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| Invest in Real Estate |
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Do I have to put money down?
If you are buying a property as your
second property, you will have to provide a down payment
of at least 10%. This is so the bank knows that you
are serious about being a landlord. You can get this
down payment from varying sources like an equity line
on your current property, a 401K loan, or borrowing
from friends or family. There are always ways to get
this money and we can refer you to a lender who has
even more ideas!
- There are also many creative loans available for
investors, and we can refer you to a lender who can
explain all of the details. These loans are designed
to assist the investor in maximizing their return
on investment.
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| Where should
I look for investments? |
| We can set you up with a great personal
website that allows you to see many different properties
in many different cities. We help our investors look
at both the positives and negatives of all of the properties
that we send them. |
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| Who
do I call if something goes wrong at my investment property? |
| If something
goes wrong at your rental property, you want to address it
immediately. We have a list of excellent referrals that we
can provide you. We can recommend plumbers, electricians and
general contractors to assist you. We can also help you get
a home warranty on your property so that you can make 1 simple
call and only pay a deductible to have your problems fixed!! |
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| How do
I get tenants into my property? |
| This is
a common question that our investors ask us and we are happy
to help. We even help our investors get tenants in to their
properties for FREE!!! Check out our FREE rental section that
is available for use by all of our investment clients. We also
supply our investors with lease agreements and can point you
in the direction of an informative website at www.mrLandLord.com.
We don’t just sell you an investment property, we make
sure to help you maintain your investment. |
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| How do
I qualify my tenants? |
There
are various ways to qualify tenants. We recommend checking
their credit. If you don't know how to do this our lender
can help you with it! If you get a loan through our lender
he will assist you in getting a copy of your potential tenants
credit reports – provided they have given you written permission,
and we can even supply you with the form! |
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| What is
a 1031 exchange? |
| A 1031
exchange is a tax deferred exchange as explained by the IRS
code of 1031. The IRS allows one to exchange properties that
are like-kind. This relates to exchanging property that is
currently an investment, and does not apply if the home is
your primary residence. If you sold an investment property
and wanted to defer the taxes that you would pay on your capital
gain, you could do a 1031 exchange. You can exchange a single
family home for a multi-unit property or a multi-unit property
for multiple homes or one larger home purchase. The exchange
must be for a property that is of the same value or greater.
This means that if you are selling a property for $400,000,
you must exchange your property for one that is at least $400,000.
While we use the word “exchange,” you are not really
trading properties. What you are actually doing is selling
your property and buying another one. We can help you both
with the sale and purchase if you like. We can even help you
locate property in another state by referring you to one of
our qualified associates in another region of the country.
A 1031 sale allows you 45 days to locate another property and
180 days to close. Due to this time frame, we are working for
you even before we list the property to make sure we can find
you something you desire. Once we get the property listed and
under contract we make sure we locate another property for
you! |
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