31 minute read
8-page Insert: Fire Your Landlord, Foreclosures & More
No. 35
2022: Fire Your Landlord and Become a Homeowner
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BY CHEREEN JAMES
Do you find yourself moving from apartment to apartment within one and two years, just to pack up and move again? Do you get annoyed with disruptive knocking, texting or calling every first day of the month for the rent? You need to fire your landlord today. How? By becoming a homeowner. When you are a homeowner, you are in charge of whether you stay for decades, pass on generational wealth, or earn profits in equity and rental income. Here are some key things to know before you fire your landlord.
Know your financial situation Before you toss your keys to your landlord, you need to know your financial situation. This will help you make a decision about what type of property you can afford and where you may want to live. You should have money saved up for the down payment on a home, at least 3.5% of the desired price. If you’ve saved enough cash to purchase a home without a mortgage, then you can close faster. Just be aware that you will need room in your budget for any additional fees, such as legal and title fees. If you need a mortgage, you may speak to several lenders about your options and interest rates before you commit to a mortgage. You may be able to purchase a home that brings enough rental income to help pay the mortgage, so that your wages stay in your pocket. Once it is clear that you can purchase a home, you will receive a pre-approval from the mortgage lender.
Fix your credit In order to be granted a pre-approval, you need a good source of income and good credit. Mortgage lenders will ask for documents showing your income, like taxes and pay stubs, and they will need your credit score. If you are in serious debt, you may consider a credit repair program or speak to a bankruptcy attorney about resolving your credit before you can purchase a home.
Decide what type of home to purchase Now that you’re pre-approved for a loan, you will be shown your loan amount, the home size that you may purchase, and the property taxes that you can afford to pay. If you’re purchasing with cash only, then the ultimate decision on the type of home is yours. There are condos, single family, multiple dwellings, and co-ops that you may choose from based on your loan amount and market value of the desired property. Co-ops are not considered to be real property but are shares in a cooperative stock. When you purchase co-op shares, you own the share; you must adhere
What to Expect When Facing Judicial or Non-Judicial Home Foreclosure
BY JANET HOWARD
Recent surveys show that a significant number of Americans are unprepared to handle an unexpected bill of $500. As many as 80% of Americans live paycheck to paycheck. A sudden job loss, illness or accident can create financial chaos. For anyone paying off a home mortgage, foreclosure and the impending loss of their home can quickly become a reality. State foreclosure laws vary, and a homeowner facing foreclosure should quickly become familiar with state and federal laws outlining procedures and requirements. Both the process and length of time involved will depend on the type of foreclosure allowed by state law and documents that were signed to finance the home purchase. Judicial vs. Non-Judicial Foreclosure Just under half the states employ judicial foreclosure in which the foreclosing party must begin a lawsuit to regain the property. A complaint and summons are filed in court and then served on the homeowner. The remaining states use non-judicial foreclosure, a process that generally works more quickly and begins when the homeowner receives a notice of default from the loan servicer that foreclosure and sale of the home is imminent. Judicial foreclosures are more common when a mortgage is involved. Nonjudicial foreclosures are most common where ownership involves a deed of trust which includes a power of sale clause. Judicial foreclosures tend to take longer for several reasons. First, federal law requires homeowners to be 120 days in arrears before a foreclosure suit may be filed. Second, the court process is slow due to crowded dockets, required hearings and a limited number of available judges. Once a homeowner has been served with a complaint, he or she usually has 20-30 days to file an answer which either admits or denies the allegations, raises potential defenses and tells the court why foreclosure is improper. Filing an answer prevents the lender from obtaining a default judgment and automatically winning. continued on page 7 continued on page 4
INSIDE:
Do You Need an Agent? The Answer Is Yes! ...............................2
Divorce and Foreclosure: What You Need to Know ......................3
What Kinds of Property Deeds Are There? ............................................5
Beware of Mortgage Scams ...................................................5
Avoid Surprises at the Closing Table .......................................6
Real Estate Careers for People Who Don’t Want to Buy or Sell Homes ..........................8
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Tristian Phillip
If you’ve bought or sold a house before, it may be tempting to decide to go through the process without the help of a real estate agent and their fee. Know what you’re getting into before taking on this responsibility. For both buyers and sellers, an agent is an important ally who can handle the paperwork and negotiating, which can get tricky, and make the process much less stressful for you. Here’s what to know when you’re considering an agent:
Sellers Time Magazine reported that 90 percent of home sellers use a real estate agent.
