Real Estate Expert David Rosenfeld is an contributing writer for Canyon News Beverly Hills. He writes a weekly article for the newspaper regarding the Real Estate market.
Detecting Problems Early Pays Off
Posted by David Rosenfeld on Jul 13, 2012 - 11:30:44 AM
LOS ANGELES—In today’s market, buying a new home is always fraught with potential pitfalls. Whether it’s negotiating with the seller, dealing with banks, or simply visiting the property itself for the first time, the nature of home buying is not simple by any means.
Whether you’re thinking of buying or already have experience in buying property, it’s always best to have a real estate expert to help guide you through the maze of a sometimes unruly market. It’s especially true as you visit a property you’ve been eyeing for possible purchase. Looking for potential problems with the property during your visit is particularly important.
A common mistake buyers make is pay too much attention to dirt. If a home looks messy, with dirty floors, dusty cabinets and clutter, it’s not the end of the world. Dirt can be cleaned up. Clutter can be picked up. Floors can be washed. Too many potential buyers pay too much attention to these details and walk away from a potentially nice home simply because it looks messy.
You should look beyond those things and look instead at the real problems a house could have. Look for water or mold stains on walls, carpeting, floors, cabinets and even furniture. All these could be tell-tale signs of leaky or broken pipes or pipes about to burst.
Renters Should Be Homebuyers | www.Canyon-News.com
Posted by David Rosenfeld on Jul 7, 2012 - 3:23:43 PM
LOS ANGELES—Given the bad news of today’s economy, it’s easy to understand why more renters aren’t buying homes. The argument is why pay for a mortgage that will have higher monthly payments than what a monthly rent for an apartment would be?
Photo by Jeri Koegel
Not only that, but getting a loan in a post Wall Street Crash environment is easier said than done, especially from skittish banks still dealing with huge inventories of bad loans. Granted, it’s never easy to qualify for a loan, but many these days let their fears get the better of them and don’t try to learn whether they can qualify, even in a bad economy.
But guess what? Many can in fact qualify for a loan and better yet, they can likely find a suitable home that will have them paying less per month than the rent for the tiny apartment they may be living in right now. And that’s not even the half of it.
The argument of buying vs. renting is still a big topic for many, but it’s really a no-brainer. Buying is the winner hands down in this perennial debate. It’s no contest for these reasons:
• Buying gives you huge tax advantages
• Buying means a big resale value down the road
• Buying improves your credit rating
• Buying is an investment in the future
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Taking Advantage Of The Rental Market | www.CanyonNews.com
Posted by David Rosenfeld on Jun 16, 2012 - 10:05:30 AM
SANTA MONICA—Today’s real estate market is still suffering from the down economy, but that doesn’t mean there aren’t opportunities for the smart investor.It’s easy to let the bad news of today’s economy taint an entire industry like the real estate market. The news of foreclosures, a tough lending environment and lack of competition for affordable properties has made many stay away from the market altogether. And it’s tough to argue against today’s economic problems.But there is one much overlooked segment of the real estate market that needs a second look by investors – the rental market. If you look hard and long enough, you’ll find some good deals and even some great possible investments. Apartment buildings have been a mainstay in many investors’ real estate portfolio and they are again.For these reasons:• Consistent cash flow from rents• Growing resale value• A strengthening rental marketToday’s investor needs to take a fresh look at the rental market and see that it’s time to get back in the water, so to speak, and take advantage of what this market has to offer. It’s absolutely the best time to get into the market and if you have the dollars to invest, apartment buildings are one of the best investments you can make.In Los Angeles, there are a lot of buildings available, depending on the area and if you’re willing to look hard enough. There are some bargains out there with some very motivated buyers. And as you look, you’ll find more and more properties available for purchase. And it’s not just here in Los Angeles, but in Chicago, Cleveland, New York and a lot of other places where the apartment market is improving.This isn’t rocket science. For me, it’s almost like a hobby because I love knowing the ins and outs of the market and I especially love finding great deals. But what it boils down to is that many apartment owners need cash and they’re willing to sell, provided you have the cash.
That’s where you have to be prepared with these simple rules if you want to get into the apartment rental market:
• Be well capitalized
• Know how much you can afford
• Know if you can qualify for financing
• Be willing to be in it for the long haul
That last one is especially key because the real estate market in general is like a war of attrition. You have to be in it for a long time. You don’t really buy real estate so make a fast resale. It’s an investment that grows slowly, gives you cash flow and ultimately can give you a great return over a good period of time.
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Marketing Director of Advantage Real Estate, Neferteri Shepherd
Featured in The Los Angeles Business Journal.
- New Marketing Director for Advantage Real Estate