Visa Changes Should Help Chinese Buy US Property

News Source: http://www.consolidatemydebts.ca

Investment in US real estate from overseas buyers could increase dramatically next year due to changes to the reciprocal US/China visa agreement. Students can be issued with five year multiple entry visas, while business travelers and tourists can be issued with ten year multiple entry visas.

These changes took effect earlier this month, and should make it easier for Chinese who wish to invest in US property. Often Chinese parents will purchase a home for children studying abroad, and the five year visa will also help students on a four year degree course.  Chinese investors who are currently undecided about purchasing US property should find these new changes encouraging.

According to the article in RisMedia, these changes could bring about a 15% increase in Chinese investment next year. Data from the NAR 2013 Profile of International Home Buying Activity shows the fastest-growing source of International clients has been from China and Canada. Real estate purchases by Chinese buyers have accounted for 12% of international transactions, and many of these are paid for in cash. Apparently Chinese buyers tend to look for property in the highest average price range and will pay cash around 70% of the time. Buyers have an average budget of $3 million and the median property purchase price is $425,000. This is much higher than the US median of $199,500. Popular areas for real estate investment by Chinese purchasers include Houston, Detroit, Philadelphia, Los Angeles and New York City.

Experts also point out that these recent changes to visas provide an opportunity for real estate agents as international buyers tend to greatly appreciate the knowledge and assistance conveyed by real estate agents. It’s not always necessary to be fluent in the overseas buyer’s native language. Home sellers may also prefer to find a real estate agent who markets their listings in China, as this is the fastest growing group of overseas buyers and could mean a quicker or better transaction for the seller. Real estate agents are also being advised to make international marketing part of their weekly business plan.

It’s thought that the extension of the student visa could have more impact on the US housing market than the changes to the business traveler and tourist visas, as a considerable number of Chinese students are educated in American schools. Even though every Chinese investor is in a slightly different situation, most will have an underlying belief in the US real estate market.

Deciding What to Do With the House after Divorce

News Source: http://firstmortgagerates.ca

Divorce can be painful enough, but it can be worse when you are faced with losing your home at the same time. Finding a suitable replacement can be tricky, particularly if you don’t have a good credit rating and have less income coming in.

It can be a difficult time, but an article in realtybiznews.com points out there are things you can do to help get a new mortgage, and explains what you can reasonably expect. The first thing to do is to decide if you want your name or your ex’s name off the mortgage, depending on the circumstances. If you intend to buy your own property and your ex is still living in the marital home then ideally they need to take over the mortgage in their name only. This will increase your chances of being able to get your own mortgage.

However this might not always be possible, particularly if this is your family home and they can’t refinance the loan on their own. In this case you might need to leave your name on the mortgage for a while, while your ex and kids still live there. This is incredibly common, especially in cases where one partner has worked part-time or not at all in order to look after a young family. It can sometimes be better to agree a time frame where the kids and your ex are able to remain in the home, perhaps until they go to college.

If you do decide to choose this option it is important to agree in advance how the profits will be divided once the house is finally sold. This might not necessarily be an equal split as it is likely one ex-partner will be making a more significant financial  contribution to mortgage payments and maintenance for the home. Not surprisingly this choice only tends to work well if the ex who left the old marital home has sufficient funds to buy a new home of their own in the meantime.

Apparently it is also not a good idea to buy a new home while divorce proceedings are on-going. This is because there could still be question marks over the amount of alimony and child support payments, and some people have lost money on house purchases after being unable to get credit from lenders under these circumstances.  If one of you is unable to buy immediately then you are faced with having to live together a bit longer, which is becoming far more common, or with renting an apartment near the family home until the dust has settled.

Things to Think About When Purchasing a Home

                   

News Source: http://www.canadianmortgageupdates.ca/

Purchasing a home is the largest financial decision most of us will make so it’s important to do your due diligence. Things to take into consideration include the type of property you can afford, and which neighborhood will be best for you.

It’s important to consider every point very carefully and to resist making an emotional decision that you may regret later on down the line. One thing that does need to be addressed is what will happen if you lose your job, as if you believe it may be at risk in the foreseeable future, it might not be the right time to purchase a home. You’ll find mortgage lenders are not sympathetic towards missed payments and it’s best to only buy a home when you are confident you will be able to afford the monthly payments for the foreseeable future and feel your job is secure.

When you do purchase a home, it’s best if you plan to stay there for several years to try to recoup the costs, and the article in aol.com has a link to a calculator that can help you determine the breakeven point on your home purchase compared to renting. This will show you whether or not you should continue renting a home for the time being. Buying a property might also not be a good idea if you intend to move cities or think there is a possibility of doing so in the future, perhaps for a job. It can be difficult to sell a home at short notice without incurring large losses.

If you’re thinking about buying a home with a partner then have a good think about the stability of the relationship. If there is the possibility you could split in the future then it might be best to buy on your own, or to delay until you feel surer about the long term prospects with your partner.

Also think about your current level of debt. If you have a high debt ratio it might not be the right time to make such a large financial commitment. As a general rule of thumb, if your expenses come to more than 50% of your monthly income you probably wouldn’t be able to get a mortgage in any case, and even if you could secure a loan it would be at a higher interest rate which may end up costing you thousands of dollars over the entire loan. Instead it’s better to think about paying down your debts before purchasing a home.

