Edina, Minnesota
Let's talk about the Twin Cities Real Estate Market. I will post helpful links and answer questions about real estate or mortgages. I live and work in Minnesota, so some of my ideas may focus specifically on Minnesota real estate or mortgage regulations applicable to our state.
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Mar. 26, 2008
The Naked Truth About Real Estate Investing-The Reality Of Buying Rental Property Fully Exposed!
You have heard of Robert Kiyosaki, Donald Trump, and Carlton Sheets to name just a few of the late night TV real estate gurus. Each of these individuals have produced excellent products-books, tapes, and seminars that teach about investing in real estate. If you haven't bought their products-you should. These experts have all been successful buying and selling real estate throughout their own careers and have valuable information to share.
At the same time, not every best selling author is in the trenches on a daily basis helping others buy and sell property on a one-on-one basis. Successful investing in rental real estate demands that you adapt quickly to the current environment. Successful investors need to have their finger on the pulse of the marketplace at all times. Too often real estate investing has been made to look too easy and somewhat hands off. The truth is the exact opposite. People need to know that not everyone can succeed at buying and selling property. False expectations will almost always lead to failure. Investors need to hear an accurate and truthful summary of what is involved in owing rental property. It was the need for more truthful and realistic information that led to the creation of this new book.
The new book "Reality Based" Real Estate Investing by John Mazzara seeks to shortcut an investor's learning curve and provide a more realistic or "Reality Based" view on building wealth through real estate. John is a real estate broker associate with RE/MAX Associates Plus in Edina, Minnesota and owner of Venture Development-Minnesota's premier mortgage broker. John is an active real estate investor in the Twin Cities, MN. John was recently quoted in Investors Business Daily for his opinion about the current foreclosure and short sale situation as it pertains to existing homeowners. John's book brings 23 years of real life experiences from the trenches. He shares successes AND failures throughout the pages of this book. You will be entertained while you learn. The analysis of today's marketplace opportunities are specific to Minneapolis/St Paul and the Twin Cities metro area. The balance of the book is all about strategies and concepts that are without boundaries. This book will be of value to investors everywhere, regardless of where they live. After reading the book you will be able to determine whether or not you should become a real estate investor.
Unlike many books on the subject of investing in investment property, John doesn't tell you it's easy. In fact, he outlines the hard work and gives you a realistic summary of what to expect and what to watch out for. John shares what he perceives are the opportunities for investing in real estate TODAY. Topics covered in the book include: goal setting, tax strategies, holding period options, analysis of a property as an investment, correct property selection, geographic and demographic concerns, lease considerations, 1031 exchanging, insurance policies, options for taking title, appropriate mortgage financing, and the next steps necessary to make it all happen. In essence, you have a blueprint with reference material that can be use again and again over time.
The goal of owning real estate is to build long term wealth. We live in interesting times where our country and economy are at a crossroads. Think about the perfect storm for qualified buyers: price compression, fear, and tight mortgage loan financing. I encourage you to review this book as I believe it will prove to be a valuable resource. Let "Reality Based" Real Estate Investing serve as one of your guides on the journey towards financial independence through investing in real estate. Carpe diem!
Feb. 21, 2008
The report was just released today by the MAAR-Minneapolis Area Association Of Realtors. It is a very interesting report. It gives you a lot of data regarding what occurred within the Twin Cities metropolitan real estate market. It covers price data, median prices, unit and price sales data for each city and suburb surrounding the Twin Cities, and even price per sqft in each community. If you like data, this is YOUR report. It also shows the trend in pricing from 2001+ and the percentage change from from 2001 and 2006.
If you are a consumer, you will want to review this report when selecting an area. You can have access to the report via a download on my Minnesota Real estate site. On the lower left hand side you will see Reports/Press Releases. It is about the 5th or 6th item on the list.
