The Two Minute Las Vegas Video Blog #1
Hey, friend. Today’s your lucky day. You’ve stumbled upon The Two-Minute Las Vegas Real Estate Blog. This is where we discuss everything to do with real estate in two minutes or less. Our extensive survey making and studies have found that the average American is too well-caffeinated to pay more attention than two minutes to anything whatsoever. If you’re on the net, if it ain’t happening in about a half a second, you’re on to the next page. No different here. We’re taking two minutes to talk about real estate. What’s our relationship to the land? How do we own things? What’s the basic philosophy behind land ownership? Historically? Modern day? How do we build a house? What’s concrete made out of? What type of lumber is used? What are the different plumbing systems? What are the different types of contracts that we use to buy real estate? There’s thousands and thousands of questions to ask, and when we first get into the thought of, of purchasing property, exactly where do we start?
Ah, the field is that wide, and we have to start some place. What questions should we ask ourselves?
A two minute real estate blog about all that pertains to real estate.
About Motivation #2
Hi John McCormick here. One more time with the Las Vegas two minute real estate blog. Two minutes folks that’s what we have here. Today we’re talking about motivation. What motivates me to go out and buy a house. What motivates you to look at those houses. It’s the foundation. It’s the foundation of all our thinking after this as to which house do we want to buy, what land do we want to look at, what do we want to get into. There’s a multitude of motivators in the real estate business. The spectrum is broad as the field. One for example is the person says, “John I have a young family and I want the kids to be in school. I’ve heard that kids get better grades in school when their parents have a vested interested in the property that they live in.” That’s true.
Studies have shown that at least it is good for the children. That’s the easy one. Okay, we got that. We go look for a house based on what school do you want to put your children in but let’s be truthful in our motivation. John for instance … another one, “John I’ve been watching the TV and I want to flip some property and make all that money.” Oh good great reason. Fantastic reason and you have your team in place to do all the work? You have your business license? You have a contractor’s license? Do you need one in your area? Why do you want it? Basic question. Let’s ask that question first. The answer to that question will make it that much more simple to find the exact property that we want. See you next time. This is a two minute Las Vegas real estate blog.
About the HUD -1 #3
Hi friends, this is John McCormick with the two minute real estate blog, coming from Las Vegas. The last blog, we investigated our motivation a little bit, and about that, any motivation is a real motivation as long as it comes from the heart and we’re totally aware of what it is. Whether we want that property for our families, or do we want that property because I’ve got an ego as big as all great outdoors and I want to be a show off. It doesn’t matter as long as we search and find the real reason that we want to buy property.
Well, what’s the next step in the process? The next step in the process is to understand thoroughly that it is a process. The fact is that we will take months buying a house, we’ll be living in that house any place from five to twenty, thirty, forty years, depending who we are. It’s a process. My suggestion is that the first part of the process, let’s learn everything that we can about buying a house. It’s the biggest investment we’re going to make in our entire lives. Let’s find out what in the ins and outs are, what the gears are, what those piston rings are made out of, you know? How long are they going to last? Let’s make sure that there’s no jokers in the bottom of the deck here! We want aces, we don’t want jokers. The first step is to get on the trusty web, and go to HUD.gov, the government site for everything housing. Look up the wish list. While you’re on that site, start studying everything that they have to say about buying a house. It’s straight on information, and we should all be aware of it.
And friends, that’s my two minutes for today, have a good week!
John McCormick here with your 2 minute Las Vegas real estate blog. Today we’re going to talk a little bit about pre-qualification … pre-qualification with a lender. If we don’t have the cash to buy that house, what often happens? We’ve done a lot of preliminary work, , thinking about our motivation, thinking about what kind of team when can put together to buy this house and the first thing we get to do is to look for a house. And we went out and look for that house and we find the perfect house folks. We find the house that I dreamed about since I was about that tall. Yes every aspect of that house is perfect.
