Five local high schools have made Newsweek magazine's list of the top 1300 public high schools in America.
205 - James River High School - Midlothian.
457 - Midlothian High School - Midlothian.
893 - Clover Hill High School - Midlothian.
937 - Atlee High School - Mechanicsville.
1022 - Monacan High School - Richmond.
Full Story . . .
Wednesday, May 21, 2008
Monday, May 19, 2008
Richmond Virginia Real Estate - Good time or bad time?
With all the "good news" and "bad news" that we see on in the media about today's economy, it is hard for the homeowner to decide if now is the time to buy and/or sell real estate. We are often asked, by homeowners who want to move up or move down to a different home, if now is the right time to sell and purchase.
The fact is, regardless of market conditions, if you want to purchase a "move-up" or "move-down" home, there is no wrong time to do so. If the market is extremely active, you will get a premium price for the home you are selling and the active market will demand that you also pay a premium price for the home you purchase. If the market is very slow, you will have to accept a reasonable price for your home but you will find less competition when purchasing your new home. You sell at a reduced price but you also purchase at a reduced price.
When selling a home to buy another, there is no bad timing. In a good market you sell and buy with inflated dollars. In a slow market you sell and buy with deflated dollars. You really don't gain or lose in either situation.
Now is a great time to buy and sell real estate.
The fact is, regardless of market conditions, if you want to purchase a "move-up" or "move-down" home, there is no wrong time to do so. If the market is extremely active, you will get a premium price for the home you are selling and the active market will demand that you also pay a premium price for the home you purchase. If the market is very slow, you will have to accept a reasonable price for your home but you will find less competition when purchasing your new home. You sell at a reduced price but you also purchase at a reduced price.
When selling a home to buy another, there is no bad timing. In a good market you sell and buy with inflated dollars. In a slow market you sell and buy with deflated dollars. You really don't gain or lose in either situation.
Now is a great time to buy and sell real estate.
Tips for Getting Pre-approved for a Mortgage!
In a competitive market, getting mortgage pre-approval is essential. It gives you a great bargaining tool when you're negotiating with sellers. Regardless of the market situation, pre-approval is also handy because it means that before you even start house-hunting, you've got a good idea of what you can afford.
Pre-approval versus Pre-qualification
Pre-qualification and pre-approval are similar processes. Having pre-qualification means that you have a general idea of how much mortgage you can afford, but it's not guaranteed that you will get that amount when you apply for the mortgage. Pre-approval takes the process a step further than pre-qualification, because the lender will verify your employment, income, assets, debts, and credit history, and you will receive a letter stating that your mortgage is approved for a certain amount of money, usually with a limit of between 30 and 90 days. That means you know exactly how much you have to spend, and sellers know that you're a serious customer.
Pre-approval has another advantage in that it saves you time when it comes to closing on a property - you've already been through about 90% of the mortgage application process. If you have pre-approval it means that all you need to finalize the mortgage is a purchase contract and a property appraisal. Being able to close quickly is an advantage in a competitive market, and in a slow one it may help you negotiate a great deal on a property.
Note that if you are pre-approved for a mortgage, you must notify your lender immediately if your financial circumstances change between pre-approval and closing, as your pre-approval may be invalidated.
Increase Your Chances of Pre-approval
Pay Your Debts
Any debt that you can't pay in full within six months will be included as part of your monthly debt total. And the higher your debt total, the lower the chances you have of getting pre-approved - if your monthly debt total exceeds about 36% of your gross monthly income, getting pre-approval may be difficult.
Don't Create New Debt
Your pre-approval is subject to an evaluation of your finances. If you're thinking about buying a home then it's a wise move to refrain from making any large credit purchases. It's estimated that every $100 a month you pay on a credit card reduces your home loan eligibility by $10,000.
Preparation
When you're preparing to apply for a mortgage pre-approval, there is a wide variety of supporting documentation you'll need to locate and have ready for the application process. This includes tax returns, pay stubs, evidence of any other income, bank statements, and debt payment booklets or account statements.
What to Do If You Have Bad Credit
When assessing your credit, mortgage lenders typically pad most attention to your FICO score. Some lenders won't even consider offering a mortgage to anyone with a FICO score of less than 680. So what do you do if your credit isn't that good?
Check your credit reports - obtain a copy of your FICO score and credit reports and check to make sure there are no errors.
