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A newcomer to the world of investments in the notion of “Virtual Real Estate Investing“. What is meant by “Virtual Real Estate Investing” ranges from online games like SecondLife (where real profit can be made) to the use of internet technologies to make normal real estate investors more profitable.

To separate fact from fiction, I asked Bryan Ellis for comments. He’s the man many consider to be the father of this new form of investing.

When I began using the term virtual real estate investing in the late 1990s, I did so because I saw clear parallels between the strategies used for profiting from physical real estate and those that would create income in the online world, said Ellis.

Bryan Ellis cites the similar strategies one can employe to make money from “virtual property” and “physical property” as a primary parallel of the two markets. “There’s a huge difference between a website and a piece of real estate, but the ways you can profit from them are similar: ‘flipping’, rental/leasing, advertising sales, etc…all of these apply to both markets” he states.

I must admit: Its easy to see the parallels. After all, if you own a valuable piece of real estate, it’s “valuable” because other people are interested in that specific piece of property. Similarly, ownership of a desirable domain name is valuable for the same reasons. So it doesn’t matter if you own physical real estate or virtual real estate - you’ll likely use similar strategies to turn them into money in your pocket.

In our next installment of this series on virtual real estate investing, Bryan Ellis will share the internet analogies to the physical concept of real estate development.

It is no big secret that the mortgage industry has come under fire as of late. Wherever you get your mortgage reviews, they are going to pretty much say the same thing too. The mortgage lenders did make it too easy to borrow money, and now a lot of people are in hot water. Was it predatory lending? I personally think that it was greed on both sides of the fence. Mortgage lenders were too eager to loan money, and borrowers were too eager to borrow!

So now, many mortgage lenders (even some of the largest ones) are so upside down in bad debt that many actually have failed. As a result, now more than ever it is very important that you check several different sources to do some research before choosing a mortgage company, internet reviews or business site reviews are the most common because of the simplicity. Be careful to take into account how reliable the reviews might be that you are reading. In many cases it is hard to tell who wrote it, and it could be written by someone who is merely disgruntled with a certain company. So check multiple sources, and try to stick with reputable ones, and you will be able to be a better informed consumer.

A mortgage is the pledging of a property to a lender as a security for a mortgage loan for 9 percent. And of course, each loan and each borrower are different. See which lenders are charging fees 8 percent and for how much. Brokers work with many mortgage bankers and, as a result, can sometimes find slightly more competitive rates 11 percent perhaps lower but dealing directly with a mortgage banker can move a loan along more quickly. Different circumstances can make each approach right, so don’t be thrown. In other words, the mortgage is a security for the loan that the lender makes to the borrower. Arranging a mortgage is seen as the standard method by which individuals and businesses can purchase residential and commercial real estate without the need to pay the full value immediately. But others will claim low rates to bring in customers or tell you that the rates 5 percent offered by competitors will change.

Many of these fees are fixed but some can be negotiated.

Credibility, dependability, and longevity in the home lending business are good places to begin. So how do you find a lender or broker you can trust? Although most mortgage experts say that rates 3 percent are pretty much the same wherever you go, give or take this tiny 5 percentage. Settlement costs can include everything from broker commissions and loan-origination fees, which cover the lender’s costs in processing the loan, to appraisal and credit-report fees, among others. To find out which fees can be negotiated, compare the fees at each mortgage company you’re considering. Both banks and brokers have their strengths and weaknesses. Different lenders charge different fees. It is a transfer of an interest in land, from the owner to the mortgage lender, on the condition that this interest will be returned to the owner of the real estate when the terms of the mortgage have been satisfied or performed.

See mortgage loan for residential mortgage lending, and commercial mortgage for lending against commercial property. In most jurisdictions mortgages are strongly associated with loans 9 percent secured on real estate rather than other property and in some cases only land may be mortgaged. Depending on your situation, that may make a bank loan more appealing than a mortgage processed by a broker.

