If you are looking to buy cheap investment properties in Akron Ohio, you need to start NOW.
In the last six months, there were 310 properties sold in the Akron Ohio area from $0-$20,000. Of those Akron properties sold, the AVERAGE sale price was $10,805. Just think of the cash flow you will be able to generate with rents of $400-$600 every month. Below is an example of how you can use real estate investment property income to generate long term wealth:
Purchase Price: $15,000
Repair Work: $5,000
Total Cost: $20,000
Monthly Rent: $500
Monthly Taxes & Insurance: $130
$500 - $130 = $370 POSITIVE MONTHLY CASH FLOW
So, using this basic example, it would take only 54 months before your Akron real estate investment is completely paid for. Once paid for, your investment property is increasing your bank account an extra $4,440 per year; and that's assuming you never raise the rent of your Akron investment property. Just imagine if you owned 3 investment properties in Akron and used the exact same example. That's an additional $1,110 per month or $13,320 per year!
**The Real Estate Industry**
In my opinion, the real estate industry has produced the largest number of self-made multi-millionaires (and billionaires). In fact, nearly all of the richest people own significant real estate investments—including land, commercial buildings, and residential housing. Unaccounted for amongst the “Forbes 400” list, are thousands of “small-time” real estate multi-millionaires.
In addition to income and price appreciation, real estate provides significant tax breaks, which allow for further wealth building. (Source)
If you own one or more investment properties in Akron or would like more information on cheap investment properties in Akron, contact me NOW!
This post has little or nothing to do with real estate except for the fact that it disproved this picture that had been floating around the internet (above). Obviously this was a comic and meant to be funny. BUT, it's good to see, at least in my neighborhood, in these time of economic turmoil that kids are still dressed up going door to door with a smile on their face...all for a little piece of candy.
Sitting on my porch I realized something...if we could all try to smile a little more and have a positive attitude, we, like the trick-or-treators, might just get that little "piece of candy" we are looking for.
Happy early Halloween!
What does Warrent Buffett say about this economy?
In a recent article I read on MSN.com, Warrent Buffett was asked about the current economy. The article was mainly about the stock market, but I think what he said was great advice for investors in the current real estate marketplace - "Be fearful when others are greedy, and be greedy when others are fearful."
I have investor clients who are very excited about the real estate investment opportunities for sale in market. Although I've only had my real estate license for a little over a year, my advice to "newbies" that are JUST getting started is this: find someone in your real estate company who works with a savvy investor, or investors, and ask them if you can help them with anything and everything.
This storm of foreclosures is going to be rumbling over us for a little while longer. If you position yourself with the right real estate investor who's looking to be greedy for the long haul, you'll be seeing sunshine all the way to the bank.
Do I qualify for a Real Estate Short Sale and exactly what does that mean? Good Questions.
First, here are some common questions you should ask yourself when thinking about the possibility of a Real Estate Short Sale:
- Am I having difficulty making my mortgage payments?
- Have I recently lost my job?
- Has my mortgage adjusted and can I afford to pay the new interest rate?
- Will my mortgage adjust and will I be able to afford to pay the new interest rate?
- I want to sell my home but is there enough equity?
- I want to sell my home but do I owe more than my home is worth?
- I want a fresh start...Can I get help?
If you answered YES to any of the questions above, you could qualify for a Real Estate Short Sale. "But Mark, just what IS a Real Estate Short Sale?"
A Real Estate Short Sale is when the amount owed your home loan, or loans, is greater than the current market value of your home and your lender agrees to forgive the difference. Hence, "selling short".
The most common reasons homeowners are in a position to consider a Real Estate Short Sale are:
Market Conditions Effect You: The Real Estate Owners
The real estate marketplace has been ever changing in recent months. Real Estate owners have homes they can no longer afford. Their real estate is worth less than they owe. In numerous instances, this was worsened by the mortgage adjustments (ARM's) which lead to higher mortgage payments. The end result is real estate owners who are unable to pay their mortgage.
"What Does This Mean For Me?"
In order for a bank to foreclose on real estate, they have to spend time and money on legal counsel to proceed with their right to foreclose; generally stated in your mortgage papers. With the current economy and real estate marketplace, they are more willing than ever to participate in a Real Estate Short Sale. Also, if you sell your real estate by way of a Short Sale, you are mitigating any further damage to your credit score. Click here for details regarding how a short sale can affect your credit score.
