Planning Real Estate

A special court called a probate is the legal body which manages such proceedings as the transfer of your assets to the designated executor/s. The first step in the process involves the designated executor to file a claim with the probate court to seek for appointment legally acknowledging his/her power to execute the proceedings regarding your estate. The use of the probate system is quite easy yet as with all legal systems, there are advantages and disadvantages to such legal bodies having bearing over your estate. Read more »

The Latin phrase is baffling to most yet to lawyers and legal experts, it simply means the guarantor trust or the all versatile revocable living will. It is a document similar to a “last will and testament“ but it is formulated and executed while you are still alive, execution of such is done without the involvement of the legal system. It allows you to assign your assets in trust to your preferred administrator, automatically endowing them onto your beneficiaries upon death. It is called a revocable will for you can change or revise the provisions of the document should you see it fit all throughout your life, the provisions of which become irrevocable upon your death. The trustee is the person who would manage or take control of your estate and other affairs should you expire. Read more »

The process is quite complex and is required by most states and legal branches of governments all over the globe, why so important. It discusses the nuances of your estate and how it will be dealt with in case you die or are rendered unable to care for yourself (legally incapacitated). Contrary to common knowledge, the state does not get ownership of your estate and any other assets in case you forget to make a will for your estate. The legal branch of government or your lawyer would look for your next of kin, or if not available, the farthest next line of your family to even your husband’s family if none are found. After all measures are exhausted to locate your next of kin and still no beneficiary is found, only then can the state take control of all your assets and liabilities. Read more »

One of the most important and major questions asked by many is whether they should rent or buy their own home. Each has it’s own pros and cons, and it really is up to the person to decide which fits his or her budget. Owning your own home can prove to be a big investment, as there are long term benefits. Your home’s value may increase over time, especially if it’s in a good neighborhood and it’s well maintained. You also have more freedoms to remodel and redecorate as you see fit. There are also certain tax advantages for owning your own home. The downside though is the large amount of money you need to initially buy your own home. Also, if you foresee moving in the future, then renting might prove to be more advantageous.

The unstable financial market has not eased up speculation on the future of the housing market even with the move by the US Federal Government to get a share of the broken real estate giants Fannie Mae and Freddie Mac. The prices of houses are still dropping at record lows and mortgages are following suit. The housing market has been waiting for national recovery for them to unload the huge amounts of investment they have tied down to homes that have already been built. With people losing jobs everyday, the number of buyers are dropping and sometimes not even existent to get accurate counts.
On the other hand, the small percentage of the population who have enough cash to spare are buying up all they could for a time when the economy bounces back and house prices rebound. The rich are seen investing and buying out some prime real estate as the recession sends prices rock-bottom. Just hope their wisdom in doing so gets them off the hook in a short time or risk having several white elephants in their inventory, with no buyers as the rest of the industry is in.

Owning several properties as investments can be a headache if you fail to monitor them and keep tabs on current market statistics. While some make it big in the industry by making timely decisions, most lose out.
Market experts keep tabs on the industry from data gathered from brokers and agents who are out on the field doing the selling/buying. They get the feel of the market, how receptive and amiable customers are and what not to do to properties so they become easy to sell.
These people also know the makings of easy sales, so ask for advice so you get your properties in shape for marketing. Brokers and agents are the source of reliable information and getting to know the best might increase the chances for success in property investing so keep tabs and be sure to return the favor for these hard working men and women out in the thick of things.

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You need to “know somebody” to start in this business. Yes, you need to know the people who will be crucial to your business - not the “big shots”. Examples of such people are lawyers, real estate agents, brokers, bankers city officials and others, because they can teach you much about your potential market.

And more often than not, they can also be a source of future business for you. It is very possible that they will be the very people who will point you to the right direction of good investments later on. All one has to do is just get started and you’ll be surprised that soon enough, you will already have a network of friends in this business

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More often than not, advertisements exaggerate the actual conditions of apartments they want to rent out - which makes you think this is it! and feel that you’re dying to get this place. Furthermore, it has to be this one because no other place is good enough. However, deep down inside, warning bells are ringing, signifying that all is not as great as it sounds.The question is, how do you go about finding them out before you do anything drastic like signing the lease contract or parting with your precious downpayment? Living with leaky faucets, faulty wiring or noisy neighbors’ pets could be irritating at best and maddening at worst.

• Here are a few things to ask when calling about an advertisement you have read:
  Ask the owner or manager to describe accurately the unit mentioned in the ad. Verify anything vague about it like a “soothing/relaxing outdoor nook” which could mean the small space beside the sidewalk of a street.
• Inquire about the floor area of the entire unit and that of each room.
• Check if the availability period of the unit coincides with your planned moving in date. Be certain that the rent is actually what was advertised.
• Ask the owner about the water supply, garbage disposal and collection systems.
• See to it that all your requirements are complied with especially if you have peculiar restrictions such as hairy pets (if you have asthma).
• It would also be wise to know the existing establishments within the immediate area such as factories that operate on a 24-hour basis or a nearby airport (which could possibly destroy the peace and quiet you crave).
• Frankly ask about the security of the place. Are guards available on a 24 hours a day or are they only present at night time?

Buying an old house is quite tricky. You may think you’re getting it for a cheap price. But end up spending much to replace utilities or renovate. A few tips might help you pick that right, affordable house that you’ve been working so hard for.

1. Check the roofing. Replacing roofs can be expensive. Look out for cracks or worn out sections that might need urgent replacement. Are you willing to spend for it?
2. You might want to check the utilities like water heater or airconditioning.
3. Walls and the sidings must be inspected thoroughly for cracks, breaks and most importantly, molds.
4. Repainting a house is simply too costly. Assess the over-all appearance of the property.

Know what you are buying. Will you actually be paying more for the replacement or renovation. Or will the house be worth it just as it is. Never be too shy to ask for everything that’s on your mind, before actually buying the property.

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If you are seriously thinking of buying a property, consider these factors:

Asset appreciation. Property can be a great long-term investment, and the building and surrounding land is an asset that almost always appreciates in value.Fixed overhead costs. Along with payroll, a mortgage is one of the highest fixed business expenses.

Potential to sublet. If the property is too big, you can sublet a portion of it, which can help you pay the mortgage or give you additional funds for your own cash flow.

Commercial Property: Finding the Right Place and Negotiating the Best Price
The process of leasing or purchasing commercial property should be well thought-out, like any major business decision. The cost to lease or purchase is usually one of a company’s largest annual expenses, and a site selection process should be implemented in advance to define specific needs, which will minimize wasted time in locating the ideal facility. Always remember that good information makes a good decision.