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Erik Johnson's Advice

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  • 8 Contributions
  • 0 Best Answers
  • 4 Helpful

Erik Johnson wrote:

What are you waiting for?

Response
Funny...
March 31 2011
(0)

Rental Owners: What are your biggest complaints about the property management industry? If you mana

Answer
Care and Communication are Key's to this business.  Normally it is a balancing act not to get to big and you loose control again..lost care and communication. It does not take a lot to stand out above the crowd..most owners don't expect alot..if you raise the bar you are ahead of the game. DIffucult business for most, that is why people shy away from it. 
March 30 2011
(0)

How do I purchase a home and keep my old home as a rental?

Answer
Talk with your Banker or Lender first..If you have equity in your home and have owned it for 2 years.. you may want to sell and take the tax free gain if married $500K not married. $250K.. and then go out shopping again for investment property.  You should consult your Tax advisor also..prior to converting your home into a rental.  If it because the market is soft and you want to hang on for a few years certainly that is the reason many are considering renting.  Get some good tax advise before hand it will be money well spent.  Good Luck..everyone should own at least one rental property.  Good Invesment and keeps you humble.. :)
March 30 2011
(0)
What are you waiting for?
As a buyer what is it that is stopping you from pulling the trigger? 
March 30 2011
(0)

What is the key reason for buyers to hesitate in this market?

Response
Sounds like doom and gloom for all here...people need to sell...there are buyers that want a home. If they have some stability and work with a good agent in their market they can find some fantastic values in all markets. With interest rates at 5 or below? You can make the case to move forward fairly easy again National press only depresses local markets as a whole.  Take a few states out of the picture here and the glass is 1/2 full again..If you are scared to own a home buy income property great financing on owner occupied.  I guess I am an optimist...the sun will rise tommorrow..
March 28 2011
(4)

What needs to be done before Cash Sale on home?

Response
If you are uncomfortable and feel strange..hire a good Real Estate Attorney, your agent will be fine with that.
March 28 2011
(0)

Do I have instant equity or not?

Answer
You should have a Realtor you like give you an opinon on the price, FMV (Fair market value) is a difficult number based on your area.  Certainly areas it is very accurate many areas not.  Get a quality realtor with a CRS designation to give you their opinion and options for pulling equity out if possible they will have lender ideas and let you know if you got your self a good value.  Good Luck.
March 27 2011
(0)