Category: Loan

Why to invest in South Florida Luxury Real Estate

large real estateSouth Florida is amongst the strongest luxury real estate markets worldwide. Alongside with NY and London,this is the perfect spot for wealthy investors to run business and the reasons are simple; low taxes,the central hub for international business, strong population growth, diverse cultural offerings,and high quality of life continually improving, among others.

South Florida is one of the most populated states in America and one of the wealthiest economies in the world, occupying a GDP leading position in the United States.Definitely the best place whether you want to own a luxury home or invest in real estate property.

Investing in a South Florida luxury real estate also means high returns as its prices are always soaring and regardless of any market variables, there will always be people willing to go high-end. Renting is another option if you don’t want to get rid of your property; whether you rent short term or long term, South Florida enjoys a strong rental market with high demand and good yields.

What is even more appealing is the variety of state-of-the-art properties you have access to in the luxury housing market. World-renowned developers and architects have devoted to constructing an overwhelming portfolio that includes features normally found in luxury resorts and 5-star hotels. Here’s a short list you may want to check out:

Continuum South Beach

Continuum South Beachis beautifully located in the southern tip of Miami. This is a two-tower condominium with resort-like amenities, services and fixtures that will provide owners the lifestyle they always dreamed of. The sophistication of the towers is evident just by entering the imposing two-story lobby and the unparalleled resort-like amenities, services, and fixtures this residential masterpiece has to offer. Prices can range from $975,000 to $15 M

South Pointe

South Pointe condominium prides itself with a convenient “SoFi” or “South of Fifth Street” location, dazzling views, and condominiums ranging from 850 to 1,270 square feet. The building offers a cozy café to get the day started a business center where you can impress your clients. Of course, the swimming pool and spa, billiard room and spa are not to miss. A residence in South Pointe starts at $849,000.

Auberge Fort Lauderdale

This is an exclusive new residential construction set on 4.6 acres with 450 feet of Fort Lauderdale oceanfront. The lavish tower features astriking oceanfront frontage and expansive terraces with ocean and city views.One of the prime features in the building is the upgraded spa services it offers. Find units at $2.5 M.

Murano at Portofino

With panoramic ocean, bay and city views, this luxurious tower has got it all, and is one of the most stylish bay front properties in the South Beach area of Miami Beach. This opulent condominium affords a private Bay Side Beach Club and on-point amenities for residents to delight in, including 2 heated lagoon pools a sport club and a luxury spa giving it an all-round exclusive feel that’s yours to keep. You can find units starting at $825,000.

Apogee

This residential masterpiece offers 67 exclusive residences set right on the waterfront in the elite area of South Beach in Miami Beachoffers 67 exclusive residences set right on the waterfront and it pampers it residents with only four residences per floor, each with flow-through design plus water and city views, a state-of the art spa to Take a break from your daily routine, and an infinity-edge pool overlooking the water, among others. Units start at 8.5 M

Loan Options Available if You Have Less Than Perfect Credit

loan approvalMost people will encounter a time in their lives where they fall short on cash and need to borrow to cover their expenses. If you have a savings established you simply have to make a quick withdrawal. However, if you have no savings set up for emergencies and your credit is less than perfect you may think that you have no options. Luckily there are lenders willing to loan money to people who have a lower credit score, as well as other options available.

Short Term Loans

When you think of short-term loans, you may think that the only one you will qualify for is a very high-interest payday loan. Thankfully, there are payday loan alternatives. There are online lenders who offer low-monthly installment loans to people with less than perfect credit. And, unlike a payday loan, you have several different repayment options.

Title Loans

If you own your vehicle, there are lenders who are willing to use your car as collateral against a loan. Depending on the Blue Book value, this type of loan can give you access to more money than a short-term loan.

401K

If your company has a 401k plan and you are a contributor, you can borrow up to 50 percent of the vested amount. Since you are borrowing the money from you, the chances for a quick approval are very good. The best part about this type of loan is that while you will pay interest, you pay it back to you.

Pension

While you should never touch a retirement fund. If an emergency arises and you need the cash to prevent losing your home or your vehicle, and the company you work for allows it can give you access to a lot of cash in a lump sum. If you are less than 59.5-years old there is an additional fee of 10 percent plus the 20 percent withheld for the IRS.

Borrowing from Family

If you don’t have a savings account, a 401K or a pension that you can withdraw from, you can see if a family member is willing to give you a loan. If someone in your family does front you a loan, remember to treat it the same as you would any other lender. Come to an agreement before accepting the loan and then stick to it. It’s very easy to put a family member on the back burner and pay other bills first. Make every effort to repay per the terms agreed on and if you should have a rough month contact them and advise them when the next payment will be. This way you’ll stay on good terms should you need their help in the future.

Take on a Part-Time Job

If you find that you are having trouble making ends meet often, you may need to find a way to bring in more money each month. If you have a talent, you can sell items or services to fill in the gap until you reduce your overhead. If not, you may need to consider taking on a second job for a while to get you on your feet.

