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	<title>New York Real Estate &amp; Business</title>
	
	<link>http://www.newyorkbargainproperties.com/blog</link>
	<description>For Buyers and Sellers of Real Estate and Businesses</description>
	<lastBuildDate>Sat, 13 Mar 2010 08:34:28 +0000</lastBuildDate>
	
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		<title>10 Ways To Find Investment Properties</title>
		<link>http://feedproxy.google.com/~r/NewYorkRealEstateBusiness/~3/VfBMkeYlUdw/</link>
		<comments>http://www.newyorkbargainproperties.com/blog/?p=117#comments</comments>
		<pubDate>Sat, 13 Mar 2010 08:34:28 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Article]]></category>
		<category><![CDATA[investment]]></category>
		<category><![CDATA[investment properties]]></category>
		<category><![CDATA[properties]]></category>
		<category><![CDATA[real estate]]></category>

		<guid isPermaLink="false">http://www.newyorkbargainproperties.com/blog/?p=117</guid>
		<description><![CDATA[If you really want the best deals in investment properties, you have to increase your odds by finding more deals. Who is more likely to get a cheap apartment building, an investor that looks through the MLS listings and calls it a day, or the one that uses ten resources? Here are the ten:
 1. Talk. [...]]]></description>
			<content:encoded><![CDATA[<p>If you really want the best deals in investment properties, you have to increase your odds by finding more deals. Who is more likely to get a cheap apartment building, an investor that looks through the MLS listings and calls it a day, or the one that uses ten resources? Here are the ten:</p>
<p> 1. Talk. Let people know you are looking and sometimes the properties will come to you. There are a lot of owners out there who want to sell, but haven&#8217;t yet listed their property.</p>
<p> 2. Use the internet. Go to a search engine and enter the type of real estate you are looking for, along with the city you want to invest in. You never know what you might find.</p>
<p> 3. Drive around looking for &#8220;For Sale By Owner&#8221; signs. Owners often don&#8217;t want to pay to keep the ad in the paper every week, so you won&#8217;t see all properties there.</p>
<p> 4. Find abandoned properties. That&#8217;s a pretty clear sign that the owner doesn&#8217;t want to deal with the property. He might sell cheap.</p>
<p> 5. Find old &#8220;For Rent&#8221; ads. Call if they are a few weeks old. Landlords are often ready to sell, especially if the haven&#8217;t yet rented the units out.</p>
<p> 6. Talk to bankers. You might get a foreclosed-on investment property cheaper if you buy it before they list it with a real estate agent.</p>
<p> 7. Offer someone a finder&#8217;s fee. There are people that always seem to hear about the good deals. Have such people coming to you.</p>
<p> 8. Eviction notices. If your local papers publish eviction notices, or if you can get the information at the courthouse, it can be useful. A landlord who just went through the procees of evicting tenants is a likely seller.</p>
<p> 9. Old FSBO ads. If you call on two-month-old &#8220;For sale By Owner&#8221; ads, and they haven&#8217;t sold, they may be ready to deal. Owners often give up the effort, but still would love to sell. Help them out!</p>
<p> 10. Put an ad in the paper. &#8220;Looking for investment properties to buy,&#8221; might be sufficient to generate a few calls.</p>
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		<item>
		<title>Calling a Lawyer Should Be a Private Home Sellers First Move</title>
		<link>http://feedproxy.google.com/~r/NewYorkRealEstateBusiness/~3/MWqIU-hbjis/</link>
		<comments>http://www.newyorkbargainproperties.com/blog/?p=113#comments</comments>
		<pubDate>Fri, 19 Feb 2010 10:14:09 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Article]]></category>
		<category><![CDATA[for sale by owner]]></category>
		<category><![CDATA[home selling tips]]></category>
		<category><![CDATA[legal]]></category>
		<category><![CDATA[legal aid]]></category>
		<category><![CDATA[owner sale]]></category>
		<category><![CDATA[real estate articles]]></category>
		<category><![CDATA[real estate closing]]></category>
		<category><![CDATA[real estate information]]></category>
		<category><![CDATA[Real estate law]]></category>
		<category><![CDATA[real estate lawyers]]></category>
		<category><![CDATA[real estate sale]]></category>
		<category><![CDATA[selling my home]]></category>

		<guid isPermaLink="false">http://www.newyorkbargainproperties.com/blog/?p=113</guid>
		<description><![CDATA[You are selling your own home because you think you’re up to the task, that it can’t be that difficult? You’re right of course; however you want to make sure you abide by some basic common sense guidelines to help ensure your success. It’s not all about putting a sign on the lawn and an [...]]]></description>
			<content:encoded><![CDATA[<p>You are selling your own home because you think you’re up to the task, that it can’t be that difficult? You’re right of course; however you want to make sure you abide by some basic common sense guidelines to help ensure your success. It’s not all about putting a sign on the lawn and an advert in the paper.</p>
<p>Your first step should be calling a lawyer. If you don’t have one you will need to find one. A good bet is to get a referral from friends or family. A lawyer at this stage of your sale will give you all the legal information you need to enter into the sale with a confidence that would be lacking otherwise. Your lawyer can do a title search on your home to make sure it’s free of encumbrances that may only turn up on closing i.e. an encroachment. Do you have an up to date survey? These can be deal killers at the last minute you want to avoid. You’ll need a search done anyway to close your sale.</p>
<p>Lawyers can also advise you on any new by-laws or regulations you should be aware of for your home and area. Every jurisdiction seems to have rules that need to be followed when preparing an offer to purchase form. A lawyer can make sure these special clauses are written into your offer to purchase form. Have your lawyer provide you with copies of the offer to purchase in hard copy format and also on disk so you can print them off your home PC when needed. Ask your lawyer how he would prefer to see your offer set up.</p>
<p>Ask your lawyer to give you any information you will need to make the closing of your sale timely and without any surprises. If there is anything that will hold up or quash your deal you want advance notice so you can take care of the problem now. Count on being charged for your lawyers’ services but it’s the old adage pay me now or pay me later.</p>