Guidelines for Maintaining Commercial Carpets

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Maintaining your commercial carpet properly will ultimately save you money because it will give your carpet a longer life expectancy. Commercial carpeting in particular suffers from the wear and tear caused by hundreds of feet trampling it daily.

It’s very easy for it to accumulate dirt, grime, and stains and eventually to wear out altogether. Luckily, you can clean your commercial carpet yourself without being forced to hire a professional cleaning company like the Steam Cleaning Kings Brisbane. Here are some suggestions on how to maintain your commercial carpet:

Getting Started

The first thing you need to do is to pay a visit to your local home improvement store and rent a steam cleaner. Depending on where you go, they may require you to show two forms of ID plus leave a refundable deposit. Next, when you arrive back at the office you remove all of the furniture from the room where the carpet is to be cleaned. Vacuum the carpet thoroughly to remove all surface dirt, grime, dust and other debris that have gathered there over time. Do a good job because the less dirt and other things the carpet cleaning machine has to ride over the better it can clean your carpet? Any professional cleaning company like the Steam Cleaning Kings Brisbane will tell you that this is one of the first rules in carpet cleaning.

Cleaning the Carpet

Once you bring the carpet cleaning machine into the room remove the water container and fill it to just below the line indicated with water as hot as you can get it. Then add 3 full cups of white vinegar to the water. Replace the water container back on the steam cleaner. Why are you using vinegar? You may ask. That’s because vinegar is a natural disinfectant and deodorizer that can eliminate even the most hard to kill bacteria and germs. Even professional cleaning services like the Commercial Carpet Cleaning Kings will admit that much if you ask them.

Now you are ready to begin. Start at the area of the room which is farthest from the entrance and slowly work your way toward it. As you push the steam cleaning machine forward squeeze the button to release the vinegar-water mixture into the carpet. Be careful not to press the button to long because you don’t want to saturate the carpet. Pull the steam cleaner directly back in the same path you pushed it forward in. Doing this scrubs the carpet and sucks the excess water-vinegar solution back into the machine and into the dirty water container. Follow the same process until the entire carpet is thoroughly cleaned.

Give the carpet plenty of time to dry completely before placing the office furniture back in the room. Heavily Soiled Carpet

Areas of commercial carpets that are heavily soiled can be very difficult to clean as any professional carpet cleaner like the Commercial Carpet Cleaning Kings will tell you. High-traffic areas collect more dirt than the rest of the office and also have crushed carpet fibers. These carpets will require more than one cleaning. Also in the vacuuming process you will have to use a carpet rake to help remove loosen up all dirt and debris in the carpet. Doing this also stands the carpet fibers up, making them easier to clean.

Purchasing, Renovating, Marketing, and Selling

News Source: http://firstmortgagerates.ca/

 

A full time rehab investor needs to manage the four phases of every deal. Becoming a rehab millionaire means having at least 16 deals in work every month and maybe more. Four deals turning a $20,000 profit each month will bring in $960,000 each year. If you’re only turning two houses each year, you’re going to need to keep your day job. If you want to be a serious, full time, professional real estate investor, you shouldn’t be swinging a hammer or even licking envelopes, you need to be managing a team that is doing the work for you. The Million Dollar Pipeline There are four major categories to your million dollar real estate pipeline . You should have four properties in each category at any given time. During each month, you should be purchasing four houses, which immediately go into the rehab phase. On an average of once a week, you should have one property finishing rehab and going onto the market. At the same time, you should be collecting a paycheck approximately once a week as your investments are sold to both pay you and invest in the next project. The novice investor focuses all of his or her energy on one stage at a time. That’s an “onsie-twosie” investor. In other words, he or she may only do one or two deals in a given year. If that fits your goals then great! Go for it! But if you want to be a million dollar real estate investor, you’ll systematize the process to keep the pipeline full. You’ll have several projects going at the same time. Have a Plan Having four deals in each phase will be a full time job managing your own business. You’ll need a system to keep it organized. You’re going to need a plan. Decide on your target market. Decide on your target buyer. Decide your price level to flip it. Organize your tools. Get your spreadsheets together. Decide how much time you are going to dedicate to this business. Line up your funds. Raise the capital to do your deals. Start making offers! It all starts by putting the first deal together and then growing your business one deal at a time. Get started by finding some seed money and putting your effort into finding the right house to renovate. These are houses that sit on the market for months because the retail buyer wants a house that is already in “perfect” condition. Your job is taking the less than perfect house and turning it into the perfect house that retail buyers will pay you top dollar for. Of course, you will have competition. There will be others fixing and flipping houses. The houses you want, won’t actually sit on the market for months. The aggressive real estate investor has a constant eye on everything coming onto the market. Making fast, low-ball offers for less than desirable houses is one of the secrets to success. Patience is another part of being successful. Your low-ball offers probably won’t be accepted right away. But when retail buyers don’t show any interest, your offer will become more attractive to sellers that either won’t fix the house or can’t afford to. A couple of months later they come back showing interest in your low-ball offer. In summary, today is a great time to be in the fix and flip business. Just remember that it’s a means to an end. The income potential is very real. But in the end, it’s not only about the money. Once you have a system in place, the money will consistently roll in. You’ll have plenty of time to do, be, and have everything you want in life!