Wayne Jordan
The agent understands the market and the appraisal process and can provide expert advice on how to move a home more quickly, how to market it effectively and more. Knowing market trends, they often are better able to negotiate the details of the contract. Your agent handles all of the walk-throughs and open houses as well, making them particularly helpful for sellers with inflexible work schedules. If you’re not sure about your agent or having an agent at all, consider signing a short-term contract, so you can reevaluate how well the relationship is working. Buyers An agent can help you find a lender, a title company and an assessor and answer questions about the types of loans available, different down payment assistance programs in your area, how much you can afford based on your budget and the benefits and drawbacks of different neighborhoods, although many aren’t allowed to directly tell you yes or no about a neighborhood.
Agents also know what to look for when you’re walking through the house. You may not notice a slight hump in the floor, but an experienced agent will and knows to ask the owner what caused it. They know possible issues to look for and questions to ask depending on the neighborhood (traffic patterns, persistent noises, if a family of raccoons lives nearby, and what electricity usage is like). Your agent works for you, so do your homework and find one you’re comfortable with. You can ask for recommendations and check online reviews. The buyer’s agent is paid through the sale of the home, not out of your pocket. We are happy to help and share our insight and experience to help you with the real estate investing process. Schedule an appointment today. Call 888-670-6791. n
Call 888-670-6791
Divorce and Foreclosure: What You Need to Know
BY VICTORIA FALK
What do you do when "I do" turns into "I don't," and you can no longer stand to be in the presence of the person that you imagined you would spend the rest of your life with? You vowed to be together "…for better, for worse, for richer, for poorer, in sickness and in health…." However, the sight of this person now 'makes you sick,' and you wonder if things can get any worse. Divorce becomes inevitable. Divorce can be devastating, as two people who legally joined their lives together return to living separate lives. Gone are the hopes and dreams of "forever," and in many cases, there may be a loss of income. As a result of divorce, individuals who enjoyed, in many cases, shared savings and shared living expenses are now faced with the challenge of maintaining a household without the same level benefit of financial assistance from another person that was previously received. It may be a financial challenge for one spouse to purchase the house from the other or maintain the full responsibility of taking care of the homeowner's expenses on their own. The relationship between the divorce rate and the foreclosure rate is evident, with the foreclosure rate increasing as the divorce rate increases. According to a study conducted by Citywide Home Loans, divorce is one of the most common foreclosure causes. "Frequently, divorce means that one person is designated as responsible for making mortgage payments. This can put financial stress on the individual making mortgage payments, especially if there are missed spousal support payments. The stress that the divorce process brings ( both emotional and financial), along with impaired communication, can also mean missed mortgage payments," found Citywide Home Loans. However, divorce does not have to lead to foreclosure. There are things for the divorcing couple to consider. According to AllLaw, "A couple going through foreclosure at the same time they are going through a divorce should be aware of several issues such as: Who is responsible for the remaining debt on the home? How will the debt be repaid? What will happen to the house?" They may decide that one spouse may 'become the sole owner' of the property, or if neither of them wants the house, …they can attempt a short sale or deed in lieu of foreclosure. If one spouse will take over the property and the mortgage, that spouse can then apply on their own for a modification or refinance." Most divorcing couples cannot communicate on the level needed to come to a compromise regarding the home and the mortgage on their own due to the deterioration of their marital relationship. As a matter of fact, it is not uncommon for one spouse to want the other "to get out of the house" and/or to accuse the other person of wanting to miss required mortgage payments to spite the other spouse intentionally. Thus, increasing the likelihood of foreclosure. An experienced divorce attorney and real estate expert, such as Mr. Brian Figeroux, of Figeroux and Associates, can assist those going through a divorce who are also facing foreclosure. Missed mortgage payments and foreclosure can affect your credit history years after the divorce. So, know your rights and responsibilities.
Legal Assistance If you or someone you know is in the process of divorce and facing foreclosure, then it is a critical time to speak to a lawyer. Visit www.AskTheLawyer.us to get expert legal advice today or call 855768-8845. n
Fire Your Landlord/ continued from page 1 house rules of the cooperative and pay maintenance fees. Condos are real property, and you have full rights of ownership—you just have to pay the common charges. Single and multiple dwellings are real property. You should familiarize yourself with any local rules and codes that apply to your type of home.
