http://www.articletrader.com/ Articles at ArticleTrader en-us http://www.articletrader.com/finance/real-estate/miami-real-estate-a%80-5-tenants-to-avoid.html http://www.articletrader.com/finance/real-estate/miami-real-estate-a%80-5-tenants-to-avoid.html Mon, 25 May 2009 21:03:02 -0500
Miami real estate rental market - 5 tenants to avoid renting to

1. Evicted - Avoid a tenant has been recently evicted or worse evicted more than once. The tenant is an expert in the eviction process. This lessee will stay in the property until the end. The Sheriff is the only way to get this tenant out of the property. Renting to a person that has just been evicted is a costly mistake.

2. Bad Credit - The renter with bad credit has nothing to lose. The credit is already ruined so this tenant will not be intimidated with collections and credit bureau actions. Always insist on running a credit check as part of the screening process. Things to look for are evictions and foreclosures. Do not worry about their credit score. Concentrate on the big picture.

3. No Rental Stability - Do not rent to a tenant that has no rental stability. This tenant will leave every year. The tenant does not stay in any property for a long time. The ideal Miami real estate tenant will stay in the property for at least five years and renews the lease each year with an automatic rent increase. Avoid a renter that moves many times in the same year. The tenant will do the same thing again and move out of your property in less than six months.

4. No Deposit - Do not allow the tenant to move in without a security deposit. This is a clear sign that the tenant will not be able to pay the rent on time in the Miami real estate rental market. The tenants will have problems paying the rent if they have not been able to save for a security deposit. If the renters have not saved any money for a security deposit, how can they save money to pay the rent? The renter will move out overnight without paying the rent for they have nothing to lose.

5. Move in Today - It is a red flag if the tenant has to move in immediately. This tenant is probably being evicted for non payment of rent or a Miami real estate foreclosure. Always give yourself time to screen the tenant. Do not let the tenant pressure you into moving the same day. Do not be afraid to ask questions. It is better to ask and verify everything in the beginning.

The best scenario is finding a tenant that will pay on time, take good care of the property and stay for many years. It is very costly to continually having to repair the property, advertise, and finally renting it only to see the tenant leave in a short period of time. The revolving door renters are not good business and must be avoided at all costs.

Screening the tenants and conducting basic checks are the keys to finding a good and more permanent renter. Do not rent to the first person that answers your ad in the Miami real estate market. Always insist on credit reports, employment verification, references, eviction and police reports. The tenant usually pays for the cost of verification.

Learn to screen, qualify, and identify problem tenants before it is too late. Explain all the rules of renting to the tenants so they are aware and avoid potential problems. Do not get desperate and allow yourself enough time to rent to the best tenant possible. Do not even think of renting your property to a tenant that has to move in right away, has been recently evicted, has no money for a deposit. By avoiding these renters your chances of finding a good paying tenant will increase dramatically in the Miami real estate market


--
Hector Lesende is owner/licensed real estate broker in Miami, Florida. Please visit Miami Real Estate We will sell your home fast. We offer a Foreclosure List. Search Miami Real Estate Blog

Source: http://www.articletrader.com ]]> http://www.articletrader.com/finance/real-estate/miami-real-estate-5-steps-of-when-to-evict.html http://www.articletrader.com/finance/real-estate/miami-real-estate-5-steps-of-when-to-evict.html Thu, 20 Nov 2008 00:00:00 -0600
These are the 5 Steps of When to Evict in Miami real estate.

Never allow the tenant to do the following:

1. Non-payment of rent – The landlord must evict immediately when the tenant does not pay the rent. The more you wait the worst it is later and the more money you lose. The landlord can not hesitate and must evict right away. The landlord can’t waste any time and must give the three day notice before the 5th of the month. This will reduce the amount of time the tenant is in the premises without paying the rent. Tenants will use any excuse not to pay the rent and if allowed they will remain in the property for months rent free in the Miami real estate market.