Start with credibility. It’s not easy to know if the prices quoted by lenders are reliable. Go for a new house with geldlening met negatieve bkr notering, 448623 euro in 24 hours.

Some will quote you precise, competitive rates 9 percent. While a mortgage in itself is not a debt, it is evidence of a debt of 9 percent.

Want to invest in Spanish real estate? Check out the Property Index inventory of properties for sale in Spain here!

Notwithstanding the fact that Property Index is really a rather young house, they were established only in March 2007, they have become experts very quickly. De facto, they are a rather hassle-free house specialised in offering informed instructions to every client aiming to rent, buy, sell or let estate just about anywhere. They affirm to help you out locate bang-on what you desire fast and sans hassle. Property is available for the asking no matter where nowadays, certainly the really elite area being property available in Spain. It should really be easy as falling off a log to list the sensational real estate available in Spain, one reason for choosing properties here being real estate on the market and the possibility to live with this vibrant population.

This is one of the truly sought after property markets nowadays, and considering the beauty and great sunshine surrounding you here, how could you say no…. Property in Spain is very rich in history, culture and art, this area of the world has long been home to a good number of nations. Just 30 years back there was merely a tiny number of Britishers looking for real estate in Spain. Ask any person who has chosen to move to Spain and they are certain to back it up. There’s many people who would will see it as a fashion and others will see it as a as something approaching a fetish… People intent on moving over here extend from young well to do couples keen on a bit of a new challenge in life to older clients who intend to enjoy themselves and settle down.

Do bear in mind, however, that there might well be snags when attempting to buy real estate in a foreign market — you’ll want to cope with dozens of varied, often conflicting, actions when organizing, popping in or purchasing. Even if but a single minor step is missed that is certain to definitely give rise to dramatic snags plus, even more importantly, a failed investment. Obviously, as can be assumed with this well-liked destination, real estate might be quite high priced in this destination and that is solely because of the growing demand. Despite this buyers doubtlessly are a bit spoilt in an area determined by fair site and glorious view. It actually has the whole enchilada you may long for and lots more.

A real estate appraisal is a service performed, by an appraiser, that develops an opinion of value based upon the highest and best use of real property. The highest and best use is that use which produces the highest possible value for the property. This use must be profitable and probable. Also of importance is the definition of the type of value being developed and this must be included in the appraisal, ie fair market value, condemnation value, quick sale value, etc.

There are several types and definitions of value sought by a real estate appraisal. Some of the most common are listed:

- The price at which an asset would trade in a competitive Walrasian auction setting. Market value is usually interchangeable with fair market value or fair value. The legal definition of market value is usually given by some variant of the following: “The most probable price at which a property would trade in an arms-length transaction in a competitive and open market, in which the buyer and seller each act prudently and knowledgeably and in which the price is not affected by any special relationship between them”.

- The net present value (NPV) of a cash flow that an asset generates for a specific owner under a specific use. Value-in-use is the value to one particular user, which may be above or below the fair market value of a property.

- is the value to one particular investor, which may be above or below the fair market value of a property.

- is the value of real property covered by an insurance policy. Generally it does not include the site value. It is important to distinguish between market value and price. A price obtained for a specific property under a specific transaction may or may not represent that property’s market value: special considerations may have been present, such as a family relationship between the buyer and seller, or else the transaction may have been part of a larger set of transactions in which the parties had engaged. It is the task of the real estate appraiser/property valuer to judge whether a certain price obtained under a certain transaction is indicative of market value.

There are three usual approaches to determining the fair market value of a property, cost approach, sales comparison approach, and income approach. The appraiser will determine which of the approaches is applicable and develop an appraisal based upon information from each individual market area. Costs, income, and sales vary widely from area to area and particular importance is given to the specific location of the property. Consideration is also given to the market for the property appraised. Properties that are typically purchased by investors (ie. skyscrapers) will give greater weighting to the Income Approach, while small retail or office properties (purchased by owner-users) will give greater weighting to the Sales Comparison Approach. Single Family Residences are most commonly valued with greatest weighting to the Sales Comparison Approach.

