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Firming Foundation
Real Estate Foundation Development
Before you jump into real estate investing, it's important to set up your foundation development. This means studying the market in your area and finding people you will need to work with (agents, mortgage brokers, loan officers, repairmen, and so on). Set a firm foundation so when you see a great opportunity, you can jump on it right away. These following seven steps can get you started on your investing career:
(1) Fix your credit rating. Your credit rating can directly affect your ability to borrow money, so it literally pays to have good credit. If you have a poor credit rating, you can still invest. You just will have a tougher time getting a loan than someone with a better credit rating. The first step to fixing your credit rating is to pay off your credit card debts as much as possible because when banks see that you're making regular payments, they'll gradually boost your credit rating.
(2) Decide where to invest. You know your neighborhood better than any outsider, so that's the best place to start investing. If your neighborhood is getting worse, choose a nearby area where you believe the opportunities are better. Just make sure you start with the most promising area with prices that you can comfortably afford.
(3) Build your investment team. You will need help from other people. You'll need and escrow officer or mortgage broker to help you apply for and process a loan. You'll need an agent, who can often give you background information about a piece of property. You'll need an appraiser to tell you the value of the property. A home inspector can help you spot problems. An accountant to help with your taxes. An insurance agent to insure any properties you buy. An attorney who can advise you on legal matters and home improvement contractors.
(4) Get prequalified for a loan. Nothing is more frustrating than finding the perfect opportunity but not having the money available to take advantage of it. That's why you should get prequalified for a loan so you know the maximum amount of money you could borrow from a bank.
(5) Apply for a home equity line of credit. If you own your own home, apply for a home equity line of credit. This will determine how much extra money you may have available. If you don't own a home, find someone who does and who would be willing to work with you in real estate investing. Then find how much money they could borrow on their home equity.
(6) Find other sources of money. After you've identified how much money you can borrow through traditional sources, it's time to discover how much money you can borrow through nontraditional sources, such as friends or relatives. The more money you can access right away, the faster you can move when you spot a real estate bargain.
(7) Study how promissory notes work. Promissory notes are legal documents that let you borrow from other people. A promissory note is no different than a traditional bank loan. You need a lawyer to help you write a promissory note. It's a valuable tool that can help you borrow money quickly from sources other than banks. The more you understand how promissory notes work, the more they can work to your benefit.
About the Author
Colon Bolden is a professional home business provider. Learn more about developing a real online business and unlocking your personal potential. To get Free Information about the Internet's Number One Wealth Building Opportunity go to http://www.BigWayToWealth.com
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When do you think the global economy will start to really recover?
As in when will it gain a firm foundation for economic growth?
Actually, the recovery is getting underway now. The problem is, it doesn't seem, like that to most folks in the US, Canada, Japan, the UK,.....and other places.
But China's economy is expanding already. Manufacturing output was up by more than 15% in October. Australia, a big producer of the iron and copper ores needed by China's mills and smelters is closely linked to "the big dragon" and recovery is underway there also.
The US and Europe are a bit behind that but recovery is beginning there also. You see the early wisps of it in the modest increases in retail sales.
The foundations for economic growth were set by the stimulus plans and bank rescues initiated by the US, Britain, Germany and China over the past 14 months. However, to use a construction analogy, you can pour a foundation but it takes a while to "set."
And a key part of the "foundation" is the rebuilding of confidence among banks and buyers. Confidence is critical to economic growth. If you aren't confident that the coffee shop you want to set up will succeed, you just wait for better times. If the bank isn't confident, they won't lend you money for the espresso machine. And sure enough, a key US statistic "C & I loans," which is lending by banks for commercial and industries purposes, is still drifting downward. So is consumer credit card debt outstanding. The confidence isn't quite there yet.
After the pounding the investors took and the massive layoffs of the past 18 months many industries and people are quite "shell shocked." Recovery for the economy is measured by data. Recovery for you is measured by your situation: even if you have a job, you are not sure you will keep it. If you don't have a job you are looking (or you gave up and joined the "discouraged worker" army. Either way, if you are looking for work you are in competition with a great many others. So it doesn't feel like a recovery until (a) you find a job, or (b) the job you have gets back to full hours and full -- or better pay. By that measure, the global recovery is starting now but recovery for you may be 8-12 months away.
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