<p>Ask your lawyer to give you some insight into your mortgage situation. He can give you details and options based on your current loan that perhaps will help your sale. At the very least the lawyer can give you questions to ask at your lending institution i.e. is your mortgage assumable? If the interest rate and terms are attractive the purchaser may want to assume your current mortgage. All good stuff to know in advance of your sale. Likewise your mortgage may need to be removed so the purchaser can arrange their own financing. What are the ramifications with this, will it be expensive to remove?</p>
<p>When you recruit a real estate agent to help you sell your home, the good ones know all this information in advance. Any information they don’t have that can create problems generally surfaces at closing thanks to the lawyers. Your agent acts in your best interests along with your lawyer to sort out these problems at closing and many issues are usually dealt with to either parties’ satisfaction one way or another.</p>
<p>Not having an agent working for you means your chances of having a problem sometime during the process of trading your real estate is a real probability. The best way to mitigate your chances of potential headaches is to spend the money up front for a legal professional to sort through the landmines before you step on one and your deal disintegrates at the worst possible time. You’ll be investing a great deal of time selling your home. Make sure you are prepared. It is fairly simple to sell your own home. Closing that sale cleanly is another matter entirely.</p>
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		<title>What Is The Definition Of Cap Rate, And Why Does It Matter?</title>
		<link>http://feedproxy.google.com/~r/NewYorkRealEstateBusiness/~3/4Gi9sKQEZ-k/</link>
		<comments>http://www.newyorkbargainproperties.com/blog/?p=111#comments</comments>
		<pubDate>Fri, 05 Feb 2010 10:59:50 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Article]]></category>
		<category><![CDATA[cap rate]]></category>
		<category><![CDATA[commercial real estate]]></category>
		<category><![CDATA[investment]]></category>
		<category><![CDATA[real estate]]></category>

		<guid isPermaLink="false">http://www.newyorkbargainproperties.com/blog/?p=111</guid>
		<description><![CDATA[In commercial real estate, cap rate, or capitalization rate, is used to determine the values of income producing properties such as apartments of five units or more, office buildings, strip malls and other such properties. The cap rate can represent extremely different things to different people in respect to their interests in commercial real estate. [...]]]></description>
			<content:encoded><![CDATA[<p>In commercial real estate, cap rate, or capitalization rate, is used to determine the values of income producing properties such as apartments of five units or more, office buildings, strip malls and other such properties. The cap rate can represent extremely different things to different people in respect to their interests in commercial real estate. Before we investigate why cap rate matters, and what it means to specific people, let&#8217;s look at the actual equation and see how it works.</p>
<p>Cap rate has two main components which area: net operating income (NOI) and price or estimated value of the property. NOI is found by subtracting all expenses from the gross income of the property. When the NOI is divided by the price or value of a property, you are left with the cap rate.</p>
<p>You can move the components of cap rate around in order to determine each of the variables in the equation. The different equations used to determine any of the three variables are below:</p>
<p>                   NOI<br />
Cap rate = &#8212;&#8212;&#8211;<br />
                   Price</p>
<p>               NOI<br />
Price=  &#8212;&#8212;&#8212;-<br />
           Cap Rate</p>
<p>NOI = Value x Cap Rate</p>
<p>As you can see, depending on the information you have regarding the property, you can determine any of the three variables.</p>
<p>That&#8217;s great, you say, I can determine these three variables! But how does it affect my commercial real estate endeavors?</p>
<p>To show the main differences between cap rates, I am going to divide investments into three major categories:</p>
<p>Safe investment: Cap rate of 5%<br />
Average investment: Cap rate of 10%<br />
Risky investment: Cap rate of 20%</p>
<p>What the buyer wants out of the property determines what a buyer is looking for.</p>
<p>For example, property being sold at a 5% cap rate is often characterized by low vacancy percentages (less than 5%-10%), beautiful property grounds, good management, up to date amenities, and rents or leases priced at market rate. There is a positive and strong cash flow every month because the property is operating at its full potential.</p>
<p>This property&#8217;s value is greater when operating at peak performance, so a higher price is asked by the seller, making the cap rate lower. Those who buy at low cap rates are often looking for retail, already performing property that brings in a steady cash flow every month. A buyer such as this is often part of a REIT, or real estate investment trust, or a professional, such as a doctor or lawyer, who wishes only to deal with good properties and watch the cash flow in.</p>
<p>A property being sold at a 10% cap rate is often characterized by higher vacancies (around 10%-20%), average grounds, an average management team and average amenities. There is definitely some room for improvement with these properties. A buyer who picks up a property like this is looking to make those improvements by increasing rates, renovating and fixing up the property, as well as employing a well operating management team.</p>
<p>The sole purpose of this type of buyer is to create value in the property where it is lacking. It does take some work, and is more risky than the 5% cap rate property, so the asking price is less. Hundreds of thousands of dollars can be created in this difference between an average and good operating property.</p>
<p>A property being sold at a 20% cap rate, or more, is usually considered a very distressed property with vacancies of 20% and more, rundown grounds, old buildings that are falling apart, a poor management team and even a problem owner. Because of the risk, low operating income and problems with the property, a person who is willing to undertake such a property must not be afraid of a little (or much) work and the risk involved in attempting to turn a property of this type around.</p>
<p>However, there are hundreds of thousands, sometimes millions of dollars to be made in these properties! It takes a keen eye and some varied and creative scenarios to determine if the property will perform as you expect it will.</p>
<p>As you can see, the cap rate can be great for one person, and horrible for another, depending on the type of investor the buyer is!</p>
