Property Estate Online

The fast paced lifestyle of the boroughs of New York City, characterized by a sea of Yellow taxicabs and more than eight million residents, offers a large leap in lifestyle for people planning on relocating to New York City.

New York City is one of the most expensive cities in the world to live in It is one of the world’s reigning fashion capitals. New York City housing for a family starts at an average of one thousand dollars per month. But one of the top complaints plaguing the New York City housing industry centers around size. New York apartment are generally very small. New York City newbies often opt for housing in the family-friendly outer boroughs of Brooklyn and Queens.

New York is the Safest Big City in America, particularly in comparison to the nation’s other leading large cities like Los Angeles, Baltimore, and Washington, DC. So, if you are looking forward to your move to New York, specifically a move right into the city that never sleeps, there’s a few things that you should keep in mind before making that final decision. The most densely populated city in America has witnessed an influx of “West Coasters” relocating to New York City. The search for new careers and the prospect of landing a new job are some of the leading reason for making the big move to the city that doesn’t sleep. Top notch school are another attraction. New York City hosts a number of Blue Ribbon Schools of Excellence, like Stuyvesant High School, Bronx Science High School, and Hunter Elementary.

Folks relocating to New York City find that there are a variety of ways for getting around. New York’s sports the largest transportation system in the United States- the world-famous mass transit system is the oldest in the United States. The New York State Department of Transportation and the New York State Thruway Authority oversee the highway systems that connect New York City with neighboring Westchester County and beyond. Many of these roads are accompanied by tolls.

When it comes to relocating to New York City, money matters. Finding a local bank should be the first order business following relocation. Commerce Bank and Washington Mutual Bank are two of New York City’s leading financial institutions. Chase Bank also features headquarters nestled in the heart of New York City. Service industry employees are an essential part of New York City’s tourism industry and learning who to tip is an intricate part of Big Apple Relocating money matters. New York City service staff who thrive through tipping include taxi drivers, delivery personnel, restaurant servers, street performers and bathroom attendants.

Relocating to New York City requires sophisticated knowledge of the subway and taxi system and boots that are made for walking. Traveling around New York City’s five boroughs is all about knowing how to hail a tax and always keeping an additional seventy dollars lying around for an Unlimited Monthly Metro Card.

If you are considering relocating to New York, you need to give some thought to the specific part of the city. Each area is unique, so focus on that area versus the city as a whole.

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Intuitively it seems we should, as a wealthy nation, be able to solve the problem of inadequate housing resources for our citizens. We have a Gross Domestic Product of over 13 trillion dollars. We have abundant natural resources, the most advanced technological infrastructure, huge intellectual capacity, and over 3.5 million acres of land. Why are people still living in shelters, on the streets or in a relatives basement? Our country has the resources but does it have the will to solve this problem?

According to the Center on Budget and Policy Priorities “Nearly 9 million low-income families have severe housing affordability problems, an increase of 33 percent since 2000. Yet despite the increasing need for low-income housing assistance, the emergence of large federal budget deficits has created pressure to reduce domestic spending and led to cuts in low-income housing assistance.” People who have to pay more than fifty percent of there annual income cannot afford to also feed their families, drive to work, pay doctor’s bills, buy clothes, and in general make ends meet. This is poverty and the Federal Government has prioritized annual budgets for other purposes.

In 2006 HUD’s affordable housing budget was $3.3 billion, 8 percent below the 2004 budget when adjusted for inflation. Compare this to the roughly $2.5 billion missing in Iraq this year earmarked for housing reconstruction. Of $18.4 billion set aside last year by the US government for Iraq reconstruction, nearly $2.5 billion turns up missing. This is money that could have been used to help people in this country find jobs, pay for food and housing. Shouldn’t our impoverished citizens come first?

Developers using tax credits offered by the US government are building or rehabilitating communities, but not fast enough to meet current needs. HUD does what it can but is badly underfunded. Private organizations do what they can but again their resources are limited. So what does the future hold? Based on current statistics, rising poverty and inadequate housing.

Poverty is on the rise. From Wikipedia: “The official poverty rate in the U.S. has increased for four consecutive years, from a 26-year low of 11.3% in 2000 to 12.7% in 2004. This means that 37.0 million people were below the official poverty thresholds in 2004. This is 5.4 million more than in 2000. The poverty rate for children under 18 years old increased from 16.2% to 17.8% over that period. The current poverty rate is measured according to the 2006 HHS Poverty Guidelines.” More people who can afford less, cycle in and out of poverty while tax rates for the richest Americans are slashed.

Are there solutions to this crisis? We must as a nation invest in our citizens. Only through education, job training, good health programs, and an environment friendly to self-employment can people be brought out of poverty.

