Condo Hotels for Your Vacation Home
Condo hotels are one of the sizzling products in current real estate market. New properties are increasing in various regions of the country and new buyers are penetrating the market daily. Things have been moving so promptly in terms of condo hotels, but sometimes it’s worth taking a climax to step back and look at the big picture. Condo hotels are generally large, high-rise, luxury hotels automated by big names comprising Bulgaria, Four Seasons, Ritz-Carlton, Star wood, Hilton, Trump, Rosewood, Sonesta, Regent International Hotels, Clarion, Conrad Hotels, and Le Meridien. Condo hotels have condos that are sold to individually to the purchasers who may use their unit as a holiday home whenever they like. When they’re not using their condo unit, owners have the choice of placing it into an structured rental program. Condo hotel operator of the rental program, in exchange for a share of the returns, markets the condo units as a hotel, takes bookings, runs the front desk, manages the property and offers the services hotel guests expect, such as housekeeping, food and beverage, and concierge. There is a circularizing enthusiasm about the condo hotel concept. More people are understands its value and therefore appealing demand for more inventory. Buyers for Dubai properties, where condo hotels are most dominant, come from all over the world. On the international front, most foreign buyers interested in Dubai property are from Asia and Europe. The vast majority of purchasers wants condo hotel units basically as investments and is aimed on the potential for appreciation with the side benefit of hassle-free ownership. They see the capability to essentially use their condo hotel unit as a holiday home as important but secondary to their goal of investment diversification. In Condo Hotel Marketplace, implicitly every individual property that has come on the market to date has sold out in pre-construction. Most of these condo hotels are mega high-rise structures with on average 200-500 condo units, and with some in excess of 1,000 units. Hot Areas for Condo Hotels Dubai continues to be an extremely admired area and one that has shown bright and steady appreciation. As already specified, the condo hotel trend which had started in Dubai has now spread out west. Las Dubai is starring the pack with many new condo and condo hotel developments in all price ranges being built. Most condo hotels have amazing features and services that raise their demand to potential buyers as well as future renters. Emblematic facilities are spas, fine dining, business centers, fitness centers, and many more. Owners of condo hotel units have the authority to resell their unit at any time. They keep any gains derived from admiration. Thus condo hotels combine holiday home ownership with investment hypothetically.Kuldip Goylea works in various fields like International Property, Preconstruction RealState, Property Overseas, REALESTATE OVERSEAS,REALESTATE INTERNATIONAL, REALESTATE INVESTMENT,INVESTMENT PROPERTY, PROPERTY PURCHASE,REALESTATE PURCHASE,BUY PROPERTY,SELL PROPERTY,BUY REALESTATE,SELL REALESTATE, to know more about <a href="http://www.eastwestdevelopments.com/">Condo Hotels</a> visit: <a href="http://www.eastwestdevelopments.com/">www.eastwestdevelopments.com</a>
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How You Can Use Rehab, Refinance and Cash Out as Long-Term Wealth Building Real Estate Investing
Today we are discussing a somewhat advanced strategy for you to use after you have been in the creative real estate investing business for a while. I call this Rehab, Refinance, and Cash Out . This strategy can lead to true long term wealth and financial independence. This works very well in a buyers market like Memphis where prices have been quite flat for some time. You need to use this to augment your wholesaling for immediate income and retailing for bigger short term profits. Rehab, Refinance and Cash Out is a long term wealth building strategy and will be something you will be glad you did as it is a long term buy and hold strategy, and those are the strategies that lead to true wealth accumulation and financial independence. Let me explain how this works. You find a good middle to low end 3 bedroom home that you are able to buy from an out of state owner or other motivated seller that needs a little work and you buy at 60% of after repaired value. You buy the house using a hard money lender like http://www.pleaseclose.com/memphistrading and do your fix up and have a property management firm manage the property and put a renter in the house. The hard money lender will typically loan you up to 65% of the after repaired value to purchase the house which you use to buy the house and then repair it. Now that the home is repaired you obtain an investor friendly mortgage and cash out by refinancing at 80-90% of after repaired retail value and you should be doing this with properties where this strategy gives you back at least $10,000 at the refinance that you can use in your business any way you need. Do not use this money to live on, use it solely to grow your real estate business. Once you have done this strategy on 10 homes you should be able to keep finding better and better deals because you can close quickly as you have cash in hand to make things happen. More cash equals better deals and more opportunities. By the time you repeat this strategy 20 times you should have at least $200,000 cash plus about $200,000 equity and 20 homes giving you at least $2000 per month positive cash flow whether you decide to work this month or not since you have a property management company handling things for you. With average annual rent increases, within five years that $2,000 a month should grow to $4,000 a month. In 30 years you should have $2 to 3 million plus in paid off real estate. It s a good solid long term strategy to add to your immediate selling from wholesaling, retailing and lease options that the extra $200,000 in cash will help grow tremendously. The rent minus the management fees and all loan and other costs must leave you with positive cash flow or this strategy should be avoided. If you cannot cash out on the property I don t recommend holding it long term as you want to be able to use your best mortgages to cash out. You can purchase using http://www.pleaseclose.com/memphistrading if your Equifax credit score is above 550(which is bad credit) or you have a co-borrower who has an Equifax score over 550. A good investor friendly mortgage company will give you good rates if you are at 660 middle score or above and the very best rates if your middle score is 720 or above. Your first 10 investor mortgages in your name and 10 in your spouses name are the easiest to qualify and get the best deals. After those you really need a good investor mortgage company to work with. Take the time to find the real investor friendly mortgage companies that can help you get loans for 100 properties and not just the first ten and let them have the easy ones and the tougher ones. I do recommend having more than one good lender available though, but stick to the ones that specialize in investor loans. Find out from other investors who the most investor friendly mortgage companies are to use to refinance the repaired home. I do not advocate becoming a landlord as I do not believe this is a valuable usage of your time and energy. I highly recommend asking around and finding a good property management company that will charge you 10% or less to start out with and gradually lower that % as you add more and more properties. I feel this is an advanced strategy as you won t see any cash in your pocket from this strategy for 4-6 months after you find the deal which is a long time to work and not see any pay. If you are wholesaling and making consistent money each month then it shouldn t matter. This strategy will magnify the profits you make in your investing business in ways you might not have imagined. This strategy is a natural progression from wholesaling as you are already helping others find these kinds of deals, now you will be able to get the cash out typical of probably 2 wholesale deals, just paid slower, and at the same time building a nice future nest egg.David offers a free E-course on quick start strategies for getting started in real estate investing that is delivered free via email and tele-clinic at: http://www.FreeRealEstateInvestingCourses.com
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