The Cost approach is sometimes called the summation approach. The theory is that the value of a property can be estimated by summing the land value and the depreciated value of any improvements. It is the land value, plus the cost to reconstruct any improvements, less the depreciation on those improvements.

The sales comparison approach looks at the price or price per unit area of similar properties being sold in the marketplace. Simply put, the sales of properties similar to the subject are analyzed and the sale prices adjusted to account for differences in the comparables to the subject to determine the fair market value of the subject. This approach is generally considered the most reliable, IF good comparable sales exist.

Income Capitalization Approach

Often simply called the income approach, is used to value commercial and investment properties.

Automated valuation models (AVMs) are growing in acceptance. These rely on statistical models such as multiple regression analysis and geographic information systems (GIS). While AVMs can be quite accurate, particularly when used in a very homogeneous area, there is also evidence that AVMs are not accurate in other instances such as when they are used in rural areas, or when the appraised property does not conform well to the neighborhood. Because of the limitations, AVMs have begun to fall out of favor with many lenders but are widely used in other appraisal problems such as mass appraisals for ad valorem real estate tax purposes.

Michelle Hiller
Seasoned Loan Expert
http://www.quoteinwrititng.com

For many people, purchasing a home is one of the largest and most important investments they will make after their education. It is important to make sure you choose the right mortgage, one you will be able to pay off within a reasonable amount of time. You also want to make sure you choose a mortgage which has the right length of time.

The length of your mortgage should depend on your financial circumstances. It should also depend on your future goals. How much can you afford to pay each month on a mortgage while still maintaining a healthy amount of savings? Being able to save a reasonable amount of money each month will protect you in the event of an emergency. You will also want to save money for the education of your children and your retirement. These are things you will want to take into consideration when choosing the length of your mortgage.

Common Mortgage Terms

Most mortgages have a length of 15 or 30 years. While some companies do offer 20 year mortgages, the interest rates for 15 and 30 year mortgages are fixed. Because of this they are used more often than mortgages which last 20 years. If you choose to take a 15 year mortgage, your monthly payments will be much higher. This will mean that you will have less income available to save. A 30 year mortgage will give you lower monthly payments, and will allow you to save more money than you would save with a shorter mortgage.

Weighing Up Your Options

It is important to weigh the advantages and disadvantages of both options before making a decision. Long term loans will give your more disposable income to spend on whatever you wish. They are flexible, and will also allow you to invest money. You can pay more money on the mortgage when you have it available so that the total amount can be reduced. You are also given tax benefits by the government because you are paying interest for a long period of time. These loans are also the easiest to be approved for.

Getting A Cheaper Rate

At the same time, long term mortgages also have higher interest rates. Because you are paying a large amount on the interest, you will pay more money in the long term. It also takes a long time to build up equity in the home. Long term loans also require long term commitments. You will want to make sure you have stable employment.

How To Pay Less For Your Loan

Short term mortgages are able to be paid off much faster. They have much lower interest rates and equity can be built up very quickly. Because the interest rate is low you will pay less over the long term when compared to a long term mortgage. At the same time, your purchasing power will be low and you will not have many tax benefits. Short term mortgage loans are also hard to get approved for. These loans tend to have higher monthly payments.

Whether you decide to get a short term loan or a long term one, you will be able to refinance to change the length of the mortgage. If you decide a few years after setting up a 30 year mortgage that you earn enough to pay it off much faster, you can refinance the mortgage for a shorter length of time. If you have a short term loan and it is difficult to make the monthly payments, you can refinance it to a 30 year mortgage.

Choose the Best Deal

The most important thing is to sit down and figure out which option suits you best. You should look at your current income, how stable it is, and how much you will have left over after paying the mortgage every month. You should choose a home which evenly matches your level of income.

