, “I understand you put three up front, but only two signed it so those are the only two I’m going to allow you to go after.” Don’t do that. Continue reading ‘Residential Property Management – How to Strengthen Your Lease Agreement With Addendums’ »

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In most cases, once you’ve started buying properties, you have to decide if you want to hire a property manager or be your own manager. There are pros and cons to both situations, but usually being your own property manager will save you a lot of time and hassle. There are a few specifics you should know when becoming a property manager.

• Know where to find tenants. Exposure to find tenants is everywhere. You just need to know where to look. Go to local realtors; they are the most knowledgeable and will know those who are looking to rent. Finding the right tenants is just the beginning of the job when you’re the property manager. You’ll also have to keep them happy, maintain the units, handle insurance issues, and any conflicts that arise. You may even have to evict tenants. Continue reading ‘Becoming a Property Manager – Manage Your Properties Yourself’ »

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We have several balance sheet accounts. We have assets, cash, receivables – rent that’s not been paid but is due – supplies, pre-paid rent, the value of your building less accumulated depreciation, and then you have equipment. There are some other accounts that in theory you could put in here, but it’s really not required.

Liability Accounts

Then we have what are called liability accounts. These are your accounts payable. These include salaries payable, taxes payable – real estate or even income taxes. If you have a mortgage on your property, mortgage payments, you would set it up as a liability. Continue reading ‘Residential Property Management – How to Set Up a Chart of Accounts’ »

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