It has a 2 car garage oversize for the workshop. It has the carpeting that the wife is in love with. It has the kitchen that’s just as John as can be is almost like professional. Everything about that house is just perfect including the front lawn. It’s even trimmed, and what happens? We got to make an offer on that house and the offer is rejected because we are not qualified for a loan. And when we went out to get qualified for a loan, and while we’re getting qualified for that loan, the house is sold. Our dream house is gone down the way.
What happens? We are hugely, hugely disappointed. It’s emotional thing. Let’s avoid putting ourselves on that emotional roller coaster by first getting pre-qualified for the loan that we need for the size of the house that we’re looking at. It makes sense to do this thing step by step and remember it is a process. And the process starts with team building your real estate agent if you already have 1 who’d have told you to qualify this the first thing, get qualified. That’s it for me today folks 2minutes.
Team Building #5
Hi. John McCormick here with the Las Vegas two-minute real estate blog.
In prior blogs, we talked a little bit about our motivation – why we want to buy or sell our house. And then we talked about qualification. We need to be qualified to do whatever it is we are about to do. Third part in purchasing that property is the part where we get to have the fun. We get to be the guy that’s in charge. We get to be the captain on the football team. We get to give the orders. We get to choose. We get to deny. We get to do all those things that the captain does.
But before we can be a top captain, we have to build a team. A team primarily should be consisting of: a real estate agent; a lender if you’re buying a house; a lawyer should be on retainer or at least you should know somebody to go to in case you need that person; also, an insurance agent. What type of insurance is best to put on this house? How do you transition between the house you have or the apartment that you have and that new house and keep yourself covered?
We also need the, services of a tax professional. What consequences is buying or selling that property going to have on our taxes? The title. The escrow. And we can build on this list, but primarily we need all these people around us and we need them to be a team and to work as a team. How do we get these people to work at the team, as a team? Well, that’s a little bit more complicated, but it can be done. It mainly has to do with letting them do their jobs as they see fit.
And that’s my two minutes for today, friends. Thank you.
Hi, John McCormick here with your Las Vegas two minute real estate blog. In the past we talked about motivation, qualification, team building and now we get into the real fun parts – real fun parts! We have everything in place to go out and purchase this house. We have our team, we have everything it takes and now we have to decide what’s the best plan of attack.
One suggestion, one very simple suggestion about this is that we get a camera in our hands. As we’re going down the street in our daily travels, every time that we take and see a house that we like, whether it’s for sale or not, we take a picture of that house. We take, and it’s fairly simple to do with electronic media, we take a picture of every house until we get a hundred or so houses.
Then we put those on a computer screen and scroll through them. Just churn right through those pictures and ask ourselves this question, “What is it about each one of these houses that is in common with all the others?” Do the all face the same direction? Are they all painted the same color? Do the all have the same porch? Do the all have the same driveway? What is it that they all have in common?
We write these commonalities down and it gives us an idea what the back of our mind is telling us that we want in a house. It’s so much easier to find the exact house that we want if we know exactly what it is we’re looking for. The more we can describe that house through pictures or through thought and even through sound and smell and color, the more accurate we can describe that house to ourselves, the better chance we have of finding it.
It’s just that simple. That’s my two minutes for today. Thank you.
The County Recorder #7
Hi, John McCormick here with the Las Vegas two minute real estate blog. We’ve gotten into the fun part of buying a house now. We’ve taken all of our pictures, we’ve thought it through, we know exactly what type of house it is and then we go look.
We get our agent and we search through the computer. We find houses that we like and finally we get one that suits our purposes to a “T”. It has the right school, the right kitchen, the right everything and now we want to make an offer on the house. What’s the first thing we should do?
More than likely, your real estate agent is sharp enough to do this, if he isn’t do it for yourself. Go to the county recorder and see what’s recorded against that particular property. Go to the county assessor and see who they say owns the property. In other words, we do a preliminary title search before we even make an offer on the property.
