Investment Property More Affordable than Ever

Look online today and see the market report that home prices ( nationally ) have hit post recession lows. These statistics are framed as a doom and gloom story that mass media thrives on, but when you read between the lines and look for the opportunity in your own back yard, you'll find good news.
As an Investor, this is the kind of news that makes you salivate. While everyone is running away from the fire, you're running toward it. In Chester, Delaware and Philly Counties, you can buy a distressed property at below market value that's in move in condition, rent it out, receive monthly cash flow, write off the interest and sell for profit in 36 months or less if you buy it right.
The only thing that this news tells me is that there is more opportunity to invest in real estate nationwide than there has been in years.

Christopher J. Edwards
484-319-0223

When to Walk Away : For Agents

I've just had a 14 month education with a client that I should be paying them for.
I'm normally not one for moral victories but that's all I can take away from this one because I definitely didn't make any money. It actually cost me potential thousands and I won't be getting any referrals.
In a nutshell, when dealing with a seller that's facing foreclosure, it's absolutely necessary that they be willing to do whatever it takes to get the home sold. They cannot be halfway committed. There are too many things that need to fall into place in order for a short sale to be successful and if you don't have a compliant seller then you are just wasting your time and it will cost you money with the time spent trying to convince them of reality.
So the take away from this is to make sure that you pre-qualify the seller thoroughly while making sure that they are willing to play ball and live up to their part. My advice is if you sense any hesitation from them or feel as though they are being disingenuous.. don't walk away.. RUN AWAY!!

Christopher J Edwards
484-319-0223

West Chester PA Rentals - Residential

I don't believe that renting is the great evil that many people say that it is. If you're not in a position to buy a home or your simply not ready for the responsibility, that's totally fine.
It is, however a great buyers market right now. But just because something is on sale that doesn't mean it's right for you to buy it. If that's the case for you then renting or maybe even renting to own isn't a bad choice if you plan it right.

1. Take a look at your budget: If you can pay your rent with one weeks' net income then your WAY ahead of the game. If you can't, don't let you rent exceed 30% of your net income and if it does.. get a roommate.

2. If you really like the property and could see yourself living there for an extended period of time, check and see if the landlord is open to a rent to own.
It works like this: A portion of your monthly rent goes toward your down payment in an escrow account. At the end of the lease you would get a mortgage and you would have already saved your down payment. This is good for people that don't have the cash or credit to get a home right now and in this market, I'm seeing more and more of these types of transactions.

At the end of the day, it's a lifestyle that you're choosing and that's completely up to you.

Christopher J. Edwards
Ph: 484-319-0223

Investment Property - West Chester, PA

Investment properties in West Chester are always in huge demand. Vacancy rates are typically lower than in other areas of the county. In large part because of the student body the occupies the town throughout the majority of the year.
If you have a student rental unit you may even have a waiting list of students that are looking to get into your property. In addition, West Chester property hasn't taken the hit that other areas of the county have.
Commercial properties nationwide been the least talked about during the recession but have taken the biggest hit out of any. However, if you want to do business in Chester County, having a central location in the borough isn't a bad thing. Commercial rents are higher in the borough whether it's warehouse or storefront.
Whether your looking for commercial or residential investment property, compared to the rest of the county, vacancy rate are lower, rent is higher. No brainer..

Christopher J. Edwards
484-319-0223

Short Sale - General

Knowing how to navigate through the maze that is the short sale process is key to having success. I feel that as an agent, it's best to have a team in place to deal with all of the different moving parts. This helps to increase effectiveness gets things done faster.
As emotional as an ordeal that this process is for the seller, the lender and the local court have no emotion about it whatsoever. The only thing that matters is what happens.. feelings don't matter at all.
All parties involved have a role to play and it's important that everyone fulfill that role as best they can in order to ensure closing. A willing seller, a capable agent with resources in place and a patient buyer are all needed to get it done.
Ultimately the bank has the final say but if everyone is working together toward the common goal of settlement then the best case possible will be presented to the bank. If that it being done you will have a high probability of success.

Christopher J. Edwards
Ph: 484-319-0223

Philadelphia Area Short Sales: Residential Real Estate

According to Trend MLS, there are 963 homes for sale in Chester, Delaware, and Philly Counties that are listed as Short Sales.

In March there were over 300 homes in that same are that were in Pre-Foreclosure status. ( At least 90 days behind on the mortgage ) Many of the homeowners will have no choice but to put their homes on the market and in many cases these homes will also be listed as Short Sales.

