07.13.09

4 Madison MS Real Estate Investment Ideas from the Pros

Posted in Madison MS real estate tagged Madison MS real estate buyers at 6:37 am by Mississippi Real Estate Agent

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 Madison MS 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 Madison MS 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 Madison MS real estate investments, give me a call today at 601-942-3392 or email me at Paula@PaulaRicks.com.

Paula Ricks
Coldwell Banker Nell Wyatt, Inc.
Ridgeland, Mississippi
www.PaulaRicks.com
Paula@PaulaRicks.com
Call direct:  601-942-3392

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06.29.09

Safety and Comfort: What to Consider Besides Bedrooms When Looking for Madison MS Homes for Sale

Posted in Madison MS Homes for Sale tagged Madison MS real estate agents, Madison MS real estate buyers at 6:05 am by Mississippi Real Estate Agent

When you’re looking at Madison MS homes for sale 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 Madison, Mississippi, home and fall in love, it’s often easy to lose the big picture. Take a look around outside too. The Madison MS home for sale that you’re looking at might be close to factories, railroads, airports, power plants or other disturbing or potentially dangerous installations. A beautiful home on a lake, river or other body of water might seem like Nirvana but is it properly situated in case that water rises?

Older Homes Have Classic Beauty and Classic Hazards

Older homes 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.

Older homes may also have oil tanks, propane tanks and cisterns that can be hazardous if they are not in good condition. Areas with a high water table may also be unstable and could cause sink holes, especially on sandy soil types. If you have small children who will be playing in your yard, it’s a good idea to check those items before you fall in love with a piece of property.

Routine Checks

If the home has a septic system, test it to ensure the efficiency of the system. You should also ask the current owner when the tank was most recently pumped. A clean system may throw a good test and back up on you the day after you move in—a very unpleasant surprise.

When it comes to a purchase as important as buying one of the new Madison MS homes for sale, 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 home, give me a call today at 601-942-3392 or email me at Paula@PaulaRicks.com.

Paula Ricks
Coldwell Banker Nell Wyatt, Inc.
Ridgeland, Mississippi
www.PaulaRicks.com
Paula@PaulaRicks.com
Call direct:  601-942-3392

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06.11.09

Madison MS Homes for Sale: 6 Great Reasons First-Time Home Buyers Should Purchase Now

Posted in Madison MS Homes for Sale tagged Madison MS real estate agents, Madison MS real estate buyers at 8:05 am by Mississippi Real Estate Agent

Although the housing market has had its fair share of ups and down, many home buyers, particularly first-time home buyers, are reaping the benefits. If you’re thinking about purchasing one of the Madison MS homes for sale, there are many good reasons to make your move today.  Here are six of them:

1. Low interest rates – Right now, interest rates are lower than ever before. This means you can get an extremely affordable loan and save big on interest payments.

2. Cheaper home prices – Not only are interest rates low, but homes all around are cheaper. Since the market is packed with homes for sale, selling has become harder. As a result, prices have fallen significantly, allowing you to get a more expensive home for less money.

3. Potential tax credits – As a first-time buyer, you could be eligible for thousands of dollars in tax credits. Best of all, you do not have to pay it back, as opposed to previous years.

4. Less competition – Many people no longer have the money to purchase homes, so fewer people are visiting model homes and open houses. This is great news for you.  If you’re ready to buy Madison MS homes for sale, you don’t have to worry about floods of people bidding up the price on the property.

5. Huge inventory – With new homes constantly being built, not to mention an array of existing homes, you can take your pick from a wide variety of available properties.

6. Big bargaining power – Because so many people are trying to sell their homes, they’re more willing to be flexible. As a buyer, you could greatly benefit and may be able to save on closing costs, upgrades, repairs and more.  Work with a skilled real estate agent who can negotiate a great contract for you.

If you have the funds to step out and purchase one of the many Madison MS homes for sale, now is the best time to take advantage of all the possibilities.  I’m ready, willing and able to negotiate the best price and terms for you. Call me today at 601-942-3392 or email me at Paula@PaulaRicks.com.

Paula Ricks
Coldwell Banker Nell Wyatt, Inc.
Ridgeland, Mississippi
www.PaulaRicks.com
Paula@PaulaRicks.com
Call direct:  601-942-3392

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05.18.09

3 Things to Avoid When Preparing to Purchase Madison MS Real Estate

Posted in Madison MS real estate tagged Madison MS real estate agents, Madison MS real estate buyers at 10:09 am by Mississippi Real Estate Agent

If you are thinking about buying Madison MS real estate in the near future, there are three activities you should avoid. These are normal things we all do from time to time, but are unwise when contemplating a new mortgage application.

1. Change careers: This is different than just changing jobs. If you have recently gotten a new job in the same field, at the same or better pay, and your past history shows long, solid employment, all should be fine. Changing careers entirely is more of an issue. You have no history of steady employment and income in the new field.  Since you’re new to the field, you may be bringing in less income than in your previous career.  That’s why a recent career change makes your mortgage application less appealing to a loan officer.