<p>As a seller, the seller wants to sell the property at the lowest cap rate possible because that means it is being offered at the highest price possible. It definitely depends on the condition of the property, operating income, expenses, vacancies and management team to determine what the seller can get for the property. The market will dictate what the right price is for a property.</p>
<p>Cap rates are considered the best way to determine the value of a property. Remember that a bank, or other type of lender, will be looking at the NOI of a property compared to the debt in order to determine if it is a safe investment for the lender. To a lender, the debt coverage is more important than the cap rate. However, if you can get the cap rate higher by getting a lower purchase price, then you can get a smaller loan, and possibly be able to cover the loan with the current NOI. It is a matter of working the numbers to see if a deal is feasible.</p>
<p>When you investigate commercial properties, use the cap rate to determine if the subject property fits your specific criteria. Always create future scenarios and manipulate the property&#8217;s income and expense sheets to determine if you can get the money out of the property that you hope to get.</p>
<p>Gold mines can be found in higher cap properties, so check it out and see what you can discover in your own community.</p>
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		<item>
		<title>Build Relationships and Leads Will Follow</title>
		<link>http://feedproxy.google.com/~r/NewYorkRealEstateBusiness/~3/xwjuRJX1lk8/</link>
		<comments>http://www.newyorkbargainproperties.com/blog/?p=107#comments</comments>
		<pubDate>Sat, 30 Jan 2010 14:09:36 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Article]]></category>
		<category><![CDATA[Building Relationships]]></category>
		<category><![CDATA[Leads]]></category>
		<category><![CDATA[real estate]]></category>
		<category><![CDATA[Selling]]></category>
		<category><![CDATA[Selling Homes]]></category>

		<guid isPermaLink="false">http://www.newyorkbargainproperties.com/blog/?p=107</guid>
		<description><![CDATA[Starting out in the real estate business (or any business for that matter) can be a little anxiety inspiring. The initial stage of getting off the ground is always a challenge. There are plenty of ideas out there on how to get new business, but one of the best ways to build your business is [...]]]></description>
			<content:encoded><![CDATA[<p>Starting out in the real estate business (or any business for that matter) can be a little anxiety inspiring. The initial stage of getting off the ground is always a challenge. There are plenty of ideas out there on how to get new business, but one of the best ways to build your business is by building on the relationships with your current clients. If you offer outstanding service and do the job right, you will get the referrals. Word of mouth is still one of the best marketing tools a business can ask for.</p>
<p>Always keep your seller in the loop &#8211; give them information and updates as to how their home is being marketed, provide prompt feedback from buyers who have seen the property. Make sure your buyers have the new listings as soon as possible.</p>
<p>When your clients seal the deal send a gift card or a bottle of wine. Give a gift for possession. It shows your client that you recognize this milestone in their life, and the personal touch makes all the difference. &#8220;When we moved into the new house there was a lovely gift basket filled with fancy preserves, crackers, chocolates and champagne from our realtor,&#8221; says one new homeowner. &#8220;We had a little celebration picnic in our new home.&#8221;</p>
<p>Consider implementing a customer satisfaction survey &#8211; after your business is done, give your client an opportunity to provide feedback. Set your ego aside and consider this an opportunity. Take the time to really learn from what they say &#8211; and find ways to improve in areas that might not be your traditional strengths.</p>
<p>Even after a deal is done, remembering your clients will show them that you think they are important, that you appreciate their business. Depending on the client you may want to offer personalized notes, email messages, website links and newsletters.</p>
<p>Not only is this good interpersonal relationship building, it will also build your reputation as a caring professional earning you well deserved referrals and repeat business. For repeat clients you might consider lowering your commission slightly, as a thank you for the continued business.</p>
<p>As much as you might want to, resist from asking clients to refer you. It&#8217;s cheesy &#8211; by providing great service you will naturally come to mind in conversation, which is far more genuine. Continue to offer services that will ensure your name is easily recalled in the community.</p>
<p>One way to do this is by being active in the community &#8211; sponsor fundraising events for local causes, family events, etc. Go farther by becoming a community resource &#8211; after all this is your market, you should know it well. You want to be the person people think of when they need local info &#8211; like where to go for the best Chinese food in town or what family friendly activities are being offered in the neighborhood. Be a wealth of information for new comers and established residents alike. Also develop other sources for referrals: HR departments for corporations in the area and relocation companies are a good place to start.</p>
<p>When you do get referrals, regardless of where it came from, remember to send a thank you note to the person who referred you.</p>
<p>By establishing your reputation as a thoughtful business person who is active in the community and willing to go the extra mile to provide exceptional service, you will find your business grows on its own and your reputation in the community will grow with it.</p>
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		<item>
		<title>Create a Commercial Real Estate Empire by Specializing in One of These Commercial Properties</title>
		<link>http://feedproxy.google.com/~r/NewYorkRealEstateBusiness/~3/wqt0mXmTyJ4/</link>
		<comments>http://www.newyorkbargainproperties.com/blog/?p=105#comments</comments>
		<pubDate>Sun, 20 Dec 2009 22:36:54 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Article]]></category>
		<category><![CDATA[commercial real estate]]></category>
		<category><![CDATA[investments]]></category>
		<category><![CDATA[property]]></category>
		<category><![CDATA[real estate]]></category>

		<guid isPermaLink="false">http://www.newyorkbargainproperties.com/blog/?p=105</guid>
		<description><![CDATA[There are many types of commercial properties available to those who work in the commercial real estate industry. Many people like to work in a specific area by working with only one or two types of commercial properties. They do this because they have expertise with that specific type of property.
