Buy Real Estate Without Breaking Your Budget: 10 Tips for Savvy Home Buyers

If you want to buy a home, but aren’t sure if your budget can handle soaring real estate prices, we’ve got good news. There are things you can do to stretch your buying power. With the help of your real estate agent – and these 10 tips – you can become a savvy home buyer without breaking your budget.1. Get pre-approved for your home loan. This means, fill out a loan application and go through the process of securing financing. That way, when you’re ready to seriously evaluate real estate, you’ll know exactly how much home you can afford. And you can prove to a seller that your offer is sincere.2. Explore creative financing options. During the home loan pre-approval process, ask about ways to get creative with your financing. Low down payment options, first and second mortgage combinations and first time buyer programs might help you afford more funding. Many lenders are now offering interest-only home mortgages; just make sure you thoroughly evaluate the terms for this type of home loan. Down payment grants are also available in some instances and might be worth investigating or discussing with your realtor.3. Sell your existing home first. Although selling your existing home before finding new real estate to buy can be a little nerve wracking, any inconvenience will be offset by your ability to make an offer with cash in hand. Contingent purchases are not the best when negotiating to buy a home. Having your financing in order and your bags packed will give you the advantage in a competitive market.4. Look for vacant real estate. Perhaps a seller’s job has transferred him out of the area. Or maybe a family purchased a new home before putting their existing one on the market. In any case, a vacant home could be just the deal for a savvy home buyer, so have your realtor look for vacant property in your preferred neighborhoods. And keep in mind, the longer a house stays empty, the greater your negotiating power will be.5. Consider cosmetic fixers. If you’re handy with a paintbrush, a toolset and gardening equipment, consider buying real estate in need of cosmetic fixing. Property that lacks curb appeal needs minor handiwork or the yard overhauled could end up being the home of your dreams for a price you can afford. You just need to look beyond the ho-hum to see the potential of a cosmetic fixer.6. Buy a home that’s a major remodel project. If you want to live on Lake Washington, but can’t afford a $2M home mortgage, consider buying a dilapidated cottage on a fabulous lot with western exposure. In time you’ll need to gut the existing home and build from the ground up or contract significant home improvements. But in the end your property value will skyrocket. If your carpentry and other construction skills are well-developed, you can save even more and accrue “sweat equity” during your remodel by doing much of the work yourself.7. Don’t discount bank foreclosures. One person’s loss could be your gain if you buy real estate in foreclosure. Although the search for a decent foreclosure may take a while, your realtor should be able help. The U.S. Department of Housing and Urban Development ( can be an excellent resource for foreclosed properties. Because HUD houses are sold at market value, your best bet will be homes that need cosmetic work or even major repair.8. Land with a manufactured home. Sometimes, to buy a home on a budget, you need to look beyond convention. Even if your wish is to buy real estate, you may have to settle for a piece of property in an outlying area with a mobile or manufactured home. Discuss this option with your real estate agent and try to keep an open mind about this possibility.9. An older, smaller home. Older homes are typically priced much less than newer construction and don’t tend to create buyer bidding wars. If you can enjoy life in an older and smaller home in a neighborhood or suburb off the beaten path, this could be your ticket to real estate ownership.10. The cheapest house in the best neighborhood. You have your heart set on a specific – and expensive – neighborhood. Maybe it’s the schools that you’re interested in. Or perhaps it’s the close proximity to downtown or the waterfront. In any case, a budget-savvy buyer will look for the least expensive home for sale in the neighborhood. If you’re not in a hurry, you can even play the waiting game to see what properties come on the market. Your real estate agent can be a real asset in this case by investigating potential sellers.Buying real estate without breaking your budget will require research and compromise. On moving day, however, you’ll have the satisfaction of knowing that your homework paid off!

Wholesaling Real Estate Tips

Wholesaling real estate is a new, more profitable business strategy to gain the desired level of income within a short period of time. This is why many people who also having other business firms, professions are investing huge amount of money for buying it. It is the sublime business activity to make more profit that means no other business investing strategy come closer to make this much profit quite simply and with risk free. These business people have their own business secrets to approach a particular vendor or a seller. Mostly all the investors buy properties in bulk amount and sell to another real estate business firms or to individual buyers. Whatever may be the selling criteria in the sense of selling individually or in bulk the investors make the desired profit from it. Although wholesaling simply means to sell a collection of property to small investors by making an auction or similar process. Due to this reason the investors search for sellers and buyers for a property at the same time.The key to the success of real estate business is to resell the properties for more amounts. It is the most precedent step towards cash flow in any market. If a house owner wants to sell his house and related properties the real-estate investors will buy it in a bargain value and at the same time they search matching buyers to sell it for more cost. Then the investors will sell the property to individual buyers as single plots or to other land investors. Wholesaling houses is the same process like real-estate wholesaling but they mainly focus on buying houses for cheap rate and sell to others. Also they make some modifications to the property they bought recently and sell it for huge profit including acquiring the initial investment plus the maintenance charge. Simply by making some renovations to the old houses the house flippers will make double the profit what they intended to make at the time when thy buy these houses.Flipping houses also has proved that it as a more profitable way to start a real-estate business. Normally the flipping house business strategy has two ways for making maximum profit and to find out right buyers. Among the two ways first step is to buy houses from customers at a bargain rate and resell it at a more profitable amount to another party without occupying the house and property. The second method for flipping houses is first acquiring the house and then making some renovations to the old home like expanding rooms, furnishing kitchen and other home accessories, painting, bathroom reconstruction etc and then selling it to another party with the freshness of a new home. The second method is called fix and flip, seems to be a better choice for house flippers that it could help them to make more amount of money as profit from the same house which they bought first.

Conquering Initial Fear as A Real Estate Agent

The success of a real estate agent working online and offline depends largely on the dedication and motivation he has towards the steps he take on real estate marketing. Each task that he faces must be overcome and unfortunately, there is no better way to go around it.A real estate agent usually begins small and most have probably started without anything at all. They could be entirely passionate about working in the real estate field but what they know about it could be limited. Some may also have the tools to do the marketing tasks for real estate but it could also become a difficult marketing move if proper use of this is not put to work.Real estate marketing is a difficult task for any person. Don’t think that you are the only who are going through mishaps at the moment. There could be a lot of questions a real estate agent might ask even after having worked on a marketing aspect for some time now but the main idea is just to allow everything to flow as how things happen and to have a direction towards where you are headed.Asking yourself whether you are in the right position to create a marketing step for your real estate is a good way to start. But you also need to ask the right questions. Giving a negative impression to what you have decided to do doesn’t help. Saying that you don’t know much about real estate marketing is just natural, everybody starts from scratch and as for you, be realistic so you can move on from this phase. Acquire as much knowledge as you can about the subject and if you think you really don’t have enough ammo for your real estate market, research as much as you can and add more knowledge as you go along.As for sending your message across to your real estate market and list of real estate leads, if you are worried of being not knowledgeable enough of the twists and turns of real estate, don’t worry. You surely know how to deal with your audience with profession and ethics, right? Just bring out there what you know and combine it with professionalism and you will be surely liked.It is important for you to trust what you think you could do best in working for this industry because if you don’t take courage and step further, you will never get anywhere. Think about the goals you have planned.