Hard times can happen to anyone. Maybe you lost your overtime or you have extra expenses like school or medical bills. Whatever the reason, there are many ways to dig out from under and get on an even platform. If your monthly expenses are very high, look at your bills and see where you can make cuts, even for the short-term. For instance, if you have a large cable bill, go to basic service. Also, if you eat out often, reduce it to once a month as a treat, brown bag your lunch for work and use coupons when going food shopping. By pulling in your belt, you will have the money you need to cover your expenses and work towards improving your credit score.

Financially Handling The Life Of A Landlord

property lord of landThe life of a landlord is a life of intense micromanagement. In order to keep many tenants happy, you are required to ensure that everything is maintained well from week to week. Not only that, but it’s a strange business to be a part of. There aren’t many other industries in which things may proceed routinely and without necessary interference for months, only to have every problem surface in one fell swoop. If you’re not prepared, you can be overwhelmed by the sheer magnitude of responsibility you have to deal with.

Financially handling the life of a landlord could be considered another thing entirely. It’s important to know that while profitable, a landlord must invest as carefully as they profit. The income flow is relatively stable, but the outgoings could differ wildly from month to month. There are many reasons as to why this is, but seemingly less methods to control those fluctuations. In order to manage your finances well, it pays to know how to operate. Within time you will get the hang of this, but new landlords especially can find themselves overcome with financial burden in a business they once assumed to be smooth sailing.

The following tips may just help you make better decisions in this field:

Take Money Matters Seriously

Many landlords prefer to cultivate slightly less-than-ideal tenants so they do not risk a tenant leaving. This is because that can often lead to a lack of income for a month or many months as new tenants need to be found. This can be relatively wise. A tenant who pays on time might not clean as well, and that’s certainly more ideal than a supremely clean tenant who never pays on time. However, taking money matters seriously is essential. After all, you’re not in this business for the charity of it.

A good way to strike a happy medium between legal backing and solid tenant relationships is to lay out exactly the methodology your tenant must follow. You can clearly define these terms in your tenancy agreement template. This means clearly laying out late payment charges, perhaps asking for a form of security income in case they do not pay (such as a guarantor,) or even asking for months of rent in advance. It might mean asking for lower, more frequent payments to keep the cash flow effective, or even to ask for tri-yearly instalments to cover the future.

Taking money matters seriously is important to be respected as a landlord. Let one-time slide and you can, unfortunately, set yourself up for this to be the norm. It’s always best to cover yourself, so try to ask for at least one month’s rent in advance before your tenant moves in. This gives you a buffering time to evict if they neglect to pay on time, and keep your cash flow active. As a landlord you must always be thinking about sustainable income, and plan in advance for this.

Set Limits

As a landlord, you must also invest in your properties. This is a no-brainer. While it might be that the light bulbs should be replaced by a tenant, the bigger responsibilities are yours to handle. After all, this is your property. Now, you should set some hard and fast limits here. Let’s say the sofa in your property has a spring loose, and your tenants are demanding a new one. It might be perfectly reasonable to simply repair the sofa using a professional upholstery service, rather than outright spending thousands on a new fixture.

It might be that you choose to steam clean a mattress rather than purchase a new one. After all, as long as you’re providing a habitable, nice and clean standard of living, you should not be troubled into wasting money on unwise investments. It can also be wise to adjust rent over time to stay more compatible with inflation and the rising cost of living.

It might also be that within your contract you stipulate that utility usage is on an unlimited tariff. Of course, this should be subject to fair use. For example, a tenant who keeps their heating on full blast over the winter might find the property wonderful and comfortable to live in. When it comes to reading the electricity bill, you might have an argument to give. ‘Fair use’ is the sacred mantra for all tenants offering a form of unlimited payment. This allows tenants to stay responsible for unfair action, and prevent you from wiping your monthly profits simply trying to pay the bills.

Also, consider damage. Damage to property is something that is completely on the shoulders of your tenants. While you might allow for a lick of paint or cleaning out of good investing faith to cultivate the relationship, deeper damages may require you to bill the tenants or punish their security deposit. Do not be afraid to do this in the interest of being a ‘friendly landlord.’ You are a business, not a charity. Your tenants are allowed a license to your home, but it’s still your asset, and any damage could be considered vandalism within punitive laws if not rectified financially.

With these correct limits set, you have a much greater chance of setting the clear parameters within which your tenants operate.

Savings & Excess Funding

Things will go wrong. It might be you experience a hefty leak in two of your buildings on the same morning, and the carpet damage will take professional care to fix. It might be that you need to relocate a certain tenant to ensure their home is fixed. In these instances, heavy investment is required. This can be debilitating. However, if you’ve been smart about this, you will likely have at least a buffer of savings for you to dip into and try to improve your standing.

Financially handling this might be difficult, but by nesting away your profits you can potentially keep the sustainable profit going long term. Just as someone investing in automotive repair to allow them the potential of getting to work and earning, you must keep a ‘sustenance’ funding supply of sufficient breadth. This ‘rainy and annoying day’ fund will give you the means to keep your assets working for you, rather than against you. It also helps sustain tenants who see you take affirmative action in their interest.

