You may have reached a point in your own life at which you are considering selling your current home and are contemplating the possibility of moving into a condominium. In this regard, you may be debating over the pros and cons of living in a condo, debating over whether or not a condominium is the right choice for you. The reality is that there are some wonderful benefits that can be found through living in a condo in this day and age. By coming to a better appreciation of these positive elements of condo life, you will be able to better assess whether a move from a single family residence into a condo is the correct transition for you.

One of the primary benefits that can be realized through condo living is convenience. Unlike a detached single family home, when living in a condominium, you do not have all of the maintenance, landscaping and related responsibilities that can be very time consuming. If you are like many people in this day and age, you maintain a very full schedule and you barely have time to eat and sleep let alone tend to all of the requirements of living in a single family detached residence.

Another benefit that can be realized through living in a condominium is security. In many instances, the typical condominium community today has private and oftentimes around the clock security. Additionally, many condo communities are also gated. With crime being an ever present concern in the 21st century, the added security associated with a condo complex can give you much needed piece of mind.

Beyond these benefits, the typical condo community also allows you the chance to enjoy, very simply, a sense of … community. The 21st century is becoming known as a period in history when most people have no idea who their neighbors are – have no idea of who lives right next door. This is the typical situation in neighborhoods consisting of single family homes. However, when it comes to condo complexes, a great deal of effort is spend on developing a sense of community between the residents. For example, most condo communities sponsor regular social events throughout the month which gives you as a resident a wonderful opportunity to get to know your own neighbors far better.

In this day and age, most condominium communities now come complete with significant amenities like recreation and fitness centers, business centers, swimming pools, clubhouses and a wide range of other facilities and options. Indeed, there are now even condo communities that offer concierge services for residents.

With these benefits in mind, you will want to take the time to closely take a look at what different condominium communities have to offer. By spending some time doing your homework, you will be able to ensure that you select a condominium community that has the facilities and amenities that will best meet your needs and desires, not only today but into the future as well.

By: Marc Vitorillo

About the Author:

The condo hotel trend has been much ballyhooed, so why are lenders still sitting on the fence when it comes to consumer mortgage financing? Here are three simple reasons:

1.) The secondary markets (FNMA, FHLMC) have not seen enough condo hotel paper to grade the risks/rewards of this proportionately new asset class.

2.) Condo hotel is somewhere between a commercial hotel loan and a residential second home/investment property consumer mortgage, so they don’t fit neatly into existing portfolios/guidelines.

3.) The yield/interest rate that a well-healed condo hotel purchaser is willing to pay on a 30-year mortgage is much lower than timeshare and other vacation ownership rates. Making this new yet-to-be determined risk hard to justify.

Many of the new condo hotel offerings are even more difficult to mortgage at market interest rates and terms, because they are smaller than 600 square feet in size, do not have kitchens, include FF&E chattel in the sales price, and may be in projects that include mixed use and timeshare/fractional components. Each of these items defy conventional mortgage guidelines.

Yet even given these challenges it is clear that lenders are closely watching the evolution of the condo hotel market. With each high-net worth, private banking client who purchases a condo hotel, bankers are being asked, “Why won’t you lend me a conventional mortgage on this piece of real estate?” and lenders are being forced to get up to speed on this asset class.

As interest rates have risen, and the real estate markets in general have cooled, the lending community has been faced with increased capacity to lend. Lenders are beginning to seek new niche opportunities to fill their appetite for yield and loan volume, condo hotel mortgages present a unique opportunity that’s time may have come.

High Credit Quality

The typical condo hotel purchaser is a high net worth consumer who is seeking a quasi-vacation home with hassle-free rental property benefits and investment potential. As with most mortgages, these borrowers sign personally for the debt, and typically put 20% or more in down payment. Underwriting guidelines for most of the existing condo hotel mortgage products require a borrower to qualify for the debt without any credit for the potential rental income from the property. A cash-flow loss is not a loss at all, if the hotel should fail to deliver any rental income. If they are truly purchasing with an intent to use and enjoy their condo hotel unit as a second home alternative, this consumer will be getting a luxury vacation condo for a fraction of the traditional condo ownership expense.

