Flipping property is the process by which an investor buys real estate and then resells it very quickly. This process has received a bad reputation through the fraudulent practices of some investors, but, if it is done properly, it is ethical and legal. Flipping property is, in a sense, investing in property, but there are some specific aspects you should consider if you decide to try to make money from this activity.
1. Look for undervalued property
The real estate market is softening up, but it can still be difficult to find undervalued property. Quite often you can find this property by knowing if someone is selling for a specific reason, such as a divorce or death in the family. You can look through real estate listings and look for phrases like “must sell” or “motivated seller.” If you are dedicated to the flipping process, you can also run ads for home sellers who are trying to sell quickly.
2. Watch for property foreclosures
A foreclosure due to missed mortgage payments or non-payment of taxes may present an opportunity to acquire properties at a reasonable cost and flip them for a profit. You can scan the newspaper for notices of foreclosure. You can also visit several Websites such as www.hud.com , www.fannimae.com, www.freddiemac.com and http://countyrecordsresearch.com/ ( if you decide to subscribe let me know)
3. Be aware of costs
You will probably have to pay a real estate agent at least a six percent commission to sell the property. You will also have to factor in the costs of necessary repairs and improvements to the home. These improvements can be costly (such as repairing a roof, fixing a foundation or replacing a heating system). You have to factor in these costs to what you can reasonably expect to make on the property. Do not make the mistake of overdoing the renovation. The more work you can do yourself, the more you will make on the sale of the property.
4. Location, location, location
Flipping a property is another reason to evaluate the neighborhood and what possible changes it is going through. If you know a neighborhood is starting to gentrify, you have a much better chance of making money from the property.
5. Price the property to sell
Your ultimate goal in flipping property is to sell it. That means you have to offer a price that is consistent with the prices in the area and with the condition of the property. Leave your emotions out of this process, and carefully evaluate what you can reasonably expect to earn from the property.
6. It is a difficult process
You have probably seen or heard many advertisements for get-rich-quick schemes that teach you how to flip property. No matter what the ads says this is not an easy process. You need to do your research, consider the costs and plan how to sell the property. If you do everything right, you can often make money, but profit is not a certainty. You have to hold the property just long enough and sell it at exactly the right time.
7. Rely on experts
Your most valuable asset in acquiring property that can make you money is your home inspector. He or she needs to be able to judge the condition of the property and what it will take to make it attractive to potential buyers. Also use a real estate attorney to make sure your transactions are legal.
8. Take a class
You may be able to take a tutorial on flipping property by someone with established credentials in the process. This expert can help you find out how to locate property, what costs to anticipate and what price you could sell the property.
9. Find property auctions
Besides must-sell scenarios and foreclosures, you may also be able to take advantage of property auctions, usually based on the lending institution trying to sell the property as quickly as possible. Sometimes, going through the auction process will let you purchase a property for a less expensive price.
10. Try to sell quickly
You will not make money on a flipped property if you cannot sell it quickly. If a property stays on the market too long, it becomes harder and harder to sell. The longer you own it, the less you will make. Use every possible avenue to sell your property including ME your Realtor; Hermia (949) 742 - 0915, advertising, signage, and old-fashioned curb appeal.
Monday, July 9, 2007
Did You Know This About Vodka?
1. To remove a bandage painlessly, saturate the bandage with vodka. The solvent dissolves
adhesive.
2. To clean the caulking around bathtubs and showers, fill a trigger-spray bottle with vodka, spray the caulking, let set five minutes and wash clean. The alcohol in the vodka kills mold and mildew.
3. To clean your eyeglasses, simply wipe the lenses with a soft, clean cloth dampened with vodka. The alcohol in the vodka cleans the glass and kills germs.
4. Prolong the life of razors by filling a cup with vodka and letting your safety razor blade soak in the alcohol after shaving. The vodka disinfects the blade and prevents rusting.
5. Spray vodka on vomit stains, scrub with a brush, then blot dry.
6. Using a cotton ball, apply vodka to your face as an astringent to cleanse the skin and tighten pores.
7. Add a jigger of vodka to a 12-ounce bottle of shampoo. The alcohol cleanses the scalp, removes toxins from hair, and stimulates the growth of healthy hair.
8. Fill a sixteen-ounce trigger-spray bottle and spray bees or wasps to kill them.
9. Pour one-half cup vodka and one-half cup water in a Ziplock freezer bag and freeze for a slushy, refreshable ice pack for aches, pain or black eyes.
