Launching the Women of Mid-Finance – Real Estate Brings Security

I had known Cecilia for several years and had spent many evenings at her flat near Coit Tower enjoying the view of North Beach and Russian Hill. She made a good income and paid a large amount in rent for the beautiful view she enjoyed. But to me it was not a smart use of money (to me, it was a no brainer for her to buy a place).

The problem was she did not have a down payment saved. So together we brain stormed solutions and determined that the best path to homeownership for her was to partner with someone and buy a 2-unit building with them. She needed a partner that had cash for the down payment and of course wanted to buy property. Her friend Catherine came to her mind almost immediately.

After consulting with Catherine they gave me my mandate: to find a 2-unit building with enough space to accommodate both of them as well as Catherine’s roommate, Lynne.

The challenge for me was to stay within their price range and find a building large enough and in good enough shape for them to move into.

After showing them property in the Castro and Noe I found them a 3 unit property with an illegal in-law unit, located in Lower Pacific Heights. This was actually a 2-unit Victorian structure (in-law behind the garage facing the rear garden) and a cottage at the rear of the property.

The property was not without issues, which is why the price was appealing. It had tenants in all three units and an abatement by the City due to the illegal in-law (an abatement is an order by the City to remedy a code or zoning violation).Finding a lender that would loan on a building that had an abatement filed against it was quite a challenge!

In the end, though, after much negotiating, the seller agreed to remedy the abatement prior to closing. However, this raised the sales price of the property, such that Catherine’s cash was not quite enough for the downpayment. After a bit of thinking, I located a private lender willing to provide second liens in order to bolster purchasers’ down payments. In those days, lenders allowed what was then called an 80-10-10 financing scenario (10% of the purchase price from the buyer in cash, 10% from a private lender and then 80% from the primary lender). After a few months of going to and fro, the deal closed and Cecilia, Catherine and Lynne moved into the property. Lynne in the cottage, Cecilia in the upper unit and Catherine in the lower unit.

Years later, looking back it was the best thing that Cecilia and Catherine could have done, from a personal and financial prospective. Catherine lived in the lower unit for 6 years and then sold her unit as a TIC interest to a third party and sold her interest in the Cottage and the in-law space to Cecilia. Catherine was able to parlay her money into several properties and is now a real estate developer in her own right! Cecilia was able to rent the cottage, live the in the upper unit and use the space that was previously the in-law for her home office. Cecilia and her new TIC partner then entered the condo conversion lottery and, after a few years, won a spot and were eligible to convert to three condominium units. Post conversion Cecilia sold the cottage (the third condominium).

The property has enabled Catherine to move on with her dream of buying and selling real estate and has given Cecilia the security every single mother desires. They are all still the best of friends, and are regularly in touch. Indeed, their purchase helped form a lasting bond such that they refer to themselves as the “Women of Mid-Finance”.

“Purchasing the property on Bush Street was a life changing discussion. A decision I would have never had the opportunity to make if my Realtor didn’t envision the potential for me and Catherine. It was a lot for two single women to take on, but my Realtor was an endless resource to us and we were good students under his tutelage. He changed my life.” – Cecilia.

How to Use the Internet to Market Your Real Estate and Save Thousands of Dollars in Commissions

The vast majority of buyers are searching the Internet to find the real estate they are looking for. The figure keeps changing but somewhere between 85 to 90% of all buyers use the Internet as their main tool for property search.

In these economically challenging times most professional real estate offices (including the large national franchises) have cut way back on their budgets for print advertising in the newspapers. In real estate offices this is known as a BLACKOUT on advertising and it is happening all over the country.

The other reason why real estate agents and offices heavily utilize the Internet is because it costs next to nothing and it works! Plan and simple it works.

The Internet has changed the way real estate is marketed forever and agents have accepted it. Print advertising is extremely expensive and the Internet has now made print advertising passé.
This is not a bad thing. Agents place their efforts and energy on what works and now so can you!
Right now is the perfect time for the average home seller to learn this truth and use the Internet to sell their property without the expense of a listing real estate agent.

One of the best-kept secrets around is that for peanuts and very little effort, sellers can put their property on the Internet without an agent or a real estate broker.