2. Late payments – Evict a tenant if they continuously pay rent late and they refuse to pay a late fee. It is all right for a tenant to be late once in a while as long as a late fee is collected. If the tenant is constantly paying rent and near the end of the month is time to get another tenant in the Miami real estate market. The pattern of paying late is intolerable, time consuming and a waste of time and money for the landlord. The landlord must realize that an eviction is inevitable and it is better to do it sooner than later.

3. Withhold rent – When the tenant withholds the rent money until the landlord does repairs to the premises you must evict right away. Tenants will try to withhold rent until they get their way. Usually the excuse is that not all repairs have been completed. Tenants will take pictures of the repairs to be made. The landlord is obligated to do any repairs in order to get the tenant to pay the rent. This form of blackmail in the Miami real estate is not to be allowed. The tenant should not use withholding of rent as a tool for negotiating repairs. The tenant should not force the landlord to do unnecessary and arbitrary repairs.

4. Deduct rent – Evict when a tenant decides to deduct repairs from the monthly payments. The tenant must always pay full rent as agreed. Tenants will buy a brand new stainless steal refrigerator and then deduct form the rent. Tenant is not allowed to deduct any portion of the rent for repairs, improvements, appliances or any other reason. The rent in the Miami real estate market should be separated from the property repairs. Repairs must be approved and paid by the landlord at all times. The tenant should not decide which repairs are to be done and when to do them. The tenant can not make repairs first and then advice the landlord he/she will deduct the repairs from the rent.

5. Live the deposit – Start an eviction immediately when the tenant advises you that he/she is not paying rent and will live the deposit. Living the deposit is unacceptable and against the law. The problem is that the landlord does not know for sure if the tenant will in fact leave the premises when the deposit is gone. It is not unusual for the tenant to stay in the property and try to live subsequent months for free. Do not allow the tenant to live the deposit under any circumstances. The deposit is returned to the tenant in the Miami real estate market usually 15 days after the tenant leaves the premises and the landlord has an opportunity to inspect. The landlord will deduct from the security deposit any funds used to repair the property.

The landlord must follow the five steps of when to evict in the Miami real estate market and take action immediately in order to avoid a potential nightmare. Don’t keep a bad tenant in the property just so the place won’t be vacant or just because it will be hard to rent. It is always better to rent the property to someone else who will pay the rent on time and take care of the property. Screening the tenant is an essential step in the renting process. Eliminating a bad tenant who is in the practice of, not paying the rent, making late payments without paying late fees, withholding rent until repairs or other demands are made, deducting the repairs from the rent, and living the deposit, is a must for today’s landlords. Identifying bad tenants and eliminating potential problems is essential in order to succeed as a landlord in the competitive Miami real estate market.



--
Hector Lesende is owner/licensed real estate broker in Miami, Florida. Please visit http://www.lesende.com

Source: http://www.articletrader.com ]]> http://www.articletrader.com/finance/real-estate/miami-real-estate-the-l-steps-6-steps-of-investing.html http://www.articletrader.com/finance/real-estate/miami-real-estate-the-l-steps-6-steps-of-investing.html Wed, 12 Nov 2008 00:00:00 -0600
These are the six L steps to Miami real estate investing:

1. Location - Location, location, location is still the key of buying Miami real estate. Buying Miami real estate just because the price is low in a declining area is big mistake that should be avoided. Look for homes in an excellent location like, good schools, economic stable and growing neighborhoods, near shopping centers and malls, near bus stops and metro rails, near hospitals and restaurants. Sometimes it is better to pay a little more for a property in a good location than getting a bargain in a place where it is very hard to sell or rent the asset. Location is often overlooked in purchasing real estate as many investor think they can overcome a bad location if the price is low enough. Out of two homes that are exactly the same, the one in the best location will command a much higher sales price and rental income. Location is the number consideration when purchasing Miami South Florida real estate.

