Real Estate Fraud

This is an activity that is purposely done to misrepresent information on real estate documents. It also involves the money transfers. It is also called mortgage fraud. The reason that it is referred to as this is that the fraud generally takes place with the mortgage application. Real estate fraud, in the United States, can have heavy penalties like imprisonment and large fines.

Such a crime can be committed in many different ways. It appears to happen more often when property prices are on the rise. Because of the simplicity of the fraud, some types are seen more than other frauds. Some are not as common because they are more complicated. One of the common forms of such fraud, according to the IRS is preparing two settlement statement sets that are different from each other. In one of the statements, the accurate property-selling price is written, which the buyer receives. The other one will depict a higher selling price that is exaggerated. When the mortgage lender approves the loan for the exaggerated price, the seller is given the amount that is stated in their copy of the settlement statement. The one who committed the fraudulent settlement statements will keep the money that is left over. If there are other conspirators, the money will be divided among them. It could be the entire excess money or a percentage of it.

Using qualification that are fraudulent is another type of real estate fraud. These fraudulent qualifications are used when applying for a mortgage or home loan to help them get the mortgage. In this form of real estate fraud, the real estate agent will usually assist the buyer. The fraudulent qualifications can include fabricating credit reports or history of employment. These two involve the obvious misrepresentation of data but not all real estate fraud is easy to see as these two examples. If buyers who do not intend to commit real estate fraud because they do not know the laws can accidentally commit mortgage fraud.

If a buyer has a down payment by using money that was given as a gift it is legal. If this gift is re-paid to the who gave the gift, this is considered a case of real estate fraud. The gift used to make a down payment cannot be repaid for it to be legal. Another type of property fraud is when the buyer accidentally fails to disclose any financial liabilities on their mortgage application. It becomes fraud when it is not taken care of before the loan is approved. Property flipping can become real estate fraud if you make false representations about the value and condition of the property when you sell it for a much higher price than you paid for the property.

 

Home Warranty Tips – Find Out Why Getting Coverage Is Important

One question that every homeowner is faced with when buying a new home is whether or not they should get home warranty coverage. Well, there are plenty of things that factor into making that decision, but most people would agree that having coverage is well worth the cost.

For those of you new to warranties, basically it’s a type of “insurance” the provides coverage for major systems and appliances in your home. For example, lets just say you have a built-in dishwasher that is causing you problems. You can either pay to get it fixed, or depending on the condition of it, you may end up getting a new one. But having warranty coverage enables you to get it fixed or replaced at a fraction of the cost.

Also, most providers have a network of companies they are affiliated with who provides consumers with the replacement parts or repairs. So it eliminates the hassle of trying to find a reputable repair company. It may not seem like a big deal, but every day people spend countless of hours trying to find a company that has good reviews and have a decent price. And having warranty coverage provides you with top notch contractors and at a low price.

As for the cost of coverage, well that usually falls within the range of about $30 to $100 a month depending on the type of coverage you need. Now, for some new home buyers, adding another bill to the list of bills they already have may seem unnecessary, but when you think about how much it cost to repair certain things around your home, you quickly realize that having warranty coverage is the best option.

This is an important aspect to keep in mind, because the last thing you would want to do is have to pay a huge bill to get something repaired and have to dip into your savings to do so.

And lastly, while having coverage is important, as I stated earlier, some people may not need it. Those of you with mostly modern appliances on your home, most of the appliances may be covered under the manufacturer warranty already. But if you have an older home with outdated appliances, you definitely want to at least contact some warranty companies to see how much it would cost you for coverage.

Big Money Mindset

“It is just another zero… ” I laugh. “What?” He asks. “Wait… your serious?” I reply. “Hell yes I am serious!! Are you afraid of a zero?” I could not respond.

He got me. I guess I was afraid of a zero. Big profits scared me. Was it the risk of the deal or the fact that I did not believe I could earn that kind of money? Up to that point I was doing deals making $10,000 to $20,000, which was decent money, but nowhere near my potential. I remember the first year I saw 6 figures on my tax return. I was very proud of that year. Now I wonder how I was able to live on that income. What changed? My mindset.

