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Want to invest in real estate, but strapped for cash? Read this article by James Kimmons He is a master of explaining the process and exit strategy. This is a very viable option especially today with so many properties in trouble.
As a real estate investor I have personally used this option and liked the results. It is not for the faint of heart and it does require a knowledgable Realtor or Attorney. Read what James has to say and by the way James is one of my favorite bloggers, I find his information highly valuable and usable as a Realtor and an investor.
James Kimmons article on Lease Purchase as a viable option for Real Estate Investors.
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12/11/2009
FHA and Tighter Lending Standards Could Negatively Impact The Storm Lake Iowa Real Estate Market
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12/7/09 Storm Lake and Alta Homes For Sale!
Market Snapshot - Year To Date
Single Family Residential in Storm Lake and Alta Iowa - 50588 and 51002
Total Available - 266
Sold - 159
Active - 107
Days on Market (DOM) - time from first listed until closed
and %L/SP (Percentage of Listing Price Received)
0 -31 days 31-60 days 61-90 days 91-120 days 120+ days
40 32 22 17 48
25.16% 20.13% 13.84% 10.69% 30.19%
96.63%LP 95.92%LP 96.29%LP 93.9%LP 94.42%LP
A big take away is that there are a number of properties available for sale, 107 today with Alta and Storm Lake addresses. Just over 25% sell within the first 31 days and at only 3.37% less than listed price. However if the property goes over 120 days (and over 30% stay on the market more than 4 months) it will bring nearly 6% less than listed price PLUS have an additional 3 months in mortgage payment, taxes, utilities and maintenance costs added to the cost.
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Check out the new Home Buyer Tax Credit Reference Chart if you haven't already gotten one. Click on the link and go - Home Buyer Tax Credit Reference Chart. Once there click on the red box with that info. on the page. I haven't been on in a while because I have been sooooo busy opening my own brokerage :)
We are Weaver LLC Realtors, great office, working with some really good Buyers and Sellers. A little nervous but staying the course and pushing on. One thing I am so thankful for is all the people who have supported me in this decision, helped me get the office, books, forms, files, advertising, marketing, and so many other things organized and on track. And a very special thank you to my husband, Ronnie.
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