Commercial properties differ more than [...]]]></description>
			<content:encoded><![CDATA[<p>There are many types of commercial properties available to those who work in the commercial real estate industry. Many people like to work in a specific area by working with only one or two types of commercial properties. They do this because they have expertise with that specific type of property.</p>
<p>Commercial properties differ more than in just their appearance and use. How you purchase, sell, operate, manage, evaluate, and price each property can be very different. Although there are some similarities, being an expert in one or two properties can greatly increase your ability to analyze good deals and maximize your profit potential. When you know the inside and out of the processes that take place with a certain type of property, know what hidden things to look for, and what mistakes to avoid, you are less likely to run into problems, and will generate positive, long lasting results.</p>
<p>Let&#8217;s look at the main commercial properties that you may already be involved with, or are thinking about moving into.</p>
<p>The first are office buildings, or office parks. The term office can be used to refer to floors, parts of floors, an entire building, or an entire office park with multiple buildings positioned in a community type setting. Office space is used for a variety of reasons. It can be used for actual offices for companies, or it can be used for places of business operations, or to meet a tenant&#8217;s specific functional and technical needs. An example of this would be an office building for medical purposes.</p>
<p>Office buildings can be segmented into three basic levels. The first is low rise, which has fewer than 7 stories above ground. A mid-rise has between 7 and 25 stories above ground. A high-rise has more than 25 stories above ground. These buildings are often rented by the square foot according to the total useable square feet available to the tenant.</p>
<p>The next type of commercial property is retail property. These are places of business where products and services are provided. There are many types of retail properties which include big boxes, outlet centers, strip centers, regional centers and power centers. Each of these has distinct characteristics that differentiate one from another. Business owners can better choose where they want to lease by identifying their product position, where the best location is, and the type of retail center that will best sell their products and services.</p>
<p>A big box is a large, free-standing building that is often much like a huge warehouse. They can often be found near major shopping centers and along major corridors. Companies such as Wal-Mart, Home Depot and Target are all example of big boxes.</p>
<p>Outlet centers are usually located in tourist or rural locations, and the businesses there offer their products and services at a discount. Strip centers are consecutive narrow parcels that have a variety of stores. They are often found along main roads and commercial corridors.</p>
<p>Regional centers are characterized by an enclosed, inward orientation of the stores. A walkway or common area connects the stores that offer a variety of products and services. There is usually a large, common parking lot found along the perimeter of the regional center.</p>
<p>Power centers are areas of business where large retailers, including large discount centers lease out the buildings. Category killers can also be found here. These are companies that offer a large selection at low prices. Ross, Mervyns, and Kohl&#8217;s can all be found in power centers. Think of the one stop place to shop retail center, and you have a power center.</p>
<p>Any of these types of retail centers can be chosen areas of specialization for an investor, developer or builder. This gives them a competitive advantage in the commercial real estate industry because it is the only thing in which they concentrate their efforts. You can bet there is not one thing that can pass by these people when it comes to retail centers, and they know exactly how to maximize their resources.</p>
<p>Industrial and warehouse properties are the next category of commercial property where you will find freestanding properties, research and development, large manufacturing, as well as industrial park properties.</p>
<p>Freestanding industrial properties can vary greatly in construction type, design, and overall function. They stand alone, and are usually occupied by an end user, so the building is specific to a special purpose.</p>
<p>A research and development property is characterized by having office space and manufacturing on the premises. You can find them most often near universities, and close to other locations of professionals.</p>
<p>Industrial parks are large, planned developments that can be used for special scientific and technological use, or sophisticated communications uses. They have many buildings for mixed-purpose or a single purpose that are scattered in an often functional way.</p>
<p>Industrial buildings and warehouses are crucial to a city&#8217;s economic development, and cities often provide tax incentives when jobs are provided and new companies are brought to a city, especially to one experiencing rapid growth.</p>
