What is landlords insurance?
Landlords insurance is a type of insurance that helps to protect the property owner (I.E, the landlord) from a whole range of natural or malicious damage and theft. Most policies cover just about every type of damage type imaginable from natural causes to purposefully malicious damage done to the property. Some specialized landlord insurance polices even cover the tenants and their belongings, though this tends to drive the price up dramatically.
Generally speaking, the more that your insurance policy covers, the more expensive it’s going to be. Most insurance policies can cover up into the million of dollars, though it all depends on the type of property you are renting out (whether or not it is commercial or residential as well as the location and size which also play a big role in determining the costs of landlord insurance) Though given the security that it offers, it’s well worth it just in case anything happens to your property somewhere in the future and the money you spend on your landlords insurance will usually pale in comparison to the costs of having to fix flood or fire damage.
Why should you get landlords insurance?
Landlords insurance should be purchased no matter what. Even if you’ve been renting to the same person for twenty years, landlords insurance should be purchased because in everyday life, accidents happen. Besides acting as a safety net should any damage arise to your property, it also tends to give the landlord a piece of mind knowing that if anything does happen to their property, the costs are covered and they won’t have to cough up the money for repairs.
What does landlords insurance cover?
Landlords insurance covers a fairly large range of accidents and malicious activities.
In general, the large majority of landlords insurance policies will protect the landlord from the following
Flood and water damage and in some policies even burst pipes or overflows from bathtubs or sinks.
Fire damage caused by natural causes, accidental causes or malicious causes.
Graffiti and other various types of vandalism to both the indoor and outdoor property and buildings including various pieces such as fences and letter boxes
Theft. Usually this only covers theft of property itself, for example, stolen letterboxes. Typically this won’t cover the tenant and their belongings and they will require their own insurance policy in the case that the property is burgled.
Landlords insurance is a vital key element to any person who is looking to rent out any of their property. It not only protects the landlord, but can also help to save a lot of money in the event that some form of natural disaster occurs or the tenant decides to vandalize the property. Landlords insurance is also one of the greatest ways to ensure that your investment stays safe and sound for many years to come and is protected from any unforeseen circumstances.
Foreclosure in Real Estate How to Avoid it
There are 2 Main Ways to Avoid Foreclosure:
1. Short Sale.
If You are working with the right Realtor, they can market the property and obtain a legitimate Short Sale offer, submit it to the Bank and stop the Foreclosure promptly. The Bank typically prefers to Short Sale because it’s easier, cleaner and makes them more money! The further along in the process You are with a Short Sale, the more likely a Bank is to postpone the Foreclosure. It should be mentioned that having a Great Realtor isn’t always good enough. Sometimes it takes a really talented Short Sale Negotiator with connections. All of which, I have at my finger-tips if/when You need it…
2. Filing for Bankruptcy in will stop a Foreclosure IMMEDIATELY. I’ve had people email from the Radio Show, who have a Foreclosure Sale-Date of two days later. We are able to stop the Foreclosure by filing for Bankruptcy protection. This allows them to stay in the home Rent-Free for several more months, then ultimately Short Sale the property and save their Credit Profile from the “F-word”! Both Chapter 7 Bankruptcy AND Chapter 13 Bankruptcy will work to stop a Foreclosure, but the Chapter 7 only lasts 100 days and allows you to also delete Your Credit Card Debt, Collections, Medical Bills, Signature loans, Judgments, Wage Garnishments, Auto Leases and a myriad of other financial benefits. It’s very important to always File for Bankruptcy BEFORE You Foreclose or Short Sale a property. You may not qualify without the Mortgage Payment liability!
What a Foreclosure will do to Your Credit Score:
Let me be VERY clear as “Mr. Credit” in saying…”A Foreclosure is the worst possible remark You can have associated with Your Credit Profile. Although I can help You find ways to improve Your Credit SCORE, every Lending Institution You attempt to borrow money from in the future is going to use a past Foreclosure against You. It’s a very convenient reason to charge You more money and believe me, they will. Avoid Foreclosure at all costs.
Foreclosures in Real Estate
A Foreclosure, as applied to a Home loan, is when a Bank sells or repossesses the Home after the Owner has failed to comply with the agreement detailed in the “mortgage” or “deed of trust”. Usually, the violation is a default in payment of a Promissory Note, secured by a lien on the property. Once the Foreclosure process is complete, the Bank can sell the property and keep the proceeds to pay off its mortgage along with any legal costs. If the promissory note has Recourse (the Homeowner has Personal liability) and if the sale does not bring enough to pay the existing balance of principal and fees, the Bank can file a claim for a deficiency judgment against the Owner.