Where the Risks Lie

The greatest risk to lenders and consumers in condo hotel ownership is in the sales approach and intent of the purchase. Is the consumer buying an investment property or a vacation condo alternative? If during the real estate sales process the income potential was emphasized, the consumer will have a claim against the developer/Realtor who represented what could be considered a security. The SEC issued a ‘no action’ letter that discourages such practices, but many sales operations find it problematic to stay completely away from the topic of rental income when a consumer directly requests such disclosure and information. As lenders assess their risks in this asset class, this issue of ‘perception of investment quality and intent for personal use’ is very difficult to measure, but is of optimal importance. You can imagine a borrower who looses money every month, but enjoys their ownership experiences and is very pleased with his condo hotel. Or an investment minded consumer who tires quickly of their condo hotel when they are consistently writing checks instead of receiving them from a condo he never visits. The value of service, amenities and condo owner experience has never had more importance to real estate value.

The on-going hotel management is the next risk that is foreign to conventional residential mortgage lenders. Lenders entering this niche are often unfamiliar with the metrics and cyclical nature of the hotel business, and need to approve condo hotel projects with an eye to the long-term viability of the hotel, not just the credit quality of the consumer. If the hotel is mis-managed, replacement reserves are grossly under funded, or if the viability of the hotel market is deteriorating the consumer’s ownership experience will suffer, and mortgage default risk rises rapidly.

Another risk is of valuation. The real estate industry measures of cost per square foot have been stretched by a residential condo hotel that includes name-brand management and designer label decorating, 42″ plasmas and fine furnishing, spas, gyms and ski valets as part of the real estate package. Valuations of $1,000+ per square foot have been obtained and the sky looks the limit if this is our measure. The purchasers view is often of price point not price per foot, and is skewed further by the thought of owning part of an income producing and legendary hotel operation. But at these prices, the math may not work as an investment beyond the trophy value.

Lenders will enter this new market niche in mass when the answers to these risks is easier to measure through performance of the first wave of condo hotel closings which just began to occur this fall. The seasoning of these loans will be short when the greatest need for mortgage capital occurs beginning in Q3 2007, this situation has the potential to create a short-supply of mortgage options for marginal buyers in marginal projects. The dream of easy, low cost money for any real estate asset is over, and it’s time to wake up and recognize that most buyers don’t want to pay cash even if they signed a ‘cash contract’, financing matters to the viability of the condo hotel industry.

By: Bob Waun

About the Author:

Do you have a dessert or pastry that receives rave reviews every time you make it? Have you ever wondered if your product would be successful on the market? Are you in need of additional income or a getaway from your current job?

A favorite product that you’ve made time and time again, could be the answer to your questions and your financial dilemma. You could be holding the recipe for the next million dollar pastry. Generally, repeated compliments from mixed audiences, suggest that your product has market potential. Restaurants, caf

]]> http://www.utahselecthomes.com/blog/start-your-home-based-baking-business/feed 0 http://www.utahselecthomes.com/blog/how-to-become-a-real-estate-agent-in-new-york http://www.utahselecthomes.com/blog/how-to-become-a-real-estate-agent-in-new-york#comments Sat, 11 Dec 2010 16:48:54 +0000 Grace Ojuka ]]> http://www.utahselecthomes.com/blog/how-to-become-a-real-estate-agent-in-new-york

Working as a real estate salesperson is one of those careers where someone can work at their own pace. Generally, real estate salespersons don’t work 9-5 /day – they set their own schedules and goals. Their earnings reflect the efforts they put in. A real estate agent position is usually considered as a first step of entering into the real estate world.

In this article, we will guide you on how to enter into the lucrative world of New York real estate – a state which is full of real estate wealth and amazing profits.

Getting a real estate agent’s license in New York is not a very complicated process. Individuals who meet certain criteria can easily get the real estate salesperson license in this state.

Eligibility Requirements

An individual who is interested in obtaining a license must be over 18 years of age and a legal resident of the United States. They must not have a felony conviction in New York or any other state – this rule may be bypassed in certain circumstances.

Educational Requirements

To get a real estate salesperson’s license, an applicant must complete 75 hours of approved courses successfully – prior to July 1, 2008, 45 hours were sufficient to complete the requirement. Those individuals who completed only 45 hours (prior to July 1, 2008) courses may take 30 hours remedial course to complete this requirement.