10. Fill a clean, used mayonnaise jar with freshly packed lavender flowers, fill the jar with vodka, seal the lid tightly and set in the sun for three days. Strain liquid through a coffee filter, then apply the tincture to aches and pains.
11. To relieve a fever, use a washcloth to rub vodka on your chest and back as a liniment.
12. To cure foot odor, wash your feet with vodka.
13. Vodka will disinfect and alleviate a jellyfish sting.
14. Pour vodka over an area affected with poison ivy to remove the oil from your skin.
15. Swish a shot of vodka over an aching tooth. Allow your gums to absorb some of the alcohol to numb the pain.
16. Never drink the stuff...It'll kill you!
Sunday, July 1, 2007
Checking References
courtesy of : Robert Cain [ mailto:bobcain@rentalpropertyreporter.com]
The references you get from the applicant are as important as any other information you can get. There are certain references you must have.
First, and most obvious and foremost, is landlord references. Previous landlords will tell you most about what kind of tenant the applicant was. Even though many are hesitant to say anything bad about a tenant for fear of lawsuits, you can still find out an amazing amount of information simply be asking leading questions. Two questions you want to make sure you ask are "Did you know the tenant is moving?" and "Why are they moving?" or "Why did they move?"
Second, employer references can provide information about what kind of person the applicant is. You can also ask questions of the employer you might not be able to ask legally on the application, such as number of children, etc.
Third, personal references are always going to be friends or relatives of the applicant. If they are hesitant about saying something nice about your prospective tenant, you have a definite reason to suspect that the applicant will not be a good tenant. Also, check the addresses and phone numbers of the personal references to see if they are the same as any of those of the landlord references or employer references. Some bad tenants would be stupid enough to do that.
Use the phone book and/or directory assistance to verify that all the names, addresses and phone numbers on the application match -- that's for landlords, personal references, employers, etc. I cannot stress the importance of doing this too much. Professional bad tenants will have their friends pretend they are landlords and employers. If one thing doesn't match, they'd better have a good explanation. If more than one thing doesn't match, reject them.
If you want to make sure that you are talking to the real landlord, call the customer service department of a title company or the county tax assessor's office. Just give them the address of the property, they'll tell you the name and address of the owner of the property. Then make sure the name you get is the same as that of the landlord reference. Many counties' tax records are online. You can find out the owner of the tenant's previous residence by checking there and avoid having to go through voice mail hell with the county.
If the prospective tenant has just sold his house, ask for the name of the real estate agent who sold it for him. If he doesn't remember, that might make you suspicious. If he sold the property himself, ask for the name and phone number of the buyer.
When you call the real estate agent or buyer, ask about the condition of the property, the sales price, the amount of equity in the property, and anything else you think is pertinent. Ask who the lender on his home was. Call the loan officer, as well.
People who are moving from out of town are high risks (especially if they have no personal references). Find out why they are moving into the area.
You can check to see if their references' names, addresses and phone numbers match by checking with directory assistance. "I would like the phone number of Jim Johnson who lives at 1234 Elm St. in San Diego, California." And call all out of town references: the money will be well spent.
Check at the county court house for criminal record and/or eviction record. Or pay $20 or less and have a tenant screening service pull a public records report as well as a credit report for you. If they have either a felony conviction or an eviction, it could very well end up costing you big bucks to rent to them.From the book Profitable Tenant Selection available from Cain Publications, Inc. For more information on this publication, go to Profitable Tenant Selection.
The references you get from the applicant are as important as any other information you can get. There are certain references you must have.
First, and most obvious and foremost, is landlord references. Previous landlords will tell you most about what kind of tenant the applicant was. Even though many are hesitant to say anything bad about a tenant for fear of lawsuits, you can still find out an amazing amount of information simply be asking leading questions. Two questions you want to make sure you ask are "Did you know the tenant is moving?" and "Why are they moving?" or "Why did they move?"
Second, employer references can provide information about what kind of person the applicant is. You can also ask questions of the employer you might not be able to ask legally on the application, such as number of children, etc.
Third, personal references are always going to be friends or relatives of the applicant. If they are hesitant about saying something nice about your prospective tenant, you have a definite reason to suspect that the applicant will not be a good tenant. Also, check the addresses and phone numbers of the personal references to see if they are the same as any of those of the landlord references or employer references. Some bad tenants would be stupid enough to do that.