The value of this is that if we find out that there’s problems with it, it might be in foreclosure, that will show up right away. It might have a cloud or a lien on it that has to be taken care of. We want to know about all this. Normally the title people will tell us but why not avoid problems in taking a five minute look ourselves? That’s what it takes in today’s environment on the web. Go to your local county recorder, find out how to go in there. Find out way ahead of time how to use that tool. It’s a great tool folks.
That’s my advice. Find out all about that property before you go putting your earnest money up. Yes friends, that’s it. Good day.
Hi, John McCormick here with your Las Vegas two minute real estate blog. Today we’re going to be talking a little bit about contracts. What is a contract? My book from the real estate school said the contract is a voluntary legally binding agreement between two parties to accomplish some legal aim. What are the contracts that we run into in a real estate purchase or sale? The basic contracts that we talk about in real estate sales are the broker agreement, that’s where you agree to pay so much to the broker helping you buy or helping you sell your property. The other contract is a purchase and sale agreement. We, as consumers, have a duty to familiarize ourselves with some of the aspects of what is a contract, how does it work, what are the clauses, what is a severability clause, what’s an acceleration clause? These terms are available, I think there’s about two hundred pages of contract language on Wikipedia, and it would really behoove us to take a look at those and find out what is it, why does it have to be in writing, what happens when somebody comes up and says, “You told me this” or “You told me that.” What’s our response? Our response is” is it in the contract?”
How many people are willing to spend between one hundred and fifty to five hundred thousand dollars on a house and never read the contract they signed to buy the house? This is what the world’s like folks. Let’s not be there. Let’s get out there and learn something about those contracts. It’s all over the internet.
The attorney #9
Hi. John McCormick here with your Las Vegas two-minute real estate blog. On our last one we talked a little bit about contracts, what they’re all about, how to find out about them and today we bring you a question.
“John, should I hire an attorney for my real estate purchase or sale?”
There’s a very simple answer to this. Yes!
“How do you mean that, John?”
You should have an attorney that you can go to immediately. You should have them on a retainer. If not a friend of yours, a friend of the family, you should find somebody that can give you competent legal advice and everything to do with the largest purchase of your entire life. Think about this. Let’s think about this.
We’re spending 150, 200, 300, 500 thousand dollars on a house. We spent, without thinking about it much, we spend 300 to 500 dollars to have it appraised. We spent another 300 or 400 dollars to have an inspector come out. We’re willing to give up 6% to have the real estate agent represent us in this transaction and yet and still we balk at the price of hiring an attorney. Why? Where does that make any sense? I can’t see it. Maybe you can explain it to me.
Anyway, let’s not have at the end of a transaction somebody coming to us and saying, “Uh, you didn’t tell me that. He didn’t say that. She said that.” We need somebody right there, right there available to answer questions and come up with about our legal questions.
That’s all there is to it. A simple answer, yes.
Negotiation # 10
Hey, John McCormick here with the two-minute real estate blog or the two-minute Las Vegas real estate blog. Today we’re going to talk a little bit about negotiation. One of the things that we are so used to in America is the retail price. We go out to the store. We never question what we’re paying, except to look for sales or things like that. We walk into the store, we pick up the product, they come up to total and we swipe our card and go. There’s no negotiation.
We were so surprised, myself and my buddies, getting to Europe years ago and finding out that a European at that time at least would not even buy a simple thing like an apple or an orange without haggling over the price. Everything, everything that they did all day long as far as transactions was a negotiation and they got loud about it. They didn’t mind getting loud. They got into the transaction. This is one thing that we’ve never been trained to do in America.
Negotiating for a house is exactly like negotiating for that apple or that orange. What am I going to pay for it? What do I believe that its worth? Am I going to stick to my price? What if the counter comes back of three oranges for twice the price? Do I need three oranges? What if the counter comes back on the house that they’d be glad to meet your price, but they want some take backs? Well, let’s get into this. Let’s look at it. It’s half the fun of doing the deal. What is the other person going to do?
That’s my two minutes for today. Thank you.