On that same list, you will find the MAAR 125. This provides you with month over month and year over year data comparison. Most interesting to note is the percentage of list to sales price. You will find the range is 90-97% within most communities. The more desirable communities will hold closer to the 97% whereas the communities under more pressure will be lower. What does this mean? It means that sellers are NOT taking huge price reductions. Why is this important? YOU need to manage your expectations. I have met with some buyers recently who think that they can go in and bid whatever they want and the seller should accept it. The data doesn't lie. As a whole, sellers aren't taking huge hits in pricing. Obviously, price to offer acceptance is all about area and will be house specific. With that in mind, don't plan on stealing a house. Plan on buying a house that suits your needs. The sellers in this market are aware of the market and are pricing their home to sell.
Feb. 16, 2008
Are you being transferred to Minnesota? Looking to move to MN? There are times when a person or a family finds themselves in a position of wanting or needing to relocate-maybe for a job, to be closer to family or for a better life. Relocation involves more than simply finding a house or real estate in the area that is suitable for your needs. Inititially, you might consider subscribing to the local newspaper or magazines. For example, in Minnesota you might subscribe to the Minneapolis StarTribune or the St Paul Pioneer Press. A great magazine to review is Mpls StPaul Magazine. A wonder school resource is SchoolHouse Magazine. Call me for a free issue. These resources will help you find out what your next potential home town is like, who are the movers and the shakers in the area, what are the important issues going on around town. On our minnesota real estate website, we have many great resources that can help. One our links has a brief description of all many of the cities with the Twin Cities metro area.
As you begin your housing search, make sure you consider important amenities within close proximity in your neighborhood. These might include things such as walking distance of a school or parks and lakes. Is the town or city one in which there is more than one school district? If so, and you have children who will be going to school there, you might want to investigate the various schools. Visit this link on our website and look for the school bus-Click there and see the school performance results within Minnesota. These resources will help you choose which one has the best rating in the areas that you might consider for your family.
What about a church or religious institution? Would you like to live near a church of a certain denomination? What about a shopping area? Would you want to be within walking distance of a grocery store or a mall or perhaps a restaurant? We have the Mall Of America in Bloomington, MN which is quite a sight to see.
When you work with a Realtor, make a list of your most important wants and desires for your new house and community. The better job you do in being precise, the better job we can do in helping you find what you want.
Once you have researched and decided the general area in which you would like to live, then it is time to consider house hunting. If it is feasible, you may want to visit the area yourself at this point and do a bit of looking around. We can do a lot of the real estate searching online. Initially, we will set up your online home search to deliver homes that meet your criteria via email. Once you're in town, you will have a good idea of what your dollar will buy in various communities.
When I first started selling homes in 1986 we didn't have the Internet. Today, with the convenience and availability of technology, we can do much of the necessary research on the net. This can allow you to find out what is available in your price range and narrow the field so that when you are ready to make an exploratory trip to the area, you will go with prior knowledge and be able to spend your time there looking at property or properties in which you feel interested. This will also help you avoid having to search through a number of properties that won’t be suitable for you and identify the one that just may be the ideal home for you.
To sum it up: search well, search wisely and then you will also be able to relocate wisely. If you are relocating to Minnesota, make sure you explore our real estate website to get a flavor for MN.
We help sell and finance MN mortgage loans in the Twin Cities, Minneapolis, St Paul and all surrounding suburbs such as Edina, Eden Prairie, St Louis Park, Minnetonka, Plymouth, Maple Grove, Robbinsdale, New Hope, Crystal, Chaska, Chanhassen, Waconia, Savage, Prior Lake, Shakopee, Richfield, Bloomington, Mendota Heights, Eagan, Apple Valley, Lakeville, Rosemount, Brooklyn Park, Brooklyn Center, Fridley, Columbia Heights, Shorview, Vadnais Heights, Lino Lakes, Roseville, Falcon Heights, North East Minneapolis, St Anthony, Jordan, Belle Plaine, Stillwater, Inver Grove Heights, Lake Elmo, Afton, Cottage Grove, So St Paul, West St Paul, Woodbury, Oakdale, and Greater MN Minnesota.
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