Real Estate Investing in Foreclosures

Miami real estate investing is not very hard to learn, even though that there are many facets that are essential to understand before attempting to start investing. While many books and seminars are offered on investing only a few deliver the desired results. Investing is not taught in any university and it is more of an art than an exact science. It requires a lot of perseverance and determination. Many investors learn by trial and error although a mistake could be very expensive and usually devastating. Numerous millionaires made their money through real estate investments. Information, education and research are major considerations for an investor to be successful.Real estate investing in Miami, Florida is a full time business where investors are constantly trying to maximize their profits and minimize their risks in other to generate wealth over time. Investing is a verified long term wealth creator. It is a numbers game and many of the transactions will not work but it is all worth it when one deal goes through and all your hard work is rewarded. It takes a lot of time and effort to effectively dominate the art of real estate investing. It is a risky business but it is the best way to create lasting financial security. Investing in Miami real estate is an excellent way to make a positive monthly income and built long term wealth and obtain financial independence.Investors in Miami real estate have recently taken a beating and many have seen their investment properties lose value. An investor should not panic and sell in this market to avoid huge loses. Since it is a long term business an investor should realize that the time is now to rent the property and hold until the market turns around. If an investor requires a predictable and safe return on investment then investing in Miami real estate is not the answer. The business of real estate investing is very risky, and unpredictable but well worth the effort. An investor should consider buying foreclosures and bank owned properties. The Miami real estate market has hit bottom and it should be bouncing back very soon.Miami real estate investing is different than various types of investing. An investor must overcome many roadblocks and obstacles. Usually finding financing is the single most overwhelming challenge an investor will face when trying to purchase Miami real estate. Using leverage in the business is common so arranging financing is very important. Do not purchase investment property with no money down. Little or no money down has caused many properties to go into foreclosure recently. Investing is not as perplexing, time consuming and financially draining as one might imagine.Bank owned properties or Reo’s and Short Sales are a good way to start to look for a good deal in Miami real estate to purchase. The list of bank real estate owned (Reo) properties is huge. Not all banks want to discount properties so finding a good property to buy takes a lot of work and patience. Short Sales are the new trend in speculating in Miami real estate. Banks are not very eager to short sale their inventory and it takes usually about two months for the bank to accept or reject the offer. Government foreclosures are another to avenue to search. These properties include HUD, Housing and Urban Development, VA, Veteran Administration, FNMA and Freddie Mac. HUD homes are very popular and usually they will sell to the higher bidder in a weekly online auction. Investors are allowed to bid when the property does not sell to owner occupants. These HUD-FHA foreclosures properties are offer an excellent value. Foreclosures remain the best way for investors to start in the Miami real estate investing business since most of them have instant equity.The best way to start investing in Miami real estate is buying foreclosures. The tremendous amount of foreclosures now in the Miami real estate market overwhelmingly gives the investor a lot of inventory to choose from in order to purchase the right property at a discounted price. This opportunity will more than likely never be available again and investors should take full advantage. An experienced Miami real estate agent who specializes in foreclosures is essential in order to guide the investor. The agent must have access to current bank owned REOs, foreclosures, short sale properties, pre-foreclosures government foreclosures and other distress listings. Investing in Miami real estate is a very exciting and rewarding business.

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Procedures for Profitable Real Estate Investments in Chile