If you can manage a larger down-payment, it may help your chances of getting pre-approved.
Sub-prime mortgage lenders offer mortgages for people with credit problems. They usually involve paying a higher interest rate, however it's possible to get a sub-prime mortgage and then refinance to a conventional loan with a lower interest rate after a couple of years of rebuilding credit.
Pre-approval versus Pre-qualification
Pre-qualification and pre-approval are similar processes. Having pre-qualification means that you have a general idea of how much mortgage you can afford, but it's not guaranteed that you will get that amount when you apply for the mortgage. Pre-approval takes the process a step further than pre-qualification, because the lender will verify your employment, income, assets, debts, and credit history, and you will receive a letter stating that your mortgage is approved for a certain amount of money, usually with a limit of between 30 and 90 days. That means you know exactly how much you have to spend, and sellers know that you're a serious customer.
Pre-approval has another advantage in that it saves you time when it comes to closing on a property - you've already been through about 90% of the mortgage application process. If you have pre-approval it means that all you need to finalize the mortgage is a purchase contract and a property appraisal. Being able to close quickly is an advantage in a competitive market, and in a slow one it may help you negotiate a great deal on a property.
Note that if you are pre-approved for a mortgage, you must notify your lender immediately if your financial circumstances change between pre-approval and closing, as your pre-approval may be invalidated.
Increase Your Chances of Pre-approval
Pay Your Debts
Any debt that you can't pay in full within six months will be included as part of your monthly debt total. And the higher your debt total, the lower the chances you have of getting pre-approved - if your monthly debt total exceeds about 36% of your gross monthly income, getting pre-approval may be difficult.
Don't Create New Debt
Your pre-approval is subject to an evaluation of your finances. If you're thinking about buying a home then it's a wise move to refrain from making any large credit purchases. It's estimated that every $100 a month you pay on a credit card reduces your home loan eligibility by $10,000.
Preparation
When you're preparing to apply for a mortgage pre-approval, there is a wide variety of supporting documentation you'll need to locate and have ready for the application process. This includes tax returns, pay stubs, evidence of any other income, bank statements, and debt payment booklets or account statements.
What to Do If You Have Bad Credit
When assessing your credit, mortgage lenders typically pad most attention to your FICO score. Some lenders won't even consider offering a mortgage to anyone with a FICO score of less than 680. So what do you do if your credit isn't that good?
Check your credit reports - obtain a copy of your FICO score and credit reports and check to make sure there are no errors.
If you can manage a larger down-payment, it may help your chances of getting pre-approved.
Sub-prime mortgage lenders offer mortgages for people with credit problems. They usually involve paying a higher interest rate, however it's possible to get a sub-prime mortgage and then refinance to a conventional loan with a lower interest rate after a couple of years of rebuilding credit.
Buying a neighborhood/ community!
When searching for a new home, don't forget one of the most important considerations: location, location, and location.
Because the neighborhood/community in which you live affects your life in many ways--including your children's education, travel time to and from conveniences and work, the level of comfort you feel with your surroundings, the future value of your home investment and many other factors--we suggest that you focus on a neighborhood/community before you search for a specific home.
Working through your Realtor, explore the personalities of the neighborhoods/communities in your price range, before narrowing your search down to individual homes. Take the time to research the schools, driving times, available conveniences, the social and professional make-up, value trends, etc. Be sure you choose to view homes only in neighborhoods that fit your personality and life style. This will ensure a happy end result!
Because the neighborhood/community in which you live affects your life in many ways--including your children's education, travel time to and from conveniences and work, the level of comfort you feel with your surroundings, the future value of your home investment and many other factors--we suggest that you focus on a neighborhood/community before you search for a specific home.
Working through your Realtor, explore the personalities of the neighborhoods/communities in your price range, before narrowing your search down to individual homes. Take the time to research the schools, driving times, available conveniences, the social and professional make-up, value trends, etc. Be sure you choose to view homes only in neighborhoods that fit your personality and life style. This will ensure a happy end result!
How to Find a Good Investment Property!
In 2005, 23% of all homes sold were investment properties, according to the National Association of Realtors. There's no question that investing in real estate can be lucrative, but it's important to choose your properties carefully to make sure you don't end up getting burned.