Use the phone book and/or directory assistance to verify that all the names, addresses and phone numbers on the application match -- that's for landlords, personal references, employers, etc. I cannot stress the importance of doing this too much. Professional bad tenants will have their friends pretend they are landlords and employers. If one thing doesn't match, they'd better have a good explanation. If more than one thing doesn't match, reject them.
If you want to make sure that you are talking to the real landlord, call the customer service department of a title company or the county tax assessor's office. Just give them the address of the property, they'll tell you the name and address of the owner of the property. Then make sure the name you get is the same as that of the landlord reference. Many counties' tax records are online. You can find out the owner of the tenant's previous residence by checking there and avoid having to go through voice mail hell with the county.
If the prospective tenant has just sold his house, ask for the name of the real estate agent who sold it for him. If he doesn't remember, that might make you suspicious. If he sold the property himself, ask for the name and phone number of the buyer.
When you call the real estate agent or buyer, ask about the condition of the property, the sales price, the amount of equity in the property, and anything else you think is pertinent. Ask who the lender on his home was. Call the loan officer, as well.
People who are moving from out of town are high risks (especially if they have no personal references). Find out why they are moving into the area.
You can check to see if their references' names, addresses and phone numbers match by checking with directory assistance. "I would like the phone number of Jim Johnson who lives at 1234 Elm St. in San Diego, California." And call all out of town references: the money will be well spent.
Check at the county court house for criminal record and/or eviction record. Or pay $20 or less and have a tenant screening service pull a public records report as well as a credit report for you. If they have either a felony conviction or an eviction, it could very well end up costing you big bucks to rent to them.From the book Profitable Tenant Selection available from Cain Publications, Inc. For more information on this publication, go to Profitable Tenant Selection.
How to Build a Flag Preservation Frame
Learn how to build a flag display case; details include building a stretcher frame and case along with tips, materials and tool lists.
Friday, June 22, 2007
Give your credit score a makeover
A few moves could improve your rating and even save you some cash. Gerri Willis explains.
By Gerri Willis, CNN
March 21 2007: 1:53 PM EDT
NEW YORK (CNNMoney.com) --
Your credit score can be the difference between getting a good home loan and getting stuck with higher monthly payments. And with lenders tightening their standards, it's even more important that you improve your credit score as much as you can. We're going to tell you how.
Most mortgage lenders look at your FICO score. What exactly does this score take into account?
Your payment history, which makes up the biggest chunk of your score, looks at how often you pay your bills on time. The amount of debt you owe is considered equally important. The amount of time you've had your credit cards and how much new credit you apply for all play a role in determining your score.
1: Pay off your debt
You want to aim for a score in the 700s to get more favorable loan terms. The national average, according to Fair Isaac, is a FICO score of 723. And the best way to improve your credit score in the short term is to pay off the high balances on your credit card - that can raise your FICO score 60 to 70 points overnight, says Craig Watts of Fair Isaac.
Credit bureaus can predict how much of a credit risk you are by how you handle credit card debt more than any other kind of debt, like student loans. That's because with installment loans, like mortgage payments, there is a predetermined amount you pay each month. With credit cards, you're in control of what debts you have.
2: Minimize your balances
Even if you pay your bills off every month, the amount you paid will be listed on your credit report. And if you spend more than 50 percent of your credit limit, that's going to negatively impact your score. In fact, you could lower your score 60 or 70 points, says Watts.
And that could make the difference between getting a good mortgage rate and a bad one. If you're within three months from applying for credit, make sure you don't charge a lot on your cards, or split the purchases between a few cards, so you keep the balances down.
3: Hang onto older cards
As we mentioned, your FICO score looks at how long you've managed your credit. So the longer you've managed your credit wisely, the better your score. If, for example, you have a card that is at least 5 or 6 years old, it's not a good idea to close those accounts.
At the same time, opening any new lines of credit - whether it's a retail credit card or a new car loan - will almost certainly lower your score by a few points.
4: Don't sweat the little things
We've already told you what impacts your score. But here are some things that don't matter to your score at all. Your score won't be affected if you request your own credit record, or if you go for credit counseling.
It also won't impact your credit score if your employer or other lenders look at your credit score and try to solicit your business.