Understand the loan closing process Since you received your pre-approval and offered to purchase a home, you should have a contract reviewed by an attorney and you should have signed it after reviewing it. You will need to speak to the lender about your next steps toward a loan commitment. The lender will order an appraisal of the property. If the property is appraised at a higher value or at an equal value to your offer, then you will be cleared to receive funds towards the purchase of the home. If the appraisal is lower than your offer, you will have to contribute the difference between the lender’s appraised value and your offer. At times, the lender may not approve because of your financial situation. So it is important that you research the home’s value when making an offer with a mortgage.
Understand your legal rights and responsibilities Once you receive the commitment for the loan, your lender will work with you on closing the transaction on your new home. You are now a homeowner. You should understand your rights and responsibilities. Know your property. There may be easements that you share with your neighbors; you may share a fence or a driveway. Understand your rights to use those easements. You typically find out your home’s survey and easements on the title report before closing. As a homeowner, you should know your local rules, such as building permits to make certain renovations and even garbage disposal rules. You should also be aware of whether you need to register your home with your local administrators; for instance, multiple dwellings in New York City must register with HPD. Knowing your local rules is important because they may result in fines. As a homeowner, you need to be aware of any liens placed on your property and whether any fraudulent transactions, such as fraudulent deeds, are being made against your property. Speak to a real estate attorney on your legal rights and responsibilities. Take control of your taxes As a homeowner, you should be aware of tax incentives and deductions. You can deduct the interest you pay on your mortgage as well as the points you were charged. If you use part of your home as an office, you can deduct the cost associated with it. Check your locality for any tax abatements for low- income earners. In New York City, low- income earners can receive STAR abatement. Homeowners should speak to a tax representative on your tax options. When you find yourself cramped in your tiny apartment or room, you should fire your landlord. Speak to a real estate broker, real estate attorney and a mortgage lender about your options and your rights. There are programs that can help you with the home-buying process and those representatives can inform you. Fire your landlord and enjoy the benefits of homeownership. Questions? Help is just a phone call away. Call us at 888-670-6791. n
To register: Email: info@mynacc.org Visit: www.nacc.nyc Seminar date: Thursday, July 14 @6pm Via Zoom Can’t make it? Call 888-670-6791
Beware of Mortgage Scams
It's easy to be enthusiastic and excited about the prospect of home ownership, but it's important to be aware that there are many ways potential buyers can be taken advantage of. From courses for homeowners to companies trying to make a quick buck, there are many things to avoid. If you're on the market for a home and are trying to find the mortgage that will best benefit you, here are some of the tricks you may want to be wary of.
Forgetting About the Finances The amount of home you can afford and will be approved for largely comes down to your debt-to-income ratio and your credit history, so if you're not getting the tough questions about money, this may be a bad sign. While it's not the lender's job to make a budget for you and decide your month-to-month expenses, if they're embellishing your financial well-being and presuming you can take on more house, you may want to look into another lender.
High Loan Costs Since a mortgage generally requires the homebuyer to borrow money, there is an associated interest rate on the loan that is a percentage of the total price. While this is the cost of doing business, rates that exceed more than 5% should be questioned to determine what they're made up of. While there can be a legitimate reason for a higher cost, it's important to understand your options and costs with a variety of lenders so you can make an informed, financially-wise decision.
Mortgage Offers for Everyone For those who have a poor credit history and do not have any savings, the idea of home ownership can seem like a pipe dream. Unfortunately, there are lenders that are willing to capitalize on this hope and will feed people – particularly those at high risk – the idea that they have the ability to buy. Instead of relying on a company that may take advantage and charge high interest rates, research the lender you're dealing with to ensure they're known on the market and have your best interests in mind.
Assistance The ultimate dream for many people is to own a home of their own, but it's important to be aware of your mortgage options and your financial stability so you can avoid a bad experience. If you're currently on the market for a home, you may want to contact one of our mortgage professionals for more information. We will be happy to meet with you and share our guidance. Schedule an appointment today. Call 888670-6791. n
What Kinds of Property Deeds Are There?
BY SUSAN M. KEENAN
The legal documents used to transfer titles to real estate are referred to as property deeds. The names of the legal owners to the real estate are placed directly onto the property deeds. Each time a piece of real estate is sold, a new property deed must be issued. The two most commonly used types of property deeds are warranty and quit claim deeds.
