Persuing a Career in Loss Mitigation
By Dan Schultz
Have you ever dreamed of quitting that mind-numbing, nine-to-five job to take on something more independent? Have you yearned to be an entrepreneur and and pursue your own business, working on your own schedule? Have you wondered to yourself what sort of business you should start, what would be fulfilling and provide a solution to a need in today's market?
A career in loss mitigation counseling offers everything an aspiring sole proprietor could want in a new career. As a loss mitigation counselor, you become your own boss, working according to your desired schedule and workload. There are a number of benefits to loss mitigation as a career as well, as it is ideal for adults of all ages and levels of experience, and the job itself brings great satisfaction to people interested in helping others find solutions to their mortgage and financial troubles.
- Set your own hours - you can work full-time or part-time as needed
- Work from anywhere - set up an office or work from home
- Easily transfer workload - if you have to move, you can set up your shingle anywhere
- Minimal start-up costs - there is no equipment to buy, only training fees where applicable
The purpose of loss mitigation is to essentially prevent foreclosure on homes. Each year thousands of families face the possibility of losing their homes due to various financial problems. In order to stop foreclosure, many seek the guidance of a counselor who specializes in loss mitigation. The loss mitigation counselor assesses each case to determine what can be done to preserve the homeowner's financial standing, and possibility let him keep his home. For a person interested in humanitarian work, becoming such a counselor provides the ability to help others and making an honest living.
Becoming a loss mitigation counselor will require some training, but prior education or experience in real estate or finance is not necessary. Loss mitigation differs from other home-based work opportunities in that it is not a get rich quick scheme. It is understood by everyone who applies for training that work will be involved to make their individual businesses successful. In loss mitigation, the work is equally rewarding with every family assisted. It is a career for anybody seeking such fulfillment and freedom.
Dan Schultz operates American Loss Mitigation, Inc., a consultancy dedicated to helping people prevent home foreclosure. Schultz also trains interested people to become loss mitigation counselors and set up their own counseling agencies.
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Building a Custom Home in Austin, Texas: 7 Steps to Success
By BR Cornett
Austin, Texas is becoming one of the nation's most popular places to build a custom home. There's the culture, the lifestyle, the weather, and of course ... the affordability.
When building a custom home in Austin -- or anywhere else, for that matter -- there are no hard and fast rules that apply across the board. The very nature of a custom home means it is different from others, so the building process often varies from home to home.
With that being said, there are certain steps you can follow to ensure your home building process is a smooth one:
1. Determine Your Budget
Having a custom home built may be the biggest financial decision you ever make. So before you start talking to builders or looking at lots, you need to determine your budget.
Start by adding up your monthly expenditures. Leave housing out of the equation for now -- just focus on food, shopping, lifestyle, car payments, insurance, investments, etc. Compare these figures to your monthly income to see how much of a house you might realistically afford.
If you currently own a home, this calculation will be much easier. You simply have to ask yourself, "How much more could I comfortably pay each month for a larger mortgage?"
2. Determine Your Location
When choosing a location for your new home, start with the obvious questions. Is it close to work, school and shopping? Are there major roadways, railroads or other noise-producers nearby? What are the taxes like? How are the school systems? (Quality of schools is important whether or not you have children, because it affects your property values.)
Once you've answered the obvious questions, move on to the less-obvious ones: What kind of development is planned for the foreseeable future? Will that beautiful meadow across the street be a parking lot in two years? As of this writing, there's a lot of development and expansion happening in Austin, Texas, so be sure you get a long-range picture of your preferred location.
3. Make a List of Builders
Once you've decided what part of town you want to live in, you can begin making a list of builders who work in the area. You might start by using the search engines, or by visiting some of the online directories of home builders, such as Reals.com, AmericanBuilders.com or BuildingOnline.com.
Once you have a list of some of the top builders in your chosen area, start your fact-finding mission. Request brochures, visit model homes, surf their websites. Do whatever you can to gather information on each builder's reputation, expertise, price range, floor plans and other important criteria.
4. Decide On a Builder
Choosing your custom home builder is a major step. But if you've completed the previous step and conducted some thorough research, you'll have a much easier decision to make.
Once you've established that a builder has a good reputation and a genuine commitment to your happiness, you need to ask the big question: "Does this builder create the kind of home I can see myself in? Does it feel right to me?" Take your time answering these questions and making your ultimate decision.
5. Choose Your Lot
Before you can start looking at floor plans for your new dream home, you need to choose a lot. Floor plans are often dependent on the lot you choose, so the lot usually has to be decided on first.
The reasons for this are sometimes obvious and other times not. Obviously, a longer home will require a longer lot. But there may be other considerations at work. For example, maybe the developer wants to stagger one-story homes and two-story homes throughout the community for overall appeal.
These considerations will vary from builder to builder. For now, just realize that the floor plan will usually depend on the lot you choose. So remember to ask plenty of questions about this along the way.
6. Pick a Floor Plan
One of the great things about a custom home is that it's, well … custom. Sometimes a custom home builder will offer basic floor plans that you can modify as you wish. Other times, the floor plans are created "from scratch" in coordination with an architect. Either way, you have an opportunity to build a home around your present and future needs.
This step of the process will involve many questions. How much space do you need? How many rooms? One story or two? Any special features, like a wraparound deck? This can often be the most exciting part of the home building process, because it involves turning your vision into a reality.
7. Negotiate the Contract
Be sure to get a written contract signed by the builder and the architect / designer (if there's an architect involved). A contract for new home construction should describe the project in detail, and it should include a listing of all the features to be included in the home. Ask for a contract amendment if the project changes later on, and make sure you get all of your questions answered before signing.
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Recommended Resource
If you're thinking of buying a custom home in Austin, Texas, take a look at Harrington Custom Homes. They've been building homes in Austin for over 15 years. Visit them online at http://www.harringtoncustomhomes.com
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Make Your First Home A Flip - Part 7
By R.M. Power
Most people that are purchasing a home, and many new flippers and new property developers, may tend to buy with the sale in mind, loosing sight of the money they can make at the purchase.
For many, new to the flipping game, the excitement of obtaining that first property can overshadow the fact that they have paid too much for it. This can be especially true at an estate auction or a sealed bid sale. Whether you are putting in an offer, attending an auction or placing a sealed bid, you should never exceed the maximum price you have decided the property is worth, which is determined from your research.
It can't be emphasized enough how much importance has to be placed on researching what you can sell your flip for. This can be done easily with the help of a good agent and some leg work on your own. The market, not you, will determine what the property will sell for.
An inspection will also give you an indication of the extent of the renovations to be done and the cost. In an offer you can require an inspection as a condition of sale. Depending on the inspection results, you can re-offer at a new price or opt out of the deal altogether. It's well worth a few hundred dollars to save you thousands. Remember in an auction or sealed bid, once you commit, you’re in all the way.
Getting the property, at the price you have determined at the purchase, is where you make you money in the end. The property will not sell for more than the market will dictate it will. You will not be able to make up your loss (over payment) at purchase, by increasing the price over the market value at the sale.
Bob Power has been has been buying and selling real estate for over thirty years. As a contractor, a real estate agent and instructor, he has the experience to advice others on how to do it right, and what to avoid. As well Bob is the owner an designer of Time Burst Clocks, unique, hand made, one of a kind collector's item clocks.You can read articles on real estate, home decor, finance and more on his web site Big City Open House.
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