<p>Multi-family property is another type of commercial property in which you can specialize. They offer huge opportunities to create value. A multi-family property is not considered a commercial property unless it is greater than 5 units. Duplexes and fourplexes are not considered commercial properties, though they can be a great investment. The larger the apartment complex, for example more than 100 units, the more money you will be able to return on investment. These multi-family units have living space, appliances and amenities. Multi-family units can range from low-end to luxury type units.</p>
<p>The last type of commercial property is raw land. Raw land is characterized by untouched land with no improvements such as utilities and roads. It can be the most difficult property to involve yourself with; however, it can return the greatest results.</p>
<p>Whichever property you decide to specialize in, only begin a new project in a new area with a person who has lots of experience. You can learn a lot from someone by using this strategy. It will give you a solid foundation to do the next project on your own. This partner or associate will help you to gain the experience and insight that may otherwise take you years to learn.</p>
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		<title>Advantages In Joining A MLS Real Estate Listing</title>
		<link>http://feedproxy.google.com/~r/NewYorkRealEstateBusiness/~3/fN7h5iIpkuE/</link>
		<comments>http://www.newyorkbargainproperties.com/blog/?p=102#comments</comments>
		<pubDate>Thu, 17 Dec 2009 10:12:15 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Article]]></category>

		<guid isPermaLink="false">http://www.newyorkbargainproperties.com/blog/?p=102</guid>
		<description><![CDATA[When you choose to sell your home on your own, you want all the help you can get. Though you can save thousands by skipping the commissions of a realtor, you put yourself at a marketing disadvantage. That is why you need to get your property listed on the multiple listing service (MLS) for realtors. [...]]]></description>
			<content:encoded><![CDATA[<p>When you choose to sell your home on your own, you want all the help you can get. Though you can save thousands by skipping the commissions of a realtor, you put yourself at a marketing disadvantage. That is why you need to get your property listed on the multiple listing service (MLS) for realtors. There are many advantages in joining a MLS real estate listing. A look at them will show you that paying a flat fee to get a “for sale by owner” listing on MLS is well worth the money and effort.</p>
<p>The first of many advantages in joining a MLS real estate listing is that it is the key to sales success. Did you know that about four of every five home buyers get to the property they want through the MLS? By being listed on MLS, you will have most every real estate sales person in the region working for you. Most flat fee MLS listing services will keep you on for as long as 6 months, but in most cases you wont need that long with exposure to so many realtors, brokers, and customers.</p>
<p>The second of the advantages of joining a MLS real estate listing is that you are saving as much as 2% to 3% on yrou sale. Though that does not sound like a lot, it is actually $2000 per thousand you sell meaning you could end up saving as much as $20,000 or $30,000 on the sale if you skip the realtor and pay the flat fee to list on MLS.</p>
<p>Thirdly, one of the advantages in joining a MLS real estate listing is that you will be seen. If you are selling as a for sale by owner, then you have to hope someone “accidentally” drives by your home or sees it in the newspaper by chance. Also, even if a realtor drives by, they will likely not show a home that is not MLS listed. If you are on MLS, though, you will come up in searches and have your house shown with much more frequency. It works much better when luck is taken out of the equation.</p>
<p>Finally, it is just good sales and business sense to list on MLS. Far and away, MLS is the best way to sell your property fast and for a price you like. Since the internet is considered the second best value and power versus reasonable cost for property, listing on MLS gives you the exposure you need.</p>
<p>There are many many advantages in joining a MLS real estate listing service. You will find that your home is better marketed, that you don’t have to rely on the luck of a drive by, that you save a great deal of money, and that you are linked in with thousands of realtors who essentially end up working for you. So if you are going to sell your home yourself, you should find a flat fee or free MLS listing service so that you have the best possible chance of selling your home quickly and at a price you want.</p>
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		<title>Buying Foreclosure Homes – You Win by Offering the Homeowner Options</title>
		<link>http://feedproxy.google.com/~r/NewYorkRealEstateBusiness/~3/xPrjzkJTq_8/</link>
		<comments>http://www.newyorkbargainproperties.com/blog/?p=99#comments</comments>
		<pubDate>Wed, 02 Dec 2009 11:03:05 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Article]]></category>
		<category><![CDATA[auctions]]></category>
		<category><![CDATA[buying foreclosed homes]]></category>
		<category><![CDATA[foreclosure]]></category>

		<guid isPermaLink="false">http://www.newyorkbargainproperties.com/blog/?p=99</guid>
		<description><![CDATA[In teaching workshops on how to buy foreclosure homes (often listed on a foreclosure auctions report), I often write on the markerboard in big bold letters, &#8220;Gain They&#8217;re Trust to Close More Deals&#8221;.