Warranty Deeds Commonly used in most real estate transactions, warranty deeds provide guarantees that the property being sold is free and clear of any encumbrances or claims. The grantor, or seller of the property, warrants that he is the rightful owner of said property and that he holds the title to it. Therefore, he offers the assurance that he has the right to transfer the title to the property. The guarantee that the property is free and clear is limited to that particular transaction only. Each time a property is sold, a new deed must be issued.
Quit Claim Deeds Used when special circumstances exist, quit claim deeds do not offer any guaran-
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tees that the property is free and clear. However, the grantor of the real estate guarantees that he owns the property and has the right to transfer it with a quit claim. Circumstances when quit claim deeds are used include: •Property ownership is transferred into a living trust. •A spouse is removed from inclusion on the deed. •A property is transferred as part of an inheritance.
Survivorship Deeds A survivorship deed is used to transfer ownership of a property to a surviving spouse. It is used most commonly when property is purchased by couples and one of the spouses dies. This type of property deed allows the surviving spouse to avoid probate.
Life Estate Deeds A life-estate deed is designed to transfer the title to real estate directly to a new owner upon the previous owner’s death. It is sometimes used when a parent promises a child that he will receive the property when the parent dies. A life-estate deed includes the stipulation that the parent can remain in the home until the time of his death. Life estate deeds are utilized less frequently than other types of property deeds. If you have questions or want to set up a deed transfer, consult with a well-qualified real estate lawyer. Help is just a phone call away. Call us at 855-7688845.n
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KNOW YOUR RIGHTS Avoid Surprises at the Closing Table
BY ALEX MASON
Some things in life are a welcome surprise, and some people thrive with the feeling of "winging it." A real estate transaction isn't something you should do on the fly, though. When you are buying or selling a piece of property, knowledge is power and answers are everything. All cards must be on the table from all parties involved to have a hassle-free and litigation-free transfer of property. Hiring a quality real estate agent will help to cut down on the shocking surprises that may be too late to correct or cope with. Whether you are buying or selling, be sure you have a real estate agent at your side at all times if you want to avoid surprises.
Know Your Loan Terms and Conditions When a buyer finds the perfect property, it is easy to approach the lending stage with blinders on. After all, we want nothing more than to secure the property and call it our own. However, the fine print in the loan document can cause nightmares. Your loan contract is full of terms and agreements that, when breached, could result in the forfeiture of the home. A qualified loan officer is there to serve you, breaking down all the terms and conditions into layman's language. The borrower needs to understand what each loan product means in terms of repayment, interest rate, and the difference between a steady fixed rate loan and the often shaky adjustable rate loan. The fixed loan rate will be somewhat higher than an adjustable one. However, this loan product is a safe guarantee that the monthly mortgage payment will never fluctuate and increase should future interest rates rise. The adjustable rate loan may offer a lower monthly payment initially, but it can be a game of risk when the loan adjusts in two, three or five years to an unknown interest rate.
Closing Costs The buyer and seller need to be on the same page with the closing agreements and have everything put into writing. There are no valid verbal agreements in the real estate game, so be sure your buyer's or seller's agent has all the terms and conditions written in the contract. Overlooked factors that could create chaos include a misunderstanding of the escrow length, if the seller will contribute a portion towards the buyer's closing costs, and what fixtures or furnishings will accompany the sale of the property. Similarly, items in or around the property that are not welcomed by the new buyer must be removed from the property before escrow closes. This may include a backyard spa, refrigerator in the garage or unwanted lighting fixtures inside the home.
Parties on the Title Once a home is purchased, a title to the property will be issued to the new owners. In most cases, a husband and wife will have both names added to the title. However, in some cases, the property title is going to be shared with another party that was involved with the purchase. This may include friends or family of the primary buyer, or anyone else they see fit. Putting someone on the title to your new home may seem like a benevolent gesture, but buyer beware for complications down the road. A property may not be resold until all parties on the title have consented and sign for the sale. When someone outside of the immediate family in listed on the title, there could be a tug of war as to when to sell the property, how much is the asking price and a battle over the profit. In addition, parents who wish to put their young adult children on the title must proceed with caution. A young person, particularly males between the ages of 16 and 24, are an extremely high risk to add to the title of a piece of property. One reason comes down to the driving skills and high insurance rates for young male drivers. Should a young and inexperienced driver become involved in an auto accident, the injured party may sue for damages and walk away with your home. If the wayward driver is on the title of the home, the property is fair game with a lawsuit. If you wish to ensure your young adult child will be handed the property after your death, simply get a will and state him or her as the beneficiary to the home. This is the safe and sane way to protect your property from auto liability and lawsuits while taking control of the situation.