Frans Doornan in his book Global Development states, “In the rich countries people with low incomes cannot as a rule afford to own their own homes. Unemployment, decreasing real wages, and cutbacks in social security and subsidies on low cost housing have worsened the situation, and led to growing rates of homelessness. No civilized society should accept that people are denied the basic human right to shelter. If people cannot provide for shelter themselves, because their wages are too low or because they cannot find employment, the state should do so. In many countries, it does. Public housing programs provide people with low rent apartments. In some countries, people with low incomes who pay more than a specified percentage of their income in rent receive rent subsidies.” Other countries are helping to pull people from poverty, the US should not, in fact cannot afford to do any less.

Private companies are doing what they can to help. affordablesearch.com is a website that helps people of low income find available affordable housing communities nationwide. As access to the internet becomes more readily available through cheaper home computers, schools, work and libraries the percentage of users has risen. The largest segment of the population seeing growth in internet use annually is those making below $15,000 a year. Among the general population, since 1997 internet use has grown by 20% a year. Amongst those at the lowest end of the income spectrum growth rates for internet use rise at the rate of 25% per year. A site that can help those who have the need and are able to access it is a step in the right direction. Someone from Portland Oregon who is not substantially tied to their community can find housing and employment in Boston. Someone growing up in urban blight can find communities in rural areas that always have vacancies.

Other companies provide low cost storage, moving and job search services. For those who want to help themselves, resources are available if they know where to look and the internet is a great start. Technology can help. We only need the will and the knowledge to use it wisely.

Vlad Stefanovic lives in Rochester, NY, is certified to teach English in New York State and is concerned with the shortage of available affordable housing. He can be contacted at mailto:vlads@affordablesearch.com vlads@affordablesearch.com

Traditional IRAs are fairly limiting when it comes to the types of investments you can make. With a self-directed IRA, however, there are very few restrictions on what you can invest in. The first step in creating a truly diversified investment portfolio is creating a self-directed IRA or Roth IRA, or converting your traditional IRA to a self-directed account.

What can you do with a Self-directed IRA?


Almost any type of investment is possible with a self-directed IRA. There are almost no restrictions, and in fact the only thing you cant do is use your IRA to purchase collectable items such as coins, or make investments that directly profit you or your descendants. Most of the inherent advantages of IRAs relate to the tax laws that govern these accounts.

-Capital Gains Tax does not apply to profits made by the IRA


-IRA profits are tax-deferred until you reach distributions age (59 1/2)


- Earn interest on every dollar earned by your self-directed IRA the tax-deferred status of an IRA means all profits stay in the account, untaxed until they are withdrawn.

By creating an IRA trust and appointing this trust as an IRA beneficiary, it’s even possible to pass money to your spouse and children tax-free after your death, or to put tax-free money aside for estate taxes. This is an excellent way of bypassing tax restrictions, particularly if one or more beneficiaries are a minor.

What about a Roth IRA?


Roth IRAs are very similar in terms of what you can buy and sell. However, the tax laws are slightly different with a Roth IRA you are subject to different tax types than with a self-directed IRA. If you own a Roth IRA, the profits made by your account are not subject to tax; however the contributions you make to the account are not tax-deductible as they are with a traditional or self-directed IRA. Once you reach the age of distributions, however, every withdrawal is tax-free. Another advantage of the Roth IRA is that there are no minimum distribution rules, so once you reach 59 1/2 there are no restrictions on how much money you can withdraw, or how much you can leave in your account.

Real Estate Notes Generate Passive Income


A real estate note represents the financial agreement made between the lender and the borrower of mortgage money, and includes information relevant to the terms and conditions of the contract. These notes are often bought and sold on the secondary mortgage market. Notes are an excellent source of passive income (income that requires no effort to maintain once the investment is made), and for this reason private investors will often lend money to real estate buyers, in effect creating their own notes. Real estate notes are a source of long-term passive income, and this is one of the main reasons why they are an ideal investment for IRAs. After the note is created or bought by the account, payments are made directly to the account, where they remain untaxed and earning interest, potentially for decades. Real estate notes are an ideal investment for another reason. The property market constantly changes, and property prices increase and decrease accordingly. Notes, on the other hand, do not change their face value according to the way the property market moves, so they are a lower-risk investment.

Can anyone buy Real Estate Notes?


Anyone can buy real estate notes, including private investors. There is excellent profit potential, with the possibility of buying notes for as little as 70% of face value. Private investors can also create notes by lending money to would-be property buyers who prefer not to borrow from financial institutions. Because the risk of such a loan is greater to an individual, the interest rate on them is higher than for a bank mortgage, meaning the profit potential is even greater.

