If you have not been following all of the preparation for the implementation of the Dodd-Frank legislation then you may have missed the warning whistle. There is a train headed your way and it is poised to make borrowing a lot more expensive. Real estate investors who are making plans for their 2014 purchases are going to find a different lending landscape. Not all of the rules are bad and some are absolutely needed. But real estate investing will be different and investors need to be aware of the changes coming.
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When it comes to their finances, it's no secret that people don't make decisions based on raw data alone. National and global events, investors' impression of a situation, emotions...all of these things and so much more go into the decisions people make when it comes to their money. Because data and information can sometimes be fuzzy..., we need to surround ourselves with more than just one source of information. We also need to consider that sometimes people let their own agendas influence the way they deliver information to their audience. Sometimes sources of information don't really care about the truth or about data. They care about how they can shape the data and the story to meet their own agenda. Nothing is more dangerous for someone making a financial decision - especially in real estate - than a source with an agenda!
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There is definitely a change taking place right now in the Memphis real estate market. Like the picture above, the fog is lifting and the city is starting to come alive again with real estate transactions starting to show improvement in many areas. The change can be seen very clearly in both the residential retail market and the residential investment market. The Memphis Area Association of Realtors (MAAR) has reported some very interesting numbers over the last two months. Sales are up. Pricing is up and properties are moving quicker. All of those are good signs for the Memphis market.
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At this point, there really are very few 'new' techniques, strategies or markets to take advantage of when investing in real estate. With reality T.V. highlighting the buy, fix-up, sell to a retail buyer trend, many investors identify this as the best way to get involved in real estate. With so much news right now about rising interest rates, rising home prices and fewer properties on the market, it is no wonder that the retail sales strategy is getting a lot of attention. But, if you really dig into the numbers and pay attention closely, you will see that many savvy investors are taking advantage of what some think are the later stages of the best reo-to-rental market in history. Many investors are buying up properties quickly while the prices remain low and planning to ride the wave of rising inflation as it pushes rents higher.
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Creating a great experience for clients does not have to be a goal that is reserved only for hotels, restaurants and car companies. If you provide a service for customers like we do, then the Only goal for your company should be hearing your clients say 'wow'. In our company, the service is managing a real estate investors rental housing portfolio. That management process has many opportunities for us to really engage and amaze our clients with great service, great updates and surprise, unexpected touches. Going above and beyond the "normal" property management duties has become our mission and we have engaged the help of a few resources along the way!
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If you talk to enough real estate investors, then you are bound to hear the following phrase:
Great property management CANNOT make a losing property investment into a winner. But, bad property management CAN make a winning property investment into a loser!
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Come up with some goals. Figure out what you need to do to reach them. Just Do It. Decide you are going to be a real estate investor. Read some books. Just Do It. Buy a piece of property. Slap on some new paint. Rent it out for a massive profit! Just Do It.
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This may be a first for us. We are printing a response we received to an article we wrote on our blog. Not to mention, we hardly ever print articles written by other people. But this one is different. This response was emailed to me from a very valued relationship we have in the lending community. Kathleen Kramer, of RPM Mortgage, has been a trusted confidant for the past two years and has assisted with private money programs for our company. Kathleen also has reviewed and advised us on our procedures and processes and visited our offices here in Memphis. We have tremendous confidence in her knowledge of the lending industry, so when she sends us an email response to our recent blog article...well, we listen!