2. Long Term - Real estate investing is a long term proposition. Don't think you are going to be a millionaire over night. It takes years of hard work and dedication in order to succeed. Hold any property at least one year before selling it. Capital gain taxes will be greatly reduced. Consider renting the property for at two or three years. The rental income generated will help you to properly repair and renovate the property. Many investors purchased properties in the middle of real estate boom with no money down and no equity. These investors were thinking of flipping the homes fast and make a killing in the process. Many homes now in foreclosure are due to investors that were caught in the middle and now realize that real estate investing is very hard to time. Long term Miami real estate investing is the secret to a successful real estate career.

3. Lease Option - Never rent a property with a lease option to buy. Either sell or rent it straight out. A lease option usually is a disaster for both buyers and sellers. The tenant will demand a large discount of the rent to go towards the down payment and closing costs. The problem is that tenant will not buy the property at the end of the lease and the landlord/seller will have wasted a lot of money in rebates given to the tenant/buyer. Demand a 20% or 30% deposit from the tenant/buyer and a clause in the contract that if they default on the purchase they will lose the deposit. This technique will force the tenant/buyer to purchase the property or lose the deposit. The risk of losing the deposit will eliminate the tenant from taking advantage of the landlord by walking out of the contract after receiving a monthly rental discount.

4. Local - Buy real estate close to where you live. Don't buy real estate in another state or in another country. Keep real estate investing local. Buy in your own county and in your city. The more you know about the area where you are buying the better the decision will be. The investor should always be close to the investment property. The Miami real estate investor should inspect the property often to determine any repair, roof and other problems. The landlord must inspect the property every month when collecting the rent. Check for the number of tenants actually living in the property, check for damages and destruction of the property and overall condition of the place. The investor/landlord will not be able to inspect and determine the condition of the property if it is located far away. Keeping real estate local is an essential step in real estate investing.

5. Leverage - Most real estate books and seminars tell you to use other people's money when purchasing real estate. This technique is not the best and buyers should try to buy the property in cash if at all possible. Buying a house in cash will help you get a better deal and allow you to negotiate from a position of strength. A cash buyer will always have the upper hand in negotiating with banks, property owners, and other sellers. Cash buyers will not suffer and go into foreclosure if the market turns and they are unable to sell or rent the house right away. Like Dave Ramsey always says "cash is king and debt is dumb". Buying an investment property in cash is an excellent way to avoid Miami real estate investment mistakes.

6. Learn - Research the property and learn everything about it before you buy. A mistake in Miami real estate investing can be very costly. Usually you make your money when you buy not when you sell. Buying the property at the wrong price the wrong place and at the wrong time could be detrimental. One mistake could wipe you out and put you out of business before you start. Ask questions to the experts, real estate agents, appraisers, mortgage brokers, and other real estate investors. Learn, research, educate yourself in all aspects of real estate investing before you purchase the asset.

It is definitely a buyers market in Miami-Dade County. Miami real estate investors have more choices than ever before when it comes to real estate investing. Investors must follow the L steps, the 6 steps real estate investor guide to successful real estate investing in order to achieve their investment goals in the Miami real estate market.



--
Hector Lesende is owner/licensed real estate broker in Miami, Florida and creator of the (Lesende) L Steps. Please visit Miami Real Estate We will sell your home fast. We offer a Foreclosure List. Search Miami Real Estate Blog

Source: http://www.articletrader.com ]]> http://www.articletrader.com/finance/real-estate/miami-real-estate-hud-homes-daily-all-bidders-investing.html http://www.articletrader.com/finance/real-estate/miami-real-estate-hud-homes-daily-all-bidders-investing.html Mon, 10 Nov 2008 00:00:00 -0600
Daily All Bidders – Investors are not allowed to purchase a HUD home in the initial bidding period. The investor must wait for the property to go into the Daily All Bidder status. When a Miami HUD home does not sell in the initial offer period it goes into a Daily bid list. This is when the investors come in and pick up the property at a discount. Investors try different bids usually starting low and moving up until their bid is accepted. The Daily bid is an excellent way for the investors and end users to buy a HUD home in the Miami real estate market without having to compete in the regular bid process. Investors do not want to get caught up in a bidding war which can raise the sales price. The first acceptable HUD bid is accepted in a daily manner. HUD will reject all offers that do not meet their guidelines and is considered too low.