Choose the Right Neighborhood
Just like with any other real estate purchase, location is all-important. Whether you're buying an investment property to rent or to renovate for resale, a large part of your success will come down to the neighborhood you buy into. Developing or undervalued neighborhoods are both good prospects for investment buying. The easiest way of getting a feel for good prospects is just to jump in your car and drive around your area. Look for areas with a lot of development going on, or where new housing projects are planned. If you're buying a rental property, bear in mind that if you're going to be doing maintenance and repair work yourself, somewhere relatively close to your own home is a good idea so that you don't have to spend a lot of time traveling to the property.
Don't forget the old rules still apply - buy the worst house in the best street, not the best house in the worst street. You don't want to end up buying a property that's worth significantly more than neighboring houses, as this will mean your investment has no room to appreciate in value because the surrounding properties are dragging its value down.
Foreclosures
Buying foreclosures can be risky, much more so than buying property in the traditional fashion. However, if you're aware of the risks beforehand and take steps to minimize them, you can end up with a great deal. Before you even consider buying in this way, you should be very familiar with foreclosure laws in your state, in addition to knowing as much as possible about the neighborhoods you're interested in.
To find foreclosures, look in your local newspapers for advertisements with key words such as "bank-owned," "foreclosed," or "REO" (real estate owned). Look on lender websites to check for foreclosure listings, and call lenders and ask to speak to someone who handles foreclosures.
As a final caveat - don't buy anything without having it inspected first, no matter how good the property looks on the surface. Property inspection is the best way of ensuring you end up with a profitable deal.
Why Good Credit is Important
When it comes to financing the purchase of rental property, lenders often require larger down payments and higher interest rates. This is because lenders know that owners of rental properties are more likely to default on loan payments than on payments for their personal homes. Simply put, you pay more because rental property is a higher risk investment. To improve your chances of getting a good loan, it's important to have good credit and to reduce your credit card and other consumer debt as much as possible.
It's also important to ensure you have a good-sized cash reserve left over after you've bought your property, to help pay for surprise expenses such as repairs (and periods when the house is vacant, if you've purchased a rental property).
Get to Know the Tax Laws
Owning investment properties can provide big tax benefits. Getting to know your state and federal tax laws is important for maximizing the profits you can make from investing in real estate. For example:
*Depreciation on an investment property is tax-deductible at an annual rate of 3.64% of the home's market value.
* Mortgage interest on investment properties is tax-deductible.
Do your homework, choose your properties carefully and watch your investments grow!
Choose the Right Neighborhood
Just like with any other real estate purchase, location is all-important. Whether you're buying an investment property to rent or to renovate for resale, a large part of your success will come down to the neighborhood you buy into. Developing or undervalued neighborhoods are both good prospects for investment buying. The easiest way of getting a feel for good prospects is just to jump in your car and drive around your area. Look for areas with a lot of development going on, or where new housing projects are planned. If you're buying a rental property, bear in mind that if you're going to be doing maintenance and repair work yourself, somewhere relatively close to your own home is a good idea so that you don't have to spend a lot of time traveling to the property.
Don't forget the old rules still apply - buy the worst house in the best street, not the best house in the worst street. You don't want to end up buying a property that's worth significantly more than neighboring houses, as this will mean your investment has no room to appreciate in value because the surrounding properties are dragging its value down.
Foreclosures
Buying foreclosures can be risky, much more so than buying property in the traditional fashion. However, if you're aware of the risks beforehand and take steps to minimize them, you can end up with a great deal. Before you even consider buying in this way, you should be very familiar with foreclosure laws in your state, in addition to knowing as much as possible about the neighborhoods you're interested in.
To find foreclosures, look in your local newspapers for advertisements with key words such as "bank-owned," "foreclosed," or "REO" (real estate owned). Look on lender websites to check for foreclosure listings, and call lenders and ask to speak to someone who handles foreclosures.
As a final caveat - don't buy anything without having it inspected first, no matter how good the property looks on the surface. Property inspection is the best way of ensuring you end up with a profitable deal.
Why Good Credit is Important
When it comes to financing the purchase of rental property, lenders often require larger down payments and higher interest rates. This is because lenders know that owners of rental properties are more likely to default on loan payments than on payments for their personal homes. Simply put, you pay more because rental property is a higher risk investment. To improve your chances of getting a good loan, it's important to have good credit and to reduce your credit card and other consumer debt as much as possible.