So, as mentioned before, if you answered yes to any of the questions above, or if you are still unsure if you qualify for a Real Estate Short Sale or you have more questions about what a Real Estate Short Sale is, please contact me at your convenience.
If you live in Summit County Ohio, let me have the opportunity to be your Real Estate Expert...I can sell your home fast.
Whenever I meet with a client to sell their home, I always find out their wants and needs. It seems, though, that the client usually has two important questions for me: "Can you sell my home fast?" and "How much is my home worth?"
In order to sell your home fast in this market, you need to have a Real Estate Agent who is an expert at what they do. They need to have superior current knowledge of the Summit County Ohio marketplace, effective negotiation skills and legitimate marketing ability. You can look in the local paper or do an Internet search for "Summit County Ohio Real Estate Agent" and there will be any number of companies and Real Estate Agent's you can hire. I'm convinced that with the information I have below, you will give me the opportunity to be your savvy Summit County Ohio Real Estate Expert:
1. Before you sign any contracts to hire me as your Real Estate Expert, I will perform an extensive marketing analysis to obtain your home's true current market value.
2. When I list your Summit County Ohio home, it will be viewed on over 27 local and national real estate listing websites - Over 80% of all home-buyers start their search on the Internet.
3. It is my job as your Real Estate Expert and marketing coordinator to get the most traffic from a particular form of advertising - Although most buyers are utilizing the Internet, your home will be advertised in regional and local papers at least once a month
4. Within the first week of hiring me to be your Summit County Ohio Real Estate Expert, I will send 50-100 mailers to the surrounding homes in your area, advertising your home FOR SALE
5. You won't find a Real Estate Agent in Summit County Ohio that will work harder for you, be as honest with you and stand by you every step of the way!
Please click here to view my website.
If you have any questions, click here for my contact info.
I look forward to working with you and like it says above...Hire me to be your Summit County Ohio Real Estate Expert and I'll Sell Your Home Fast!
Savvy Residential Real Estate Marketer / Investment Real Estate Expert / Short Sale Specialist
I am a licensed REALTOR® with Stouffer Realty, Inc., an industry leader in Northeast Ohio. For more information, please check out my resume.
Whether you are a first time buyer or an experienced investor, I have all the skills necessary to fulfill your real estate goals! In today's market you need a Real Estate Specialist who is an expert in helping you choose the right property for the right price, negotiating, financing, marketing your home and helping you with your move.
Being a full-time Real Estate Specialist, I am enthusiastic about the clients I serve. My goal is to make sure the entire buying and/or selling process moves smoothly from start to finish.
Below is a little bit of information about a few of the areas I serve:
• Summit County - Located within 500-mile-radius of nearly 50 major cities, yet surrounded by more than 40,000 acres of parkland, Summit County offers a high-benefit, low-cost living environment that suits every lifestyle. The University of Akron, the fourth largest public university in the state and a world leader in polymer research, is located here. Outdoor enthusiasts will love the Cuyahoga Valley National Recreation Area and more than 33,000 acres of park lands where you can hike, bike, canoe, ski, horseback ride, and camp.
• Portage County - Portage County offers a small-town, rural environment, yet is known as Northeast Ohio’s “educational and recreational heartland. ” The region is home to three major colleges: Kent State University, Hiram College, and the Northeast Ohio Universities College of Medicine. West Branch State Park is a favorite destination for boating and swimming enthusiasts, as is Berlin Reservoir, Ohio’s 5th largest inland lake.
• Medina County - The fastest growing county in Northern Ohio, Medina County is strategically located close to all major markets – yet this picturesque area is best known for its small-town charm and historic Victorian architecture. Medina County’s growth has resulted in a quality of life that includes a full-service hospital, a highly rated school system, and a variety of housing options. The county also boasts low taxes, low crime rates, affordable land and beautiful neighborhoods.
• Stark County – Stark County offers a winning combination of big-city amenities, beautiful countryside and rich history. You are never more than minutes away from medical centers, shopping, entertainment and sports, or a tree lined street and an old-fashioned, Amish-cooked meal.
ATTENTION - SELLER FAQ's:
Q. What price can I expect for my home?
A. As a full time Real Estate Expert, I am able to provide you factual information about what competing homes in the current marketplace are selling for. This information is based on a Competitive Market Analysis (CMA) that I personally perform. It contains numerous statistics about comparable home sales in your area. Feel free to contact me for a FREE, no obligation CMA.