Exemption on Basis of Degree

If an applicant has a college degree in real estate, he/she is exempted from this 75 hours courses requirement. To get this exemption, the applicant must have to provide the proof that he has taken all the required courses in the college and passed them successfully – 75 hours attendance in the courses is mandatory.

After completing the courses (75 hours), all applicants have to pass the qualifying examination administered by the department. The state department charges $15 as the examination (written exam) fee.

Child Support Statement

All applicants must have to provide child support statements that show the number of children and any other support obligations.

Reciprocal Real Estate License

Ten states have a reciprocity agreement with New York. Applicants who want to get the benefit of this agreement must furnish the two required certificates and the application fee.

The certificates must be issued by the state where they are licensed. One certificate should state that they are in good standing and the other one is of irrevocable consent.

Individuals who are interested in getting a reciprocal real estate salesperson’s license, they must proof the sponsorship of their home-state broker. In addition, all real estate salespersons must be working under the sponsorship of a broker who holds a current New York State broker’s license.

Apply for License

Once an applicant meets the eligibility criteria and complete all the courses and required examination, he/she may apply for the real estate salesperson license. The applicant has to provide the notification of the cleared examination along with the license application and fee. The state department charges $50 (for two years) as the license fee.

It is important to remember that after getting the license, the individual has to furnish the proof of a New York’s broker’s sponsorship. Otherwise, he/she can’t work as a real estate agent in the New York state.

To cut a long story short, an individual who wants to get the license of a real estate salesperson in New York, he/she must be:

* 18 years or older;
* legal resident of the US;
* have a good character;
* completed 75 hours approved courses; and
* successfully completed the state department’s written examination.

By: Syed Rehan

About the Author:

Discount! Flat Fee! Sounds like a good deal, right? Well, maybe not when it comes to selling your home. Yes, a discount real estate agent can save you money, but will he sell your house? There are many reasons why you may want to avoid going to the discount route.

First of all, the selling tactics of a discount representative can be well… somewhat lacking. Not always, but you will often have to do your own marketing and advertising. A flat fee broker will charge you an up-front fee. For this, you may get your home listed on an MLS site, which may be viewed only by a limited audience, because of listing regulations. That may be the extent of the marketing. Some companies purposely omit MLS sites from the marketing, because if another agent gets involved, the commission has to be shared. This eliminates a lot of prospective buyers for your home. Other companies may put up a sign in the yard, advertise in the paper and magazines, and work with contract negotiations. Because the companies vary so widely on the services they offer, you really have to do your homework to make sure you get what you need. Some discounters offer a price list of services they offer.

Now, if you hire a traditional real estate agent, you pay nothing up front. Yes, you will sign a contract with him, but he makes no money until he sells your home or, if for some reason, you default on the contract (which does have an expiration date). And, this is good motivation to get your house sold. Traditional agents and firms offer a variety of marketing tools for the seller. They will get the home into the local trade magazines, hold open houses, print MLS sheets, place the home on the Internet at local and national sites and some areas even have local television programs. Many will even come in, and stage your home for you or at least give you a list of things to do, to help get the house sold. You get all this and you haven’t paid a penny for it.

Hmmm. sounds like a lot of work right? Do you really want to do that yourself? Yes, a traditional representative makes about 6% commission which he usually splits with the buying agent. That is a lot of money, especially, in making the houses more expensive. But, what if you have a hard time selling the home yourself or through a discount firm? Every month it doesn’t sell, costs you money anyway. Traditional agents will often set a time frame within which they must sell your house. If they do not, you are free to seek a different broker and you are not out any money for the attempt.

Now, there are ways to save money and still use the traditional method of selling. There are many ways to negotiate down the commission fee. For example, if your agent happens to bring you a buyer, he will usually knock a percent or two off the commission. Or, if you agree to sell and buy with him, he will reduce the rates for the repeat business. Talk with him and see what he is willing to do for you.

This is not to say that all discounters are the same and that you will not get a great service from them, just a caution of what to expect. If you still decide to opt for the discount route, be sure to get everything in writing- fees, services, etc. However, your best bet is to hire someone who really wants to get your house sold. Discounters are concerned with the quantity of clients to off-set the discounts. Traditional real estate agents focus on quality and getting a sold sign in your yard. Do not sacrifice quality work for savings. The old adage is true: Sometimes you do get what you pay for. And that’s not necessarily a good thing!