If you have a digital camera and have ever used or seen eBay then you can figure out how to post your property on the Internet. It’s that easy. Fill in the blanks, download some pictures and your property is out there for the world to see.

Oh sure, you are comfortable with the Internet. Maybe you have sold a car on it or have bought and sold other items on eBay or Craigslist. Or perhaps you are quite leading edge using all the latest technology. But this is real estate and it all seems a bit complicated. What about all the other steps that are involved in the real estate transaction?

Relax! This is not rocket science and most professionals in the real estate business are not scientists.

Use of the following 12 steps and it will make your transaction very manageable.

THE12 PRINCIPLES FOR SUCCESSFUL INTERNET REAL ESTATE SELLING is not only a guide for using the Internet to sell real estate online but also a formula for protecting and securing the seller throughout the entire transaction.

1. Be brave and set the price. The seller always has
2. You must perform all inspections before you market the property
3. Honestly represent the exact nature and condition of the property
4. Hire an Attorney. Do it early on in the sales process
5. Get proof of insurance from everyone
6. Anything you say can and will be used against you. So zip it!
7. You need to cooperate with and pay buyers brokers and agents
8. You can sell directly to buyers without an agent. If they don’t have one
9. Online advertising is cheap
10. Showings are easy
11. Be effective and follow up
12. All information concerning the property becomes the property of the property

If sellers will follow these principles they can sell their real estate online with the confidence that they can accomplish this important transaction from beginning to end.

Reed City MI Real Estate- Buy A Home Even With Bruised Credit – Or Sell Your Home On Terms Or Cash

Maybe you would like to buy Reed City MI real estate, but think that you are only dreaming, because of past credit issues. Maybe you are trying to sell Reed City Michigan real estate and tired of waiting….and the payments are killing you.

In both cases, Reed City MI real estate investors like us can help.

First, a bit about the area…

Reed City is located in the southwest corner of Osceola County at the intersection of highways 131 and 10. Within an hour’s drive of Grand Rapids, Traverse City and Midland, it is “close-in”, but still provides a “small-town feel.” For the outdoor enthusiasts, two of the major trails in the Rails-To-Trails system intersect in Reed City. Rails-to-Trails is a country wide program which converts unused railroad tracks into comfortable paths for hikers, bikers, horse-back riders and snow mobiles.

The Pere Marquette Snowmobile Club maintains and signs the trails in the area. They plan to use the soon to be constructed Reed City Railroad Depot for meetings and events. Reconstruction of the depot is part of the city’s plan to develop the downtown area, attract more tourism and thus improve the value of Reed City, Michigan real estate. Similar plans have been successful in other small towns and cities throughout the country.

Currently the median price for a home is Reed City is $69,500, much lower than in most areas of the state. Reed City MI real estate is often advertised as “country living”. Many properties include five acres or more. Some have barns and are ready for the horses.

Most people realize that buying is better than renting for their long-term financial future. But, because of problems with their credit, many people cannot qualify for traditional financing.

With the lease option program (aka rent to own) offered by experienced Michigan real estate investors, homeownership can be closer than you think. If you are currently employed, have some motivation and a few thousand you can afford as a downpayment, you can qualify for our unique program.

Changing employment opportunities in Michigan left many people without a job. Whether a regular paycheck is coming in or not, the bills don’t stop. Even one or two late payments can negatively affect a person’s credit score. Once the employment situation is corrected, the credit score does not automatically correct itself. If your credit has been bruised, you are not alone in Michigan.

In some cases, a person’s credit score is not a true indicator of their “credit worthiness”, but it is the only factor that many lenders consider. Many responsible people got hit by the bad economy in Michigan. These are good people who want to buy a home and are sick of renting but don’t see a way out.

But we have the solution. In a unique system called the Locator program we can put you into a home on a rent to own basis and you can begin to build equity and own your own home. Bad credit is not a problem because you don’t need bank qualifying for this program.

The Reed City Michigan real estate listings are appealing for many reasons. The low prices, the large lots, the country atmosphere, the large number of outdoor activities, etc, etc…but, even if you are more interested in another area of the state, the lease option program that we offer can work almost anywhere.

It is highly likely that the Reed City MI real estate values will increase over time. If you begin now, with a lease option, you can watch your investment grow and add financial security to your future.