It's also important to ensure you have a good-sized cash reserve left over after you've bought your property, to help pay for surprise expenses such as repairs (and periods when the house is vacant, if you've purchased a rental property).
Get to Know the Tax Laws
Owning investment properties can provide big tax benefits. Getting to know your state and federal tax laws is important for maximizing the profits you can make from investing in real estate. For example:
*Depreciation on an investment property is tax-deductible at an annual rate of 3.64% of the home's market value.
* Mortgage interest on investment properties is tax-deductible.
Do your homework, choose your properties carefully and watch your investments grow!
Saturday, May 17, 2008
Friday, May 9, 2008
FREE Foreclosure Listings in Richmond, Virginia - REO listings in Richmond!
Did you know that the majority of foreclosure listings are on your local MLS?? There are many websites that charge to you get foreclosure lists from them when this information is out there for free!! That's right...I said it...for free!! You can contact your local friendly agent (hint hint) who can set you up on automatic emails, you will receive listings that fit your criteria....See homes as they come on the market!!! Buying a foreclosure has its challenges, so it's always good to have an agent who is familiar with the process....If you have questions or, want to receive automatic emails. Check my web site htt://www.RichmondVAHomes4Sale.com and call me, Mohamed 804-243-0605!
Homes for sale in Richmond, Homes for Sale in Chesterfield, Homes for Sale in Henrico, Homes for Sale in Glen Allen, Homes for sale in Mechanicsville, Homes for sale in Hanover, Homes for Sale in Midlothian, Homes for sale in Goochland, Homes For Sale in New Kent, Homes For Sale In Powhatan, Foreclosure listings in Richmond
Homes for sale in Richmond, Homes for Sale in Chesterfield, Homes for Sale in Henrico, Homes for Sale in Glen Allen, Homes for sale in Mechanicsville, Homes for sale in Hanover, Homes for Sale in Midlothian, Homes for sale in Goochland, Homes For Sale in New Kent, Homes For Sale In Powhatan, Foreclosure listings in Richmond
Thursday, May 8, 2008
Richmond Virginia - REO Property!
This is a deal you don't want to miss!
$99,900 ~ Bank Owned Property ~ House for Sale - This is a deal!
Location: Richmond Virginia
This is a deal cannot beat! $99,900
2 bedroom Brick cape good for investors or handyman, 1596 sq ft and lot size is .18 acre. Built in 1940.
$99,900 ~ Bank Owned Property ~ House for Sale - This is a deal!
Location: Richmond Virginia
This is a deal cannot beat! $99,900
2 bedroom Brick cape good for investors or handyman, 1596 sq ft and lot size is .18 acre. Built in 1940.
Saturday, May 3, 2008
How to Make Money in Real Estate Investing!
Lower Your Taxes
Tax incentives for real estate investors can often make the difference in your tax rates. Deductions for rental property can often be used to offset wage income. Tax breaks can often enable investors to turn a loss into a profit.
For which items can investors get tax breaks? You could claim deductions for actual costs you incur for financing, managing and operating the rental property. This includes mortgage interest payments, real estate taxes, insurance, maintenance, repairs, property management fees, travel, advertising, and utilities (assuming the tenant doesn't pay them). These expenses can be subtracted from your adjusted gross income when determining your personal income taxes. Of course, these deductions cannot exceed the amount of real estate income you receive. In addition to deductions for operating costs, you can also receive breaks for depreciation. Buildings naturally deteriorate over time, and these "losses" can be deducted regardless of the actual market value of the property. Because depreciation is a non-cash expense -- you are not actually spending any money -- the tax code can get a bit tricky. For more information about depreciation and various tax alternatives, ask your tax advisor about Section 1031 of the U.S. Tax Code.
Have a Positive Cash Flow
There are two kinds of positive cash flows: pre-tax and after-tax. A pre-tax positive cash flow occurs when income received is greater than expenses incurred. This sort of situation is difficult to find, but they are usually a strong and safe investment. An after-tax positive cash flow may have expenses that outweigh collected income, but various tax breaks allow for a positive cash flow. This is more common, but it is generally not as strong or safe as a pre-tax positive cash flow.