A few weeks ago a friend of mine and I went to a commercial real estate investing conference. I was blown away by the quality of the attendees. People at this conference are not seminar junkies. These people implement what they learn and take chances. I was hearing stories about profits on single deals of 2, 3 and 4 million dollars. Many people I spoke with started in the fix and flip business, but none of them were willing to look at a small deal like that again. What changed for them? Their mindset.

We shared a room and went out each night to network with other attendees, so we had a lot of time to chat. He mentioned to me several times that he is excited where his business is going and is excited to make the money he is finally making. He is making 7 figures a year. “I know I work hard,” he said to me “I can choose to work hard for $100,000 a year working for a company or I can work hard, take some chances, and make $1,000,000 a year doing deals.” I started working with him when he was fixing and flipping houses. Now he will not look at a deal without $200,000 in profits. What changed for my friend? His mindset.

To some this might sound arrogant. It is not arrogance at all. In fact, most of the wealthy people I meet, including everyone I met at that seminar, are extremely humble and open. The difference is they know their value. They put a value on their time and effort and will be paid for that. The mind will not allow them to accept less. That simple shift has allowed them to make big money. Here are a few mind shifts that have helped me turn $10,000 or $20,000 deals into $100,000 or $200,000 deals.

I deserve to be rich. There is no shortage of money to earn. There is no scarcity. Anyone that wants to be rich can be. Everyone deserves it but not everyone is willing to do what it takes. I understand that I deserve to be rich, with the understanding that it does not come free. I need to work hard and make smart decisions and then I can have anything I want. Look at it this way. Some people make 7 figures a year and drive their companies into bankruptcy. If they can earn 7 figures, why can’t you?

Think long term. This is not a race and not a get rich quick business. It is about building relationships and investing for the future. The quick profit game is played and lost all the time. I see it with investors, Realtors, lenders, and others on a regular basis. They are so interested in the commission or fee, that they forget to take care of people and add value. I focus on adding value and taking care of clients and partners. My reward for that over the years has been a steady growing company that pays me each and every month and a database of vendors, partners, and deal finders that want to work with me to make big deals happen.

Leverage is my friend. I have learned the hard way that financial leverage is a dangerous necessity. With that said, I would not be doing the big deals I am doing now without it. I have written articles about this topic because I believe it is extremely important. Leverage helps you accomplish more with less. It could be leveraging other people for their time, knowledge, and skills; or leveraging money in the form of partners or loans to get a deal done. Myself and several other people I know have built up a single family rental portfolio that is producing big time today because we leveraged hard money with bank financing. These are simple little deals that will produce big profits over time.

I can’t fail because I won’t give up. You only fail at something if you stop trying. I understand that I will be successful 100% of the time because I am not willing to waiver on my commitment. This has served me over the years, but has not been easy. I remember times I would be laying in bed wide awake at 3 am wondering how I was going to get out of a mess I got myself into. Thinking how easy it would be to let people down and stick my head in the sand. How my life, at that particular time, would be so much better if I just gave up. It was those trying times that made me who I am. Because I did not give in to the temptation of defeat, I made it through, learning the lessons necessary to become who I am.

Excuses are for losers. Harsh? I don’t think so. If you try and fail, great. The key is to take ownership of that result, learn from it and try again. The second time might have a better outcome. If you fail again, own the result, learn and try again. As so it goes. When you fail and make an excuse, you are shifting blame and not accepting the educational value of the failure. Losers do that. With that said, you have to try before you can fail, and so many people don’t even try. The reason? A bunch of excuses. No matter how broker you are, no matter how limited you are on time, no matter how unfair your life is, there is still a path to success. When I got started as a real estate investor, I was broke with no credit. I was in college full time and worked at night in a call center 30 hours a week. I was “unable” to work on my business except Saturday nights and Sundays. So I decided to make my calls as I walked between classes. I decided to use my lunch break to sit in my car and work on deals. I decided to give up every single weekend to hang signs and visit sellers. I decided to make it work.

Some people tell me that I am different. People don’t put in that kind of effort, and I should not expect them to. That’s correct. But that does not change the fact that they too can be different. You can be different.