HUD will not disclosure the percentage they will take as the lowest bid. This percentage could be from 13% to 50% or less depending how long the property remains in the Miami real estate market. All Miami HUD homes used to sell on the initial offer period and for a lot more money than the starting bid. It was not uncommon for a property to sell for 50% over the list price with multiples bids offered for the same property. All of this has changed dramatically. Now most of the HUD properties do not sell in the initial period. Most of the Miami real estate inventory is sold in the Daily bids at discounted prices. The net to HUD is usually is now much lower than the original price.

Many investors study the bid results page so that they can determine the lowest percentage HUD will accept. The results also shows the selling office, date of sale, the offer accepted and the net to HUD. All HUD homes are sold in as is condition. An investor must make a bid through a registered real estate agent. There are now more HUD homes available for sale in the Daily bid list. The numbers of HUD homes will increase greatly due to the high number of FHA loans being originated. Investors must consider the Daily All Bidders when purchasing a HUD home in the Miami real estate area.



--
Hector Lesende is Owner/Licensed Real Estate Broker in Miami South Florida. Please visit Miami Real Estate Search Coral Gables Real Estate We will sell your home from only 1% commission. We provide a free Miami Foreclosure list http://www.lesende.com



Source: http://www.articletrader.com ]]> http://www.articletrader.com/finance/real-estate/miami-real-estate-7-steps-on-the-section-8-rental-process.html http://www.articletrader.com/finance/real-estate/miami-real-estate-7-steps-on-the-section-8-rental-process.html Fri, 17 Oct 2008 00:00:00 -0500
The Section 8 rental process is as follows:

1. Finding the tenant. Miami-Dade Housing Authority produces a list of available homes for rent in the Miami real estate area. The landlords can be added to the list so that all potential tenants can find available properties for rent. Be advised that Section 8 tenants do not have two months deposit plus the current month rent so you must be flexible.

2. Fill out the voucher. Each tenant has a voucher that must be filled out thoroughly and notarized. Any mistakes in the voucher will delay the process. The application will be rejected and all mistakes must be corrected. The Section 8 rental process begins once the voucher is delivered to the field office.

3. Survey. A property survey is conducted to insure that the rent requested is comparable to the rent charged in the Miami real estate area. The survey is a crucial step in the process. The landlord will receive a call from Miami-Dade Housing in the event the property does not pass the survey. The landlord will get the opportunity to lower the requested rent amount or cancel the contract.

4. Initial Inspection. According to the new guidelines the landlord gets only one chance to pass the initial Section 8 inspection. If the property does not pass the inspection the tenant must get another voucher and start the process again. The inspection consists of the following: no dead bolt locks, no exposed wiring, covered fixtures, weather tight doors, no dead bolt locks, no exposed wiring, covered fixtures, air conditioner must have heater, smoke alarms, electrical panel box, water heater, windows, bedroom must have a closet, windows must have screens, kitchen must have range hood over the stove, bathroom must have ventilator fan, all window bars must have openings, no scaling paint, no trash or junk vehicles in yard, among others.

5. Rent Increase. There is usually a yearly rent increase. The landlord must request the rent increase in writing two months before the lease is due and the re-certification is done. The maximum amount of rent increase is 8% unless a freeze is in effect for that year in the Miami real estate market. The landlord will not receive a rent increase if there are errors filling out the forms, or the forms are filled incorrectly or not turned in on time.

6. Yearly inspections. The property is inspected once a year by Section 8. You will receive a list of items that must be repaired, if any. It is specified if the tenant or the landlord is responsible to do the repairs in the list. You have 30 days to do all repairs and if you fail the second inspection the rent payments are stopped. The payments will resume after all repairs are completed. The payments are not retroactive. The rent will stop permanently if no repairs are made.