By Gerri Willis, CNN
March 21 2007: 1:53 PM EDT
NEW YORK (CNNMoney.com) --
Your credit score can be the difference between getting a good home loan and getting stuck with higher monthly payments. And with lenders tightening their standards, it's even more important that you improve your credit score as much as you can. We're going to tell you how.
Most mortgage lenders look at your FICO score. What exactly does this score take into account?
Your payment history, which makes up the biggest chunk of your score, looks at how often you pay your bills on time. The amount of debt you owe is considered equally important. The amount of time you've had your credit cards and how much new credit you apply for all play a role in determining your score.
1: Pay off your debt
You want to aim for a score in the 700s to get more favorable loan terms. The national average, according to Fair Isaac, is a FICO score of 723. And the best way to improve your credit score in the short term is to pay off the high balances on your credit card - that can raise your FICO score 60 to 70 points overnight, says Craig Watts of Fair Isaac.
Credit bureaus can predict how much of a credit risk you are by how you handle credit card debt more than any other kind of debt, like student loans. That's because with installment loans, like mortgage payments, there is a predetermined amount you pay each month. With credit cards, you're in control of what debts you have.
2: Minimize your balances
Even if you pay your bills off every month, the amount you paid will be listed on your credit report. And if you spend more than 50 percent of your credit limit, that's going to negatively impact your score. In fact, you could lower your score 60 or 70 points, says Watts.
And that could make the difference between getting a good mortgage rate and a bad one. If you're within three months from applying for credit, make sure you don't charge a lot on your cards, or split the purchases between a few cards, so you keep the balances down.
3: Hang onto older cards
As we mentioned, your FICO score looks at how long you've managed your credit. So the longer you've managed your credit wisely, the better your score. If, for example, you have a card that is at least 5 or 6 years old, it's not a good idea to close those accounts.
At the same time, opening any new lines of credit - whether it's a retail credit card or a new car loan - will almost certainly lower your score by a few points.
4: Don't sweat the little things
We've already told you what impacts your score. But here are some things that don't matter to your score at all. Your score won't be affected if you request your own credit record, or if you go for credit counseling.
It also won't impact your credit score if your employer or other lenders look at your credit score and try to solicit your business.
Tuesday, June 19, 2007
Field Guide toEscrow Accounts/Earnest Money
Field Guide toEscrow Accounts/Earnest MoneyBy Kerrie Bartlett Walsh, Senior Marketing Specialist
C O N T E N T S
Escrow AccountsEscrow AdministrationEarnest Money DepositsEscrow Fraud and Real EstateCase Summaries - Escrow MishandlingBooks, eBooks & Other Resources
Escrow accounts are funds that a lender collects to pay the monthly mortgage insurance premiums, homeowners insurance policy premiums and yearly property taxes. Earnest money, on the other hand, is a good faith sum of money given to bind a contract, for example an agreement to purchase real property or a commitment fee to assure an advance of funds by a lender. This field guide will provide you with details on escrow accounts (from the basics to escrow administration) and earnest money as well as information on escrow fraud. You'll also uncover a variety of case summaries on escrow mishandling, in addition to the numerous digital resources available from the Library's eBooks collection.
WHAT'S THE PASSWORD?
- Articles marked with a red Q are provided by ProQuest for NAR members only. Please enter NAR's Proquest password if required.
- Articles marked with the REALTOR® "R" are available on Realtor.org. Your Realtor.org ID and password may be required.
Escrow AccountsHow the term escrow relates to your real estate transaction, (About.com, 2007).Escrow account - everything you need to know, (Mortgage-x.com, 2007).The new word in home sales - "cancelled" - buyers back out of deals in record numbers, a $30,000 deposit lost, (The Wall Street Journal, Nov. 3, 2006). FAQs about escrow accounts for consumers, (U.S. Department of Housing and Urban Development, June 20, 2005).Do it yourself, (Kiplingers, Mar. 2003). How to keep escrow shocks to a minimum, (Money, June 1998). Escrow AdministrationEscrow and trust record keeping - 10 tips for safer escrow accounts, (REALTOR® Magazine Creating and Monitoring Business Systems Toolkit, 2007). 6 musts for escrow and trust record keeping, (REALTOR® Magazine Creating and Monitoring Business Systems Toolkit, 2007). Post-contract pitfalls, (www.realtor.org, Mar. 24, 2006).