It is a mindset.

 

6 Real Estate Blogging Tools and Gadgets Worth Considering

If you are someone venturing and trying luck in real estate, you should consider having a blog that speaks up about your interest in the field. Blogging is one of the greatest marketing strategies that are being taken up by various organizations irrespective of their size and niche. Whether it is a company dealing in medicines or some individual fashion designer, blogs can help get online attention and lots of visitors to one’s website which in turn provide many new customers.

Here are 6 Real Estate Blogging Tools and Gadgets Worth Considering:

1. Calmly: This is a professional text editor available online. Calmly encourages distraction free writing. Using this tool one can write, add images, and more. It gives an idea of how one’s blog will look like with all the information and pictures.

2. Hemingway App: Your blog should be readable. It should be written in easy to understand language as it will be visited by people across the globe. So, readability is one crucial thing that should be considered while writing a blog. Hemingway App is one tool that can help analyze your blog for readability. The tool highlights the text that might be difficult to read and even suggest solutions improve the readability of the blog.

3. Irfan View: This is an amazing image editor. If you are planning to start a real-estate blog, you might need to upload a number of images to showcase properties, buildings, and localities. Such images are quite heavy in size and may take hours to upload. Using Irfan View one can edit images to reduce the size of the image.

4. Co Schedule’s Headline Analyzer: Headlines are the first thing that catches the attention of online visitors. If your blog doesn’t have an attractive headline, the chances of it being left aloof or ignored are more. The Co Schedule’s Headline Analyzer helps one analyze the headline and it suggests changes that may make it more interesting to read.

5. Piktochart: This is an info-graphic app. It is easier to inform someone through infographics as it saves one time from reading the entire post. Online visitors hardly spend more than 5 minutes on a web page. The Piktochart can come handy in conveying the message within a fraction of seconds. This tool although takes some time to create info-graphics, it is worth considering for your real estate blog. Using the tool, you can create graphics conveying information about the place such as the society, schools and shopping complexes near the property.

6. Canva: A blog with amazing graphics can help your blog stand out among the competitors. Canva is one blogging tool that allows its users to convey their message through graphics. It is an easy to use the tool and does not require any technical qualification to use it. The graphics designed by Canva can be shared on social media as well.

The internet has made our world appear so small that we can do almost anything while sitting in front of the PC/laptop screen. This technology has proved quite beneficial specifically for the real estate industry. The internet has helped us create a virtual world of our own where we can imagine ourselves in a home that we always dreamed of living.

How Gurgaon’s Real Estate Can Gain From Their Budget in 2017

Gurgaon – a big player in India’s real estate sector – has been grappling with difficult times especially since 2015, and in 2016 the sales volumes for properties in Gurgaon further went down and new unit launches were limited in the city.

Further, demonetization during the end of 2016 further affected developers in Gurgaon like in the rest of the country. There was stability noticed in quoted prices and discounts were still available, but people stayed away from buying residential flats in Gurgaon. Gurgaon saw a fall in investment in the residential properties as residential buyers, much of whom were primary end users were on the lookout for ready-to-move-in flats and were wary of promises of future infrastructure or property. Overall, Gurgaon’s market saw a great dip recently.

With the new budget placing affordable housing under the category of infrastructure, the government plans to get closer to its goal of providing affordable housing for all by 2022. This newly-granted infrastructure status also makes available cheaper funding options from real estate builders who can now access funds at a borrowing rate less than 10% for developing affordable housing, leading to a subsequent and definite reduction in purchase costs for homebuyers.

About 95% of the demand in the real estate sector has been of affordable housing. With reduced borrowing rates, the real estate developers can now focus on constructing housing projects where a major demand lies, and look forward to a healthy growth in this segment.

The budget has benefitted the end users the most. With enormous tax benefits offered to people in the lowest income bracket as a significant tool to push affordable housing, the dream of many to own a house now seems to get closer to realization. Also, with demonetization, banks have been further flooded with funds, and there are speculations that banks will low interests rates further and come out with affordable and attractive home loans. Future homebuyers have been watching the market carefully.

