Today, we’re going to talk about an important issue called title insurance. A lot of people know about homeowner’s insurance but not necessarily “title insurance.” If a house catches fire and there is physical damage to the building, the owner is covered because of the homeowner’s insurance. Similarly, if there is an unpaid debt against […]
In real estate, when a buyer wants to purchase a property, they put a contract on it so that no one else can buy the property out from under them, and so that the terms of purchase are clear to both the buyer and the seller. The contract is an essential part of the deal. If you are the broker/agent, you, too, should have a contract with the buyer/seller that spells out the terms of your commission. Broker/agents work with two types of listings in general – open and exclusive.
Brooklyn has much to offer residents and visitors alike. There is a thriving arts community as well as a cultural scene centered in the Brooklyn Academy of Music. The dozen or so universities in the area also make the area very appealing. The new Barclays Center is attracting topentertainment talent and is part of a large area called the Atlantic Yards. This area is being developed to include residential, business and retail establishments.
Usually condo buyers have two options: either buy an “old condominium”, i.e. secondhand (usually buying from an individual owner) or a “new condo”, i.e., sponsor unit (buying directly from the developer). Real Estate Taxes If you are buying a sponsor unit, the condition of the unit is usually brand new, unless the sponsor rented it […]
Sometimes when people get comfortable or are at the top of their game, they forget those who helped them or what these individuals did in order for them to achieve their success. Sadly, when a lot of people get comfortable or achieve some success, it goes to their head. They get on their high horse and don’t think about or acknowledge the people who helped them get there. Always remember who helped you along the way. Be thankful and show your gratitude.
There is an old saying: “If you fail to plan, you plan to fail.” For people in the real estate business, or in any business, having a good business plan is a wise move. I’ve put together a few pointers:
What is a business plan?
According to Wikipedia:
“A business plan is a formal statement of a set of business goals, the reasons they are believed attainable, and the plan for reaching those goals. It may also contain background information about the organization or team attempting to reach those goals.”
Kenneth is a young professional. He’s looking to buy a condominium with tax abatement, so that he can afford to pay the mortgage without paying too much in real estate taxes. In New York City, new construction condos built in certain areas are qualified to benefit from 421a tax exemption (for details check out: http://www.nyc.gov/html/dof/html/property/421a.shtml)
Kenneth saw an online listing for a condominium building in Brooklyn, which stated the offering price of each unit. According to the advertisement, the real estate tax is only $25 a month for the unit that he’s interested in. Kenneth is very excited to have found something with such low real estate taxes.
1. Think independently.
It is easy to follow the crowd and do what everyone else is doing. The good investor makes his/her own way.
2. Emotional Stability
The real estate business is often very fast paced and high energy. The good investor is grounded and focused with a clearly defined plan or strategy.
Many parents believe that transferring the title of their house to their children as a gift could save them the need to write a will and avoid will probate procedure. There are some pros and cons to doing this.
A lot of people want to be in the real estate business, but they are coming into the business with the wrong information. A lot of them are going out there offering properties that they can’t really deliver because they are not in touch with the owners or people controlling the properties. The offer ends up being a waste of time for not only the agent/broker, but for the other people involved.
If you’re going out there and offering something you can’t deliver, how does that make sense? It doesn’t help you make a living and it won’t make you rich. You need to make sure you deal with the right decision makers or the property will not sell. If you are talking to the right people, the sky’s the limit. If you are talking to the wrong people, everyone loses.
In our last blog, we talked about what to look out for when purchasing a second-hand condo, such as unpaid bills or other unexpected assessments. In this blog, we’re going to talk about some of the items/costs that you should watch out for when you are purchasing a new condo.
When it comes to real estate, back in the day there was no conventional financing for homebuyers or business properties. If you had cash resources available, you could do business; if you didn’t have money, you needed to find a partner or you were in trouble. In recent decades, conventional financing became easier and more readily available, but today, banks have tightened up. Money is still available for financing, but if you want to be out there and compete successfully for a deal, Cash is King.
Law and Practices: Since 2005, many new condos were built and sold in the 5 boroughs. In recent years, many condo owners are selling because after 7-10 years, they either need to relocate or move into a house . Second-hand condo buyers have to pay extra attention, because the procedures will be different from buying a brand new condo from a developer.
Putting a deal together requires you to orchestrate and coordinate many parts and pieces. So much can go wrong, but we work very hard for the buyer or seller to get the job done. Here is a list of just some of the many tasks that go into it.
Phase 1 – Original Contact
In this holiday season, most people are busy shopping for holiday gifts. A lot of people are busy shopping for houses in the beginning of the new year. Many agents are still working as usual to help buyers to purchase their dream home. When purchasers are shopping for houses during the cold winter season, however, especially in New York, there are a couple of things that a purchaser needs to be aware of.