Joseph Kenny writes for various sites including http://www.ukpersonalloanstore.co.uk/ who offer secured loans comparison online.

We’ve seen all the claims that have been made by many late night
real estate informational gurus. They all talk off making
thousands of dollars when you buy a property. But is it really
possible? Is it really possible to buy a house and pay no money
down and walk away with cash at the closing table?

It’s because of these late night infomercials that no money down
real estate to pull cash out at closing has become one of the
most sought after topics on the net and late night television.
Most everyone has seen these commercials or even bought these
real estate investing courses. Most of these courses get filled
with dust, then to only find their way to the yard sale. Now,
you may be asking, ” is it really possible and if so, how’s it
done?”

Honestly, the one technique that gets talked about the most is
the least creative way to do a deal and the most risky. There
are many more profitable ways to real estate investing without
the personal risk and the liability. See, what happens is you
find an undervalued property, then you go to the bank to acquire
financing. Many lenders will loan 80% of the appraised value on
real estate investments. Many investors will then borrow the 80%
even if they only paid 65% of the fair market value of the
property. The crucial factor that investors must realize is that
this is borrowed money and you can’t live off of borrowed money.
Also, you are personally guaranteeing that you will pay back the
loan. Therefore, if something goes wrong, then you are on the
hook with the bank.

Not only is this very possible to pull cash out when you buy,
this one method to real estate investing could be the single
worst mistake that investors make when buying properties. It’s a
financial disaster waiting to happen. See, when you buy to pull
cash out at the closing table, you are pulling the equity out of
the deal. The equity is the value of the property beyond what is
owed against the property. When an investor buys a property
using this method, they are truly risking their financial
stability because they trust that properties will always go up
in value. This myth couldn’t be farther from the truth. Most
don’t even care to think about “what if the fair market value
goes down? Or what if the tenants that I have completely
destroys the home?”

So, are there other ways to create profitable real estate deals?

The answer is a very loud “YES”. There are numerous ways to
hedge your risk of these scenarios while you avoid personal
liability and financial risk all together. You should seek out a
mentor or a trainer that will show you the ins and outs to real
estate investing without costing you a fortune. Also, when you
decide to use a mentor or buy a course of any kind, you should
look at what the guru’s previous students have to say before you
decide to give up your hard earned money. We’ve outlined the
most popular real estate gurus and allow real life consumers to
give reviews on many of the top real estate investing programs
selling today. To read these reviews, then go to
www.101Gurus.com.

If you are thinking about moving to Nashville, or if you already live there but want to purchase a different home, finding the right Nashville mortgage company can be a daunting task.

Nashville is centrally located in the state of Tennessee. It is nicknamed “Music City” and is the home of The Grand Old Opry. People employed in every aspect of the country music business live and work in Nashville. The population is about 545,500, and continues to grow. The housing market is very good and the median price for a home in Nashville is $132,000. Of course, you can find houses that are cheaper and ones that are much more expensive. With its strong housing market, it is easy to find the home of your dreams and your pocketbook in Nashville.

One way to find a good mortgage lender in Nashville or anywhere else, for that matter, is by using a mortgage broker. These are companies that work with several lenders to give you the best deal. They also help with the mountains of paperwork and answer any questions you have about the home-buying process.

A typical mortgage lender usually starts by helping you find out how much house you can afford. This takes into many considerations, including salary, credit history, etc. They will give you a mortgage lending quote. Many mortgage companies like to pre-qualify you so that you can be looking for houses in your price range.

A good mortgage company should be able to offer you a variety of mortgage options. Non-traditional mortgages are becoming more and more popular. For instance, you could be looking to purchase a home, refinance a home, be a first time buyer, looking at a second mortgage, be interested in debt consolidation, a new home construction loan, a zero down loan, or FHA and VA loans. Any good mortgage lender will be able to offer any one of these loan types. Many mortgage lenders specialize in certain types of loans; so if you know what kind of loan you want, seek out a lender who knows a lot about them.