As a real estate market, Gurgaon has great chances of recovering from the downtime in the recent past. One of its driving strengths has been its ability to churn out high-quality office spaces, and now while building on this strength, if developers in Gurgaon prioritize constructing and launching ready-to-move-in affordable housing projects that end-consumers place high value on and subsequently reward, then Gurgaon will soon rise up as a strong real estate provider meeting the housing needs of its residents.

Residential Flats in Gurgaon

Signature Global is a reputed name in the real estate sector in India. In Gurgaon, Signature Global is already constructing five housing projects under Haryana government’s affordable housing policy, is all set to invest Rs 500 crore in two more projects of affordable housing in Gurgaon.

 

Homes for Sale-Flipping

Everyone has either seen television shows or heard about flipping homes for sale. This real estate strategy involves buying homes for sales for a low price, renovate the homes, and then reselling them for a profit. Some of these professionals make their living by regularly buying and flipping homes for sale making a profit. They sometimes juggle several sales and several renovations at any given time. It is important to know that there is an art learning how to flip a house and make a profit instead of losing money. Make sure that you understand any restrictions and all applicable zoning laws on construction that may apply. From purchasing to flipping, many set a ninety-day time frame.

Step one

Before you even look at homes for sale to buy and flip, you need to determine how you will finance this venture. If you have a background in real estate or construction and have excellent credit, it may be possible to sure from your bank a line of credit. If you do not have these things, you may have to come up with a more creative way to finance a house for sale to flip. This can include finding a partner who will advance the cash that is needed.

Step two

Once you have the financing in place you can start to look for a likely house to flip. There are many characteristics in a house for sale to flip that you want to look for.

• It must be affordable so you can make a profit when you flip the house. You want to purchase the house for the lowest price you can. Check out houses that have been on the market for a while. Talk to the owners to see if they would accept a lower offer because they are tired of waiting for their home to be sold.
• Make sure that the home you are looking at is salvageable. When flipping a house for sale you should only deal with sound properties. Make sure that the foundation is in good shape and you only have to do minimal upgrades to the plumbing and wiring. The roof should also be sound. If any of these are a problem, you may spend more in repairs than you can get back when you try to flip it. Cosmetic renovations can usually be done without spending a lot of money.

Step three

The location of the property is also important. Avoid buying a house for sale in neighborhoods that no one would want to live in. Make sure that the neighborhood will attract many buyers. You want to make sure that when you flip the house you make a large profit or at least break even.

 

Real Estate: What You Need To Know

People generally get confused with the term real state and real estate Business. Real estate itself is not related to business as it represents a property of land and building that too, including the natural sources, such as flora, fauna, crops, parks, pools etc. that are immovable and lies in the property’s premises. Whereas real estate business is the profession of selling, buying or renting these properties.

Real Estate Agents

It’s a tough task to match the needs of buyer and property sellers, as buyer may not get his dream property and at the same time the seller also may not get the price of his wish. To establish a good connection between buyer and seller and to find the right buyer for a seller and vice versa, Real Estate Agents can be hired that are easily available in the market. Real estate brokers or agents are the ones, who acts as an intermediate between property buyer and seller and tries his level best to match their demands. Buyers for buying and property owner for renting or selling their property get in contact with the agent. The agent listens to their demands and try hard to fulfill them, for a property sold or rented in his supervision, the agent charges some percent of the price of that property from both the parties, i.e. the owner and the buyer. Agents use websites to promote the sale of properties, often work at nights and weekends busy in showing properties to buyers.

Things you should know about Real Estate Agents

Although agents are such a bliss to those who are struggling to get a property or a price of their interest, but we have to be wise when it comes to choosing an agent. Agents are not bound to show you best properties or tell you all the things they know, they might get greedy sometime and show you properties that are going to profit them more than you. On the other hand, for property owners they might end up, leaving you with paying guest that can trouble you in future, in fact, as the general goal of an agent is to sell the property as soon as possible, they may excite you and ask you to sell your property at comparatively lower prices than that you expected, and would be getting after some days. It’s better recommended to choose your agent and the other party to buy or sell wisely, after taking your time, and not to get excited on every other offer you get.