The principle of gaining the trust of the homeowner threatened with foreclosure is a deal-maker. If they trust you, they are more likely [...]]]></description>
			<content:encoded><![CDATA[<p>In teaching workshops on how to buy foreclosure homes (often listed on a foreclosure auctions report), I often write on the markerboard in big bold letters, &#8220;Gain They&#8217;re Trust to Close More Deals&#8221;.</p>
<p>The principle of gaining the trust of the homeowner threatened with foreclosure is a deal-maker. If they trust you, they are more likely to accept your offer. Besides that, if you have earned their trust by explaining their options to them, then if they choose to let the home go to auction where it will likely end up on a foreclosure auctions report (and you win it) they are much more likely to vacate the property without a fight.</p>
<p>1. Work with their Current Lender</p>
<p>Forbearance: An agreement between the lender and the borrower that reinstates the delinquent loan because the homeowner will put up an initial lump sum of the total delinquency and pay the rest over a period of time.</p>
<p>Loan Modification: A change in any of the terms of the original note. This includes decreasing the interest rate, re-amortizing the remaining balance, extending the term of the note.</p>
<p>2. Work with a New Lender</p>
<p>Refinance: Where a new lender loan the borrower monies to pay off existing debt. This option is generally open to borrowers that face a temporary setback in their financial situation and can prove that they can afford the new mortgage payment. Most financial institutions will not loan to people unless they have the above mentioned criteria and at least 20% equity in the residence.</p>
<p>Junior Mortgage: Where a new lender will offer a second loan or junior lien in order to make up any back payments, late fees and other charges necessary to reinstate the loan. Rates are typically 12%-18% and terms are 5 to 10 years.</p>
<p>3. File Bankruptcy</p>
<p>Bankruptcy is a way for people who owe more money than they can pay right now, to either work out a plan to repay the secure creditors over time in Chapter 13 filings, or wipe out (discharge) most of their bill in a Chapter 7 filing. While the debtor is working out a plan, or the trustee is gathering the available assets to sell, the Bankruptcy Code provides that creditors must stop all collection efforts against the debtor. What happens to your bills, debts and house will be controlled by the Bankruptcy Code and the Federal Rules of Bankruptcy(the owner will NO longer have control over any of their assets). Bankruptcy will have a serious impact on the credit lives for the next 10 years.</p>
<p>4. Sell Their Home</p>
<p>List with a Realtor on the MLS (Multiple Listing Service)- Due to the short foreclosure period in Texas, listing their home with an real estate broker and being able to close within 21 days is a very unrealistic task due to the new buyers financing. The process of lenders approving the buyers credit, appraising the house, completing underwriting, reviewing title, getting a new survey, getting payoff demands and drawing documents&#8211;can take 3-4 weeks to complete (assuming no problems pop up). Just because the property is under contract and scheduled to close will NOT stop the auction.</p>
<p>Sell to an Investor- Selling their house to an investor who offers &#8221; cash at closing&#8221;; no new loan contingencies; no repairs to be made (AS IS); fast escrow; a for sure sale providing a fresh start with reputation and integrity intact would be their best option. Although the investor&#8217;s price is less, the investor can salvage the seller&#8217;s credit, bring loans current, rebuild seller&#8217;s credit by paying the sellers debt on time every month. This is a much BETTER solution than doing nothing and losing everything at the foreclosure auction.</p>
<p>5.Giving Up and Letting it Go:</p>
<p>Deed-in-Lieu: Borrower voluntary conveys the title (property) back to lender in lieu of the lender foreclosing. Most lenders would rather go through with the auction and clean title by extinguishing inferior liens.</p>
<p>Let it Go to Auction: Obviously, nothing good can come from this, the owner loses their home with no money, credit problems, hard to find new housing due to past history and the lender can sue for any deficiency.</p>
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		<title>10 Marketing Tips For Entrepreneurs</title>
		<link>http://feedproxy.google.com/~r/NewYorkRealEstateBusiness/~3/LG1Xv3PO6yw/</link>
		<comments>http://www.newyorkbargainproperties.com/blog/?p=97#comments</comments>
		<pubDate>Sat, 21 Nov 2009 01:02:28 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Article]]></category>
		<category><![CDATA[book]]></category>
		<category><![CDATA[business]]></category>
		<category><![CDATA[communications]]></category>
		<category><![CDATA[entrepreneur]]></category>
		<category><![CDATA[freelance writer]]></category>
		<category><![CDATA[marketing tips]]></category>
		<category><![CDATA[sales]]></category>
		<category><![CDATA[success]]></category>

		<guid isPermaLink="false">http://www.newyorkbargainproperties.com/blog/?p=97</guid>
		<description><![CDATA[Nothing happens in business until a sale is made. Marketing is simply about getting new customers and keeping them. If you’re not doing something everyday to market and promote your business, your competitors are. Here are ten easy-to-implement tips to effectively market and grow your business:
1. Partner with large email database list owners and offer [...]]]></description>
			<content:encoded><![CDATA[<p>Nothing happens in business until a sale is made. Marketing is simply about getting new customers and keeping them. If you’re not doing something everyday to market and promote your business, your competitors are. Here are ten easy-to-implement tips to effectively market and grow your business:</p>
<p>1. Partner with large email database list owners and offer to cross promote each oher. The list owner will advertise your event, product, or service to their email database and you’ll offer to do the same to your list.</p>
<p>2. Create your own blog which is an online journal with frequently updated posts to entertain and excite existing and potential customers. It’s more personal and immediate then a website and keeps people engaged and hopefully coming back for more. You can even create one for free at <a href="http://www.blogger.com/">http://www.blogger.com</a>.</p>
<p>3. If you want to increase word-of-mouth fast, do something beyond normal industry expectations. For example, Mr. Lube offers fast and affordable tune-up service to customers right on the spot, without having to leave the car, while offering coffee, cappuccino, and a fresh newspaper.</p>
<p>4. Always ask happy clients for endorsements or testimonials and put them on your website and other marketing collateral. They’re worth their weight in gold. Try to get some recognizable names in your community for additional cachet.</p>
