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Eden Prairie Homes for Sale & Where to Find Them! February 26, 2013

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Looking for Eden Prairie, MN Homes for Sale? http://greatminnesotarealestate.com/ CLICK HERE for a short message about how (and where) to search for Eden Prairie properties that are currently on the market here in Minnesota.



First-time Residence Shoppers: What You Must Understand With Regards To The Purchasing Method March 25, 2011

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Purchasing a residence for the first time happens to be an exciting experience. This may also load an individual by using inhibitions about your option in case you’re not familiar with the actual choosing procedure. However, equipping your self with info on crucial concerns certain maximizing budget, understanding your credit score as well as exactly where as well as the simplest way to begin your search within different things can save you plenty of problems. This will likely provide you with a possibility to understand your own unique wants and the way best for you to suit many expectations when you go buying your own perfect MN home. The next pointers can help you prepare your getting method for your initial home.

Extra Costs Associated With The Mortgage Loan

When you’re going into an agreement regarding the particular settlement of mortgage loan for that house, the majority of newbie home shoppers ignore to take into account extra fees such as home fees as well as insurance plus repairs and maintenance charges that are that comes with that mortgage loan. Moving forward when using the agreement with no knowledge of all these extra expenses included may come as a shock for most first time buyers. This can raise lots of financial issues, and most families turn out extending their personal funds in an attempt to improve monthly payments. This can be one of the reasons resulting in individuals passing up on making their home loan payments on time.

Understand Your Credit History

Financial institutions and also banks take into account the credit history of the borrower prior to approving them for any house loan.The particular interest costs for the mortgage tend to be once again based on the performance of the credit history. Even with having authorized for a mortgage loan, you could possibly turn out spending money on high mortgage rates. An understanding and knowing of your credit rating places you in a greater situation to find out the particular procedure for obtaining accepted for a loan.

Getting The Perfect House

First time shoppers frequently get carried away into purchasing even though the house may be out of their very own price range. Oftentimes the wait for the perfect house might be stressful. Yet, over time, little or nothing hurts over the bad economic decision! An ideal house should never solely fulfill all of your needs but also fit into the budget. In case you’re unsure where you can look for a home, solicit help from area real estate professionals. They are willing to supply you with facts about the neighbourhood, educational institutions, and other facilities that may be beneficial if you’re searching in order to make the best choice.

Settling The Deal

A negotiating procedure is a vital aspect of getting a property with regard to both sides engaged. The seller repairs a price once considering several points. Even though maximum profit will be the best objective, a lot of dealers are available to negotiations on terms. If you like a home, do not hesitate for you to negotiate for this. It could take several counter offers, and several delay before you get to secure the deal. Then again, towards the end t, a good house along with a financially appear deliver will always be really worth wait a little.

With The Right Attitude, Real Estate Can Make You Rich October 31, 2008

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There’s got to be a difference between the type of person who strike it rich and the average Joe, but what is it, really? This question is an important one, and it should be given the thought it deserves. There are plenty of easy, oversimplified responses, including, “Their family is rich,” “They won the lottery,” or “They have great careers.” But these factors can’t always be controlled by the individual experiencing them– is wealth really dictated by the luck of the draw?

Unfortunately for these people, however, being lucky isn’t all it takes to become rich. Robert Kiyosaki, author of the best-selling Rich Dad, Poor Dad books claims that being rich has more to do with how much money you hold on to than how much money you have coming in.

Kiyosaki’s father, the so-called “Poor Dad,” is a great example of a well educated man blessed with a great career who was nonetheless poor, because he couldn’t seem to keep any of the money he was earning.

Luckily for you, wealth doesn’t spring from the family into which you were born, or even from the job you work. These red herrings distract from the real determiner or wealth, which is simply one’s attitude towards money and the world.

Whether you ever become rich or not is determined, in large part, by nothing more than how you think.

Kiyosaki’s “Rich Dad” demonstrated the effects that one’s personality and attitude have on the way in which one earns and handles money using a graph called the Cash Flow Quadrant. This graph is split into four quadrants, labeled ‘E,’ ‘S,’ ‘B,’ and ‘I’– “employee,” “self-employed,” “businessmen,” and “investor,” respectively. Not only do these four categories show how a person earns his or her money, claims Kiyosaki, but they shed light on the way in which different individuals view the world.

Are you beginning to see? The people in the four quadrants are not there by chance; they are there because they experience life in fundamentally different ways.

According to Kiyosaki, the people who fit into these four categories are fundamentally different in their thoughts and emotions, and these essential differences drive individuals to behave differently towards their money.