By: Andrew Stratton

About the Author:

For many people, buying a condo is the way to get into the real estate market. Let us take a closer look at some of the positive aspects to owning a condo.

Buying a Condo – Advantages

Condominiums come in a variety of styles. Some are simply apartments that have been reclassified as condos. Others are much nicer with a real homey feel to them. Whatever your choice, there are some real advantages to buying a condo.

The first advantage to buying a condo is the price. Simply put, a two bedroom condo will almost always be priced lower than a two bedroom home in nearly every area of the country. There are luxury condos that trump this rule, but there are exceptions to just about every rule. Regardless, the lower price creates a good entry point for first time buyers into the real estate market. The lower price equates to a lower mortgage and thus makes it easier to get the finances together to handle the purchase process.

The second advantage to owning a condo has everything to do with lifestyle. Simply put, do you have a green thumb? If not, a condo is for you. You rarely have more than a small deck area as part of your condo. The rest of the landscaped area is known as the common area and the homeowner’s association has people to take care of it. If you hate yard work, a condo may just be the answer for you.

A third advantage to owning a condo has to do with social interaction. In many stand alone home communities today, there is little social interaction between neighbors. Life gets busy and advents such as the internet just limit the time people get out and meet. This is not the case in a condo development. Obviously, you can hide in your condo if you wish, but most people inevitably run into their condo neighbors. Whether it is at the pool, gym or condo association meetings, you will find yourself interacting with your neighbors and making friends.

There are lots of advantages to buying a condo, but the lifestyle is not for everyone. At the end of the day, however, buying a condo is a good way to get into the real estate market.

By: Raynor James

About the Author:

If you have recent credit problems or a past bankruptcy, you may be concerned about how difficult it is going to be to get approved for a home mortgage in Utah. There are thousands of mortgage brokers in Utah and many who promote mortgage loans for people with bad credit or a past bankruptcy.

However, be careful of mortgage brokers who are able to put a home mortgage loan together that seems too good to be true. A few of the red flags to watch out for are:

A Prepayment Penalty – Oftentimes, borrowers will forget to even ask about this clause, but what it is is a penalty for refinancing the mortgage before a set date, usually 2-3 years after the initial mortgage closes. The penalty for refinancing or selling your home is usually at least 6 months of mortgage payments or more. This is a serious thing to consider, for it will pretty much lock you in to those mortgage payments for the determined amount of time.

Adjustable or Variable Rate – With an adjustable rate mortgage, you will get an initial, slightly lower interest rate and payment. However, if rates go up, and they often do, your mortgage payment could skyrocket.

Avoid an excessively high interest rate – A reasonable or to-be-expected subprime mortgage rate would be somewhere between 1-2 percentage points higher than the set prime rate. If your interest rate is beyond that, you may want to shop around for a better rate.

The key when looking for a good mortgage loan is to shop around and compare multiple offers. There are many people in Utah with poor credit who can still qualify for a low mortgage rate.

By: J. Hale

About the Author:

You don’t have to get dressed up for work every day. You don’t have to waste time commuting or gossiping with co workers. You can usually work at times that best suit you. These are some of the advantages of working from home. But it is important to keep your work and home life separate, or both will suffer. Here are 10 basics when you want to work from home Utah, or anywhere else for that matter. These basics, will make life easier for you.

1. Define your work space. It’s ok to take your laptop to the garden on a nice day and work from there. But that is not your office. You need a fixed place where everything you need is at hand and you are comfortable.

2. Keep your work place organized, clean and tidy. You may not be a tidy person, but make your work place a professional space. It will make you more professional.

3. Work at fixed times. Working from home, it is easy to be tempted to switch around personal and work times. You can do this occasionally, but make a habit of this and you will end up with either your work or personal time, or both, suffering. Self discipline is one of the key basics for work from home Utah.

4. If sitting at a desk for long periods causes you physical problems or makes you lose your focus, build a break into you schedule.

5. A big problem for those who work from home is friends, who call up or drop by when you are at work. Be polite yet firm and explain to them that you are a professional and need to keep certain fixed work times. You need not feel that you are being rude. This is one of the key basics for work from home Utah, or any other place that you may be. Your friends will understand.

6. Keep a list of everything you need to do each day. Strike out items as they are completed. Unfinished items are to be carried over to the next day and highlighted. Too many highlighted items on your list means you are in trouble.

