You are going to need an attorney. Just to place a lien, you'll need a "deficiency judgement". Normally, your uncle just telling you he was going to leave it to you is not sufficient to inherit. It needs to be in a will, properly drawn up and executed. Without a proper will, property usually goes to the next of kin and what you have done for the family will be ignored in the legal process. Have you discussed your concerns with your cousins (in a friendly way)?... more
Depending on the area youâ€™re interested in, real estate property values vary widely as with the rental market. If you are looking to maintain and hold on to rental property, now is the time to buy during a â€œdownâ€ market. With an escalated foreclosure rate, rental property is in high demand, meaning low vacancy rate. In a good real estate market, increased vacancy rate occurs.
Successful real estate investors swear that more profit in less desirable areas is best, dismissing the three factors of value, "Location,Location,Location".
Before making a purchase you should consider all of the facts. A good real estate investment rule of thumb as an average is a net rent is a double digit cap rate or at least 1% above Treasury bond after all expenses are paid. Example; If you net a $1,000 per month on a $100,000 investment, totaling $12,000 a year or 12% of $100,000, thatâ€™s a double digit return on your investment.
Important to know what the comparable net rents and vacancy rates are in the neighborhood youâ€™re interested in. If you are looking in or around the Kansas City area, I would be than happy to offer my real estate assistance and help you locate the properties that fit your investment needs.... more