Because of individuals’ innate natures, says Kiyosaki, they are drawn to different corners of the graph. This is because different people have different values, and will treat money differently based on these attitudes. A person who values security above other things will definitely be drawn to the ‘E’ corner of the graph, and the consistency is offers. There’s nothing wrong with that– if security truly is what you desire, a life spent as an employee will be satisfying and fulfilling. It is worth noting, however, that it is highly unlikely that an occupant of the ‘E’ corner will ever become truly rich.

It sounds a little scary at first, but this is actually good news for you. It’s good news because it means that, if you want to get rich, all you have to do is start thinking more like the people who live in the I, or investors, quadrant.

One of the best things you can invest in is real estate. That is what Kiyosaki’s rich dad did, and it made him…well, rich. In order to think like a real estate investor, simply tell your money that you are through working for it. It is time for your money to get to work for you.

Author: Alexandria P. Anderson specializes helping people to find and purchase Eden Prairie MN real estate, as well as homes in Eden Prairie for her realty clients.

What Type of Property Investing Is Right for You? September 17, 2008

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Everyone knows that investing in property is a lucrative opportunity for enterprising people to make money. The advantages of entering the Minnesota real estate business include paying less taxes and being able to make more money without actually lifting a finger.  The prospect of putting your money to work while you sit back and relax is certainly a tempting one, and this is why so many seek a piece of the action.

Striking it rich as a real estate investor doesn’t happen overnight, though.  One needs to learn the ins and outs of the business, learning everything there is to know about real estate.  A good place to start is to simply ask, what is real estate?

Well, real estate is made up of parcels of land, and includes any structures built on said land.  The prices you will pay for pieces of real estate are largely dependent on how the local market is faring.  As an investor in real estate, you will find ample opportunities to pay less in taxes than others would.  In regard to exactly what type of investing you will do, you have quite a few options.

Investing in an REIT or a Real Estate Investment Trust means that you are the owner of either parcels of real estate, mortgages on pieces of real estate, or some combination thereof.  This type of investment has quite a high yield along with some tax benefits, and its liquidity means that you can easily convert it into cold, hard cash.

A partnership in real estate is just what it sounds like; investors may elect to partner with other people or organizations in building new structures, or making money off extant ones. Appreciation is another great source of profit for property investing partnerships, even when you’re dealing with undeveloped land.  Tax benefits and growth potential make forming a partnership another great option for investors

The rental of vacation property is pretty self-explanatory. Your vacation property is one that is used for recreational purposes and is not your primary residence, the piece of property on which you live.

Rental property is another common choice for those looking to make money in real estate.  Everyone has dealt with landlords, so this type of investing doesn’t take much explaining.  Do, however, mind the differences between residential and commercial rental properties.

Even raw or undeveloped land can afford the canny investor a chance to make money off appreciation on its value, and this type of investing also provides the aforementioned tax benefits.

Learning about each type of investing out there is a great idea, since it is up to you to determine which path will be the most advantageous for you personally, in light of your personal strengths and talents, in addition to what you want to gain. Whichever way you go, though, the decision to invest is a good one; as well as compounding your wealth, it keeps more of the money that would have gone to taxes in your pocket.

If you spend more than 750 hours each year on property investing, you should seriously consider becoming a real estate professional, as this will allow you to claim almost unlimited tax deductions, while not taking advantage of this opportunity will cost you deductions. To qualify for these enhanced tax benefits, however, (in addition to the previously mentioned 750-hour requirement) you will need to be participating in your duties as an investor, rather than hiring others to do everything for you.

MN real estate owners can’t afford NOT to hire the experts. May 7, 2008

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Maybe the wealthy achieve their success because they have been taught not to neglect the basics. Many people , for example, might harbor the misconception that successful investors are simply very lucky or that they’ve been blessed with some innate knowledge about money and investing.

That simply is not true.

What the wealthy do differently from other people, and what every successful Minnesota real estate investor does, is prepare. Good investors make sure to do their homework.

The ABCs of Property Investing author Ken McElroy relates the story of a client of his that became a client of his only after making an utter mess of his investment property. McElroy and his company manage properties for investors. In the best case scenario, a property owner will hire a property management firm at the outset, instead of making an attempt to manage his property from a distance. That is what this investor tried to do. He soon learned that the time commitment to manage his own property was unreasonable.