7. If you find that not being able to finish your work in the scheduled time is a regular occurrence, you need to look at time saving techniques. If these do not work, you need to either increase your work time or decrease your work load. Keeping track of your time and making sure it is used productively is one of the most important basics of work from home Utah, and other places.

8. Most people have one computer they use for both work and their other pursuits. This is fine, but keep the work and personal areas separate. Of course, you need to back up all your work as often as is practical.

9. If possible, keep a day or two of buffer time in your projects. If you don’t need them, there is no harm in finishing early. But if you need a day’s time for any emergencies, it won’t be a problem for you. Another important thing is to plan your holidays in advance so that your work does not suffer.

10. Look after your health. If it suffers, so does your work. The basics, will sure make your work from home Utah, extremely successful.

By: Greg Shuey

About the Author:

Wakeboarding one of the fastest growing water sports sense it’s beginning. Evolving from just a few select areas where it began to a world wide sport within just a few years. Pro’s have continued to come up with more difficult tricks as the year pass. Manufactures have pushed the limits on board and bindings with new designs allowing better manuverability. This article is here to give some infomation about wakeboarding and the lakes you can visit in the Western states to wakebord on.

BEAR LAKE (UTAH)

Located in Garden City, Utah, Bear Lake is one of the prettiest, clear, aqua-blue lakes known. With this large body of water, and it’s sandy beaches to camp, fish, and boat, this is the perfect get away for an unforgettable vacation.

LAKE MEAD (NEVADA, ARIZONA)

If you like a long hot boating season, this is the place to come. Lake Mead is know for its size where fishers, boaters, swimmers, hikers and sightseers can come to enjoy this fresh water lake. Lake mead offers house boats, and camping areas for any size group.

LAKE POWELL (UTAH, ARIZONA)

Considered by many to be the ultimate water sports, fishing, boating, and hiking vacation. Lake Powell is one lake that almost everyone must visit. Known also as Glen Canyon it is 186 miles long with a shore line of 1,986 miles. The crystal clear water and red sand stone rock make it the perfect place for all your outdoor activities. Lake Powell has countless canyons to make you can fine smooth water to wakeboard, wake skate, wake surf, knee board, tube, air chair, water ski and more. To learn more about wakeboarding visit Wakeboarding / Water Sports Info

DEER CREEK RESERVOIR (UTAH)

Enjoy the mountains of Utah surrounding Deer Creek reservoir. This reservoir is usually calm during the morning and nights. Deer Creek offers camping, boating, and fishing. After a nice day on Deer Creek visit Park City or Sundance just 30 minutes away from this gorgeous reservoir.

LAKE HAVASU (CALIFORNIA, ARIZONA)

This lake is 45 miles long, just imagine the possibilities of getting your own place on the lake to throw down your favorite wakeboard tricks, first shove-it on the wake skate, or 360 on the wakesurf. Lake Havasu offers all the amenities for a great vacation including boating, fishing, camping, hiking and more.

UTAH LAKE (UTAH)

This is one of the most visited lakes by Invert Sports. We can almost calculate every day when the water is going to be good at Utah Lake. It is the largest fresh water lake in Utah, offering all kinds of outdoor recreation including boating, fishing, camping, and more. Although the water looks brown because of how shallow the water is, this is one of the cleanest lakes in Utah.

LAKE TAHOE (NEVADA, CALIFORNIA)

Whether you are into winter sports, water sports or both, Lake Tahoe is the place to come for all your outdoor recreation. One place that must be visited by everyone, this huge lake is the clearest lake known, its like you are looking through glass. Covering some of Nevada and California, Lake Tahoe is the place to be for wakeboarding, wake skating, wake surfing, water skiing, airchair and more. Enjoy boating, camping, lodging, hiking and more at this amazing lake with Invert sports.

EAST CANYON RESERVOIR (UTAH)

East canyon is tucked away in northern Utah. This reservoir is a great destination for boating, camping, fishing and water sports. This is a fresh water lake that is located in Morgan, Utah.

GUNLOCK RESERVOIR (UTAH)

Gunlock offers boating, swimming, fishing, camping and more. Located in Hurricane, Utah this is a great destination in the warm summers, but also mild in the winters, allowing the extreme wakeboarder and water skiers to continue their water sports through the winter months. Gunlock Reservoir has sandy beaches to enjoy, so reserve your spot and have Invert Sport worry about the rental boat or charter.