When you get to know about the prospects that exist in Chile real estate markets, you would be surprised that investments in Chile are better than in several other markets. The real estate environment in developed countries offers little scope for appreciation in the near future. On the other hand, Chile market is on a growth path and you can reap maximum benefits by investing in Chile real estate.The Republic of Chile is a narrow, long coastal area between the Andes Mountains and the Pacific Ocean. Before you think of making any real estate investment in Chile, you would do well to know the basic features of the country and people, so that you could make informed decisions on your investment in Chile. Once you understand Chile better, the problem of how to reap maximum benefits from your investment in Chile becomes much easier.Geography of ChileThe climate in Chile varies from temperate rainy climate in the southern region to the Mediterranean climate in the central region and to the driest desert of the world in the northern region of Atacama. The central area is the most prominent in population terms and the agrarian economy, being the political and cultural center of the nation. The southern region is full of green forests, string of volcanoes, lakes, and grazing lands. The coastal region in the southern Chile contains several islands, fjords, canals, inlets, and twisting peninsulas.Economy of ChileYou might be surprised to know that Chile is the leader of the Latin American countries in terms of quality of life, competitiveness, economic freedom, political stability, low level of corruption, globalization, and lower poverty rates. After the introduction of economic reforms in 1990s, the country had been witnessing annual growth above 4%. In the past decade, the growth rate had been between 5% and 7%. In 2006, Chile had the highest nominal per capita GDP among the Latin American countries. In the same year, the government had a fiscal surplus of $11.3 billion, about 8% of its GDP. Chile is one of the very few countries in the world to maintain fiscal surplus for the last several years. It is also the economy with the fastest growth in the last 6 years in the entire Western Hemisphere.Culture and TourismThe official language is Spanish but the spoken accent is very different from other South American countries. English had been mandatory and most schools teach the language. Tourism is a growing industry in Chile. Estimates by the National Service of Tourism reveal that about 2 million people visit Chile every year. The ski resorts in the central Andes region, such as Valle Nevado and Protillo have international reputation. Laguna San Rafael National Park and its many glaciers in Patagonia in the southern Chile is a major tourist attraction, along with Torres del Paine National Park, the Chiloe Archipelago, and Easter Island situated in the Pacific Ocean are the other famous travel destinations in southern Chile. The Valparaiso coast near Santiago with its numerous beach resorts and Vina del Mar with its casino, beaches and annual song festival attract large number of visitors.Real Estate Investment in ChileIn spite of the above features of strong economy and large tourist attractions, the potential of Chile had not been fully realized by many overseas real estate investors. If you discuss about foreign real estate investments, people usually mention Brazil or Argentina in South America as good places. Further, you are advised not to think about investing in Venezuela and Columbia, due to their bad reputation from drug cartels, dictatorship political decisions, and fierce internal fighting. Chile is not even mentioned as an investment destination, since very few know about the opportunities that exist in Chile for profitable real estate deals.Business Culture of ChileChile is a country with large families even now. Business could be developed mostly through word-of-mouth approach, since very few consulting firms exist in many places. However, the people of Chile are cordial and quite helpful, when they believe that you are sincere and honest. Once you are trusted by the locals, you would be amazed to find the response and offers you receive for investing your money wisely in Chile. The private property laws in the country are also well established. The legal institutions of the country are quite strong and the laws are very clear. Contracts are strictly honored. Banks are highly reliable and opening of foreign exchange accounts are simple. Corruption is also quite low.Impact of Global Slowdown on Chile Real Estate MarketThe global downturn in economic growth and real estate prices had reflected in the Chilean market also. Office vacancy rates are lower in Santiago, the capital of Chile and other major cities, compared to the rates that existed before 2008. In the home market segment also, people hesitate to obtain home mortgage loans due to uncertainty about the impact of world economy affecting growth in Chile. However, the lower prices offer a golden opportunity to purchase property in these cities and in other places in this country. According to the real estate dealers in Santiago, the city had provided the highest returns on initial investments, while the returns on tourist centers like Vina del Mar had not been that much better, comparatively. Still, it is very clear that any property investment in Chile would give higher returns in long-term, due to the anticipated growth during this decade.Investing in Real Estate in ChileIn Santiago, small apartments with 1-2 bedrooms increase in value by about 8% annually, while value growth of larger properties are around 5% at present. When it comes to buying properties in Chile, there is no discrimination between locals and foreigners. International real estate investors are allowed to purchase property in all parts of the country, except in areas considered vital for national security. The country laws do not impose citizenship or residency requirements for property purchase. However, foreign buyers should obtain a Chilean income tax identity proof or RUT before legal acquisition of properties in Chile.ConclusionIf you choose to buy a property through a local real estate agent in Chile, the sales commission payable varies between 1.5% and 3%, which is normally shared by the seller and the buyer equally. This procedure would avoid undesirable problems in issues such as building permits, inheritance claims, tax matters, etc., while giving you detailed research data on the property and its present, as well as future value. Hence, buying through a local real estate agent is certainly advisable and any investment in Chile would definitely maximize your chances of getting better returns on the investment.