Joshua Geary is the developer of myrealestateira.com Asset Exchange Strategies, LLC which helps those nearing retirement learn how to invest in real estate notes in their IRA. Visit his blog for the latest taxdeferredstrategist.com tax deferred self directed IRA strategies.

The main determining factor as to whether or not you qualify for a mortgage is your credit score. To be more specific, your “middle” credit score.

What most people don’t realize is that you actually have three credit scores. One score with each of the three main credit bureaus … Equifax, Experian, and Trans Union.

Your scores with these bureaus can range from as low as 300 to as high as 850.

When lenders review your credit scores, they’ll throw out your high score and your low score, and grant an initial “approval” based on your middle score.

Typical scores for the average person run in the mid to high 600’s. With scores in this range, it’s fairly simple to qualify for a mortgage. But scores are not a lenders only concern. Other important factors include:

1. Stability of employment: Most lenders will verify that you’ve been on the same job, or at least in the same field of work, for a minimum of 2 years.

2. Stability of income: Most lenders want to verify that you’ve had a stable income for a minimum period of 2 years.

3. Assets: Most lenders ask that you have liquid assets in an account such as a 401k or a checking or savings account, to cover at least 2 monthly payment amounts for the mortgage you’re applying for.

4. History of “On Time” payments: Most lenders will verify that you’ve made rent or mortgage payments “On Time” each month for the last 2 years.

You’ll notice I say “MOST LENDERS” … and that’s because “NOT ALL” lenders require you to meet these standards. A number of lenders, with less stringent requirements, will simply charge a higher interest rate to compensate for lesser standards.

Truth be told, it’s actually easier now to qualify for a loan than ever before. Even with a past bankruptcy, you may still qualify for a loan if you can meet some basic guidelines.

Today there are literally 100’s if not 1,000’s of loan programs available from a myriad of different lenders across the country. It still comes down to one main issue of course … your credit scores.

The higher your scores, the more options you’ll have available to you.

If your scores are low however, but you have compensating factors such as 1 and 2 above, it’s likely that you can still qualify for a loan. You might even be able qualify for a loan of as much as 100% of the purchase price.

I’ve spoken to many people who had no idea that, even with past credit problems, it’s still possible to qualify for a mortgage if you find the right lender. If you’re serious about wanting to buy a home, the best advice I can offer is … talk to a mortgage broker.

You may be closer to becoming a homeowner than you think!

Michael Hart is a former real estate agent, a private real estate investor, author of many articles and reports on real estate and investing, and also a Mortgage Consultant based in Peachtree City, Ga. He can be contacted through the internet at InternetLoanCenter.com www.InternetLoanCenter.com or by phone at 678-318-3542.

Thinking of buying Real Estate in Ireland? Or maybe investing in property in Ireland?

Good choice! Not only is Ireland a beautiful country, but property is plentiful, either in town or out in the countryside.

This site will help you find the quickest and easiest way to buy or sell property in Ireland.

First and foremost, if you are used to doing business in America, please note there is NO MSL site in Ireland! And that immediately complicates things since you will have to do some serious digging yourself to find what you want.

Property is handled in Ireland in the following way (and please note, when we say ‘Ireland’ in these pages we mean the Republic of Ireland i.e. Southern Ireland, not Northern Ireland which is part of the United Kingdom and subject to UK laws)

Real estate Agents

Called “Auctioneers” or “Estate Agents” they either consist of local offices affiliated with one of the larger groups such as Remax, ERA etc. or independent local offices.

Estate Agents are licensed by the State and can take deposits and negotiate on behalf of the clients. The majority also belong to one or other of the so-called governing bodies: The Irish Auctioneers and Valuers Institute (IAVI) or The Institute of Professional Auctioneers and Valuers (IPAV).

With the groups you have the advantage of a wide selection of properties from all over the country.

But with the independents you have the advantage of local knowledge and likely a personal contact with the buyer.

For Sale by Owner Companies

This is a new concept in Ireland and the FSBOs have found the going difficult to begin with, but are now gaining ground.

They operate in a number of different ways - some take a fee for just positing a listing on their web site; others have a ‘no sale, no fee’ policy, while others are a hybrid of these.

FSBOs are not allowed to take deposits or enter in to the negotiations (unless they have a licensed auctioneer on board)

Private Sales

There are number of sites that enable the individual to sell their property solo, without any assistance at all.

In the event of a sale their solicitor will handle all the financial aspects.