7. First Rent Check. The landlord must be prepared to wait for the first check to arrive in the mail. The first check can take up to five months to arrive. Section 8 has tried to speed up the process but has not corrected it yet. After the first check is received and the tenant is in the system all consequent checks are received every third day of the month in a timely manner.


The Miami real estate Section 8 rental process takes about a month to complete and the landlord must be diligent in following up and keeping track of the inspection and the survey process. It is in the landlord's best interest to follow all the procedures so that the property can be rented quickly in the Miami real estate market. The best thing to do is to go in person to the Section 8 office and find out the status of your property and potential tenant. Don't assume that everything is fine. Miami Section 8 has an overwhelming number of tenants.

The process of renting to a Section 8 tenant is difficult and time consuming but definitely worth the effort. The tenant is not allowed to move into the property until the survey and inspection are done. Miami Housing Authority will not pay the rent if the tenant is allowed to move in prior to approval and no initial inspections are conducted while the tenant is occupying the property. Section 8 tenants are highly regulated and must confirm to very strict rules and regulations. Renting to Section 8 tenants is a viable alternative in today's Miami real estate market.



--

Hector Lesende is Owner/Licensed Real Estate Broker in Miami South Florida. Please visit Miami Real Estate Search Miami Lakes Real Estate We will sell your home from only 1% commission. We provide a free Miami Foreclosure and MLS list.


Source: http://www.articletrader.com ]]> http://www.articletrader.com/finance/real-estate/miami-real-estate-buying-hud-homes.html http://www.articletrader.com/finance/real-estate/miami-real-estate-buying-hud-homes.html Tue, 30 Sep 2008 00:00:00 -0500
Steps for buying a HUD homes in Miami, Florida

Step 1. Finding a real estate agent – You must use a HUD registered Miami real estate agent in order to buy a HUD home. HUD uses its own contracts and many different forms, addendums and disclosures that the Miami real estate agent must be familiar with.

Step 2. Finding a house – HUD offers a weekly list of available homes for sale. All HUD homes are sold in as-is condition with no warranties. The Miami real estate agent will show the property, provide tax roll info and comparables of recent sales. No open houses are permitted.

Step 3. Placing a bid – You must be pre-qualified and place an earnest money deposit before you can bid on a HUD home. The Miami real estate agent will work with you in preparing all pertinent paperwork in order to help you make your offer. All offers are presented online and are awarded to the highest bidder. HUD will pay up to 3% for closing costs if it is stated in the sales contract. Owner occupants only can bid in the original offer period and then it is opened for investors.

Step 4. Winning the bid – The Miami real estate agent will inform you whether or not you are the winning bidder next the day. If you are the only bidder you win automatically, assuming your net to HUD is within the acceptable percentage. HUD will not publish their guidelines for the minimum price offers they will accept. All completed contracts and forms must be sent within 42 hours of acceptance. Time is of the essence.

Step 5. Obtaining financing – The buyer has 45 days to close. Buyer can pay cash for the property or obtain financing thru an FHA or conventional loan. FHA has many incentives to qualified buyers. HUD will cancel the contract after the 45 days are up and you have not closed for whatever reason. An extension to the contract may be granted but it costs $375.00 per 15 days for sale price over $50,000. Usually only one extension is allowed.

Step 6. Closing – The buyer may choose the bank or mortgage company and title company of their choice. You cannot make any repairs to the property before closing. The title company will notify HUD and buyer of the closing date with at least three days notice. Buyer must bring a cashier’s check to the closing as no personal checks are allowed.

Buying a HUD home in the Miami real estate market is a complicated and detailed process. Be sure the agent knows all the procedures and rules of the HUD homes process as any mistakes made in the contract, forms and or deadline missed will cause your bid to be cancelled and given to the next bidder. The inventory of HUD homes has decreased dramatically in recent years since buyers were not getting FHA loans and were opting for conventional products instead. Recently the FHA loans inventory has picked up and the amount of HUD homes available for sale has been increasing. HUD homes are an excellent opportunity for buyers interested in Miami real estate to buy a home at a discounted price.