2. Open new bank accounts: When you apply for a home loan for Madison MS real estate you need to provide bank statements for several months. Although your money is still in your possession, moving it to new bank accounts generates a series of big withdrawals and deposits which gives an image of instability.  If you have withdrawn large amounts of money and not redeposited them, that looks even worse.  Even if you invested the money in something solid, you no longer have the cash and thus appear less solvent.

3. Buy Big Ticket Items: The reason for this is simple. When reviewing a loan application for Madison MS real estate one of the biggest things a lender takes into consideration is your debt-to-income ratio.   Purchasing expensive items on credit can negatively impact your debt-to-income ratio.  Wait until after you’ve closed on your home to buy new furniture or appliances.

Thinking of buying a home?  I can help you get financing and buy the home of your dreams.  Give me a call today at 601-942-3392 or email me at Paula@PaulaRicks.com.

Paula Ricks
Coldwell Banker Nell Wyatt, Inc.
Ridgeland, Mississippi
www.PaulaRicks.com
Paula@PaulaRicks.com
Call direct:  601-942-3392

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04.23.09

Can You Afford One of the New Madison MS Homes for Sale? Learn to Budget

Posted in Madison MS Homes for Sale tagged Madison MS real estate, Madison MS real estate buyers at 7:46 am by Mississippi Real Estate Agent

Many people go through life one paycheck to the next and never bother to figure out where their money is going. It’s important to know where your money is going and what you can afford if you are thinking about buying one of the new Madison MS homes for sale or other properties in Metro Jackson, Mississippi.

Here’s how to start up a monthly budget that will keep you in the know about where your money is running off to each month.

• Find a program you’re comfortable using.  Your computer probably came with a spreadsheet program. If you are not used to using one open it up and become familiar with the program.  It’s a great tool to use to create a budget.  If by chance your computer doesn’t have a spreadsheet program, you can use an online program like Budget Pulse, or other useful online budget systems such as Mvelopes.
• Enter your absolute monthly expenses such as car loans, utilities including cell phone bills, and credit card expenses.
• Enter your monthly bills that can vary such as food, gasoline, entertainment. These expenses can be changed to help improve your bottom line, but make sure you give them fair limits so you don’t cut yourself short on necessities such as food or transportation costs.

Make sure you figure in some savings for vacations and other unexpected expenses that may pop up throughout the year. Trimming your budget so severely that you have no extra money to cover you when something breaks down, or an extra bill comes in, is a sure method for disaster and will make your life in a new home miserable instead of the happy time it should be.

Once you realize where your money is going, it’s easier to see if you are spending frivolously or strapped to your limits. It is the best way to determine if your dreams of purchasing one of the new Madison MS homes for sale are realistic or not.

If you have any questions about your ability to afford a new home in Metro Jackson, Mississippi, I can help. Call me today at 601-942-3392 or email me at Paula@PaulaRicks.com.

Paula Ricks
Coldwell Banker Nell Wyatt, Inc.
Ridgeland, Mississippi
www.PaulaRicks.com
Paula@PaulaRicks.com
Call direct:  601-942-3392

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04.06.09

Find the Best Homes for Sale With One of the Top Madison MS Real Estate Agents

Posted in Madison MS real estate tagged Madison MS real estate buyers at 11:59 am by Mississippi Real Estate Agent

Finding a home may seem like a simple ordeal. There are ads all over the internet, and your local newspaper probably has pages of listings.  So why bother working with one of the Madison MS real estate agents?

Your real estate agent isn’t going to help you just find homes for sale; they’re going to help you find the perfect home. So what does a real estate agent know that you don’t know, and how can they find the best homes for sale?

Intimate Knowledge

Finding one of the best Madison MS real estate agents, a specialist in the area where you want to buy, is especially helpful because they have intimate knowledge of the homes for sale. The agent also knows the locale and can give you tips about schools, crime levels, shopping and other necessities.

MLS Searches

While you can view many listings online, your real estate agent will know exactly how to manipulate the Madison MS MLS to find the most desired features you want in a home.

Negotiation Skills

One of the most important things Madison MS real estate agents can do for you is negotiating your offer.  There is a lot more to finding (and getting) a home than just looking through listings. Your REALTOR® will make sure all of the proper procedures are being followed, home inspections and title searches are getting done and time schedules are being met.

Legal Know How

Real estate agents go through hours of special training to ensure they know all the real estate laws. Going it alone makes for ample room to slip up and either negate the deal or end up in hot legal water.

Don’t take any chances on letting that prized home get away by missing a legal loophole, or just plain not finding it.  If you’re looking for one of the Top Madison MS real estate agents, one who can find your perfect home and negotiate to get the best price and terms for you, call me today at 601-942-3392 or email me at Paula@PaulaRicks.com now. I look forward to hearing from you!

Paula Ricks
Coldwell Banker Nell Wyatt, Inc.
Ridgeland, Mississippi
www.PaulaRicks.com
Paula@PaulaRicks.com
Call direct:  601-942-3392

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