Buying an Investment Property "3 Steps to Success"

March 18, 2011 - PRLog -- Step 1 - Get Your Finances in Order

Learn your FICO Scores (also known as Credit Scores) by visiting AnnualCreditReport.com.  The website is supported by all three of the credit reporting agencies used in the United States, which are Equifax, Experian, and Transunion.  Every year you are entitled to get a free copy of your credit report from each agency.

Through this link http://www.annualcreditreport.com/, you can get ALL THREE credit reports at once for FREE, every year.  As you order each report you will have an option to pay a few dollars for  your credit score too. It's under $10 for your score.  We recommend making a note on your calendar to get your 3 credit reports/scores every year, even during years when you are not buying anything, so you always know what's on your credit report and you know your credit score.

As your final step to getting your finances ready for buying an investment property in the USA, it is beneficial to speak with a lender, even if you're not ready to buy yet.  Find a lender who is willing to work with you long-term, knowing it may be a while before you are ready to buy.  You want a lender willing to do this, because they will be the type of lender who builds relationships and sticks with you through all of your future transactions.

Step 2 - Discover Where Your Passion Lies

Have you dreamed of California Living or Buying an Investment Property on the beach or Owning Property in the USA?  Take time to really dig down and figure out why.  What really motivates you to want to own or invest in real estate?  Write it down and keep the list handy.  Once you are clear about your passion/dream , narrow it down to geographical areas of interest and be ready to share your passion and dreams with a real estate professional.  

It is imperative you know which state(s) are of interest to you before you choose a REALTOR®.  Once you know where you want to buy, then find a REALTOR® licensed to represent you in that area.  In America, each state issues a license to allow an individual or company to operate in only that state.  For example, we hold a California Real Estate Broker's License.  With that license we can help you buy or sell anywhere in the state of California.  We cannot represent you in a transaction in Hawaii or any other state without a separate license for that other state (although we are always delighted to refer you to quality agents in those areas).

Step 3 - Select The Best REALTOR® For You

First off, let us explain the difference between a Real Estate Broker, Real Estate Agent, Real Estate Salesperson, & REALTOR®.  Each state in America has a Department of Real Estate (DRE) or similar department.  DRE issues licenses to a Broker or a Salesperson.  A broker may conduct business on his/her own or form a company without supervision.  A salesperson must be supervised by a broker; they cannot conduct business without a broker signing a document stating that he/she will be responsible for the actions of a salesperson.  The term "agent" typically refers to anyone representing your transaction; it can be a broker, salesperson, REALTOR®, or attorney.  

The state does not require a broker or salesperson to become a REALTOR®.  Brokers and Salespeople may elect to join the National Association of REALTORS® (NAR), by attending workshops and signing an oath to abide by a stricter code of ethics.  Once a broker or salesperson has successfully joined NAR, he/she may use the term REALTOR® and must abide by those higher standards and be subject to additional discipline if he/she violates those rules.

The best way to find a good REALTOR® is through word of mouth.  Ask your friends and colleagues if they liked their REALTOR®.  You can also visit Realtor.org at http://www.realtor.org/rofindrealtor.nsf/pages/FS_FREALTO... to find a list of REALTORS® in the area you desire.  

Your next step, before you even contact the REALTOR® should be checking to make sure his/her license is in good standing and to check his/her disciplinary record by visiting the Department of Real Estate for the state where your agent or broker practices.  Click this link http://www2.dre.ca.gov/PublicASP/pplinfo.asp to check the license status of a California REALTOR®.

Next, call the REALTOR® to see if you like him/her over the phone.  If you do, ask for an in-person meeting.  A quality REALTOR® will not only be eager to meet you in person, but he/she will encourage you to meet.  Some REALTORS® prefer to meet in their office to show a professional setting.  Others like to meet at your home for your convenience.  And some prefer a neutral location like a coffee shop.  Let the REALTOR® know your preference; don't be shy about letting him/her know your style so you increase your likelihood of genuinely connecting with the right person.

I sincerely hope you find this information helpful.  If you would like more detail or other information, please share your comments by reviewing this press release.  Otherwise, feel free to post your comments on our blog at http://ownamericanproperty.com/contact/; we love candid feedback and comments, so share away!

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Focused on helping foreign nationals Own American Property. If you dream of buying in California, we are ready to help you find the best places to live in California. We believe in Real Estate 1 Person at a Time!
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