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Real Estate Tips

 

Real Estate Tips for the Property Manager:

Home Repair Estimating
Real estate investing, and especially the flipping of properties, frequently involves the purchase of a property in poor condition and repairing and remodeling it to result in a profit when it's sold. Obviously, great risk is assumed if the real estate investor isn't able to accurately estimate repair costs. Here are resources to help.
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Leasehold Estate
A leasehold estate in real estate is the tenant's right to possession of the property for the term of the lease. Rights and obligations are spelled out in the lease document.
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Fiduciary Duties - Real Estate
Real estate agency law says that a real estate agent who takes on the capacity of "agent" for her client then takes on the duties developed over many years in common law. These include Obedience, Loyalty, Disclosure, Confidentiality, Accounting, Reasonable Care.
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Net Operating Income (NOI)
Net operating income, or NOI, is rental income of a property after operating expenses. These expenses would include all operating expenses, including maintenance, insurance, janitorial, supplies, management, accounting, etc.
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Easements & Encumbrances
When one owns real property, this ownership can be limited or "encumbered" by various easements, liens or encroachments to the property. Learn the basics of easements, liens and encumbrances in real estate.
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Estate for Years
An estate for years, or estate for term, is one type of leasehold estate in real estate. This type is a lease for a specific period, with a beginning and an ending date. No notice to vacate is required, as there is a definite date for the lease to end and the tenant to vacate.
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Drive By Broker Price Opinion
A drive by BPO, or broker price opinion, seems like it could be as simple as driving by and shooting a picture or two from the car. Learn here what else can be involved.
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HUD-1 Settlement Statement
One of the first things every new real estate agent should learn is the HUD-1 Settlement Statement inside and out. After all, you'll be going over it with clients and frequently be asked to explain items or how they're calculated. Here's a completed example HUD-1 on a .pdf with live links to instructional quick tips for the items.
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Financial & Marketing Mgmt
Real estate property management includes the responsibility off from marketing and financial functions. A comprehensive budget, marketing plan, and efficient implementation of them are a must. More information on the financial and marketing components of property management.
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Real Estate Listing Agreements
There are three basic types of real estate listing agreements, Open, Exclusive Agency, and Exclusive Right to Sell. You should know the difference in order to know who is and is not entitled to a commission on sale.
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Real Estate Investing Analysis
The real estate investor can anaylyze and evaluate a property for investment potential using a variety of tools. These could include cap rate, rate of return, cash flow or others.
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BPOs and Legality by State
BPOs are a major source of revenue for many real estate agents and brokers. They are legal in most states, but you'll want to be sure about yours. Here's how I wasted time and money.
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Start Investing in Real Estate
Before you start investing in real estate, know the math to identify good opportunities and manage them for profit. Understand the issues landlords face. Understand leverage, mortgage options, property suitability evaluation, and repairs and maintenance issues.
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Terminate Real Estate Easement
Easements generally pass along with ownership changes in real estate. However, there are ways to terminate a real estate easement. Generally, this is not an automatic event, but will require some legal action. Learn about release, merger, non-use, adverse possession, destruction and quiet title action.
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Commercial Real Estate Start
A common question is whether a person new to real estate should start out as a commercial real estate agent, or work into it from residential or another area of real estate. The decision requires an assessment of finances and abilities. A different skill set is required, and the first commission can be a long way in the future.
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Why Real Estate Agents Fail
Assure your success in a real estate career by knowing the reasons others fail and taking action to overcome them. Competition, variable income commissions, burn-out, and unrealistic expectations are all important contributors to failure in the business.
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Median
Median is a mathematical result that indicates that one half of a group is higher and one half lower than the median. Median price of 101 sold homes would be that price which is lower than 50 of the prices and also higher than 50 of them.
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Loan to Value (LTV) Ratio
The amount of the outstanding mortgage divided by the property's value is the LTV or loan to value ratio. The value is normally either the appraised value or the selling price, whichever is less. This is used in regular owner occupied mortages as well as properties purchased as real estate investments.
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Landlord Guide for Investors
Taking the step from buying and selling real estate properties to buy-and-hold strategies and landlord status is a large one. Be sure that you examine your capabilities and desires, plan for management, and that you're capable of dealing with tenants, managing rents, repairs and vendors. This landlord guide will help.
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Commissions from Your Web Site
New real estate agents that see what a web site can do for their business are eager to get started on one. Read first about search engine optimization, domain name selection, best content for a real estate web site and more here. Then execute drip email and watch the prospect list grow.
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DSCR-Debt Svc Coverage Ratio
One of the calculations lenders use to determine whether they'll do a mortgage on a commercial property, and how much they'll loan, is the DSCR, or Debt Service Coverage Ratio. Learn how to use the DSCR.
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Property Administration
Real estate property management requires a high level of detail as regards record-keeping. With financial, government regulation and risk factors involved, the more detailed and organized the records are the better. This is important not only for tenant management, but also for employees and subcontractors.
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Private vs Public REITs
Though not widely publicized, private REITs are an investment offering chosen by some over the public real estate investment trust. What are the drawbacks?
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Cap Rate to Justify Price
Using the asking price of an income producing property and the capitalization rates of other similar properties in the area, one can calculate the income necessary to justify the asking price.
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Property Management Responsibi
Real estate property management is an area of specialization that involves four basic areas of responsibility. Marketing/Financial, Tenant and Occupancy, Facility, and Administrative are those four areas. Get more detail here on these four areas of real estate property management responsibility.
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Compensation in Real Estate
Broker and agent commission split, 100% commission, referral fees, and other real estate agent compensation models explained.
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Agency Status Explained
Knowing your duties and obligations in representing your client in a real estate transaction is critical. These obligations vary depending on your status. Are you an agent, subagent, transaction broker, etc? Learn what they mean here.
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Keller Williams Real Estate
Keller Williams Real Estate, founded in 1983, has experienced steady growth in franchises and now has more than 600 offices and more than 80,000 agents. Using innovative profit sharing for agents who bring in agent recruits for up to seven down levels, this company has experienced excellent agent retention. The Keller Williams University provides extensive training and the technology resources provided to agents are highly valued.
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Townhouse
A townhouse is one of a row of homes sharing common walls. Differing from condominiums, townhouse ownership does include individual ownership of the land.
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