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Foreclosure crisis in america
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If I were able to acquire $150,000 in cash in order to repair and revamp a distressed real estate foreclosure, I believe that I would be able to update and renovate the house up in a manner that would increase the value of the property tenfold. I have been blessed to be born into a family that has inherent knowledge about how to repair and what to do. My father is a sculptor and owns multiple tools and machines that I would be able to rent at a much lower rate than those from a hardware store such as Home Depot or Lowe’s. My mother is a broker that would be able to inform me of what inspectors to turn to for advice, and she would also be able to help me in order to get the best results for the least amount of money. My oldest brother has been an apprentice to my father ever since I could remember. He has traveled with my father to foreign countries to help with my father’s art installations and has also taken up sculpting on his own. Both my father and brother have taken welding classes and have that in addition to the vast construction knowledge my father began his career on. My other brother has worked for my father as well, in addition to working full time at a hardware store as a manager, and now has begun being a handy man for a few duplexes and has been able to start and complete small scale renovation projects that have come his way.
To begin the renovation of my foreclosure property, I would begin with a full inspection of the property to correctly asses the ultimate needs of the property as well as other cosmetic fixes that I could possibly be able to correct. After having the invasive inspection done, I would then sit down with my renovation team in order to break down what needs to happen first. Luckily, I have two bro...
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... go to home depot and look in the clearance paint sections because many people like to return paints and I would be able to purchase them for 1/3 the cost of purchasing paint brand new. I wouldn’t be able to buy paint in excess amounts but that would be able to cover the bathrooms in the least, and possibly the kitchen. I would paint the rooms myself to try and cut costs from hiring painters. I have been painting since I could remember, and have been on construction sites and therefore understand all of the steps to properly painting a home. I believe the most time consuming part of the renovation would be getting the yards up to par and as green as I would like it to be. With all of this in mind, I believe that the renovation would be able to be done in a month and a half, if everything goes according to plan and nothing is delayed because of mail or travel time.
In existence is $150,000, specifically set aside for the purchase of distressed real estate. This essay will outline a detailed strategy ensuring a maximum return in regard to the financial investment made on the home. Including a description of distressed real estate and foreclosure in addition to how utility can play a role in the decision-making process.
Although preservation is not a new concept and been practiced for centuries, designating historic landmarks, structures and buildings as historically significant and preserving them is a new phenomena, which brings us to a fairly straight forward question of what to preserve and what not to. The advent of new materials and advancement of construction technologies changed the style of building significantly from time to time, especially over the course of last two centuries. Although the basic construction materials like brick, wood, lime and stone are in use for centuries, the recent addition of concrete, steel and glass to that list completely overhauled the mode in which the buildings are being built. Taking into account the need, the scale and the pace of construction posed by rapid industrialization, the style of building took an unprecedented form of architecture starting in early twentieth century.
I plan on meeting with Mr. Sell again on the 8th of March to explore these different options. I will give a presentation on the various methods I just talked about here and talk about their relative purchase cost, operating cost, environmental impact, and ability to maintain structural integrity. I will also be making recommendations on the different the systems and how he should proceed with his home.
To solve the foreclosure crisis we must take a multi-pronged approach that tackles the issues making the situation worse and that caused the problems in the first place. Our goal is to do this in an efficient and time conscious manner. Any solution is going to have its positive and negative aspects but we must try to maximize the former and minimize the latter.
After long meditation on the topic of “if I was allotted $150,000 for a distressed real estate purchase”, the first thing that came to mind was to get my home out of foreclosure. However, I quickly rebuked that thought from my mind, because the only thing that breaks my heart more than the thought of losing my own home, is the realization that many young men and women like myself have already fallen prey to foreclosure; I can only imagine the sorrow and the pain felt with watching you and your family being put out of the one place where you find safety and peace.
The frequency of foreclosure in our nation today is dangerously high. The strain from the recent economic downturn has put many families and individuals in a financial chokehold preventing them from being able to make their monthly mortgage payments. Consequently, many of these people feel they’ve punched a one-way ticket to foreclosure. With all these homes being foreclosed on, we face a very real crisis.
