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Millionaire Now! by Larry NusbaumThis blog is based on the organizational principles found in my new book, "Millionaire Now! - A Financial Toolbox with Seven Steps to Wealth". |
Land, Timeshares: Not
Posted on 04/16/2007 13:33:32 | Link | Post Comment
Buying Land May Be a Solid Investment
Fortune on CNNMoney.com Residential real estate prices may be falling, but the cost of land is going up and can be a strong investment.
This article appeared on the Yahoo Finance front page Sunday. My first thought was to warn people not invest in a vehicle that you know nothing about.
I live in Arizona where land, as a real estate investment class, is big business that requires unique skills. I never tackle it without the help of a land expert and neither should you. I am a city boy from San Francisco where raw land is when a duplex burns down, they haul away the stuff and you have an empty lot (aka raw land) ready for a 4-plex.
"A real estate broker and landowner in Colfax, Cal., Robbie Robinson, says land in the area where he and our aforementioned homeowner live has risen steadily in value for ten years, to as much as $2,000 an acre for raw mountain land and $125,000 for a small building lot. "
Do you really want to be buying something now that has been going up for ten years? No.
7 tips for buying a time share from Bankrate.com
Buying a time share If you do decide to buy a time share, you should do your research before agreeing to anything. Here are seven things you should know before you start shopping.
1. Know the numbers.
2. Deal with high-pressure sales tactics.
3. Walk away.
4. Don't buy into the "real estate" spiel.
5. Ask a lot of questions.
6. Pick a vacation spot because you like it.
7. Become the second owner.
My advice to you if you must own a vacation timeshare: buy it cheap in the secondary market. I paid $500 for my ownership at the Orange Tree Resort in Scottsdale in 2006.
I have some very good advice for residential realtors:
Fortune on CNNMoney.com Residential real estate prices may be falling, but the cost of land is going up and can be a strong investment.
This article appeared on the Yahoo Finance front page Sunday. My first thought was to warn people not invest in a vehicle that you know nothing about.
I live in Arizona where land, as a real estate investment class, is big business that requires unique skills. I never tackle it without the help of a land expert and neither should you. I am a city boy from San Francisco where raw land is when a duplex burns down, they haul away the stuff and you have an empty lot (aka raw land) ready for a 4-plex.
"A real estate broker and landowner in Colfax, Cal., Robbie Robinson, says land in the area where he and our aforementioned homeowner live has risen steadily in value for ten years, to as much as $2,000 an acre for raw mountain land and $125,000 for a small building lot. "
Do you really want to be buying something now that has been going up for ten years? No.
7 tips for buying a time share from Bankrate.com
Buying a time share If you do decide to buy a time share, you should do your research before agreeing to anything. Here are seven things you should know before you start shopping.
1. Know the numbers.
2. Deal with high-pressure sales tactics.
3. Walk away.
4. Don't buy into the "real estate" spiel.
5. Ask a lot of questions.
6. Pick a vacation spot because you like it.
7. Become the second owner.
My advice to you if you must own a vacation timeshare: buy it cheap in the secondary market. I paid $500 for my ownership at the Orange Tree Resort in Scottsdale in 2006.
I have some very good advice for residential realtors:
- Learn to say "no" if your seller wants to list their house at a price above the market. Having to reduce the price later, after the whole world has seen it, will hurt you both.
- Stay out of the "lending" business with third party referrals to mortgage brokers. Most borrowers don't need to pay a broker when they can use direct lenders.
- If a potential buyer tells you to that they want to see properties in the $350,000-$400,000 range do not exceed that range. Go do some homework and earn your money.
- Buyers agents: inform your clients that you only get paid by the listing broker (not listing agent) upon the succesful close of escrow.
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