If you are ready to buy or sell, you may want to contact one of our real estate professionals for more information.We will be happy to meet with you and share our guidance. Schedule an appointment today. Call us at 888-670-6791.n
Judicial or Non-Judicial Home Foreclosure/continued from page 1 In non-judicial foreclosures the homeowner must initiate court proceedings by filing the complaint. The initial filing should also request a temporary restraining order (TRO) and a preliminary injunction to prevent the foreclosure action from proceeding pending court action. Obtaining a TRO requires the person seeking it to show he or she will suffer irreparable harm unless the order is granted. The potential loss of a family home usually meets that requirement. Once the matter is in court, the foreclosure process naturally slows down. If a homeowner can survive a motion for summary judgment in which the lender wins by showing there is no legitimate dispute regarding a material fact, the discovery and trial preparation process will likely take months to complete. The discovery process allows both sides to request information from the other including property and financing records. Depositions may be taken or written questions may require answering as each party tries to obtain further evidence to justify or defend against foreclosure. Judicial foreclosures are less expensive for the homeowner since the owner is not the one starting the lawsuit. Judicial foreclosures place the burden on the lender to prove the foreclosure is justified and that applicable laws have been followed. Conversely, the homeowner must pay to start a lawsuit in non-judicial foreclosures. The lender, at least initially, does not need to prove anything. The homeowner has the burden to show the foreclosure action is improper.
Remaining in the Home A homeowner can remain in the home without making payment at least until the foreclosure process is completed. In fact, the homeowner should remain in the home since the owner is ultimately responsible for the home and any damage to the property until required to vacate. Remaining in the home is often a requirement to take advantage of a loan modification program. Staying without paying also provides the opportunity to save money to put toward a new, less costly residence if saving the current home proves to be impossible. The homeowner should explore options which can prevent loss of the home or which might, at least, minimize the damage to the owner's credit report. Losing a home through foreclosure will appear on a credit report and will typically prevent purchase of a home for the following 3-5 years. Options to foreclosure include loan modification, short sales and surrendering the deed to the property in lieu of foreclosure. If a court determines a judicial foreclosure is appropriate, the homeowner still has time before being required to vacate the property. The lender must schedule a date for the home sale and publicize the sale. Notice often requires several weeks of publication in a local newspaper. State law may also require a current home appraisal be performed. Some states also provide for a redemption period following foreclosure during which the homeowners can buy back the property. Depending on state law, the homeowner may be able to live in the home during the redemption period even if the buyback proves impractical in the end.
Length of the Foreclosure Process In 2019, the average foreclosure took more than 800 days from the time of first notice to end of the foreclosure process. In many states the actual process may take more than a year, and in a handful of states the foreclosure process often takes several years. Hawaii, Nevada, Georgia and New Jersey foreclosures statistically take the longest time to complete ranging from an average of three to four and a half years. Alaska, Oregon, Mississippi and Montana are among states with the shortest timelines often coming in at less than one year. California, Colorado, Nevada and other states have recently enacted laws that provide added protections for homeowners facing foreclosure. Some states require lenders and homeowners to attempt mediation prior to moving ahead with foreclosure proceedings. Compliance with these laws often results in extending the time needed to complete foreclosure. Receiving notice of foreclosure does not mean loss of a home is inevitable. A number of defenses may be available to prevent the loss. Actions can be taken to slow down the process, minimize the anxiety and even save the home under the right circumstances. Consultation with an experienced real estate attorney should be among the first steps taken for anyone facing foreclosure. n
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REAL ESTATE CAREERS Real Estate Careers for People Who Don’t Want to Buy or Sell Homes
When you think of a real estate professional, you likely get a very specific image of a residential real estate agent, helping people buy and sell their homes and performing all of the related tasks. That is definitely the best-known real estate career, but it’s not the only one. If there are some aspects of a residential real estate sales career that are attractive to you and others that are not, perhaps you would be better suited for a different career path in real estate. In this article, we explore some of the lesser-known real estate careers available and help you find one that is the right fit for you.