With these small tidbits of advice, financially handling the life of a landlord will become that little bit easier.

The Fatal Mistakes that Will Kill Real Estate Profits

estate profitsInvesting in real estate is a sure thing, right? It’s really easy isn’t it Wrong and wrong again. Sure, if you are good at it, investing in real estate can be a very safe investment, but it is by no means a sure thing, and it can be pretty tough going if you aren’t prepared for it.

That being said, you shouldn’t be put off from such an investment because investing in property can often be the safest option. What you should do is avoid making the following fatal mistakes that will kill your real estate profits and make your life more difficult than it needs to be:

Not Casting a Wide Enough Net

The worst thing you can do when investing in real estate is not spending enough time looking at enough properties. If you’re too eager to get started and you just throw all of your money at the first promising property you find, you’ll probably end up with fewer returns and more problems that you would have if only you’d taken your time.

Choosing a Property Because You Love It

It might seem like buying a property because you love it is anything but a mistake and that might be true if you plan to live in it yourself, but if you’re buying it as an investment, you need to put your serious hat on and choose your property because it’s being sold at a good price, it’s in a neighborhood that’s up-and-coming, and you can actually make some money from it. Sure, if you love it, that’s a bonus, but it should never be the sole reason that you buy.

Thinking Your On Flip or Flop

Flip or Flop is undoubtedly entertaining TV, but if you think that your property investment project will be just like the ones on the show – you’ll buy at a ridiculously low price, renovate the building to an amazingly high standard in a ridiculously short period of time and sell it on for a ridiculous price, you’re in for some major disappointment. Although that kind of stuff can and does happen, it’s uncommon, and unless you’re a skilled investor with lots of construction skills and lots of time and money, your journey is likely to be a lot more slow and steady.

Not Using a Property Management Company

Property management from Opulent Real Estate Group takes all of the hard work out of your hands and ensures that you can find good tenants quickly and that any repairs or issues are solved quickly, usually with very little input for you. A lot of real estate investors think they can manage their portfolio by themselves to save a little money, but it soon becomes evident that they are out of their depth and things can go south quickly. Don’t let that be you and hire a property management company.

Not Doing Your Due-Diligence

It should go without saying, but you must do every check it is possible to do before you buy a property. If you don’t do that, you might be surprised (and not in a good way) by damp, bad neighbors, a new development that sees the value of your property plummet and so on!

Avoid these fatal mistakes and a decent real estate investment profit you are likely to make!

The Most Cost Effective Way to Have a Car

car financeIf you’re like most people used to driving, then the prospect of not having a car would be akin to the feeling a child has when they are sent to their bedroom and grounded – cars offer us freedom and huge convenience, yet they are also considerably expensive to run and own. Your vehicle can make up a large part of your household finances, so this article looks at the three most common ways of having a car; leasing, renting and owning – in order to work out which is the most cost effective option for you.

OWNING

This might seem like the most sensible choice, as at the end of the day, whilst buying a car outright – whether in cash, or on finance, is a significant expense, it is at least an ‘asset’ you own yourself. However, a car is a depreciating asset that loses its value each mile you drive and each day that passes by – it’s not like a house which appreciates in value. If you are to buy a brand new car, then as soon as you drive off the forecourt, the financial hit you can expect in terms of depreciation is in four figures!

Buying a second-hand car, particularly one that is just a few months old, seems to be one of the smartest moves you can make if purchasing a car… however, even then, the cost of insurance, road tax, MOT, servicing, maintenance and repairs can mount up to the point any ownership of a car will take its toll on your finances. This is where the less popular option of renting a car can pay dividends.

RENTING

It might seem a strange idea to rent a car, as an alternative to owning one, but if you don’t always use a car (e.g. you live in Central London or travel a lot for work) then hiring a car could prove to be the most financially beneficial to your situation. This way, you are only paying for the car when you actually need it (there’s nothing more annoying than paying for a 24 month lease, when you’re out the country for a few months, and the car is sitting in your driveway)… but more than anything, the insurance is included. When you consider how much insurance costs – renting a car that comes with fully comprehensive insurance can actually end up saving you money, particularly for inexperienced drivers or those without no claims bonus.

LEASING

The middle ground between owning a car and renting one is to look into long-term leasing; indeed, you may wish to visit intelligentcarleasing.com in order to consider your options and see what deals are available – as you can find some incredible offers particularly at this time of year. The great thing with leasing is that you aren’t always responsible for maintaining the car in terms of servicing, and if something goes wrong with the car, you can simply go back to the leasing company and they’ll replace the vehicle. Leasing offers a hassle-free option but the downside is you never end up owning the car, so a bit like renting a property – you’re not building any equity in an asset, however, with a car… it’s a depreciating asset anyway, so this shouldn’t be too offputting.

In summary, there are three main options to consider in terms of having a vehicle; and the right option for you will be heavily dependent on your individual circumstances.