Even with all the existing lofts up for sale, some people just have to have new construction. It’s clean, it’s new and nobody else has lived in it. Understandable, but a word to the wise. If you go for a newly constructed loft, bring your Minneapolis real estate agent.
Why? Isn’t there a site agent on hand to help you? Well, yes… and no. Here are a few good reasons why a personal agent, or buyer’s agent, is a good idea:
Conflict of Interests
While the builder has an agent on site, that agent is not working in your best interests. Consider, if the site agent got a better deal for you (which takes money out of the builder’s hands), would they still have a job? No. However, your own agent is there to make sure you get a good deal. End of story.
Being Informed
A builder’s agent doesn’t have to tell you about the negatives of a deal. They’ll push the positives and even sometimes use high-pressure tactics to get you to sign the contract. Having your own Minneapolis real estate agent is having a professional you know is on your side. It’s knowing the drawbacks of the transaction as well as the positives.
Contacts
Agents get around; they go everywhere. As a result, they tend to gather a lot of professional contacts and information. If you’re looking at a builder with a bad reputation, your agent might have heard about it. Your agent will have contacts to good loft inspectors to go through the condo when it’s finished. Your agent will know if the builder’s lender is reputable, and if not, your agent will be able to recommend a highly regarded lender to you. In short, your Minneapolis real estate agent is a rolodex of loft and condo buying and selling resources.
If you’re looking at new construction and need a personal real estate agent, I can help. Call me today at 612-877-1676 or email me at ben@cityoflofts.com for more information.
Real estate investments are still going strong and will probably continue to be a popular method of financial gain into the future. Real estate is solid. It is a tangible product that is attractive to both beginning investors and experienced pros. The most important part of getting started in Minneapolis real estate investing is knowing what you’re getting into and what to watch out for. Here are 4 top tips from real estate investment professionals:
Understand the Realities
Real estate investment, like any form of investment, is risky. Do not use money you cannot afford to lose. Careful study, understanding the market, and practice help alleviate a lot of the risks but things happen in the best of situations so don’t play with what you can’t afford to lose.
Research is a Constant
Research in real estate investment isn’t something you do once. Research is constant. It is a daily part of your efforts and should always be at the forefront of your mind. From changing banking methods to market changes, researching and learning must be ongoing to be a successful Minneapolis real estate investor.
Know the Property
Research isn’t limited to financing and the real estate market. You need to thoroughly investigate each property before you buy. Fill out an investment worksheet to see if all the costs associated with the purchase will allow a satisfying profit.
Learn About Personal Protection
Taking risks with the money you have set aside for investment is one thing. Taking risks with your family’s savings, property, and other assets is another. Consider starting an LLC. You can choose from a single LLC to cover all of your real estate holdings, or having a separate LLC for each property purchased.
Learning the tricks of the top real estate investors allows you to profit from the experience of those who have gone before you. If you would like more expert advice on Minneapolis real estate investments, Minneapolis lofts and condos, give me a call today at 612-877-1676 or email me at ben@cityoflofts.com.
From household cleaning supplies to clothing, everything is going green. The same goes for the real estate market. Many potential loft buyers want eco-friendly Minneapolis real estate. Before you simply buy a loft that’s touted as green, consider these few tips for finding a truly green loft.
1. Work with an expert
It may be difficult for you to figure out what criteria designate a green loft. That’s why it’s important to seek out a green real estate professional whose main focus is to help you sort through fact from fiction in the green housing industry.
2. Buy in an eco-friendly neighborhood
Purchasing green Minneapolis real estate doesn’t necessarily mean the location will be environmentally friendly. Unfortunately, buyers may not factor in this detail. If your neighborhood is in the heart of the city, you may be exposed to more car emissions. Also, access to green amenities like bike and walking trails, may be limited. Look for rooftop green spaces and gardens that you can use in the city.
3. Add your own green touches
Sometimes the loft you find could be perfect with just a few small changes. If you want to make a loft green, you have a variety of options. You could add natural flooring, install energy star appliances to help with energy costs and use non-toxic paint.
Before buying green Minneapolis real estate, or any Minneapolis condo for that matter, take your time and do your research. Many people are jumping on the popularity of going green, so it’s smart to remain skeptical until you know and understand all the facts.
Looking for an eco-friendly loft or condo? I’m a green real estate professional and would love to help. Give me a call today at 612-877-1676 or email me at ben@cityoflofts.com. You can search for these lofts and condos at this site!
In spite of problems in the housing market, experts agree this is a great time to buy Minneapolis real estate. First-time condo or loft buyers can take advantage of the many tax breaks allowed by the stimulus plan, and everyone can benefit from the fact that the stimulus package includes help for banks so that they can provide mortgages. There are other reasons the current market is good for new condo buyers, too.