That wasn’t this investor’s sole mistake. The owner had neglected to even visit his property before purchasing it, so he had no idea it was full of criminals. He hadn’t bothered engaging a group of real estate investing experts who would have been quick to advise him to avoid that area, due to its high crime . It was not a good neighborhood, and he should’ve known to avoid it. In fact, he could have avoided it very easily if had he just done his research.

It’s easy to imagine the enormous amount of money he put into the rehabilitation of the building—an expense he could have spared himself simply by budgeting for the experts he so badly needed. There was no way to fix the problem of the property’s location; therefore, the building would never pull in much rent.

More often than not, the savvy MN real estate owner can’t afford NOT to hire the experts.

Successful property investors also tend to have a staggering amount of focus. That is why they’re rich. They decide on a target and they hone in on it until they are looking at one property. They already know what type of property interests them. As a matter of fact, they might make a specialty of apartment buildings or hotels or another kind of property. They constantly keep in mind what neighborhoods interest them and the age range of buildings they are willing to look at.

In the event that their top choice of neighborhoods does not yield anything that appeals to them, they move on to the next best, and onwards, but they never lose track of the acceptable parameters.

One key thing people learn from wealth is that money talks. They understand that one does not need to wait until a For Sale sign goes up in order to make a purchase. If an interested party manages to take the current owner by surprise, it is often possible to get a great price on a piece of real estate that’s not even for sale. And there are no competitors to outbid you.

The wealthy do appear to reside in a different world. For them, funds are always plentiful. They won’t worry in the event that a deal does not work out, since they know another is just around the bend. A person seeking to increase his wealth significantly by investing may be nervous about letting a deal get away.

McElroy suggests that the best approach is to remain detached, and to work under the assumption that every negotiation will end with the investor walking away from the deal. Most supposed deals simply aren’t deals, McElroy said. The savvy investor knows that it’s important not to get too committed to the concept of closing the deal.

Successful property investors know this stuff, not because they were born with this knowledge, but because they’ve been educated on the subject, or else they have taken the time to educate themselves. Anyone can potentially learn how to invest like the rich; it just requires research and practice.

Choose your Minnesota home investment wisely April 15, 2008

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Investing in a Minnesota home can be seen as a difficult subject, however that is only since there are so many choices. As an investor, you have an almost unlimited array of ways to make money. But that means that you must be able to to choose wisely. You have to choose the extent to which you’ll educate yourself regarding each facet of real estate investing, who you want on your team of experts, where to seek properties, whether or not a particular property is the right one for you – and on and on.

One decision you will inevitably face is how you will use a piece of property once you have bought it. You may not be the type of real estate investor who wants to buy a piece of property and hold on to it for an extended period of time. You may not want to have to deal with renters and property managers or to see to the maintenance of a piece of real estate. If you don’t see these sorts of activities as appealing in the slightest, your other option is flipping.

Flipping a property is simply the practice of selling it immediately after you buy it, often at the same closing. At the very latest, flippers generally start setting up a sale on a property the same day that he or she purchases it. Some flippers will even start the process before they own the property, which is risky business. However one goes about doing this, flipping inevitably involves a mad rush to the auction block, since a vacant property is always a liability.

However, when you hold a piece of property, you are afforded the opportunity to increase that property’s worth. If you manage to find a great deal, the price you paid for it will likely represent only a drop in the bucket compared to what you can potentially make from it. And when you do decide to sell it, you’ll be able to do so at your convenience and get more than you would have by flipping.

This is true particularly if the property is a multi-family residence like a high rise apartment. If it is a good property in a good location, and you take care of it, chances are that occupancy is going to stay high. With a property like that, your earnings tend to increase exponentially. If you manage your property well, this is almost assured.

On the topic of management, you’ll need to decide between performing that function yourself and hiring a management company to do that for you. If you are the owner of a particularly large piece of property, or if you own many pieces of property, you will probably want to employ a property manager. Ken McElroy, author of “The ABCs of Real Estate Investing,” advises that you employ a property management company so that your talents and your time will be used more efficiently elsewhere.

These are the types of things you will have to consider as a property owner.

In the end, however, whether you choose to flip a property or hold it depends on what you’d rather spend your time doing. Perhaps you thrive on the fast paced work that flipping entails. Perhaps the adrenaline rush feels exciting to you. In that case, you ought to learn the proper way to flip properties (which is to wait till you actually own a property to arrange a sale and don’t approach buyers at the very closing where you obtained a property).

However, if the concept of caring for a property appeals to you, then purchasing and holding might be right for you. Depending on your particular talents, you personally may be able to find it more profitable to use one method as opposed to the other. It’s totally up to you.