Know Your Client's Rights - Six Must-Know Escrow Facts
Escrow instructions should specify in writing how and under what conditions monies will be disbursed, especially if the transaction doesn't close.Escrow is a fiduciary relationship but is limited to the duties involved in the escrow. The escrow agent is a trustee of both parties and is equally responsible to both parties for the administration of the escrow. If a transaction fails to close as scheduled, monies may continue to be held in escrow provided there is no written demand from one party to cancel the contract. Monies are typically held after the closing date if a date to obtain the loan has passed but the parties still want to proceed with the transaction.If the transaction is cancelled by either party, the agent holding the escrow monies shouldn't disburse any funds until all parties agree in writing how to disburse them.If parties can't agree on how to disburse funds, the escrow agent may file an interpleader, which names all the parties that might have an interest in the monies and asks a court to decide how to disburse the money. Otherwise, an escrow agent may be obligated to keep funds indefinitely.If a transaction is cancelled by the parties, real estate brokers and other third-party vendors may have first claim to escrow funds. That claim would depend on procuring cause.Source: The list issue: legal - 6 must-know escrow facts, (REALTOR® Magazine, March 2005).
Earnest Money DepositsThe earnest money deposit, (RealEstateABC.com, 2007).Earnest money deposits - protect your good faith deposit, (About.com, 2007).Questions and answers on earnest money deposits, (North Carolina Real Estate Commission, 2007).First-house buys can knock you off your foundation, (Washington Business Journal, Apr. 21, 2006).
Escrow Fraud and Real EstateMortgage scams: real estate closing fees kickback scams, (www.fraudguides.com, 2007).Growing ownership makes Hispanics target for predatory lending, (The Business Journal of the Greater Triad Area, Oct. 20, 2006).Title companies investigated, again, (Realty Times, Mar. 1, 2005).Don't be a victim of loan fraud, (U. S. Department of Housing and Urban Development, Aug. 18, 2
C O N T E N T S
Escrow AccountsEscrow AdministrationEarnest Money DepositsEscrow Fraud and Real EstateCase Summaries - Escrow MishandlingBooks, eBooks & Other Resources
Escrow accounts are funds that a lender collects to pay the monthly mortgage insurance premiums, homeowners insurance policy premiums and yearly property taxes. Earnest money, on the other hand, is a good faith sum of money given to bind a contract, for example an agreement to purchase real property or a commitment fee to assure an advance of funds by a lender. This field guide will provide you with details on escrow accounts (from the basics to escrow administration) and earnest money as well as information on escrow fraud. You'll also uncover a variety of case summaries on escrow mishandling, in addition to the numerous digital resources available from the Library's eBooks collection.
WHAT'S THE PASSWORD?
- Articles marked with a red Q are provided by ProQuest for NAR members only. Please enter NAR's Proquest password if required.
- Articles marked with the REALTOR® "R" are available on Realtor.org. Your Realtor.org ID and password may be required.
Escrow AccountsHow the term escrow relates to your real estate transaction, (About.com, 2007).Escrow account - everything you need to know, (Mortgage-x.com, 2007).The new word in home sales - "cancelled" - buyers back out of deals in record numbers, a $30,000 deposit lost, (The Wall Street Journal, Nov. 3, 2006). FAQs about escrow accounts for consumers, (U.S. Department of Housing and Urban Development, June 20, 2005).Do it yourself, (Kiplingers, Mar. 2003). How to keep escrow shocks to a minimum, (Money, June 1998). Escrow AdministrationEscrow and trust record keeping - 10 tips for safer escrow accounts, (REALTOR® Magazine Creating and Monitoring Business Systems Toolkit, 2007). 6 musts for escrow and trust record keeping, (REALTOR® Magazine Creating and Monitoring Business Systems Toolkit, 2007). Post-contract pitfalls, (www.realtor.org, Mar. 24, 2006).
Know Your Client's Rights - Six Must-Know Escrow Facts
Escrow instructions should specify in writing how and under what conditions monies will be disbursed, especially if the transaction doesn't close.Escrow is a fiduciary relationship but is limited to the duties involved in the escrow. The escrow agent is a trustee of both parties and is equally responsible to both parties for the administration of the escrow. If a transaction fails to close as scheduled, monies may continue to be held in escrow provided there is no written demand from one party to cancel the contract. Monies are typically held after the closing date if a date to obtain the loan has passed but the parties still want to proceed with the transaction.If the transaction is cancelled by either party, the agent holding the escrow monies shouldn't disburse any funds until all parties agree in writing how to disburse them.If parties can't agree on how to disburse funds, the escrow agent may file an interpleader, which names all the parties that might have an interest in the monies and asks a court to decide how to disburse the money. Otherwise, an escrow agent may be obligated to keep funds indefinitely.If a transaction is cancelled by the parties, real estate brokers and other third-party vendors may have first claim to escrow funds. That claim would depend on procuring cause.Source: The list issue: legal - 6 must-know escrow facts, (REALTOR® Magazine, March 2005).