Since the beginning of the year there have been over 188 Short Sale listings in Trend MLS that have gone into the "expired" status ( meaning the listing agreement between the homeowner and the selling Agent has expired ) Many of these homes are either going to foreclosure, taken off of the market for whatever reason, picked up by another agent and re listed for sale, or the homeowner has just given up and walked away. There are many different things that could happen here.

Point being there are more than enough Short Sales to go around in this area. Investors are making up a large percentage of the purchase market because they see the long term value and return on investment

Media PA Real Estate: Residential

Approximately 172 residential properites for sale in Media Borough, Upper Providence and Middletown Twp priced from 0-999k (Stat provided by Trend MLS / Does not include FSBO's and other properties not listed in MLS )

Out of the 172 available, 12 are listed a "Fixer Uppers" or "Shells" and in many cases are some of the better values on the market.

8 of the 172 are listed as Short Sales.

Approximately 7 residential rental properties available in the same area ( In Trend MLS) ( not all available rental properties are listed in the MLS. If looking for a rental, drive the area of interest and also use craigslist )

West Chester PA Rentals

The school year is just about over and if you drive through town you'll see a good amount of students packing up and For Rent signs posted in windows. For me this is always an exciting time of year that is full of opportunity.
As an investor, this is a great time to speak with other local investors about their properties, ups, downs and what their future plans are. Some investors are tired of the hustle and some are looking to expand. I see a great opportunity to by student rentals because prices are low and the student rental market is always consistent and more or less predictable. Hiring a property manager is helpful so that I don't have to wake up at 3 in the morning because some drunken kid set the kitchen on fire.
( that really happened )
Some have the stomach for this.. some don't and that's just fine with me. But as long as West Chester has a University there will always be students and there will always be a need for student rentals.

Christopher J. Edwards
484-319-0223

Sales Increases in Local Markets

I just posted on a Facebook Group of mine some statistics on sales increases in local markets.
The reason I post things like that is so that people know the actual facts on the ground and not go off of national news stats, or what their brothers girlfriends cousins best friend said once.
When your buying, selling, renting or investing in Real Estate one of the main components of determining a fair price are the comps. ( comparable homes that have recently been sold in the area ) Many times comps are taken from a half mile radius of the property in question and based on completed sales within the last 90 days.
The old saying that all real estate is local is very true when pulling comps.

So the next time you see a report on the news that says home sales are still crap.. think about this article, do a little homework, or call someone like me to give you the real time stats for your area.

Christopher J. Edwards
Ph: 484-319-0223

Liar

It was easier for companies to bullshit consumers 5 years ago than it is today. Today, if I'm in a car dealership I can get on my phone and see the dealer cost of the car that I want to buy and tell the salesman that I want to pay no more than 500 over that cost or I'm leaving. And if he doesn't want to do the deal the dealer up the street will.
Most people just want to get to the point and are tired of being lied to by, salespeople, plumbers, electricians, politicians, Realtors, mechanics, car dealers, insurers, etc. Access to information and social media has changed everything and people have UNLIMITED options of who they choose to do business with.
So in this day in age how does someone that is in business actually have an effect and gain the trust of someone that they want to do business with? By actually giving a shit about what people want and focusing on having a genuine connection.
I'm not saying that you have to be best friends with everyone that you do business with, but it is absolutely important that you know what makes your customers tick and that you be honest with them. You can't withhold information, talk out both sides or your mouth, or speak in baby talk with hacky quips, snappy comments and fake smiles. That shit is old and people hate it. People want to know if you know what I want, do you have what I want and can you get the job done... NOW. Everything is right now. People don't have to wait for answers and they definitely don't have to wait for you.

Christopher Jordan Edwards
484-319-0223

Get Government Money for Real Estate

Here are some pieces of legislation that have an impact on the Real Estate Industry. Share this information with you clients, friends and neighbors and take advantage of the "Pro's" in these Acts!

2010 Tax Relief Bill
- Capital Gains Tax remains at 15%

- Payroll taxes for employees & self employed remain reduced for 2011

- Credits for energy efficient new homes, existing homes and building remain in place for 2011

Department of Housing & Urban Development
- $73 million in grants to be given to 500 National, Regional , & Local organizations

- $68 million in grants to be given to housing counseling services

Veteran Benefit Act
- Waive housing loan fees for certain Veterans with service connected disabilities called to active services

Small Business Jobs Act
- increases the amount of start up expenditures that entrepreneurs can deduct from taxes from 5,000 - 10,000

- Deductions of health insurance costs - 2 million self employed will get tax deduction this year

- Tax relief for cell phone deductions

Call me or message me for more information.

Christopher Jordan Edwards

Direct: 484-319-0223
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