| Arm chair residential real estate investors are not | | | | mortgage lender will use. Price at market, forget |
| a pretty picture these days. Many of these type | | | | wiggle room, you need to sell, act like it. Seven |
| of investors would love to have a makeover for | | | | months ago was a different market. Remember |
| their portfolios. Mainly the newbie group that | | | | you're looking to save your credit rating.-If you |
| cattle-called weekend millionaire workshops are | | | | have multiple properties, see which ones can be |
| the ones holding many properties, huge debt and | | | | your loss leaders, price them to move fast. |
| bought in at or near market highs. On top of | | | | Better locations and the most popular models and |
| those problems, the number of buyers sniffing | | | | floor plans should bring your highest returns. Don't |
| around over-priced markets has dwindled to a | | | | treat all properties in your portfolio the same if |
| trickle. Plus, the few buyers around are the first | | | | they're not.-Figure out the absorption rate for |
| wave of vultures looking for those desperate to | | | | your market. This rate will tell you how many |
| sell. What's a teetering weekend millionaire | | | | months or years of for-sale inventory is in your |
| investor to do?-Make sure your properties are | | | | market. Three months is fine, six months is okay, |
| listed with a large national brokerage. You need all | | | | nine months is troublesome and twelve-plus, will |
| the Internet and print exposure you can get, | | | | not be pretty.-If you're in a coastal resort |
| locally, regionally, and nationally.-Don't list with a | | | | market, factor in hurricane season. If it's bad it will |
| company that demands you pay a commission, | | | | impact the market next winter. The good news |
| even if you don't sell. It's true, some companies | | | | is, demand will pick up strongly after 2 years of |
| listing agreements state you will pay a commission | | | | weak activity. The question is can you wait for |
| either way. Read the fine print before you | | | | the rebound?-Don't even think about signing a |
| sign.-Don't list your property with a broker for | | | | contract to purchase. It doesn't matter how good |
| longer than 120 days. Give them a chance to | | | | the deal is, you need to be selling not buying.-Call |
| market your property, but for only four months. | | | | your mortgage lender when you know you won't |
| If they can't do it in 120 days, chances are they | | | | be able to make a payment. They love the heads |
| can't do it in 180 days.-Demand that your broker | | | | up. You'll have more problems with your condo |
| does a virtual tour and a minimum of eight still | | | | association if you can't pay association |
| photos on their Internet web site and on This is | | | | assessments.Mark Nash's fourth real estate book, |
| not negotiable. The buyer of your property might | | | | "1001 Tips for Buying and Selling a Home" (2005), |
| be out-of-town, state or the country, think | | | | and working as a real estate broker in Chicago |
| global.-Pricing is king in today's market. Throw your | | | | are the foundation for his consumer-centric real |
| spread sheets away and your dreams of huge | | | | estate perspective which has been featured on |
| profits. Look only at sold comparable's from the | | | | ABC-TV, Associated Press,CBS The Early Show, |
| last six months, that's exactly what the buyer's | | | | Bloomberg TV, Bottom Line Magazine. |