As foreclosure becomes a major problem in America people are looking for a way to save their homes without completely losing everything. Owning a home with a white picket fence is the American dream but in recent years it has become more of a nightmare. One way to fix the foreclosure problem would be to use social security as way to help pay for the debt they have accrued. Social security is set up to help Americans when they retire and also to help them in troubling situations such as, insurance for disability, veterans insurance, food stamps, unemployment insurance, and other forms of welfare. The government could use the social security fund as a way to help people out of debt and help save their homes from foreclosure. A plan that uses social security money to help people out of debt could be set up as a loan with a low interest rate attached. This loan could have a form of collateral attached in order to create a program where people are not just taking money with out responsibility and understand the value the given money carries. In order to determine what amount of money people would receive, a figure could be estimated based on their current jobs and how much they are estimated to receive from social security by the time they reach the age of retirement. This amount of money would equal their amount for their loan to help pay off their debt. Essentially people would be barrowing their social security money but would eventually be paying it back. Ideally when they go to retire they would not have lost any of their social security money. The loans must only be used to pay back debt on ones home and if used on something else, such as car payments, or are not paid back, then the person will receive less money then previou...
When working within the realm of real estate, flipping houses is one of the most lucrative projects one can undertake. The premise of this idea is buying a home in need of repair, renovating it, and selling it at its newly appraised value. In high school, I worked alongside my mother to renovate a home in our small town of Trinidad, Colorado. The invaluable lessons I learned throughout this business venture gave me insights into the inner workings of house flipping. What I gained from this experience will lead to better decision making if I choose to take on another project. With a $150,000 budget, the most important aspects to focus on in a renovation would include updating appliances, applying fresh paint, installing proper flooring, and revamping the exterior. Assuming that the home being foreclosed on costs $110,000, I would allocate $20,000 of my budget for renovation expenses. This leaves a $20,000 buffer to be used as an emergency fund.
In the United States we face many issues such as poverty, death, health, and many others. But the issue that is currently effecting society the most is foreclosure. What is foreclosure? How has it effected society?. The definition of foreclosure is a legal or professional proceeding held by a lien holder which is a court order termination of equitable right of redemption amongst housing properties. Foreclosure has not just effected us financially, but has effected society physically.
How well is your outdoor space maintained? With our busy lifestyles, it is often difficult to keep up with all the maintenance work that we have to do on a regular basis. We might be tempted to postpone certain chores we have to do around the house. Is your deck properly cared for? If you’ve been ignoring the peeling paint on your deck, it is time for you to have it repainted. Your annual maintenance may consist of deck painting, washing the deck floors, and cleaning the stairs to preserve the condition of your deck. When it comes to deck painting, it is important for you to protect its value by giving it the best care. Decks are extremely attractive when they are properly maintained throughout the year.
Karen Solazzo is a local small business owner. He founded the company Gatehouse Properties Inc. and their goal is providing high quality property management services with integrity, professionalism and respect for their clients. The company owns 7 houses around Conestoga College (Doon campus - Kitchener) and they rent out the rooms for national and international students. Currently, there are more than 45 tenants and every year this number tends to grows because the company is always reinvesting in their business.
Hiring a professional interior design specialist is often quite affordable. There are a few things that designers can do for you. You can hire an interior designer to come up with a scheme for you and have their own workers get the designing done to save time or you can hire a designer to just create a design scheme. This enables you to do all of the work yourself with your family so that you can save money.
A bathroom remodel may not be as overwhelming as a kitchen remodel, but there is still a lot of decisions that need to be made. Design, layout, and appliances are just some of the things that need to be considered. Even though they are usually the smaller room in a home, budgeting still comes into play when creating the bathroom you’ve always dreamt of!
Valuation of real estates or properties basically, refers to appraising a property or a real estate to form an opinion about the value of the property. This value is normally the properties’ market value. Properties are heterogeneous in nature; meaning they are not all identical or alike and thus, they have different values. However, it is possible to get a range for the values. There are some obvious factors like physical location of a property that automatically makes the market value of different properties differ. The materials used on a property and other features also contribute to making property differ in their value. Other factors such as the physical size of a property still determine a property’s market value (Histon Fine Homes, 2008
The process of building a house is a very complex and difficult task. In the following paragraphs, I will be explaining the many different steps that are required to build a house.