Buying a house is a huge investment decision, so you definitely want to find the best mortgage lender. If you are planning to buy in Nashville, there are many good ways to find the best Nashville mortgage company for you. Do some online research to find out about the different companies in the area. If you know anyone in the area, ask for a referral. Word of mouth is usually very reliable. Another way is to visit with several different mortgage companies. Ask some questions, see how they act, and if they seem like they want your business. If they don’t make you feel comfortable, move on. The right mortgage company is out there.

Bob Hett makes it easy to find all the information you are looking for in mortgage rates. Get the answers that you are seeking by visiting http://www.mortgageratescenter.info

>From Niagara Falls to the Catskills to a little city with the
Big Apple nickname, New York is truly the Empire State. New York
real estate prices reflect this lofty nickname.

New York

While New York City gets a lot of publicity, New York is a state
with a lot more to offer. Go upstate and you’ll find spas, horse
farms and resorts in the green, towering Catskills and
Adirondacks. Lakes and springs present throughout the state are
also popular places to live and visit. Of course, if city life
is your thing, there’s a little, unassuming place called New
York City.

New York City

Where does one even begin to describe New York City? I’m not
even going to try other than to say it is perhaps the dominant
“big city” in the world. Space is at a premium and so are real
estate prices. This is one of those situations where if you have
to ask about the price of a home, you can’t afford it.

Buffalo

The second largest city in New York, Buffalo is a misunderstood
city. Known for getting massive amounts of snow in the winter,
Buffalo actually has a lot to offer. A very wealthy town during
the industrial revolution, the town has beautiful art-deco
architecture and historic Victorian homes in the downtown area.
A bit sprawling in the suburbs, Buffalo offers reasonably priced
real estate compared to the rest of Niagara Falls. Lake Erie to
the west of Buffalo makes a great setting for summer fun.

Rochester

A sprawling city, Rochester is dominated by some of the
best-known brands in the world. Home to such companies as Xerox,
Kodak and Bausch & Lomb, the city offers plenty of jobs and a
distinct well-healed atmosphere. This is particularly true in
the downtown area, which reflects the economic strength of these
companies.

New York Real Estate

New York real estate prices are entirely dependent upon the
specific location. If you’re looking for a home in New York City
proper, a bank robbery may be in your future as an absolute
closet is going to run you close to a million if not more.
Things aren’t as bad elsewhere.

A single family home in Buffalo will set you back roughly
$225,000 on average, while the same home in Rochester will run
an additional $30,000. Appreciation rates for New York real
estate were a little more than 13 percent in 2005, but differ
greatly by location.

The process of completing a new home purchase usually starts when the builder or developer gives you a completion date. Depending on the agreement you have already made, there may be some tight deadlines for you to complete and penalties if you do not do so without good cause.
You should normally have already engaged an independent solicitor when you put down a deposit for a new build or a down-payment on an off-plan purchase. It is highly recommendable to get professional advice early on in any house-buying process, as this can save a lot of time and money in the long run. A good solicitor can negotiate retentions on the completion price, in respect of incomplete work or problems with the property. This is still not common in Spain, but is possible and well worth consideration.

There are many stories of people completing a house or flat purchase and then being left waiting - in some cases for years - for simple defects to be put right. Once you have handed over money, there is little incentive for a builder to rush round and, for example, unblock the drains of builder’s waste. The Spanish legal system works at a snail’s pace, so you may find that threats of legal action may not have the same effect as back home.

Preparation, preparation, preparation!

Once you have your completion date, you need to have agreed what is included in the sale of the property. Complete should mean ‘ready to move in’, but it seldom does. If you are UK-based and buying in Spain, you can waste time and money flying over, staying in a hotel and hiring a car, just to find the property is far from finished. These costs can add to the pressure to complete. You may be in the difficult position of choosing between going home and then hoping everything is fixed, to come back for a later inspection or just trusting a local agent to make sure everything is done properly.