If you would like the ‘low down’ on each of these avenues, as well as how to contact them, visit info4u-services.com/irish_property info4u-services.com/irish_property for more information

The last time I went through the traditional mortgage application process I thought I would choke on the paperwork. The number of phone calls and faxes involved was ludicrous. I thought to myself ‘There must be a better way.’ The good news… there IS a better way, and it’s called private money for real estate investing.

When you initiate the process of applying for mortgage financing, you had best realize that you are unleashing a blizzard… a blizzard of forms, applications, faxes and phone calls back and forth with the lender. If you would prefer not spending countless hours in front of the copier, or with the phone receiver glued to your head, then consider the alternative of private money for real estate investing.

By developing a system of finding and using private money for real estate investing, you will enjoy the benefit of greatly reduced hassle and paperwork. The last private money loan I closed on involved exactly three phone calls and one meeting with my lender to sign a simple note. In fact, we had an enjoyable lunch together, so even that part was completely painless.

The simple fact is that when you develop your own group of lenders, all of whom stand ready to provide you with private money for real estate investing, you are creating freedom for yourself… freedom from the mind-numbing experience of applying for loans, proving you make what you say you make, apologizing for past credit mistakes, explaining gaps in employment, and begging for special dispensation.

Talk about a de-humanizing experience. Why would anyone willingly subject themselves to that, when there is a much better alternative?

The alternative is to apply just a little bit of effort and develop a group of consistent, loyal lenders to partner with. The great news is that when you make a decision to private-money-real-estate-investing.com/” target=”_blank find and use private money for real estate investing there is a wealth of information available to you.

To start your research on finding and using private-money-real-estate-investing.com” target=”_blank private money for real estate investing try private-money-real-estate-investing.com.

Now, go make more offers!

Tom Dunn is a successful real estate investor and author of the popular dealfiles.com” target=”_blank DealFiles Real Estate Investor Stories free newsletter. You are welcome to share this report, unedited and in its entirety, with anyone you like. You may not remove this text. © 2007 by Tom Dunn.

Many entrepreneurs have made loads of money in real estate over the years and you shouldn’t be any different. It’s always been said that one of the most lucrative investments can be found in real estate and there is truth to this statement. One of the best ways to go about this is investing in foreclosure real estate.

In makes perfect sense that anytime you can buy something for less than what it is worth, you stand to make a larger profit when you resell it. Simple enough, but don’t be fooled. Buying foreclosure real estate can either make or break you.

When you buy a property that has been foreclosed on you have to be particularly careful to details because there are no warranties, guarantees, or safety nets to catch you if you fall. Learning everything you can about real estate foreclosures is very important and if you follow these tips it should greatly increase your chances of making smart investments.

First, when a property is under foreclosure, chances are the owner hasn’t been paying their mortgage. This sounds like common sense, but the mortgage that is being foreclosed on may not necessarily be the first mortgage. In this case, the new buyer will be responsible for assuming the first mortgage.

Secondly, if the current owners are behind on their I.R.S. property taxes then you will also be responsible for paying the back taxes.

Lastly, when a homeowners learns that they are being foreclosed on, chances are they aren’t going to be very inclined to take care of the property. This can be as simple or as severe as they like to make it, but don’t be surprised to see damaged interior walls, neglected bathrooms, and outdated mechanics.

These are only a few tips and guidelines to follow. The best way secure your investment is to pay attention to details. Be as thorough as possible and consult your local court house or housing authority for detailed information on the property you are interested in buying.

Did you know that rising foreclosures means potential profit for you? My website

The reverse mortgage turns the equity of the home into tax free cash. Reverse mortgage is more of a loan advance. While the borrower lives in the home, the borrower does not repay the loan.

Any senior who is sixty two years or older is eligible for the reverse mortgage. The home must have some kind of equity. And, the home is the primary residence of the borrower. Depending on the mortgage lenders, the mortgage lenders may require single unit, condo, or townhouse.

Reverse mortgage differs from home equity loan. The mortgage lenders pay the borrower the lump sum, regular periodic payment, line of credit, or combination. The line of credit allows the borrower to choose how and when to get payment. The repayment of loan only happens in reverse mortgage when borrower permanently moves, dies, or sells.

Let us compare with traditional mortgage to better understand reverse mortgage. Any type of mortgage creates debt. A debt is the difference between amount own and amount owe. Traditionally, the home equity increases and debt decreases. In reverse mortgage, the home equity decreases and debt increases.

At the time of repayment, the mortgage lenders use the home to repay the loan. The home pays off the principal, interest, and closing costs of reverse mortgage. Anything extra goes to the remaining relatives. In case of deficit, the mortgage lenders make up for the deficit.