HYRUM RESERVOIR (UTAH)

Surrounded by maple, box elder, and willow trees, this is a great reservior in Hyrum, Utah to get away and see the outdoors. Allowing boating, fishing, camping and other recreation Hyrum Reservoir is a great place to take your family for a camp fire at night and water sports through the day.

JORDANELLE RESERVOIR (UTAH)

Right by Park City, Utah, this reservoir is a great place to enjoy the fun of water sports, boating, fishing, camping and more. Stay at a hotel and enjoy activities of Park City at night, and come out to amazing Jordanelle Reservoir with Invert Sports and glide through the clear water on the latest water sports equipment. We offer a vacation package with everything included; please visit our vacation page for more details.

MILLSITE RESERVOIR (UTAH)

Located in Huntington, Utah, Millsite Reservoir has clear blue waters offering boating, camping, water sports, and hiking. Surrounding Millsite Reservoir are desert mountains to hike and explore; bring your off-road vehicle to enjoy the surroundings of this great reservoir.

OTTER CREEK (UTAH)

This is a quiet getaway in Antimony, Utah known for the bird migration and great ATV trails. But what we are concerned about is the great water sports and boating that can be had on Otter Creek.

PALISADE RESERVOIR (UTAH)

This is a great place to spend a whole day of recreational activities. Enjoy a round of golf at the Palisade golf course. Then, set up a camp site down at the lake, and take you four wheelers on a get away through the canyon. This is not a big reservior, but the clear water and the water sports are amazing.

QUAIL CREEK RESERVOIR (UTAH)

This is a great get away in Saint George, Utah. Quail Creek Reservoir is another lake where you can boat, fish, camp, and enjoy the night life of Saint George almost all year around. With the desert mountains to enjoy and the ATV trails to go riding on. Quail Creek is the boarders, campers, and fishers dream. Invert Sports can line you up with a Saint George vacation package where you can visit all the near by lakes and reservoirs.

RED FLEET RESERVOIR (UTAH)

With all the dinosaur tracks, Red Fleet Reservoir has some history to it. There is a desert landscape that you can enjoy from your camp site or on the water. Red Fleet Reservoir allows boating, fishing, camping, water sports, and more.

ROCKPORT RESERVOIR (UTAH)

Not far away from Park City, Utah, Rockport Reservoir is a beautiful lake to visit. With all the boating, camping, fishing, and snowmobile trails in the winter, Rockport is a fresh water reservoir that is calm in the morning and glass in the evenings.

SAND HOLLOW RESERVOIR (UTAH)

Sand Hollow Reservoir is the closest you will come to feeling like you are at Lake Powell, just on a smaller scale. Located near Saint George, in Hurricane Utah with the red sand stone rocks and amazing clear blue waters, this is a get away you can’t miss out on. Sand Hollow offers activities for everyone including camping, fishing, boating, and most important water sports. Enjoy Sand Hollow reservoir all year around.

SCOFIELD RESERVOIR (UTAH)

Boat, camp, fish, hike, and more at Scofield Reservoir up in Hunnington, Utah. Stay at a cabin to enjoy the scenery of the lake and surrounding mountains. Take your off-road vehicle to explore the back country. Scofield reservoir is a nice place to get away from the city.

STARVATION RESERVOIR (UTAH)

Located in Duchesne, Utah, Starvation Reservoir has an great shape, always allowing good water – you just have to be in the right area. The water is blue and clear offering boating, fishing, camping and trails. Starvation is so large that, even on the busy holidays, you can get away and enjoy your boat rental or charter.

STEINAKER RESERVOIR (UTAH)

Fish for rainbow trout and large mouth bass at Steinaker Reservoir, located in Vernal, Utah. Enjoy the sandy beaches while you camp, then jump in the fresh water to cool off. There are many activities you can do while you visit Steinaker Reservoir.

WILLARD BAY (UTAH)

Much like Utah Lake, Willard Bay is known to be calm during the day while everyone is working. Located in Willard, Utah, and not far from north Salt Lake City, Willard bay has beach areas to camp, fresh water to boat, fish and water sports. Take a business party to this lake, and let us supply the new MasterCraft boats and Hyperlite equipment.