If there are problems, try to get your independent solicitor to negotiate that the developer supplies you with a full specification list of the property and you will retain five per cent of the agreed price until the property is complete. This means there is a real financial incentive for the builder to get things fixed.

Get it on paper

You should be provided with a full specification of the property as you are purchasing it. If your Spanish is not good, try to get the specifications with a side-by-side translation into English (some arm-twisting on the agent might get them to do this for you). This will help you both understand the specification and relate the English to Spanish words. This can avoid struggling with dictionaries and make it easier to point to the specs if things are not right. If you have pink tiles in the bathroom when you were expecting blue, it helps if you can point to ‘azul’ on the Spanish version. You still might get a shrug of the shoulders, but if it’s on their list, they are left with little room to argue.

Do you exist?

A house or flat is not truly complete until it has been issued with a certificate of habitation (cedula de habitabilidad). This means that an officer from the local town hall (ayuntamiento) has inspected, certified the property as being fit for habitation and it is entered in the register (registro) at the town hall. This certificate needs to be there before you complete. The builder legally has four years to get it once the property has been completed. That fact could translate into four years of waiting to have your address recognised by the Spanish authorities. If you don’t have a recognised address you may encounter a whole host of problems.

Without a recognised address you cannot sign on the padrn (this is a list of property owners held by the town hall). It is very important to register on the padrn, especially if you are becoming resident in Spain as this is needed for many things from getting a healthcare card to a local parking permit. The process is simple and does not cost anything. Even if you are not a permanent resident, but own a property in Spain, you should be on the padrn. You will not get taxed or have other disadvantages because you are on the padrn, as it is just a list of homeowners in a particular municipality. It does mean your town hall can apply for more money for services because the more people who live in a town the more money local government can get for everything from street lighting and rubbish collection, to hospitals, schools and police.

Without being empadronado (registered) at a recognised address you cannot get medical cover on the Spanish Health Service (Insalud). They will treat you in an emergency, especially if you have the new European Health Card (which you can get from your home health authority). However, you’ll have to pay for non-emergency treatment. Without registration, you may not be able to receive your post, get a telephone line, mobile phone contract, water, electricity or even get gas canisters delivered. All of these things need an address to go on the contract. Showing a key or producing the purchase papers to prove of ownership may not get you very far.

Free lunch (no such thing)

Builders usually supply temporary water and electricity supplies. They pay for it until completion and the issue of the habitation certificate. You then contract for the supply from the appropriate utility company. Does free water and electricity sound attractive? How about candles in the evening and no shower in the morning? Builders and developers are in business to make a profit, so the temporary or ‘builder’s supply’ is usually low on voltage or water pressure and can be temperamental. There really is no such thing as a free lunch. If you have been living without water for a few days in the height of summer, free no longer seems attractive. You might be ready to put up with inconveniences, but if you are planning to let the property out you can be sure your tenants will not be. Make sure it is agreed that water and electricity are connected before completion. Connected permanent supplies should be checked as part of the snagging process. In the same way, drains and water run-offs cannot be checked for proper function if there are no water or sewage connections.

Post completion

Once you have completed, you have only 15 days to notify the builder (recommended to do this by writing by certified mail, with copies to the agent, promoter and anyone else involved) of any defects. If you get this done before completion, you avoid a situation where you have to chase every item to make sure it is done.

You also need to make sure that the repairs or works to remedy a fault do not cause additional problems. If a cracked tile in the middle of the living room floor is replaced and they chip another tile, complain. It might sound obvious, but sometimes it will be up to you to point out that things are unacceptable and damage caused during remedial works must also be rectified. This process can be a real pain and there are professionals that can help.

By Roy Howitt, MD www.inspectahomespain.com
Spain Tel: 965 319 743 - Mobile: 627 955 748
UK Tel: 0844 738 068

Roy Howitt, MD http://www.inspectahomespain.com
Spain Tel: 965 319 743 - Mobile: 627 955 748
UK Tel: 0844 738 068