Commercial Real Estate Salesperson Commercial real estate agents help clients lease, buy, and sell commercial property. There are many similarities between commercial and residential agents, but there are some unique differences as well. For one, the commercial real estate sales process often takes longer than the residential process. And the needs and concerns of the clients you will serve are not the same. Both residential and commercial real estate careers require that you earn your real estate salesperson’s license. Legally, there is no post-secondary education required to become a commercial real estate agent in most states. However, most commercial brokerages expect their candidates to at least have a bachelor’s degree. Like a residential agent, commercial agents must “hang their license” with (work beneath) a broker. You can learn more about the commercial real estate career path in this article.
Real Estate Broker A real estate broker owns and runs a real estate brokerage company. To become a broker, you must earn an advanced license. Every state’s rules are different, but most require that you log a prescribed amount of time as a licensed agent before you can earn a broker’s license. Real estate brokers operate independently, which means they keep 100% of their commission split. They often also have real estate agents working under them in their office, who they hire, support, and manage. There is a significant amount of responsibility that comes with running a brokerage. As a result, some brokers choose not to represent clients in the sale or purchase of real estate and dedicate all of their energy to running a successful brokerage.
Business Broker Business brokers aid and assist buyers and sellers in the purchase of businesses. At first glance, this might seem like the same job as a commercial real estate agent, but it’s not. For example, commercial agents might be responsible for selling a dental office. But a business broker would sell the business that occupies that office along with the property. Some states require a license to become a business broker. Even if you live in a state that does not require one, it’s recommended that real estate professionals complete specialized business broker training to be successful at it.
Loan Officer Loan officers play a critical role in the real estate transaction process, since most buyers will require a loan to make a real estate purchase. There are loan officers who specialize in both mortgage (residential) and commercial lending. They work for lending institutions, like banks, and act as an intermediary between the consumer and the lending institution. They work to understand their clients’ needs and provide lending solutions tailored to the individual or company they’re serving. When an ideal option is identified, they also assist individuals in the loan application process.
Home Inspector It is incredibly rare today for a house to sell without a home inspection. Home inspectors examine, analyze, and report on the physical condition of a property. They play a critical role in presenting all of the information about the property, so the buyers can make a decision about whether or not to move forward with their planned purchase. Home inspection professionals often (but not always) begin their career in one of the building trades. When they make the decision to become a home inspector, they typically complete their education to learn more about home systems they are unfamiliar with and the ins and outs of running a home inspection business. Some states require home inspectors to complete their education and become licensed, while other states do not.
Real Estate Appraiser Real estate appraisers provide an estimate of land and building value before real estate is sold, developed, mortgaged, taxed, or insured. Because there are so many factors that influence the value of property, including specific local market conditions, real estate appraisers typically practice in a very specific and defined geographic location. Real estate appraisers are required to complete specific education and meet licensure requirements to practice in their profession.
Real Estate Assistant Real estate assistants work with agents and brokers to serve clients and manage the day-to-day tasks associated with helping them buy and sell real estate. The level of service an assistant can provide without a license varies from state to state. For that reason, some agents and brokers prefer to hire assistants who have earned their license. Real estate practitioners vary in how they pay their real estate assistants. Some pay a predictable hourly wage or salary. Others offer a commission split.
Real Estate Developer Real estate development is a career field that requires the vision to look at a blank canvas of land and imagine what it could be. Many tasks fall under the umbrella of real estate development, and most developers do some combination of them. Developers purchase land, finance deals, and manage the development plan for a given piece of real estate from beginning to end. Real estate development is typically a high-risk, high-reward career. Developers shoulder all of the front-end investment, but ultimately maximize the value of the land before taking that space to market. If they’ve done their homework and demand is there for the specific property they’ve developed, there’s a significant financial opportunity waiting for them on the back end.
House Flipper Reality television has made the phrase “flipping a house” something we all understand. And if you’re the right person for this line of work, it can be quite lucrative. However, as we’ve also learned from reality television, the number of people who are actually good at flipping houses is significantly smaller than the number of people who think they’re good at it. House flippers typically purchase a house based on potential. They invest in improving the property through their own (or hired) labor and ultimately aim to resell the property for a profit.
Landlord or Property Manager Landlords own property they rent to tenants. That property can consist of land, commercial buildings, apartments, and houses. Property managers work on behalf of a landlord to perform a variety of services that can include marketing rentals, maintenance and upkeep, rent collection, responding to tenant concerns, and even handling evictions. It is also not uncommon for a landlord to act as their own property manager. n
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