Real Estate Expert & Best-Selling Author, Gerald Lucas Presents Comprehensive 3 Day Real Estate Investing Workshop Friday April 17th Through Sunday April 19th, 2015 At The Empire Meadowlands Hotel, 2 Harmon Plaza In Secaucus, NJ. Secaucus, New Jersey, March 17, 2015– Real Estate Expert & Best-Selling Author, Gerald Lucas has announced that he will be offering on an intensive 3 day real estate investing workshop for active and new investors Friday, Saturday and Sunday April 17th, 18th & 19th 2015 at the Empire Meadowlands Hotel at 2 Harmon Plaza in Secaucus, NJ. Gerald will discuss how he raised over $100 million in about 6 months and show attendees step-by-step how to raise money for their real estate transactions. Gerald will […]
continue readingReal Estate Expert & Best-Selling Author, Gerald Lucas Will Be The Featured Speaker At The NJ Real Estate Investing Wholesaling and Rehabbing Meetup June 3rd at 6pm At The Ramada Plaza Newark Liberty International Airport Newark, NJ – May 28, 2014 – Real Estate Expert & Best-Selling Author, Gerald Lucas will be the featured speaker Tuesday, June 3rd, 2014 at 6pm at the NJ Real Estate Investing Wholesaling and Rehabbing Meetup at the Ramada Plaza Newark Liberty International Airport located at 160 Frontage Road in Newark, NJ. Gerald will discuss his 10 Real Estate Commandments, what really makes a good real estate deal and will field questions from the audience. The original Real Estate “Wholesalers and Rehabbers Meetup Group” was […]
continue readingReal estate price swings in the US are most dramatic on the coasts. Many property owners who purchased real estate when prices were sky high during housing bubble, particularly in urban areas are still underwater without any equity. The truth is that the value of a property only matters when you buy it or sell it just like a stock or another asset. The price, the value and your equity position while you own a property is less important than whether you can afford to keep up with mortgage payments and maintenance costs. Although having negative equity in a property is disconcerting, the key to thriving as a property owner is being realistic about what you can reasonably afford when […]
continue readingQ: Gerald, we’re in the middle of buying a house and recently got a very long, detailed home inspection report. We really like the property but aren’t sure which items we should ask the seller to take care of. Can you give us some advice on the most important items in the inspection report we should focus on? A: That’s a good question. To make things easy for you, it’s useful to distinguish between the items in the inspection report that are cosmetic versus potentially serious. Home inspectors often include cosmetic items in the inspection reports so that the reports are longer, have more pages and look to be more thorough than they really are. So, cosmetic items include suggestions […]
continue readingYou can legally invest in real estate with your IRA and 401(K) and pay little or no taxes provided your IRA or retirement plan uses an approved custodian. The widespread misconception that permissible IRA investments are limited to stocks, bonds, mutual funds and CDs is the result of people and companies who are in the business of selling these products. -Gerald
continue readingCash purchases for homes are at all-time highs for two primary reasons: 1) more wealthy foreign buyers see US real estate as a safe place to park assets 2) a low interest rate environment has institutional buyers chasing higher returns wherever they can find them. Despite increased competition for real estate, you should never allow the fear of losing a deal trick you into paying too much for a property. There will always be new buying opportunities– patience is the key to sound real estate investing. -Gerald Click here for the original article!
continue readingQ: Gerald, my wife has been on me about renovating our kitchen. How much will a new kitchen increase our property value? A: Hi Doug, that’s a great question & it’s a question that I hear all the time. While it’s certainly true that if your kitchen is outdated or run down it will make your house much less desirable to buyers, however, it’s a bad idea to think of a home renovation like a new or updated kitchen as an investment-because as investments go, it’s a bad investment, because the returns are negative. When you make an investment, you normally want more money back than you put in, so if for example you invest $1, you’d like to get […]
continue readingBe careful when you make offers to purchase bank-owned property, also known as REOs because there is no previous owner compelled to disclose problems like a leaky roof or oil tank. You must do your own homework which includes a property inspection–the bank will only give you clear title to the property. -Gerald
continue readingAfter all the fraud, deception and now infamous robosigning that went on during the housing bubble, it is hard to believe that there’s someone out there looking out for the mortgage consumer. The CFPB states as its mission to make markets for consumer financial products and services work for Americans. Giving consumers the information they need to understand the terms of their agreements with financial companies is a worthy goal that is sorely needed in our country given how little financial education Americans at all age levels have. Click here for the original article!