In the State of California, however, there is an anti-deficiency statute that applies only to “Purchase Money” loans. This means, if You usea Loan (or two) to PURCHASE Your property, then You have no personally liability for those loans (Non-Recourse). However, as soon as You refinance any or all of the loans You used to purchase the home, those refinanced loans are now “Recourse” and You do have personal liability attached to those loans.
It should also be noted: The forgiveness of any debt can cause a taxable event (You could owe the IRS), so before Your home goes to Foreclosure or Short Sale, seek the advice of a Seasoned Tax Professional.
The anti-deficiency statute is another reason why San Diego Real Estate is an incredible investment opportunity, for buying a primary residence, any time 30-Year Fixed mortgage rates are below 6%. If something goes wrong or You eventually have to default on the loan, the Bank is the one who has to take it on the Chin.
Having your house broken into and robbed can be one of the most unpleasant and traumatizing experiences you and your family can go through. Much more significant than the loss of valuable property is emotional violation on a deeper level–losing your feelings of safety, well-being, and security in your own home can be a very painful adjustment. As a homeowner, you owe it to yourself to take the initiative to protect not just your security, but you and your family’s peace of mind.
While it’s always possible that thieves will target your house regardless of the security measures you have in place, there are several things you can do to drastically reduce the likelihood of your home being targeted. The most essential and effective deterrent is also the most obvious–that is, you’ll want to invest in a good alarm system. When shopping, be sure to go with a reputable company. You get what you pay for. The worse the manufacturing, the more likely a thief will be able to disarm it.
Second, be conspicuous, especially when you’re going to be away from your home for extended periods of time. Common sense dictates–and convicted robbers themselves have confirmed this–that your house is less likely to be a target if you have a few good alarm and beware of dog signs posted. You don’t have to turn your home into a fortress, you just want to let robbers know that your house carries a higher risk of being caught.
Third, be sure to lock up. A startling number of robberies occur because people forget common practices such as locking garage doors, patio doors, and windows. Try to have secure latches on your windows, and have a “lock-up checklist” visually posted on the back of or close to your house’s exit. Thieves are far less likely to be master cat burglars than thugs who are just trying their luck on neighborhood back doors.
If you follow these steps and take the extra precaution of double-checking, you can greatly strengthen your home, valuables, and secure well-being against intruders.
I have just finished passing all of the requirements to become a CDPE (Certified Distressed Property Expert).I am very excited about this, as it will allow me to make a real difference in the lives of so many homeowners.
When faced with a financial hardship, many families reach the point where they can no longer afford their mortgage payments and have fallen behind or are just a payment or two away from falling behind in their payments. This is a very scary place to be. While this situation is an economic one, it is even more an emotional one. We see responses from out there from out and out panic to people who feel completely helpless to those who pretend it is not happening. People in this situation are under incredible stress as they see their whole world crashing down around them. Most people just don’t know what to do. They have seen ads for help (usually requiring some sort of payment), they heard nightmare stories about short sales and many have tried one of the loan modification programs available and have not qualified. This is not a process to undertake without aligning ones self with an expert.
Most agents want very much to help, but wanting to help and having the educational background to do so are a world apart. You need a CDPE, (an agent or broker who has the knowledge, the insider track, has intimate knowledge of the data required by the lenders and knows how to accelerate your file when time issues arise). You would not think of having a friend who loves numbers do your taxes or a non-surgeon perform heart surgery. You need a professional who understands the process and can walk you through it. You need a CDPE. A one-hour, no-obligation free consultation is yours for the asking.
Many investors are attracted by potentially earning a lot of money from lucrative real estate deals. There are many tools, techniques and strategies, which when properly utilized, can earn handsome profit for real estate investors. If you are a new investor, you may want to know about the tools that can offer you the necessary knowledge and skills to tackle the intricacies of this business. Here is a guide on some of the tools that have been proven to earn good profit for real estate investors.