New Real Estate Business Mediums in market

Now-a-days many online sites and applications have been developed to remove the work of agents. Both the parties contact with each other directly and choose the deals of their interest. Though, this move has increased the transparency between both the parties, but because of being fully online, may result in misleading each other. That’s why it is highly recommended to see the property in person before booking it. As the thing that seems to be good and satisfying online can be completely opposite from that what you will be getting in real.

Real estate business has expanded rapidly all over the world, many agents and online sites like Trinity real estate are there to help property owners and buyers in hernando county property to get the deal of their interest. The only thing to keep in mind before buying trinity homes is to stay calm and be sure about your needs.

 

The Evolution of Mumbai Over The Last 7 Decades

Mumbai, one of the fastest growing cities of India has enchanted us with its charm. It’s fascinating to see the evolution of Bombay to Mumbai. The city and its people have evolved with time. The city has a remarkable British infrastructure that is a patrimony bequested. Numerous government bodies have vowed to transform Mumbai into a city that will be well connected with all its other counterparts.

The economical and infrastructural developments over the years have significantly transformed some of Mumbai’s major sections. Some of the prominent infrastructural developments in Mumbai are highlighted below:

Goregaon

With the help of Maharashtra government and Mumbai Housing board, one can witness a complete makeover of Goregaon. The high-rise buildings and luxury residential projects in Goregaon have transformed Mumbai’s Skyline. An extension of the harbour line is one of the reasons of the rising demand in the Goregaon property market.

Andheri

Being the hub of the entertainment industry, Andheri is one of the busiest stations. However, the recent development of metro connectivity has proven to be a sigh of relief for many office-goers in and around Andheri. Andheri has conveniently bridged the gap by providing connectivity to other major stations by Local as well as Metro. The locality has always been commercially well-developed. In addition to it, several residential projects have multiplied its value.

Matunga

Matunga is the first systematically planned locality of Mumbai that graced this area further with several economic developments. The Dadar-Matunga-Wadala-Sion plan of 1899-1900 ensured residents of Matunga a better living standard. However, the concept of premium living is proving to be a stepping stone in Matunga’s fast-track development plan. The prices of residences with premium lifestyle have skyrocketed in the flourishing property market of Mumbai. The real estate business has gone through a complete makeover leaving behind the conventional methods of business in Matunga.

Thane

Thane has been the favorite for those seeking a peaceful lifestyle. A large number of lakes and the sprawling lush greens makes this locality an eye-treat for locals as well as migrants. Despite its predictable lifestyle, the city is significantly changing in many ways. Along with well-maintained flyovers, and widened highways, proposed Metro connectivity, many other infrastructural developments are the factors that are contributing to Thane’s popularity. Such infra development activities are encouraging real estate developers to come up with unconventional residential projects to mould Thane in its best shape.

Mulund

Mulund, a cosmopolitan locality that is situated in the heart of Mumbai had a slow pace in industrialization but the winds of globalization slowly touching its skyline quickly changed the scenario. Soon old buildings and structures were replaced by magnificent skyscrapers, malls, and multiplexes. Today, one can witness incredible commercialization in almost all the corners of Mulund. The property market in Mulund is showing a constant upward trend paving the way for several new projects.

 

REAL ESTATE: Something You Might Want to Know

Real estate means the property consisting of land or buildings which also includes the natural resources of the land including uncultivated flora and fauna, farmed crops and livestock, water and minerals, simply speaking any improvements on it. Tenants and leaseholders may have the right to occupy or make use of anything that is within the dominion of the rented area depending on the terms and conditions set by the landlords.

However when we hear the words “real estate”, we often refer it to the “real estate market” from the perspective of residential living. This is grouped into three categories based on its use. It’s either be residential which is used for living purposes, commercial as used in commerce and industrial which is used in manufacture or production of goods. Residential are those undeveloped land, houses, condominiums and townhomes. Commercial are office buildings, warehouses and retails store buildings and examples of industrial are factories, mines and farms.