Mortgage Rates
Because so few mortgages were being issued, the rates are very low. This gives loft buyers, especially those with good credit, a big advantage. Just a two point difference in mortgage rates can mean saving several hundred dollars a month on payments.
Low Prices
If you’re considering buying Minneapolis real estate, act now so you can take advantage of the amazingly low prices. When you buy a condo or loft at today’s exceptional prices, you’re very likely to quickly add equity to your condo/loft when prices bounce back.
Less Construction
Having less construction happening may not seem like a great thing, and for many areas of the economy it is not, but a lack of new construction is a real plus for new condo owners. The fact that there are fewer new condos on the market will help real estate prices bounce back over the next few years by creating more of a supply and demand situation for existing condos and lofts. Rising condo values will provide that equity bump back to more modern levels.
If you’re thinking about buying Minneapolis real estate and want more advice on the pros and cons, please give me a call today at 612-877-1676 or email me at ben@cityoflofts.com.
When you’re looking for your new Minneapolis condo you probably know how many bedrooms you want, what kind of kitchen is important to you, how many bathrooms are necessary, but there’s much more to consider before you fall in love.
More to Surroundings than Just Landscaping
When you walk into a prospective Minneapolis condo and fall in love, it’s often easy to lose the big picture. Take a look around outside too. Is the condo close to factories, railroads, airports, power plants or other disturbing or potentially dangerous installations?
Older Lofts Have Classic Beauty and Classic Hazards
Older lofts were often built with materials we now know are hazardous such as asbestos and lead (pipe solder, paint). These materials may be costly to cover up or dangerous to remove without professional help.
When it comes to a purchase as important as a new Minneapolis condo, be sure you know exactly what you are getting before you jump. If you would like any more information on what to look for when considering a new condo, give me a call today at 612.877.1676 or email me at ben@cityoflofts.com.
When it comes to success, it is often seen that those who have it share similar traits. These traits are usually shared by successful people in many different fields. The same is true of successful Minneapolis real estate investors.
If you want to become a rich real estate investor, consider these traits that most successful people possess:
1) The ability to see possibilities rather than simple realities. The best Minneapolis real estate investors can look at a rough piece of property, an abused loft, or a vacant block of commercial buildings and see the potential within those places instead of the run-down, or empty parcels that actually exist. Being able to visualize the property as it could be, and conceptualize the project vital to success.
2) Successful individuals in all walks of live tend to have a relentless nature. They will not give up, do not admit defeat, and do not take kindly to losing.
3) Successful people have a thick skin. They can ignore the naysayers who try to talk them out of moving forward. A thick skin is as important when they are at the top as it is when they are starting out—maybe more so, because once you achieve success everyone is jealous.
4) Successful people know how to get the best and most accurate information. Many successful people attribute their success to knowing how to surround themselves with the best resources of all types.
5) Finally, they are married, and stay married. Of course, any successful person can tell you that the quickest way to lose half your stuff is to get divorced, but being married (happily) also provides support and confidence. That is just as true for Minneapolis real estate investors.
Whether you’re a beginner or veteran real estate investor, if you would like more information on how to increase your success, I’d be happy to share my insider’s knowledge with you. Give me a call today at 612.877.1676 or email me at ben@cityoflofts.com.
Buying a condo can be a life-changing experience. Whether it’s your first piece of Minneapolis real estate or your third, take some time to assess all the ups and downs that are part of such an expensive purchase. Here are a few tips to help prevent negative emotions such as buyer’s remorse from getting your down:
1. Do Your Research
One of the best ways to prevent condo buyer’s remorse is to conduct thorough research in the beginning. Know how much house you can afford. Consult a real estate professional and visit different neighborhoods. Check out school districts. Bottom line — go over as many details as possible before putting down your hard-earned cash.
2. Be Honest With Yourself
Although you may love that charming 1920s Minneapolis real estate fix-upper located in a great neighborhood, do some soul searching and be honest with yourself. If you know in your heart that to make yourself happy you’d need to do a complete remodel project, maybe you should keep searching. The reality is that you could wind up taking on more than you really want to.
3. Don’t Look at Other Lofts
Just like fashions, condo designs can change over time. There will always be something newer, bigger, more contemporary – you name it! So if you continue to look at other lofts long after you’ve made your purchase, you may never feel satisfied with your property.
4. Stop Asking for Opinions
Everyone’s situation is different, especially when it comes to lofts and decorating styles. And remember, you didn’t buy the condo to please everyone else. You bought it to please yourself. So if you’re happy with your purchase, don’t concern yourself with everyone else’s opinions. They will just make you doubt your choice.
Before you start feeling remorseful and questioning your condo buying decision, remember to focus on your original list of wants and needs. Remind yourself that you met the majority of your criteria when purchasing your Minneapolis real estate. Be content. You’re living in your dream condo.