--
Hector Lesende is HUD registered Miami Real Estate agent and has sold and closed many HUD owned foreclosures. We provide a HUD Foreclosure List.
Please visit http://www.lesende.com



Source: http://www.articletrader.com ]]> http://www.articletrader.com/finance/real-estate/miami-real-estate-eviction-process.html http://www.articletrader.com/finance/real-estate/miami-real-estate-eviction-process.html Sun, 28 Sep 2008 00:00:00 -0500
It is against the law for a landlord to forcibly evict a tenant in Miami-Dade County for nonpayment of rent without a judge’s court order. The landlord can’t place chains at the gate, turn off the utilities, or enter the property to change the locks and take possession. You must go thru the court system and follow very specific eviction steps. The landlord must act quickly when the tenant refuses to pay the rent. The landlord should start the eviction process immediately.

These are the steps to do an eviction in Miami.

Step 1. Three Day Notice – This is the first step in the eviction process. You either post it yourself at the door or hand deliver the form in Miami. The three day notice notifies the tenant to pay the rent in full or vacate the property within three business days. It states the tenants name, address, amount of rent due, and date of notice. It is signed by landlord or property manager.

Step 2. Five Day Notice or Residential Evictions Summons – This form must be served by the sheriff or a private server to the tenant in Miami-Dade County. It states the case number, the plaintiff (landlord) and the defendant (plaintiff). It lets the tenant know that they have 5 days to answer to the court the reasons why they should not be forced to move.

Step 3. Complaint for Removal of Tenant – This form is part of the Five Day Notice and must be served to the tenant at the same time. A copy of the Three Day Notice and a copy of the lease must be included as part of the package. A $270.00 filing fee must be paid at the court plus $10.00 fee for each summons served and $20.00 sheriff’s fee for each service of the Five Day Notice.

Step 4. Default Package – This package is file approximately 10 days after the service only if the tenant has not answered the court. This package includes Affidavit of Non-Payment of Rent which must be notarized, Non-Military Affidavit, Motion for Default, Final Judgment for Removal of Tenant, Writ of Possession. There is a fee of $95.00 payable to the sheriff in advance.

Step 5. Writ of Possession – The judge will sign a Writ of Possession after receiving the Default Package and then it will be delivered to the Sheriff.

Step 6. Eviction – The sheriff will post a note at the door informing the tenant the date they must move out and when the eviction will take place, usually within 42 to 72 hours. The Sheriff will come back and evict tenant, everything will be removed from the premises and give possession of the property to the landlord.

Most evictions do not go thru all the steps. Many evictions for nonpayment are solved at step number one, the Three Day Notice. The tenant will call you alarmed and either pay the rent or ask for the deposit back so he/she can move out. Usually I try to work with the tenant at every step of the eviction process. Since all I want as a landlord is possession of the property I offer the tenant to give their deposit back, to place their things in storage and hire movers at my expense and help in finding them another place. The Miami real estate market and economy is slow and filled with trouble tenants. It is always better to try to negotiate with the tenant if possible. A full eviction is a drawn out and tedious process that should be negotiated and avoided at all cost in the Miami real estate current market situation.

Disclaimer. This author is not an attorney and recommends that if you have any doubts or questions about doing an eviction you should contact a Miami real estate attorney immediately.





--

Hector Lesende is Owner/Licensed Real Estate Broker in Miami South Florida. Please visit Miami Real Estate at http://www.lesende.com We will sell your home from only 1% commission. We provide a free Foreclosure and MLS list.



Source: http://www.articletrader.com ]]> http://www.articletrader.com/finance/real-estate/miami-real-estate-buying-pre-foreclosures.html http://www.articletrader.com/finance/real-estate/miami-real-estate-buying-pre-foreclosures.html Sat, 27 Sep 2008 00:00:00 -0500
The dream has become a nightmare for thousands of investors who were not able to sell the property fast enough and were caught in the middle of the biggest drop of homes values in recent history. Usually pre-foreclosures are reserved for the very savvy and astute of Miami real estate investors. Pre-foreclosures require a lot of work, research, determination, and negotiation.