YUBA RESERVOIR (UTAH)

Yuba reservior is unique in its own way. With fresh water and sandy beaches, this is fun lake to visit in Levan, Utah. Offering camping, hiking, and ATV trails, about an hour away from any Utah Valley location.

PINEVIEW RESERVOIR (UTAH)

Invert Sports highly recommends that you visit Pineview Reservoir. The beauty that surrounds this water is amazing with green mountains and cabins to stay in. This is a favorite place for people living in or around Ogden Utah. The water is clean and blue with lots of sandy beaches to enjoy, watch the boaters, fishers, and water sports. We will take care of everything you need at Pineview Reservoir; lodging, food, and all the boating one can handle.

Invert sports offer Lessons on Wakeboarding, wake skate, wake surf, water ski, air chair, kneeboard and more.

By: Jason Stubbs

About the Author:

In August of 2005, my real estate business partners and I were flush with cash. We had just made $45,000 from having just fixed up and then sold 2 mobile homes in St. George, Utah. The excitement of making so much money so quickly had gone to our heads. We thought we were invincible. We were about to learn the truth.

After the mobile homes had sold my partners and I began looking for another fixer upper that we could flip. I wanted to move up into flipping expensive houses, thinking that we could make more money that way.

I was aware of a foreclosed home for sale in Santa Clara. Santa Clara is a small town, just outside of St. George.

The bank had had the home had been for sale for about two years with no takers. It was a Santa Fe style, luxury home built in 2002. The home was 3000 sq. ft., had amazing views, slate tile throughout, a three car garage, 4 bedrooms, 4 bathrooms and tons of upgrades throughout.

The home was unfinished and had never been lived in. It was clear that the builder had run out of money before he could finish the home and sell it. The kitchen was unfinished. The tile was cracked here and there from settling. The closets were totally unfinished. The yard was a jumble of weeds, mud and boulder sized rocks.

At the time that we looked at the home, St. George was coming to the end of an amazing run up in home prices, about a 1% increase in home values every week for months. My partners and I were aware that the market would slow down sometime in the future, but what we didn’t know when we bought the home, was that the market slow down had already started.

Well, we made an accepted, full price offer on the Santa Clara home ($395,000). We made a full price offer because there was another buyer that was negotiating with the bank to purchase the home at the same time we were. We felt we could make money on the home and we wanted to make sure that we were the buyers the bank chose to buy the home.

We ended up buying the home for $395,000. We also financed our closing costs, bringing our mortgage loan amount to $400,000.

After the purchase, we invested $15,000 into fixing up the yard, about $4,000 into finishing the closets and another $6,000 in various other fix up / finishing costs.

We put the home back up for sale, almost immediately upon buying it, for $525,000. We truly thought it would sell quickly for this amount when we were done fixing it up. The home was for sale the entire time we were working on it.

After the repairs were done, the home sat on the market for months. The St. George real estate market had ground to a halt during the time we were working on the home. We ended up having to make about $9,000 in mortgage payments while we anxiously waited for the home to sell.

In March of 2006, seven months after the purchase, we were beginning to panicking because we weren’t certain we could make anymore mortgage payments. We didn’t want to lose the home and our investment, but the mortgage payments were eating us alive by this point.

We were forced to gradually lower our asking price until finally we had our asking price at $430,000. In March we breathed a sigh of relief as the home finally went under contract at this price.

We sold the home in April 2006. Our costs to sell were about $16,000 including the $12,000 commission that was paid to the buyer’s agent.

Here’s what the final tally on the fixer upper Santa Clara home was:

What we sold the home for………………….$430,000

Fix up costs………………………………… -$25,000

Mortgage payments………………………… -$9,000

Commission paid…………………………… -$12,000

Closing Costs……………………………… -$4,000

What we paid for the home………………… -$400,000

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Total loss…………………………………… ($20,000)

We felt very lucky to have been able to sell an expensive home when our local real estate market was so bad. There are a lot of investors that bought at the top of the market who haven’t been so lucky; people who are stuck with homes that they can no longer afford. These investors are wondering if their homes will sell before they lose them to the bank.

Strangely enough we are actually looking for another home to fix up. We are going to stick with mobile homes or condos and just rent them out. The lesson that we learned is that the less expensive the fixer upper home is, the less risk there is to the investor.

By: Don Glasgow

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