<p>5. Put a special offer or product advertorial on every invoice and statement you send out. Likewise, you can also negotiate a deal with another company to advertise your product or service on all their invoices for a percentage of revenues from placed orders.</p>
<p>6. Make your business cards stand out and be natural keepers. Offer important information on the back such as emergency phone numbers, a map, or special dates to remember. Have a slogan that offers a powerful benefit statement to your prospective customer.</p>
<p>7. Offer special bonus packages with your product or service offering. Get corporate sponsors to give away products as part of the bonus package in exchange for free exposure.</p>
<p>8. Align your business with a cause or charity. Give back to your community. Customers appreciate doing business with companies that are bettering their communities and the environment and being good corporate citizens.</p>
<p>9. Find an angle that makes your work controversial. The banning of Mark Twain&#8217;s &#8220;The Adventures of Huckleberry Finn, reviewed as &#8220;trashy and vicious,&#8221; was a blessing in disguise. Twain made a poster advertising the ban, which significantly increased sales.</p>
<p>10. Post frequently in online message boards/forums relevant to your business or expertise. Include your signature and offer tips and valuable advice. Eventually you will begin gaining word-of-mouth exposure as a leader in your field. Posting messages with your company information also helps to increase your search engine rankings and drive traffic to your site.</p>
<p>[Excerpted from Sharif Khan’s new ebooklet: "101 Ways to Market Your Business," <a href="http://tinyurl.com/m2nsf">http://tinyurl.com/m2nsf</a> ].</p>
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		<title>Which Is A Better Real Estate Investing Strategy, Wholesaling (Flipping) Or Rehabbing</title>
		<link>http://feedproxy.google.com/~r/NewYorkRealEstateBusiness/~3/U_geWsFbl0w/</link>
		<comments>http://www.newyorkbargainproperties.com/blog/?p=95#comments</comments>
		<pubDate>Tue, 17 Nov 2009 22:47:01 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Article]]></category>
		<category><![CDATA[business]]></category>
		<category><![CDATA[buyer]]></category>
		<category><![CDATA[cash]]></category>
		<category><![CDATA[contract]]></category>
		<category><![CDATA[deals]]></category>
		<category><![CDATA[doing]]></category>
		<category><![CDATA[estate]]></category>
		<category><![CDATA[investors]]></category>
		<category><![CDATA[property]]></category>
		<category><![CDATA[real]]></category>
		<category><![CDATA[real estate]]></category>
		<category><![CDATA[rehab]]></category>
		<category><![CDATA[wholesale]]></category>
		<category><![CDATA[wholesaling]]></category>
		<category><![CDATA[you’ve]]></category>

		<guid isPermaLink="false">http://www.newyorkbargainproperties.com/blog/?p=95</guid>
		<description><![CDATA[This topic has been one of heated debate for quite some time now. You have the &#8220;Die Hard&#8221; Wholesalers, your Rehabbers, and Landlords that all feel that their strategy is the best.
Probably the best way to describe where everything fits in, it&#8217;s best to think of a triangle. If you look at Real Estate like [...]]]></description>
			<content:encoded><![CDATA[<p>This topic has been one of heated debate for quite some time now. You have the &#8220;Die Hard&#8221; Wholesalers, your Rehabbers, and Landlords that all feel that their strategy is the best.</p>
<p>Probably the best way to describe where everything fits in, it&#8217;s best to think of a triangle. If you look at Real Estate like a triangle you&#8217;ll see that on one side we have Rehabs, on another side we have Rental Property and on the last side of the triangle we have wholesaling.</p>
<p>I consider wholesaling to be the bottom side of the triangle, the foundation. Wholesaling is the foundation that quickly injects large chunks of capital into your home buying business. This is the capital that you&#8217;ll be using to grow your business and purchase long term wealth vehicles like Rental Properties. I personally wouldn&#8217;t recommend trying to do any of the other real estate investing strategies until you&#8217;ve had a few wholesale deals under your belt.</p>
<p>Wholesaling, or &#8220;Flipping&#8221; properties is by far the easiest way for a new real estate investor to go from zero to $20,000 in 30 &#8211; 45 days. It won&#8217;t take you long to get to the point where you&#8217;re making $10,000 to $20,000 checks each and every month only working a few hours a week. That&#8217;s probably one of the greatest benefits that you&#8217;ll find when wholesaling Real Estate.</p>
<p>Who wants to worry about fixing junk properties..or unclogging toilets? This is a strategy that you can put on auto pilot if you put the appropriate systems in place. If done properly, you should only need to show up to Close The Deal &amp; then to pick up your check at the title company. Remember that time is your most valuable asset!</p>
<p>Once you’ve created your investor list (which we will discuss) it won’t be hard for you to move these deals in a short amount of time, normally within 10 to 15 days. Your buyers will be paying with All Cash and financing is not an issue.</p>
<p>This is much easier than selling to an &#8220;End Buyer&#8221;. In a slower Real Estate Market, it may literally take two to three months for you to find a qualified buyer who wants to buy the property. Remember that the keyword here is &#8220;QUALIFIED BUYER&#8221;. When you&#8217;re dealing with other investors you know that they either have cash or hard money, and financing isn&#8217;t a big issue. When you&#8217;re dealing with &#8220;Joe Q. Public&#8221; you&#8217;re going to get interested buyers with various financing issues and you&#8217;re the one that has to worry about getting the deal closed. Once you find a buyer, you’ve got to get their loan approved, then you’ve got to get the loan taken care of, get the appraisal and all the other things that come with a regular retail buyer, and so it may take anywhere between three months to eight months to close a deal on a rehab, going from purchase &#8211; rehab &#8211; resale.</p>
<p>That brings me to another reason why I prefer wholesaling real estate over rehabbing. When you buy, fix and resell real estate, you&#8217;re committed to the property. Once you close on that baby it&#8217;s your&#8217;s&#8230;The Good And The Bad! If some unforeseen problem arises (It always does), you&#8217;re going to be the one that carries the expense. If you&#8217;re rehabbing a property, you&#8217;ve got to start by hiring a contractor or handyman. You’ve got to get him to do all the repairs to the property, market the property, go through the process with the end buyer. All of this may take a long time, and you are the one carrying the costs. Every day that this property remains in your possession, money is pouring out of your wallet.</p>