continue readingQ: Gerald, I was watching one of those financial programs on TV the other day and one of the guests was saying that stocks have been proven to be a much better investment over time than real estate based on historical returns. Is that true? A: That’s a great question, Andrew. And just like you, I’ve heard people say that before also. The thing is that most of these kinds of studies & statistics that you will hear about the returns on real estate versus stocks are very misleading; for starters, they look at averages and your life isn’t made up of a set of averages, it’s made up of a specific set of things that happen to you that […]
continue readingNever pay upfront fees for a loan modification. Sub Prime predatory lenders that modify loans for money are often the same companies that originated so many of the bad loans that contributed to the real estate crisis that the US real estate markets are still recovering from. -Gerald
continue readingThe way that home foreclosures are handled varies enormously from state to state in the United States. For example, the time it takes for a home foreclosure to work through the system in the state of Georgia is typically weeks, in New Jersey it often takes several years. It’s important that homeowners and real estate professionals are aware of the idiosyncrasies of the local real estate markets where they live and do business. There is no “real estate market” per se; there are lots of local real markets each with its own unique laws, regulations and procedures. -Gerald Click here for the original article!
continue readingQ: Gerald, we’ve taken the advice you gave us and increased the rents in our apartment building a little bit every year. Is there anything else we can do to increase the income that our rental property generates? Carol & Bill, Seattle, Washington A: Thanks to both Carol & Bill for your question. Here are 3 ways to increase rental property income: 1. Charge separately for parking spaces on your property, if local zoning laws allow, (this does not necessarily have to be a current tenant—you can enter into an agreement to provide paid parking for non-tenants) 2. Add additional storage space in your building and charge for it, either as a la cart additional rental source for current tenants […]
continue readingKeep detailed records of each expense related to your property so you will be able to take advantage of every single tax deduction you are legally entitled to use. -Gerald
continue readingBuying a house for the first time is daunting and all the paperwork & forms can be intimidating. Nevertheless, applying for a mortgage is a good financial exercise that among other things forces you to pay attention to your personal credit, which increasingly has enormous impact on your financial life. However, beware of generalizations you read in the financial press like “Best cities for first-time home buyers”! You don’t buy an entire city or a real estate market, you buy an individual property which is why it’s so important you do all the necessary due diligence to make certain you buy wisely—buyers have the most control in any transaction, so do your homework before you sign a purchase contract. Click […]
continue readingQ: Should I Stage My House Before I Sell It? Tommy, Orlando, FL A: Good question, Tommie. My simple answer to your question is yes, you should stage your home if you can afford it. Staging helps make a home easier to sell because people buy on emotion and staging makes it easier for potential buyers to picture themselves in a home. When staging, little things matter (ambiance, appearance and lighting all count). Also, less is often more—you don’t have to go overboard furnishing every inch of a home, just the basics, neat and presentable—it’s a good idea to leave enough empty space for your buyers to imagine their belongings in the house.
continue readingQ: How do I rent my apartment fast? Charles, Montville, NJ A:That’s a great question, Charles for all of the landlords out there. The best way to rent your apartment fast is to offer it and advertize it for rent at a slightly lower price than your competition—that is other landlords out there trying to rent a similarly sized apartment in the same area where your apartment is. This may seem strange I know, because as a landlord you want to maximize your profit, and to do that you may initially think that a higher asking price for your apartment will accomplish that. Unfortunately, it normally doesn’t, because your potential tenants looking for an apartment are going to shop around […]
continue readingQ: How much is my home really worth? Amy, Washington, DC A: Zillo, Trulia. Better than nothing, but to really find out the value of your property, you need to either get an appraisal or get a licensed Realtor with access to your local multiple listing service (MLS) to give you a comparative market analysis with recent sold price comparables. 90% of what goes into the current value of a residential property is what similar properties have sold for in the last 6 months—so the key to arriving at the most accurate estimate of your home’s current value is getting recent sold price comparables in your neighborhood and you can accomplish that by getting an appraisal or a comparative market […]
continue readingQ: Where is the best real estate market? Roger, Huntsville, Alabama A: Great question, Roger. I get this question all the time—the holy grail of real estate investing-how to find the best RE marketing to invest it. Most of the time, when you read an article about the best real estate markets to invest in, the writer is referencing an average like highest housing appreciation over the last year in a particular area or they may be referencing a prediction that someone has made about appreciation for the coming year. Unfortunately, the real world of RE investing isn’t quite so cut and dry because even within an area that are neighborhoods and streets that don’t follow the general trend. Also, […]