Earnest Money DepositsThe earnest money deposit, (RealEstateABC.com, 2007).Earnest money deposits - protect your good faith deposit, (About.com, 2007).Questions and answers on earnest money deposits, (North Carolina Real Estate Commission, 2007).First-house buys can knock you off your foundation, (Washington Business Journal, Apr. 21, 2006).
Escrow Fraud and Real EstateMortgage scams: real estate closing fees kickback scams, (www.fraudguides.com, 2007).Growing ownership makes Hispanics target for predatory lending, (The Business Journal of the Greater Triad Area, Oct. 20, 2006).Title companies investigated, again, (Realty Times, Mar. 1, 2005).Don't be a victim of loan fraud, (U. S. Department of Housing and Urban Development, Aug. 18, 2
Tuesday, June 12, 2007
Real Estate Sky Won't Fall: Here's Why
Realty Times Jun 07, 2007, 12:07 pm PDT
Real estate hasn't made much of a case for itself lately and it's not getting much help from any of the sub industries, such as builders and mortgage makers. Just in the past few weeks, so called experts from the mortgage industry, the building industry, and the resale real estate industry have all been quoted as saying that the sky is falling.
Real estate hasn't made much of a case for itself lately and it's not getting much help from any of the sub industries, such as builders and mortgage makers. Just in the past few weeks, so called experts from the mortgage industry, the building industry, and the resale real estate industry have all been quoted as saying that the sky is falling.
Nice job guys!
And while real estate's reputation as the number one investment is on the ropes, the general media and other investment categories have stepped up their attacks on real estate value.
What do you need to know?
1. The Sky isn't falling.
The real estate market always fluctuates.
Real estate sales prices are largely determined by the principal of substitution and reflect the uniqueness of the property, at a specific point in time, competing against only those other similar properties that happen to be available for sale, at that point in time.
If there are many similar homes available at that time, there will be downward pressure on sales prices. As an expanding population absorbs the excess, competition for a dwindling resource will cause selling prices to escalate.
2. Real estate is unique.
There's a reason that homes and real estate aren't traded like commodities on the
3. There is no bubble.
The value of real estate isn't driven by speculation; it's driven by its utility. If the economy moves away, such as in the rust-belt, that utility may decline. If high paying jobs are headed into a region, the value of the scarcest of all commodities, real estate will rise.
Increasing development costs absolutely guarantee that new construction will cost more than existing properties are selling for.
This factor alone has caused many developers to mothball projects in the pipeline until shortages again push prices up.
4. Value is a complicated cocktail.
Assessed value, appraised value, market value, replacement value, and selling price all mean something different. When the media says that real estate values are falling, they really mean that the prices people paid for a small number of homes, last month, was less than what a different group of people paid for a different assortment the month before.
5. There is always a baseline of demand.
An increasing population must be housed. There is a natural ebb and flow, not a boom bust. At various times, demand outstrips supply; supply is increased until the surge recedes to baseline or below.
6. There is always a baseline of mortgage defaults.
There will always be unforeseen circumstances that will bring some homeowners into default. Even in good economic times. And even with good mortgage loans. In an appreciating market, they are able to sell in a short period of time. So, in most markets, foreclosure activity has been below the historic baseline.
Now, it could increase, spiking a little to reflect those who can no longer survive on increasing equity and then may level out at baseline again. When the next rapid appreciation cycle begins, and it almost assuredly will, rates may fall back below the newly adjusted baseline.
7. There is no risk.
Save the term risk for high stakes poker in Vegas.
Buying real estate isn't inherently risky. But it isn't a get-rich-quick scheme, either. It's a formula for building long term wealth.
8. Real estate is a great way to build wealth.
You have to live somewhere. If you rent, you are making some or all of someone else's mortgage payment. But even if you have to work two jobs and barely scrape by to make your own mortgage payment, you are building equity that over time will be quite substantial.
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