Profit for Real Estate Tools
The first tool that is known to earn profit for real estate investors is the Comparative Market Analysis tool. To profit from your real estate sale, you need to determine the property value of the home you are interested in selling. True property value basically means how much money a buyer is willing to put up in order to acquire it. You can get a good idea on this by using the CMA or comparative market analysis tool. CMA helps earn profit for real estate investor by determining the property value of the house or building the investor is trying to sell by comparing it with similar properties in the area that have been recently sold. You can have this done by a home investing specialist for expediency. Once you have an approximation, you can then make the necessary adjustments to the price to make it more attractive to buyers.
Whether you are a seasoned veteran or a beginner in the real estate business, you can always benefit from the training tools that are popular for earning profit for real estate investors. There are numerous training programs available on the Internet that can teach you about different ways of handling different real estate deals. For instance, there is a training tool specifically on how to get a good line of credit from banks even without capital. This helps save money and earns profit for real estate investors. There are instructional manuals that can teach you the intricacies of selling buildings, flipping houses and performing all sorts of real estate deals involving both short term and long-term investments.
Another important tool that helps earn profit for real estate investors is a spreadsheet software program. Spreadsheet software programs are handy computer software tools that help calculate the income and expenditures of properties. For instance, such application can help determine your cap rate or the amount of money you gain minus expenses. This will help you determine how much money you are actually going to make.
MLS to get Profit for Real Estate
Another widely used tool that gains profit for real estate is the Multiple Listing Service. Multiple Listing Services are basically online databases that list properties being sold. This will help you choose a property worth investing in. There are practically dozens of these online databases available. They help in generating profit for real estate investors by narrowing down the available choices. They contain a lot of pertinent information to compare prices against properties similar to what you might be selling.
Another useful tool that can help gain profit for real estate investors is the county tax record. If you live in a county that has a website for property records, you may want to review these in order to know the tax record, the previous purchase price and the amount of taxes being paid for a property you are interested in buying. All of these details can give you an upper hand and make your real estate venture a very lucrative financial decision.
Selling real estate for profit can sometimes be a risky business venture if you are not aware of the intricacies and nuances of the real estate market. If you are a budding investor in this field, you may want to take this guide seriously in order to avoid some of the common mistakes new investors make when trying to sell real estate for profit. Once you have gained some knowledge, you will be able to navigate the ins and outs of this type of business and make profit for yourself.
When you want to sell real estate for profit, the first thing you need to consider is whether or not you want quick returns on your investment or make money through long term investing or both. These are the most basic goals you have to keep in mind to sellreal estate for profit, because they will rightfully determine the returns of the investment you are entering into. If you prefer quick gains, then you might be better off buying property, renovating it and then selling it for profit. This process is known as flipping houses. Alternatively, you may prefer a more stable and long term goal of purchasing property with the intent of renting it out to tenants to assure yourself of a stable monthly cash flow that will self liquidate the investment money you have put into buying the property.
Selling Real Estate for Profit – Know the Property Value
Another important aspect that you need to consider in order to sell your real estate for profit is the value of the property you intend to sell. The only sure way of knowing the true value of the property is to know how much a potential buyer is willing to shell out in order to buy it. Selling real estate for profit is of course overseen by economics factors. You may have the swankiest property in the neighborhood, but if no one is willing to purchase it at the price you want, you may end up selling at a loss or even worse not being able to dispose of it at all. When you sell real estate for profit, you must keep in mind that the property value still relies on supply and demand. For instance, when many properties that look alike are being offered, lesser will be the value when matched with demand. If there is high demand for certain types of properties, chances are there are only few of them available to be sold.
In this regard, to sell real estate for profit you need to choose the property that you are going to put money into carefully, because its property value will determine how much money you will be gaining from the proceeds.
Real Estate for Profit Summary
Selling real estate for profit also entails that, once you know the value of your property you also need to put the correct price on it in order to attract potential buyers. Over pricing the value of the property is much more disastrous than under valuing it, because of the fact that no one would ever consider buying it at a ridiculous price. Remember, when you are out to sell real estate for profityou will not be alone, there will be other investors with similar properties. Therefore, it is essential that you decide on a price that is competitive with that of the other sellers in order to give you an edge in vying for potential serious buyers.
Real estate industry can be simplified as a resourceful market that is full of opportunities and hidden profit sources. To see good profit real estate investors must invest in various segments of this high potential market. However, starting a real estate business may not be as easy and simple as late night television makes it sound. It is constantly affected with the ever-changing economic conditions that make it quite complicated. The profit real estate investors can get from their investment thus depends on the market environment, type of investment, purchase price, etc.