continue readingQ: We recently purchased a rental property. We’ve got an infant at home with another baby on the way. Our expenses seem to keep piling up, how can we reduce our rental property expenses? (3 ways to reduce rental property expenses)Darren, Fairfax, Virginia A: Great question, Darren, for all the landlords out there. Here are 3 ways to reduce rental property expenses: 1. Replace older toilets with more efficient low-flow models. Less water down the drain, means a lower water bill. 2. Tighten up your rental lease to make tenants responsible in writing for apartment damage 3. Separate the heating and the electric meters for each unit so that each renter pays their own heating & electric bill. Thanks for […]
continue readingQ: Is it better to have a written lease for a tenant or a month-to-month lease? Jason, Fort Wayne, Indiana A: Great question for all the landlords out there also for renters. A month 2 month agreement gives landlord and a tenant more flexibility and if you’re a landlord that may work to your advantage or disadvantage. If you have a good tenant, ideally you’d want to try to lock them into as long a lease as possible. If you have a bad tenant, a month-to-month lease gives you more flexibility to get rid of them, but remember, a tenant can cancel a month-to-month agreement with 30 days notice also. Screening your tenants is a best practice for successful landlords […]
continue readingQ: What’s the best way to find a new tenant fast? Kelly, Milwaukee, Wisconsin A: In my local market, I’ve found that a for rent sign (1) in the window of the house or apartment has worked best— Some other advertizing options: posting rental signs or banners(2), asking existing tenants for referrals (especially if they’re good tenants) (3), holding an open house(4), posting fliers at local businesses(5), place an ad in the local newspaper(6), craigslist(7), realtor(8), property mgmt company(9), add in a local penny saver (10). The effectiveness of each approach will vary, but in general, the more you advertize and the more ways you advertize, the better and the faster you’ll find a good tenant. Thanks for your question, […]
continue readingQ: I’ve been waiting for weeks to for my mortgage approval, if I’m denied, where else can I get the money to buy? Ken, Dover, New Hampshire A: Hi Ken, What I’m going to do for you is give you 5 different ways to finance a real estate purchase. The first is probably the most obvious choice, a bank, mortgage brokers, credit unions, hard money lenders (much higher interest rates & points—they are useful when you borrow for short periods of time particularly when you buy a property that needs substantial renovation) private investors, don’t assume that you’ll get lower rates, but it never hurts to check. Thanks for your question, ________, for more real estate tips, visit performanceproperty.com and […]
continue readingQ: Hi Gerald, I need to find a good contractor to do some property renovations. The last time I hired a contractor, he took forever to do the work and never finished even though we paid him in full. I’d do the work myself, but with our new baby and the increased hours I have to work on my new job, I just don’t have the time. How do I protect myself from getting ripped off by a contractor? Steve, Hartford, Connecticut. A: Hi Steve, first of all, don’t beat yourself up about what happened with the last contractor you hired—it’s water under the bridge and is something you can learn from. We all make mistakes and unfortunately even the […]
continue readingQ: Hi Gerald, I read somewhere that a condo is a stepping stone to a single family home. My boyfriend and I are thinking about buying a condo until we get married and start a family. How can we evaluate a condo’s resale and rental potential before we buy? Sandra, Philadelphia, PA A: Hi Sandra, All economic activity is driven by demand, so your ability to resell a condo or any property is based primarily on how attractive that property is or will be to eligible buyers in the future. Unfortunately, nobody can predict real estate market movements. The best we can do is make the most informed buying decision possible based on concrete, verifiable information available to us today. […]
continue readingQ: Hi Gerald, I’m buying my first house, I’m pretty handy, do I really need to get a home inspection? Zach, Minneapolis, MN A: Yes, although it does cost extra money that I’m sure you don’t want to spend, it makes sense to pay for a professional home inspector to inspect a property before you buy it. I’ve been a real estate investor for almost 15 years and even I can benefit from a 2nd set of eyes. I get home inspections on every property I buy. The home inspector should prepare a detailed report for you. To choose the best home inspection company in your area you may want to ask for referrals from people you know and trust […]
continue readingQ: The tenant that just moved out of our rental property had lots of animals, how do you remove pet odor from a house? Renee’, Albuquerque, NM A: Renee’, here are 3 ways to remove pet odor from a house 1 Baking soda. A natural odor absorber and a natural air freshener 2 Use a HEPA filter and change the furnace and A/C filters frequently. Airborne pet odor can get trapped in your air filters and recirculate the stench on a continuous basis. 3 Paint the house. This may sound drastic but when all else fails painting the interior of your home may be just what you needed. It’s probably a good idea to paint before you show your property […]
continue readingMake sure any contract you sign to buy a house has an inspection contingency that provides you more than enough time to get a thorough property inspection. -Gerald
continue readingQ: My wife and I are having another baby and I really need more income. How can I generate more income using real estate? Curt, Billings, Montana A: Thanks for your question, Curt. I’m going to give you 3 ways to earn passive income using real estate? 1) Rental properties 2) Private loans 3) REITS-mention URF; REIT is a company that owns, and in most cases, operates income-producing real estate. REITs are normally required to distribute the majority of their profits every year so they are a good source of passive income. Thanks for your question, Curt. For more real estate tips and for information on my real estate coaching program, visit performanceproperty.com. I’m Gerald Lucas and I’ll see you […]