Those who are buying a home often need to borrow money in the form of mortgage because prices are generally well above their savings. They can either avail of fixed-rate or variable-rate.

Commercial leases are mostly longer that residential and lenders may ask for higher down payment on a mortgage for commercial than home loan since generally residential real estate is usually less expensive so it is more affordable for small investor

Generally, this is affected by the primary condition to where the property is located. Profits or losses come through revenue from rent and appreciation of the estate’s value. There is also risk of tenant turnover especially if the business model is in bad condition, product is unattractive, or poor management and many more. So landlords, lessees has to make sure all is well set before lending the area/place.

Real estate can help you earn more especially if you are in hand with generating leads and setting well the properties in case you are into selling or offering rentals. You have to make sure you will be working more of what you invested. Usually property appraisals are of good and or high value, you just need to work on it. You must always and consistently putting your client’s best interests first. With that, your personal needs will be realized beyond your greatest expectations. Investing in this even on small scale, was tried and tested as true means of building an individual’s cash flow.

 

The Real Estate Resurgence of Glassell Park and Highland Park

Real estate in Northeast Los Angeles has been booming for years. We hear about it on television and in the news. Rarely does a news story get published where the term “Gentrification” is used to describe areas such as Eagle Rock, Mt. Washington and Highland Park, regions where home values have spiked. Is it something homebuyers and home sellers need to know?

By definition, “to gentrify” is to improve a house or district so that it conforms to middle-class taste. The middle class, or Bourgeoisie, is attempting to emulate upper-class standards. In the U.K., the gentry refer to people of high social position, specifically the class of people next below the nobility. Therefor the gentrification of an area is a process whereby those of lower socio-economic status are forced out of a region in order to make it more attractive to the people of higher socio-economic standing. Taking deteriorating inner city homes away from working class families to be renovated and sold to the privileged is also known as progress, or gentrification.

That is precisely what is occurring in the once run down neighborhood of Highland Park. This ongoing restorative transformation has helped to eradicate crime and strengthen the local economy. Juice bars and yogurt shops have sprung up in place of derelict Laundromats and liquor stores. Local businesses are now thriving, where the windows were once boarded up and car carcasses rusted.

Nowhere is this more evident than in the Northeast Los Angeles neighborhood of Glassell Park, where police not long ago bulldozed suspected gang homes in a dramatic crackdown on crime. Soon after, investors began investing in fixing up Glassell Park’s hillside view homes and property values began to rise with new shops and restaurants appearing in direct proportion.

At one time, Eco Park stood as the poster child for gentrification in Los Angeles. This forgotten slum went through a complete metamorphosis in the 90’s, turning it into one of the most sought after areas east of downtown. With Echo Park as a model, the restoration movement has continued its march east, rehabilitating other areas, such as Highland Park and Glassell Park, with great potential.

One telltale sign of the up and coming neighborhood is what is known as the Starbucks phenomenon. If this “7-eleven” of coffee houses has chosen to plant its green lady logo on the block, you can bet your bottom dollar that the ‘Hipsters are coming’or more likely, the Hipsters have already arrived. This of course means that property values are climbing. In the historic region of Highland Park, York Boulevard is now bookended by Starbucks. Having a Starbucks on the corner is clear evidence that a moneyed community is on the rise. The values of homes for sale in Highland Park are absolutely exploding.

Another way of measuring affluence is by exploring the high volume of trendy restaurants, bars, and art galleries not to mention the cafes populated by too cool for school patrons everywhere. This enclave has become a hot spot for exotic dining among foodies and the like. Good eats just seem to go along with gentrification. That is one of the advantages. Today you can find French, Italian, Japanese, Vietnamese, and a wide variety of Vegan food in this once neglected district. It has become an amazing multi-cultural mecca. One more example of economic growth is improved public transportation. Business people can commute from paradise to downtown by train in a matter of minutes.

The median price for a house in Highland Park is now approaching seven hundred thousand. In relative terms, this area is still a bargain in Los Angeles’ exorbitant housing market. As the beautification of these older neighborhoods flourishes in NELA, the real estate naturally becomes more desirable and the property values escalate.