These are several reasons why you should buy a pre-foreclosed home in the Miami real estate market.

1. Motivated seller. The seller is desperate and has to sell right now. When a seller is faced with a foreclosure he/she does not want to lose everything and is willing to negotiate price, terms and everything else.

2. Sellers under huge pressure. Since time is of the essence, the seller does not have the luxury or the time to be playing games. The negotiating process is fast and the decision making is immediate. The seller can not afford to have the house in the market for six months as he/she has to sell now.

3. Huge price discounts. Pre-foreclosure buyers are usually getting excellent discounts. Make sure you find out everything about the property including mortgage owed, liens, tile problems, taxes owed before starting the negotiation process.

4. Little risk. Make sure you do your homework including comparables, market analysis, recent sales, pending sales. Find out exactly how much the asset is worth and then there is risk of making a big mistake is minimized.

5. No credit. In many of theses cases no credit and no money is required since the buyer will try to find a buyer right away and unload the property at a profit in the Miami real estate market.

6. Little competition. Not too many investors are involved in pre-foreclosures as they simply wait for the bank to foreclosure on the property. For many investors the amount of time and effort of putting one of these deals together is just overwhelming.

7. Fast growth. Just by taking over delinquent payments investors can establish a substantial portfolio in a relatively short time. In this market investors are advised that they will have to rent the house for at least a year before selling it.

8. Instant equity. Since the price is heavily discounted an investor will realize instant equity at closing making these deals very rewarding right away for the experienced investor.


In today’s market the number of pre-foreclosures is staggering as more and more homeowners struggle to make their monthly payments. It is now a tremendous opportunity for Miami real estate investors to buy pre-foreclosed properties and take advantage of this short term financial market disaster. Soon the Miami real estate market will rebound and the sheer numbers of these deals are not going to be available.





--
Hector Lesende is Owner/Licensed Real Estate Broker in Miami South Florida. Please visit South Florida Real Estate Search Miami Real Estate We will sell your home from only 1% commission. We provide a free Miami Foreclosure and MLS list



Source: http://www.articletrader.com ]]> http://www.articletrader.com/finance/real-estate/miami-real-estate-investing.html http://www.articletrader.com/finance/real-estate/miami-real-estate-investing.html Wed, 13 Aug 2008 00:00:00 -0500
Real estate investing in Miami, Florida is a full time business where investors are constantly trying to maximize their profits and minimize their risks in other to generate wealth over time. Investing is a verified long term wealth creator. It is a numbers game and many of the transactions will not work but it is all worth it when one deal goes through and all your hard work is rewarded. It takes a lot of time and effort to effectively dominate the art of real estate investing. It is a risky business but it is the best way to create lasting financial security. Investing in Miami real estate is an excellent way to make a positive monthly income and built long term wealth and obtain financial independence.

Investors in Miami real estate have recently taken a beating and many have seen their investment properties lose value. An investor should not panic and sell in this market to avoid huge loses. Since it is a long term business an investor should realize that the time is now to rent the property and hold until the market turns around. If an investor requires a predictable and safe return on investment then investing in Miami real estate is not the answer. The business of real estate investing is very risky, and unpredictable but well worth the effort. An investor should consider buying foreclosures and bank owned properties. The Miami real estate market has hit bottom and it should be bouncing back very soon.

Miami real estate investing is different than various types of investing. An investor must overcome many roadblocks and obstacles. Usually finding financing is the single most overwhelming challenge an investor will face when trying to purchase Miami real estate. Using leverage in the business is common so arranging financing is very important. Do not purchase investment property with no money down. Little or no money down has caused many properties to go into foreclosure recently. Investing is not as perplexing, time consuming and financially draining as one might imagine.