continue readingQ: I’m buying a house and I think it’s in a flood zone. I want to make sure that my family and I are protected. What does flood insurance cover? (3 important facts about flood insurance) Henry, Boulder, CO A: That’s a great real estate question, Henry and one that’s very important particularly given the more extreme weather we are experiencing as a result of global warming. I actually worked briefly as an actuary for an insurance company many years ago not long after Hurricane Andrew. So to answer your question, flood insurance covers direct physical loss caused by flood. What I’m going to do is I’m going to give you 3 important facts about flood insurance that you may […]
continue readingQ: I’ve been looking at rental properties to buy, I’m trying to budget my expenses and want to know how much it really cost to maintain a rental property? Carol, Tempe, Arizona A: That’s a great question, Carol. There are lots of factors that affect property maintenance costs. The condition of the property will influence the maintenance costs the property generates—so, newly built or newly renovated properties typically have lower maintenance costs than properties that haven’t been updated or renovated for a while. But I understand, before you actually own a property, it’s hard to know what assumptions to use to try to anticipate maintenance costs. I’ve owned many properties over my career as a RE investor and there are […]
continue readingThe nasty winter weather we’ve unfortunately had to endure over the last few months has negatively affected real estate activity. In my state of New Jersey, we had 13 snow storms in January and February! The good news is that significant snow and bad weather only affects home sales temporarily. Housing demand just gets pushed a little further into the future—buyers who didn’t make offers in the middle of winter because they were snowed in don’t suddenly change their minds about buying—they just wait until the weather breaks. This bodes well for real estate sales this spring. -Gerald Click here for the original article!
continue readingProperty Management-5 Essential Contract Clauses Q: I don’t have the time to manage our property myself anymore so I’m thinking about hiring a company to do it. How should I protect myself? (5 clauses every property mgmt agreement must have) Jill, Little Rock, Arkansas A: That’s a great question, Jill. The first thing you’ll need to protect yourself is a written agreement or contract between you and the company or individual that will manage your property. Here are 5 items every property management agreement must have 1. parties to the contract, 2. beginning date of service 3. roles & responsibilities, 4. payment terms and 5. termination clause Thanks for your question, Jill. For more real estate tips and for information […]
continue readingGroundbreaking Real Estate Podcast, ‘Performance Property’ from Elite Real Estate Expert, Gerald Lucas Is Now Available On iTunes Jersey City, NJ. – April 15, 2014– Internationally recognized real estate expert and best-selling author, Gerald Lucas has released a revealing new real estate podcast on iTunes. Named after the real estate investment firm he founded, Performance Property: The Gerald Lucas Real Estate Podcast contains groundbreaking, previously restricted real estate tips and insights from today’s foremost real estate authority & educator. About Gerald Lucas Gerald Lucas is a real estate investor, best-selling author and investing coach. Gerald is the Founder and Managing Director of real estate investment firm, Performance Property (www.performanceproperty.com). Gerald is a landlord, a condominium developer and a licensed Realtor […]
continue readingThe 2 things that affect residential real estate the most are new household formation and income. Since income has enormous influence on new household formation, it’s really income that drives real estate and the economy. The key to income growth is jobs—particularly jobs for young people entering or trying to enter the workforce for the first time as well as older displaced workers. Unfortunately, in the U.S., we’re still missing 1.3 million full-time jobs since the beginning of the recession. Household formation will remain tepid until younger people are able to get the jobs and additional income required to move out and form new households. -Gerald Click here for the original article!
continue readingReal Estate Expert, Gerald Lucas Wins Coveted Expy Award for Outstanding Public Speaking At A Lavish Ceremony In New York’s Times Square Jersey City, NJ – April 9, 2014– Internationally recognized real estate expert and best-selling author, Gerald Lucas was presented with an Expy Award for outstanding public speaking by the National Association of Experts, Writers & Speakers at a lavish ceremony at The Hard Rock Café in New York City’s Times Square. Lucas was overcome with emotion as he accepted the award saying “I am humbled and truly grateful for this amazing honor and blessing.” About Gerald Lucas Gerald Lucas is a real estate investor, best-selling author, coach and professional speaker. Gerald’s most popular speaking topics include: -Being Your […]
continue readingReal Estate Expert & Best Selling Author, Gerald Lucas’ Interview on National Radio Show, Financial Safari will air early spring 2014 Raleigh-Durham, NC – Mar. 4, 2014 – Real Estate Expert & Best-Selling Author, Gerald Lucas will appear on the Financial Safari National Radio Show in early spring 2014 to discuss his books “Short Sale Specifics” and the best-seller “Dare To Succeed” and how we can achieve financial freedom through real estate. Financial Safari is a weekly financial show that airs on radio and television stations across the United States. Financial Safari’s mission is to equip listeners with the tools and knowledge to successfully navigate today’s complex financial jungle. Past Financial Safari guests include Sully Sullenberger, Robert Kiyosaki, Herman Cain, […]
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