Archive | September 2013

Dan Gilbert Owns 5% of Detroit

It is no secret that Detroit has a bad reputation all across the country. The city has filed for bankruptcy and many have already lost hope for the city. However, Quicken Loan’s Chairman, Dan Gilbert has a goal of giving a new life to it. He has fixed up more than 22 buildings in the city as well as put in a bid to fix it up an incomplete prison. Also, with his other company, Rock Ventures, owning 7.3 million square feet of the city, Gilbert has huge plans for the city, hoping to bring it to new heights. To do this, he already spent about 1 billion dollars acquiring just the real estate alone. Although, his plans will certainly give a boost to the city, if successful, will also give him quite a fortune.

In 1930, Detroit was the most desirable city in the world. What do you think Detroit will look like in 2030?

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This Boy Is Not Convinced

This Boy Is Not Convinced

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Before You Make The Move Consider This…

Before you make the move, there are several things to consider if you want a stress-free transition. We address these things in this video.

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Before You Sign That Lease

Before you sign that lease, there are several factors that you may want to consider. We address these factors in the video.

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Dan Gilbert Saves Detroit!!

Dan Gilbert

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Unconventional Homes

With a little money and creativity, you can live in your dream home! It could be just about anywhere using almost anything!

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Tax Liens 101

What is a lien? No, it is not something you do when you are tired. By definition, a lien is a right to keep possession of property belonging to another person until a debt owed by that person is discharged.  There are four main types of liens that everyone should be aware of:

  1. Code Enforcement Lien
  2. Contractor’s Lien
  3. Governmental Lien (IRS lien)
  4. Bankruptcy Lien

Each of these are different but can play key parts in real estate.  A code enforcement lien is usually placed on properties that that are deemed unsafe for the owners and the public. Some causes of this include a faulty foundation, bad wiring, or even defective plumbing or other structural issues. If a home can hurt someone, a code enforcement lien may be placed on it.

A contractor’s lien, otherwise known as a mechanic’s lien, is placed on a property that has had work done on it that has not been fully paid for. For example, if you have your basement finished, but stop paying your contractor he can place a lien on your property.

A governmental lien, in my opinion the scariest of all, happens to those who try to take on the government by not paying their taxes.  If you stop paying taxes, the IRS can place a lien on your house.

   

Finally, there is a bankruptcy lien. These are exactly what the name implies. When one goes into bankruptcy, a lien can be put on their home. Why does all of this matter? When you go to sell your home, prospective buyers will do a title search to look for liens.  No one wants to purchase a property that in essence belongs to someone else. Liens are no good for anyone, my advice: avoid them!

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Buying Residential Real Estate Vs. Buying Commercial Real Estate

Buying commercial real estate is very different from buying residential real estate. The main difference is in the thought process you go through when making the decision.  Here is what each of the different purchases requires being taken into consideration:

Residential Real Estate:

  • Buyers look for an emotional or sentimental attachment to a property as that is where they will be sleeping, eating, and living.
  • Buyers also look at their own personal budget. This means considering the price and the monthly mortgage payment. Buyers usually look for prices that allow them to keep their standard of living and something they can afford.
  • This is also considered when buyers are looking for a vacation home or a property to increase or help their investment portfolio. Basically residential real estate is sought out for someone’s personal gain or use.

Commercial Real Estate:

  • Commercial real estate centers on businesses and their profit from the real estate they are buying. It is all about numbers.
  • Buyers look at their potential rate of return and whether or not the space will meet the needs of their business.
  • Commercial real estate will also have different agents and brokers that a buyer will have to go through rather than when they buy residential.

Overall, the difference is in the purpose. If you are buying for personal uses that require an emotional attachment, then seeing a residential real estate agent is the way to go. If you are a business owner or a business representative looking for an investment or space for your business, then you need to see a commercial agent or broker. The processes are similar but the purposes are different.

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Buying A Mobile Home?

Wholesome Homes

In this video, you will learn about the advantages of buying a mobile home.

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Best Real Estate Markets of 2013

What is a great real estate market? What makes them good or bad? When determining the best real estate markets in the country, there are a few key factors to consider:

  • Whether there are more properties worth more than the average mortgage
  • The speed of decline in list prices
  • How many months of equity homeowners have lost
  • The amount of repeat sales

The list of cities below have higher property values, slower declining list prices, more repeat sales, and less equity lost for homeowners. What does this mean? This means that if you are either looking for a house to live in or just looking for a place to invest: the cities listed below are great locations to invest your money in. They mean stability.

Houston, Texas

Austin, Texas

Charlotte, North Carolina

Portland, Oregon

New York City, New York

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