Dean Graziosi

Have you ever found real estate you were interested in that was obviously abandoned?  No “Property for Sale” sign stood in the yard of grass ten feet tall, and you had no idea how to figure out who owned the place.  Did you give up what your instincts knew would be a great deal because of it?

Well, you’re instincts were right.  Abandoned properties are one of the most common sources of leads for real estate investors interested in quick turnovers.  Owners generally aren’t interested in abandoned real estate properties; this makes the property easier to buy, and there is less competition than with a property that’s been taken care of.

The next time you come across abandoned real estate just screaming to be bought, don’t give up.  The following tips can help you hunt down that elusive property owner:

·    Search county appraisal offices – The first thing you’ll have to find out is who owns the property, and county appraisal offices are a great place to start.  It should be relatively easy to find the owner using only the address of the abandoned real estate.

·    Printed notices – If time isn’t a factor, you can leave printed notices at the properties on a regular basis, with your contact details.  The drawback here is that, if the property is truly abandoned, the owner may never visit it – which means they’ll never see the notice.

·    Private detective – If you’re short on time but have the money, a private eye may be the way to go.  Experts at hunting down people and information gathering, private detectives can be an excellent source for contact owners of abandoned real estate.

Now, there may be other ways to go about this – using a paid service, for instance – but these three are a great start.

Keep in mind, however, that there are drawbacks with abandoned real estate.  The top drawback, as you may be aware, is that abandoned properties are usually not well taken care of, and may have a lot that needs to be done before they can be sold.

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There are a number of loan products on the market today, and for first-time or inexperienced home buyers the options can be somewhat overwhelming. There are loans designed specially for first-time homeowners, loans for short-term or long-term borrowing, loans for investing, loans for primary residence and so on. However, it really isn’t as complicated as it may seem. As long as you are familiar with the basic loan types and keep their best uses in mind, you should have no problem finding a good fit for your borrowing situation.

Essentially, there are two main types of mortgage loans that you need to be familiar with. There are fixed-rate mortgages in which the interest stays the same for the duration of the loan, and variable-rate loans where the interest rate changes. Fixed-rate loans often start out at a significantly higher interest rate than variable-rate loans, but the latter can fluctuate widely after an initial introductory period. Obviously, fixed-rate loans are the most secure even if it may cost a little more. However, each of these loan types have their specific uses. Using the wrong loan type for your mortgage could result in serious issues with your ability to make the payment on the loan.

The main thing to remember is that fixed-rate loans are ideal for long-term borrowing, such as when you’re purchasing a primary residence that you plan to stay in indefinitely. Many people also refinance with fixed-rate loans after the introductory interest rate on a variable-rate loan is no longer in effect. Variable-rate loans are a great option for short-term borrowing that does not extend beyond the introductory period. Past this, there is nothing to keep the rate from going to a pre-determined cap rate which can add up to the equivalent of buying a house on a credit card. Often, lenders will encourage unwary borrowers to take a variable-rate loan with the low introductory as its selling point, but this has led to issues all over the country as buyers realize they can no longer afford their houses once the introductory period is over.

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When looking for a new home, it’s essential to decide on certain priorities for the new house. These priorities do not only include the house itself, but also the neighborhood, the community, various nearby amenities, schools and shopping locations in the area. In addition, you’ll want to bear in mind any other features that can make you love or hate the home you purchase.

One way to positively narrow down your search is only looking at homes in the kind of good neighborhood where you would want to live.  Although a home can be remodeled to your liking, the neighborhood around you can’t be so easily transformed. When looking at purchasing a particular home, keep the surrounding areas in mind.

What is the crime rate in the area? What are the schools like and how do they rank on a state or national level? Is there a grocery store, mall, gym facilities or any other business you’d like located nearby? How close is the house from your job or other places you frequent? It is located on a busy street? Consider whether you’d mind being caught in traffic as soon as you get out of your driveway or would prefer a quieter area. It’s a good idea to find a neighborhood that meets your criteria before you invest your time and interest in an inconveniently located home.

Once you’ve found a home in a safe, convenient and peaceful area, it’s wise to decide on your priorities for the house itself. Would you prefer an older home, or would you like to buy a new house? Keep in mind, older homes may be majestic and less expensive to purchase, but may cost more to heat, repair and maintain. A new home may initially cost more, but you should be able to save in the winter with well-insulated walls and windows that don’t let in cold air.

If your family is growing, try to find a home large enough for your eventual needs. Are your kids growing up and leaving for college or a career? While a five-bedroom would be perfect for a family of six, empty nesters may feel the need to downsize from a large home. How much space does the new home allow? Do you require a lot of storage? How important is parking, noise level and privacy to you? These are all important factors when deciding on priorities in a new home.

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