Regardless of what kind of real estate you choose to invest in, timely collections from your tenants is absolutely necessary. A positive cash flow -- whether it be pre-tax or after-tax -- requires rental income. Be sure to find quality tenants; a thorough credit and employment check is probably a good idea.
Use Leverage
One of the most important factors in determining a solid investment is the amount of equity you are purchasing. Equity is the difference between the actual worth of the property and the balanced owed on the mortgage. In order to increase equity, investors often choose to borrow money. Borrowing money allows you to magnify the return on your investment. Borrowing money to increase equity is known as leverage. Leverage can make the money you invest out of your pocket go a long way.
In order to illustrate the value of leverage, let's take a fictional
example: assume you bought a $200,000 rental property with a 30% down payment; the remaining 70% of the purchasing price is paid for with borrowed money, Let's further assume that after several years the home is worth $270,000. The $70,000 return on your $60,000 investment -- the amount that you paid directly -- is more than 100%. (There is more to calculating the return on investing, but this will keep it simple.) If you bought that same $200,000 property without borrowing, the return on your investment would be 35%. Leverage puts borrowed money to work for you.
Benefit from Growing Equity
While investing in real estate is relatively complex, it is often worth the extra work. When compared to other financial investments, like bonds or CD's, the return on investment for real estate purchases can often be greater.
The key to real estate investing is equity. Determine an amount of equity that you want to achieve. When you reach your goal, it's time to sell or refinance. Determining the proper amount of equity may require the assistance of a real estate professional.
Tax incentives for real estate investors can often make the difference in your tax rates. Deductions for rental property can often be used to offset wage income. Tax breaks can often enable investors to turn a loss into a profit.
For which items can investors get tax breaks? You could claim deductions for actual costs you incur for financing, managing and operating the rental property. This includes mortgage interest payments, real estate taxes, insurance, maintenance, repairs, property management fees, travel, advertising, and utilities (assuming the tenant doesn't pay them). These expenses can be subtracted from your adjusted gross income when determining your personal income taxes. Of course, these deductions cannot exceed the amount of real estate income you receive. In addition to deductions for operating costs, you can also receive breaks for depreciation. Buildings naturally deteriorate over time, and these "losses" can be deducted regardless of the actual market value of the property. Because depreciation is a non-cash expense -- you are not actually spending any money -- the tax code can get a bit tricky. For more information about depreciation and various tax alternatives, ask your tax advisor about Section 1031 of the U.S. Tax Code.
Have a Positive Cash Flow
There are two kinds of positive cash flows: pre-tax and after-tax. A pre-tax positive cash flow occurs when income received is greater than expenses incurred. This sort of situation is difficult to find, but they are usually a strong and safe investment. An after-tax positive cash flow may have expenses that outweigh collected income, but various tax breaks allow for a positive cash flow. This is more common, but it is generally not as strong or safe as a pre-tax positive cash flow.
Regardless of what kind of real estate you choose to invest in, timely collections from your tenants is absolutely necessary. A positive cash flow -- whether it be pre-tax or after-tax -- requires rental income. Be sure to find quality tenants; a thorough credit and employment check is probably a good idea.
Use Leverage
One of the most important factors in determining a solid investment is the amount of equity you are purchasing. Equity is the difference between the actual worth of the property and the balanced owed on the mortgage. In order to increase equity, investors often choose to borrow money. Borrowing money allows you to magnify the return on your investment. Borrowing money to increase equity is known as leverage. Leverage can make the money you invest out of your pocket go a long way.
In order to illustrate the value of leverage, let's take a fictional
example: assume you bought a $200,000 rental property with a 30% down payment; the remaining 70% of the purchasing price is paid for with borrowed money, Let's further assume that after several years the home is worth $270,000. The $70,000 return on your $60,000 investment -- the amount that you paid directly -- is more than 100%. (There is more to calculating the return on investing, but this will keep it simple.) If you bought that same $200,000 property without borrowing, the return on your investment would be 35%. Leverage puts borrowed money to work for you.
Benefit from Growing Equity
While investing in real estate is relatively complex, it is often worth the extra work. When compared to other financial investments, like bonds or CD's, the return on investment for real estate purchases can often be greater.
The key to real estate investing is equity. Determine an amount of equity that you want to achieve. When you reach your goal, it's time to sell or refinance. Determining the proper amount of equity may require the assistance of a real estate professional.
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