Methods For Profitable Real Estate Investments:
Trading: Investors buy real estate property and hold it for a period of time until the value of the property rises. To make good profit real estate investors sell such property to a potential customer at the right time. This holding or flipping of properties is quite common and widely used in the real estate business. In this option, the investor either holds the property without making any modifications or may invest some money to modify the property. The latter helps increase the value of the property and gets good profit for the real estate investors.
Renting: It is one of the most common and a widely used technique by many real estate traders in order to make the best profit real estate business has to offer. It is an easy way to collect mortgage and other maintenance charges of the property in the form of rent from the tenants. This strategy is highly helpful and profitable for traders to survive in the long run on a consistent basis. With this strategy, there are two-fold benefits that profit real estate investors. One is the rental income, and the other is the increase in the overall value of the property in the market. Real estate renting option can be considered an ideal investment opportunity, but there a flip side to it. There can be instances where the property can be damaged or misused by the tenants, leading to a decrease in the market value of that real estate property.
Investment Groups: Investment groups were developed to manage real estate rental properties and help traders in making the best use of the profit real estate business has to offer. These groups manage the property by either purchasing it or developing the property for residential or commercial use. Whenever, any investor purchases a part of the residential or commercial block, he or she becomes the member of the group. These investment groups manage all the developed blocks on the real estate property and take full responsibility to manage, promote and gather investors.
Investment Trust: Investors can take the help of an investment trust in order to avail of the maximum profit real estate business has to offer. These trusts collect the money from real estate investors and use the money to purchase and operate potential real estate income properties. An investment trust needs to allow payouts of 90% of the taxable profits as dividends in order to retain its tag as a trust. It is similar to a stock market company providing regular income in the form of dividends to the investors. In order to make good profit real estate investors can invest in various non-residential projects through the help of these trusts.
Overview of Profit Real Estate
Many consider investing in real estate to be a lucrative venture. To make good profit real estateinvestors should have the basic knowledge about their options and choose their investment vehicle carefully.
When it comes time to sell your home, or put it on the market, are you asking yourself “How can I sell my home faster and for more money?” I think everyone asks that question, especially if you’re already on the market. By making a few changes, selling your home will become a reality. It’s up to you what amount of money you wish to spend too, plus take into account your energy level, budget, motivation, and judgment.
Consider this quote “Given two identical houses, all other factors being equal, the cleaner, less cluttered house with better curb appeal will sell faster and for more money”.
Sometimes it’s hard to look objectively at your own home, and you may not see it as a complete stranger (or prospective buyer) would. By our experience, we’ve learned that there are relatively easy, inexpensive things you can do to sell your house faster and for more money. These things can be categorized as such: Curb appeal, Clutter, and Cleanliness.
Today we’ll be touching on Curb Appeal. This is referred to what someone sees when they look at your house and yard. In the case of a prospective buyer, curb appeal is of the utmost importance. It’s all about first impressions, and if the buyer likes the home when they pull up, a sense of positive anticipation will be created and carried through the rest of the showing. If a person is turned off or disappointed at first glance, the probability that they will eventually make an offer on the house has decreased significantly, even before they’ve gotten out of the car!
When looking for a home in Denver CO, real estate is easy to come by. Homes are for sale in Denver and the surrounding areas such as Arvada CO, Golden CO, and Thornton CO. These homes are all priced to steal in 2009. Colorado has done a great job keeping its head above water while the nearby neighboring States such as Nevada, California, and even parts of Arizona find themselves battling to hold their value.
The Colorado Real Estate industry especially in Denver has proven to hold its value during these tough times. Whether you’re a Real Estate Investor or a Family looking to relocate, the Denver area has a lot to offer you for your buck. We mentioned investing because of the tourism that comes to Colorado every year during the winters. A vacation home can be used as a rental in some of the more prestigious areas such as the Aurora CO, Arvada CO, and Golden CO.
Denver is attractive for several reasons. There are over 200 parks in the Denver Area. We consider Denver to be educated, clean, and also very outdoorsy. The downtown area is filled with lofts and Victorian style homes that are surrounded by a beautiful skyline consisting of many skyscrapers. Beautiful mountains along with 300 days of sunshine are very attractive for folks that are looking to call Denver home.