<p>In a wholesale deal, all that you are really doing is getting control of the property. You would simply take the same property that you would normally buy and rehab, and get it under contract. Then, you&#8217;re taking that contract, marketing it and selling it to other investors that want to take on the project. There are investors out there that prefer doing rehabs. These are investors who have the cash to pay and who don’t mind waiting six months to do a rehab. There are also investors that want to do a deal, but are horrible at talking to sellers and would not be able to secure the pricing that you can. These Rehabbers have no problem paying you an &#8220;assignment fee&#8221; (the amount that you pocket when you sell your contract) because they understand that it is a cost of doing business for them.</p>
<p>The Rehabber will generally net more than a wholesaler, but look back at all of the risk and time associated with doing a rehab. The average, depending upon your location is between $25,000.00 to $40,000.00. and at times even more. But most wholesale deals are going to net you anywhere between $10,000.00 and $20,000.00. Usually about half of what the average Rehabber makes per deal. However, unlike the rehabber, as a wholesaler, you have more control of the amount of money you earn. The best part of wholesaling is that your pay is directly proportionate to your ability to put deals together and not how much time or physical labor you have in a deal. As you get better at negotiating, you&#8217;ll be getting properties under contract for less and less, allowing you to sell the contract for more and more.</p>
<p>I would personally rather do four wholesales and spend less time than to wait six to eight months for a single rehab to cash out. Even if you&#8217;re in a position to wait that long, is it really worth the risk? That&#8217;s the question that you need to ask your self when deciding which real estate investment strategy you want to take on. Exactly how much risk are you willing to accept?</p>
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		<title>Real Estate Investing: Tips In Marketing Properties And Deals</title>
		<link>http://feedproxy.google.com/~r/NewYorkRealEstateBusiness/~3/oyDoqvjUvz0/</link>
		<comments>http://www.newyorkbargainproperties.com/blog/?p=93#comments</comments>
		<pubDate>Thu, 29 Oct 2009 10:51:06 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Article]]></category>
		<category><![CDATA[real estate investing]]></category>

		<guid isPermaLink="false">http://www.newyorkbargainproperties.com/blog/?p=93</guid>
		<description><![CDATA[Real estate investing is a job that requires a significant amount of work and commitment to succeed in it. The earning potential in this business is truly big. However, it all depends upon how you manage it and make it work.
For an investor, finding the most phenomenal real estate deal is the key to make [...]]]></description>
			<content:encoded><![CDATA[<p>Real estate investing is a job that requires a significant amount of work and commitment to succeed in it. The earning potential in this business is truly big. However, it all depends upon how you manage it and make it work.</p>
<p>For an investor, finding the most phenomenal real estate deal is the key to make a great deal of money in the real estate investing business.  That is why as a real estate agent, you should be able to come up with the best marketing strategies so that you will get to attract a lot of investors to make use of your services.</p>
<p>Common Mistakes Of Real Estate Agents</p>
<p>The common mistake of many agents in real estate investing is that they simply do what every other agent does. As an agent, you should be able to set yourself apart from the rest. The business of real estate investing belongs to a very competitive marketplace so if you are more innovative in your marketing strategies and other services, chances are you will be the choice to do business with.</p>
<p>Another mistake that most real estate agents make is that they do not clearly express the benefits that the buyers will get out of transacting business with them. Potential clients want to immediately know the benefits that they will be getting out of this venture. A great deal of real estate marketing nowadays revolves around the promotion of the agent instead of the properties and the benefits that one will get out of using the services of the agent. By making a simple distinction, you will see a great difference in the results that you will get.</p>
<p>Marketing Techniques</p>
<p>Newspaper ads, billboard advertising and leaflets are a great way to promote deals and properties. Although they cost quite a considerable amount of money, getting at least one deal for the period of the ad will make you more money than what you actually paid for that advertisement.</p>
<p>Many agents do not consider these options because of the amount that they will be spending for using these marketing techniques, but what they do not really know is that these are effective marketing strategies for most businesses and the real estate investing business is no different.</p>
<p>If you think newspaper ads and the like are not that effective, you might want to consider promoting your properties and deals online. Majority of buyers look out for properties and great deals over the Internet so where else would be the best way to advertise but online. However, when posting properties online keep the photos of your listings and other contents of the post as good as possible. Who would want to buy homes that are cluttered in the first place?</p>
<p>Of course, you have to evaluate the results that you are getting out of these marketing techniques. If you think that you are not getting actual business out of a particular advertising strategy then its time to move on to a more effective one. Above all, see to it that when you employ these marketing techniques, they must focus on the services that you offer and the needs of your prospective clients.</p>
<p>Real Estate Investing Courses</p>
<p>It pays to get educated. A lot of agents who are attending educational courses in real estate investing tend to earn higher amounts of income. By attending these courses, you get to learn more about the business of real estate investing as well as all of the fundamentals in terms of promoting properties and deals to your potential customers. You will be able to improve your skills as an agent and eventually turn out to be a high earner in the field of real estate investing.</p>
<p>Real estate investing as a business is a risk. However, if you dedicate a really good amount of commitment in it coupled with hard work, it would not be a difficult task to close deals and earn high profits in this type of business. The bottom line is that it still depends on how you work things out that makes this venture successful.</p>
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