Q. How do I prepare my home for a sale?
A. Here are a few ideas for making a great impression on potential buyers - Tips for Preparing Your Home
Q. How will you market my home?
A. Besides pricing your home correctly, having a marketing plan is crucial...I will be your marketing coordinator, sending out relevant information about your home to thousands of licensed Real Estate Agents through the Multiple Listing Service (MLS), as well as advertising to the public with the use of many other tools such as the Internet, print ad's and open houses. One misconception about advertising is that you need A LOT OF IT. This couldn't be farther from the truth. Overexposure of a particular home may give a buyer the impression that your home is distressed or you are desperate. As your marketing coordinator, I will know when, where and how to advertise your property.
Q. What about negotiating the price of my home?
A. The negotiation process has many of same issues for both buyers and sellers. I will help you objectively evaluate every offer without compromising your marketing position. An offer to purchase is only the beginning of a process that includes financing, appraisals, inspections, etc...In short, many possible pitfalls. I am there to assist you from A to Z, ensuring the agreement makes it through the process.
Q. How do Real Estate Agent's get paid?
A. Typically, Real Estate Agents receive a fee based on the purchase price of the home; the percentage of which varies from agent to agent. The fee is almost always paid by the seller, but this can be part of the negotiation process. Real Estate Agents are independent contractors and receive no other financial benefit other than the sales commission. The commission generally pays for advertising, cell phone/telephone, Internet, gas and other office business expenses incurred during the sale of your home.
SHORT SALES
There are good deals out there for buyers who have a Real Estate Expert who knows where to look! Short Sales seem to be the new buzzword in the industry. If you have a little bit of patience and don't mind waiting around for a great deal, a Short Sale can be a great option. That being said, here are some pointers about banks and dealing with a possible Short Sale situation:
- Banks and mortgage companies do not always have certain methods or guidelines to process Short Sales
- A home owner who wishes to sell their home using the Short Sale option must have a third-party approval; the third-party, a.k.a. the bank, must agree to the contract regarding their interest in the seller's home
- When attempting to buy a Short Sale, a buyer should ALWAYS work with a Real Estate Agent who specializes in Short Sales
NOTE TO SELLERS:
Your credit score can be negatively impacted because of a bankruptcy, Foreclosure or Short Sale. A bankruptcy will usually be on the your credit report for about 6-10 years; a Foreclosure will usually be on your credit report for 2-5 years; a Short Sale might be on your credit report for about 2 years. If you are pondering a Short Sale as an option, it is in your best interest to slightly discount the price of your home in order to expedite the Short Sale transaction. This will almost always work in your best interest in order to help you move on from your current financial burden.
My Commitment to You
I know and understand the neighborhoods within Summit, Portage, Stark and Medina Counties. I specialize in locating dream homes that fit your AND budget. Born and raised in Summit county, I have first hand knowledge of the property values, school systems, neighborhood character and financing options these areas.
I will handle all of the details during your purchase and closing of your new home. From your initial offer through the inspections and escrow title-work, I will inform you of everything you need to know, all the while freeing you from the stress of technical details. My only goal when helping you find your dream home is a smooth and efficient transaction!
What can I afford?
The process of buying a home, or investment, starts with determining your buying power - in other words, your monetary reserves plus your borrowing power. When you provide me with a few simple and basic pieces of information about your available savings and income, I will help you identify a qualified, experienced lender with proven success in their field that meets all of your financing needs. Stay up to date with the current mortgage rates.
What does my credit rating and how does it affect my buying power?
I posted a blog with credit rating FAQ's - Check it out!
What can I expect at closing?
My job isn't complete until you have signed all of your closing paperwork. As a friendly reminder, here are a few items to have at closing:
• A Certified or cashiers check for the balance of your down payment
• Your homeowners insurance binder - homeowners insurance or hazard insurance is required by mortgage lenders
• Your photo ID
What will I sign at closing?
Here are a few of the most common items signed at closings:
• A document stating the specific details of your loan - i.e. your monthly mortgage payments, the amount of your loan, the term of your loan and its interest rate
• A promissory note stating you will make the monthly mortgage payments
• The mortgage documents - only if you are receiving a loan
Moving Tips
In order to make your move as smooth as possible, Stouffer Realty, Inc. has compiled a list of moving tips.
I understand the excitement of a searching for a new home. I promise to help you locate the home of your dreams!
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