Since the borrower retains the title of home on reverse mortgage, the borrower remains the owner of the home. The borrower is responsible for the maintenance, property tax, insurance, and utilities.

The mortgage interests in reverse mortgage are not mortgage interest tax deduction. However, the borrower can claim the mortgage interest on current first and second mortgage. Even though the borrower is still paying off the first and second mortgages, the mortgage lenders can allow the borrower to go on reverse mortgage.

The borrower can owe only on how much is the home. The mortgage lenders can only go after the house to pay off the mortgage. The assets and estate of the borrower are safe from the mortgage lenders. This is more commonly known as non-recourse loan.

Dennis Estrada is a webmaster of mortgagecalculatorme.com mortgage calculators, mortgagecalculatorme.com/blog/2006/07/home-equity-loan.html home equity loan, and mortgagecalculatorme.com/blog/2006/08/what-is-jumbo-mortgage-loan.html what is jumbo mortgage loan website.

Even though your equity is your money, it’s going to cost you if you want to borrow from it. The price you pay will be in interest. Currently, the rates on New York home equity loans average 7.79 percent, slightly higher than the national average. Learning as much as you can about these rates and how they work can save you a lot of money.

How Equity Rates are Determined

Like other loan rates, home equity loan rates are determined by various indexes and average rates that have been established by the Federal Reserve. This gives the base rate for all home equity loans in New York. Other factors, such as your credit history, the amount of money you take out, and the level of risk for the lender can increase the rate you pay when you borrow from equity.

How Credit Affects Home Equity Loan Rates

Your credit history will significantly impact the interest rate you pay on your New York home equity loan. The better your credit score is, the lower your rate will be. If you have a good credit score of 620 or higher, you can expect to pay somewhere around the average. If your credit score is lower than 620, you will probably have to pay a sub-prime rate, which can be anywhere from two to ten points above average.

Getting the Best Home Equity Loan Rates

Securing the best rates on your New York home equity loan will take some work on your part. The first thing you will want to do is get your credit in the best shape possible. Next, start researching lenders and getting rate quotes. Making the effort to get comparisons is the only way to ensure that you get the best deal possible.

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Canadians Are Taking Control!

For Sale By Owner (FSBO) families are saving literally thousands of dollars in real estate commissions when they decide to list their own homes (ie: FSBO), statistics show that it’s probably one of the best ways to go.

As Canadian home sales and prices shatter records, some consumers are wondering why they are paying the traditional commission. Clients in sizzling markets, are asking whether Canadian real estate brokers should earn twice as much, in dollar terms, on a sale as they did five years ago for the same job.
The fact is that web-surfing home buyers are changing how Canadians are buying real estate, and changing the real estate industry. With a flood of information Canadians are becoming much more studious in their real estate buying techniques and starting to chip away at the 6% commissions that Canadian real estate brokers collect off of each home

Is the Internet really that “BIG” in Canada?

In the big picture, world Internet users will top 1 billion in 2005. In Canada, Internet users reached 20,450,000 October of 2004. Doesn’t sound like much? Keep in mind that Canada’s total population is only (32,040,292 )

Chief executive officer of AOL Canada INC - Steve Bartkey stated that twice as many Canadians use the Internet to do their online banking than Americans. The Minister of Nation Revenue - John McCallum states that over 11 million Canadians filed their tax on line in 2004. Just under 1/3 of the Canadian population. Internet buyers, who comprised only 28% of the market in 2000, accounted for 45% of the market in 2002 and may now be in the majority! 78% of home buyers search the Internet before inking up a deal in 2003. That is up from 41% in 2001.

Canadians have come to realize that they cannot continue to throw their equity out the window by giving thousands of their hard earned dollars to agents. For a majority of Canadian citizens their homes are their families largest assets Simply put “For Sale By Owners” AKA “FSBO” are making great money managing decisions, It puts you in control of one of your largest assets, and Its where the real estate market is going with today’s technology.

Here are a few more reasons “FSBO” Makes Sense!

SAVINGS BASED ON 6% COMMISSION

$50,000 ~ $3000.00
$100,000.00 ~ $6000.00
$150,000.00 ~ $9000.00
$300,000.00 ~ $18,000.00
$500,000.00 ~ $30,000.00

About the author

Colleen Alderliesten is the webmaster and site owner of canadianhomes4sale.com canadianhomes4sale.com She has been buying and selling real estate in British Columbia, Canada for over 20 years. She decided to create a “For Sale By Owner” real estate advertising site when she recognized that there was a need for quality sites of this kind in Canada. canadianhomes4sale.com canadianhomes4sale.com is ranked in the top 5 sites by Yahoo, Google, and MSN.