Bank owned properties or Reo’s and Short Sales are a good way to start to look for a good deal in Miami real estate to purchase. The list of bank real estate owned (Reo) properties is huge. Not all banks want to discount properties so finding a good property to buy takes a lot of work and patience. Short Sales are the new trend in speculating in Miami real estate. Banks are not very eager to short sale their inventory and it takes usually about two months for the bank to accept or reject the offer. Government foreclosures are another to avenue to search. These properties include HUD, Housing and Urban Development, VA, Veteran Administration, FNMA and Freddie Mac. HUD homes are very popular and usually they will sell to the higher bidder in a weekly online auction. Investors are allowed to bid when the property does not sell to owner occupants. These HUD-FHA foreclosures properties offer an excellent value. Foreclosures remain the best way for investors to start in the Miami real estate investing business since most of them have instant equity.

The best way to start investing in Miami real estate is buying foreclosures. The tremendous amount of foreclosures now in the Miami real estate market overwhelmingly gives the investor a lot of inventory to choose from in order to purchase the right property at a discounted price. This opportunity will more than likely never be available again and investors should take full advantage. An experienced Miami real estate agent who specializes in foreclosures is essential in order to guide the investor. The agent must have access to current bank owned REOs, foreclosures, short sale properties, pre-foreclosures government foreclosures and other distress listings. Investing in Miami real estate is a very exciting and rewarding business.





--
Hector Lesende is Owner/Licensed Real Estate Broker in Miami South Florida. Please visit South Florida Real Estate Search Miami Real Estate We will sell your home from only 1% commission.

Source: http://www.articletrader.com ]]> http://www.articletrader.com/finance/real-estate/south-florida-real-estate-floridas-finest.html http://www.articletrader.com/finance/real-estate/south-florida-real-estate-floridas-finest.html Sat, 22 Mar 2008 00:00:00 -0500
The area has a tropical wet and dry kind of climate with certain areas also being affected by humid subtropical climate. The wet season and the season for hurricanes arrive in the area during the same time. As South Florida is situated between two water bodies, chances of hurricanes affecting the otherwise stable climate get increased. The two most famous hurricanes to have blown over the area are Hurricane Andrew and Katrina.

Education offered in South Florida is one of the most well known in the state. It is served by the Miami- Dade County Public Schools district which has its own elected school board. The day- to-day functions of the school network are taken care of by the Superintendent of Schools. The other two school networks operating in the area comprise the School District of Palm Beach County and Broward County Public Schools District. Tertiary education is provided by several good colleges and universities including University of Miami, Florida National University and Broward Community College.

South Florida is served by three major airports namely, Palm Beach International Airport, Miami International Airport and Fort Lauderdale-Hollywood International Airport. Local transport includes Metrorail that stretches across 22 stations. Apart from this there are five interstate highways that help the area to maintain good connectivity with other places. This region has a flourishing economy with several public companies operating successfully. These companies are the major employers in the region. Approximately there are 100 profit making public companies running in the region with 200 private companies also making their mark. South Florida has one of the greatest numbers of Fortune 500 companies in the whole of United States.

South Florida real estate is among the most thriving in the state of Florida. It is not only because of the high growth of employment opportunities but also because the place is famous for welcoming external businesses to flourish. A great variety of real estate is available here including residential homes, condominiums and even land. There are over 115,000 properties currently available in South Florida. The number of foreclosures is staggering and presents an opportunity for both owner-occupants and investors. In a recent study Broward county was ranked second in the United States in the foreclosure rate. Miami-Dade County was ranked fourth in foreclosure rate and Palm Beach County was ranked thirteenth. Now is the time to invest in South Florida real estate.




--

Hector Lesende is Owner/Licensed Real Estate Broker in Miami Real Estate Please search Coral Gables Real Estate or South Florida Real Estate We will sell your home from only 1% commission. We provide a free South Florida Foreclosure and MLS list.



Source: http://www.articletrader.com ]]>