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Making an offer on a piece of property is nerve wracking; especially if your offer is a little (or a lot) lower than the asking price. You can make your offer more appealing with a few simple additions that are good ways to cinch a Minneapolis real estate deal.
Get Approved
It’s easy to add a contingency to a bid that the offer is only valid when you get financing. But that means you’re keeping the seller waiting on pins and needles to find out if you qualify for financing. If your offer is low, the seller may be unwilling to accept the double whammy of a financial contingency and a low offer. Getting pre-approved for a loan is a much better incentive for a seller to accept a lower offer.
Increase Your Earnest Money
A larger amount of earnest money makes you seem more serious about purchasing the loft.
KISS (Keep It Simple Silly)
A low bid with a lot of little requests or contingencies that complicate it will hurt your chances. Don’t ask for drapes or appliances that were not originally offered by the seller. And, don’t ask for minor repair work that you can easily and inexpensively take care of yourself.
Write a Letter
Write a letter to the sellers telling them what you like about the loft and why it’s perfect for you and your family. It might sound trivial, but offers are often accepted just because the sellers like a buyer.
Let the Sellers Choose the Closing Date
Tell the sellers the closing date is negotiable. Do they need 60 days instead of 30? Let them have it. Do they need a few days to move out after closing? Give it to them.
Let me help you construct an offer that gets you a great price and cinches the deal. Contact me today at 612-877-1676 or email me at ben@cityoflofts.com.
Choosing a Minneapolis real estate agent is a lot like finding the perfect mate: there are plenty out there but just because they are available doesn’t mean a relationship will work. There are plenty of real estate agents out there to help you purchase Minneapolis real estate, and like the old saying about relationships says, there’s someone for everyone.
Simply walking in off the street and signing a contract with the first REALTOR® you meet is a pretty sure way to end up in real estate divorce. Here are some tips on how to make the relationship last.
• Get referrals: Although contacting past clients isn’t exactly as good as talking to girlfriends about the guys they’ve dated, it is a good way to find out if others have been satisfied with the way a Minneapolis real estate agent conducted their sale or purchase. Make sure you ask the agents for a list of the last 5 to 10 clients they have had in chronological order—don’t let the agents just hand select the ones they know will give raving reviews.
• Make sure the real estate agents understand and are able to meet your needs. Completely lay out what you are looking for in a piece of Minneapolis real estate and make sure they deal with those types of properties whether they are rental units, personal lofts, or investment properties.
• The final comparison on love and real estate is that once you find the perfect match—be loyal. Nothing will sour a deal, or a relationship, with your Minneapolis real estate agent faster than sneaking around with another agent or going behind your agent’s back to get out of paying fees. Plus, you’ll sleep better at night knowing you played fair and you are always welcome back with open arms the next time you are looking for that perfect piece of property.
If you’d like to create a profitable relationship with a Minneapolis real estate agent, I’d be honored if you’d give me a chance. To schedule a time when you can interview me, call me at 612.877.1676 or email me at ben@cityoflofts.com.
You’ve finally decided you want to buy a piece of Minneapolis real estate. What do you do now? Here are a few tips for getting the best deal for your money:
Check Out Your Credit
The first thing you’ll want to do is order a copy of your credit report from the three major credit bureaus: Experian, TransUnion, and Equifax. Look for inaccuracies in:
• Name
• Address
• Creditors
• Late payments
• Delinquencies
After you’ve reviewed your credit report and know your credit score, you’re ready to make improvements to your report, if your credit score is too low. Send a written “Notice of Correction” to the credit bureaus. It can be up to 200 words. If needed, you can explain why you fell behind on a particular debt, and every time a lender accesses the report, they’ll see your explanation.
It can take several months to for your credit score to go up. However, it’s well worth the effort to get a better interest rate. It can save you thousands on your Minneapolis real estate.
Get Pre-Approved
Before you start looking at properties, it’s a good idea to get a pre-approval letter from a lender. The lender takes into consideration your income and credit history. Then the lender determines the loan amount for which you qualify.
Most pre-approval letters list the maximum amount for which you are approved, not necessarily the amount you can afford. Look carefully at your budget so that you don’t get too excited about the number and get into more condo than you can afford.
There are several benefits to getting pre-approved. It allows you and your Minneapolis real estate agent to narrow down the condo search. That way you won’t waste time seeing properties you can’t afford. Also, sellers will give your bid more weight if you’re pre-approved.
Are you a first-time buyer? You have just made a fabulous decision for your future. There are tons of great buys in the Minneapolis real estate market. I’m a specialist in this community and would love to help you buy the loft of your dreams. Call me now at 612.877.1676 or email me at ben@cityoflofts.com.
