Did You Know?
Glencoe (/'gl?n?ko?/) is a village in northeastern Cook County, Illinois. As of the 2010 census, the total population was 8,723. Glencoe is located on Chicago's North Shore and is located within the New Trier High School District. Glencoe is ranked eighth among municipalities in the U.S. with a minimum of 2,000 households, when comparing average income per household.
Glencoe is located at 42°7'53?N 87°45'39?W / 42.13139°N 87.76083°W / 42.13139; -87.76083 (42.131602, -87.761026).
Why Should You Choose IBA for Your Real Estate Education?
How does one become a real estate broker? To become a real estate broker in Illinois, you must first take pre-licensing courses before you sit for the exam.
IBA provides Real Estate Courses in Glencoe and in the other suburbs of Chicago. We have been in business for 20+ years, with our head office in Roselle, IL. Steps to Becoming a Real Estate Agent in Glencoe
1. Successfully complete an approved 75 clock hour Pre-Licensing course with 60 hours of Pre-Licensing education and 15 mandatory interactive hours.
2. After you complete all the course materials, meet the minimum time requirement, and pass the practice exam, you must pass a course final exam.
3. You will have 3.5 hours to take this 140-question test comprised of two portions, covering both state and national requirements.
Get your real estate license online with the Illinois Broker Academy! We're a fully-accredited school with some of the best online real estate classes in the industry.As one of our students said recently "If you need to take any real estate course, go with IBA, Iâ€™m serious." This confidence by our students from Glencoe and all across the Illinois areas is a result of our relentless pursuit for excellent education and service.
What Types of Seller or Buyer Queries Do Glencoe Licensed Brokers and Realtors Handle?
What are the cons of estate investment ?
Like any investment, there are pros and cons to investing in real estate, in addition to the potential for significant profits. As a result, due diligence is very important, whether you do everything yourself or use industry experts to help.
Here are some of the advantages and disadvantages of real estate investments, which the best investors use to their advantage to increase profits.
1.Real Estate Has Higher Transaction Costs
When purchasing shares of a stock, the transaction cost for the trade is very low, often just a few dollars. But when purchasing real estate, the transaction costs are considerably higher.
Unlike other types of investments, real estate transaction costs can significantly affect the value of the investment and make it more difficult to turn a profit.
2.Real Estate Has Low Liquidity
Many investments are highly liquid and can be bought and sold for a profit in a fraction of a second, as with high-frequency stock trading. But real estate investments are comparably illiquid because properties can't be quickly and easily sold without a substantial loss in value.
Real estate investors must be prepared to own a property for months and years, especially if it will be leased out.
3.Real Estate Requires Management and Maintenance
Once an investor purchases a property, it must be rehabbed, maintained, and managed. Financing payments, real estate taxes, insurance, management fees, and maintenance costs can add up quickly, especially if the property sits empty for extended periods of time.
4.Real Estate Markets Have Significant Inefficiencies
As we've already discussed above, the market's inefficiencies can be advantageous to investors. But here we want to also mention the disadvantages, which can be illustrated by investors purchasing properties sight unseen at auction.
The most aggressive investors purchase real estate based on minimal information and don't know whether they've made a good deal until paying for the property and then inspecting the property. Likewise, investors with rental property deal with fluctuating demographics and volatile economies, which can either add or take away from their bottom-line profits.
Real estate investing involves dealing with market inefficiencies, which can be mishandled to result in financial ruin.
5. Real Estate Creates Liabilities
Real estate investing involves taking on a great deal of financial and legal liability.
All the disadvantages mentioned above add to the liability a real estate investor takes on when purchasing, financing, rehabbing, leasing, managing, and maintaining a property. Even though investment properties may be in a corporation, there are often personal guarantees associated with the business and the risk of losing the income and profits generated by the company.
Like all investments, real estate has advantages and disadvantages.
The best real estate investors leverage both the advantages and disadvantages to increasing profits.
If you would like to see how we use the advantages and disadvantages associated with real estate to produce cash flow and profits, you can get started by filling out an Investor Profile or contact us direct.
What are the loan types available?
A loan is a sum of money that one or more individuals or companies borrow from banks or other financial institutions so as to financially manage planned or unplanned events. In doing so, the borrower incurs a debt, which he has to pay back with interest and within a given period of time. The recipient and the lender must agree on the terms of the loan before any money changes hands. In some cases, the lender requires the borrower to offer an asset up for collateral, which will be outlined in the loan document. A common loan for American households is a mortgage, which is taken for the purchase of a property.
Loans can be given to individuals, corporations, and governments. The main idea behind taking out one is to get funds to grow one's overall money supply. The interest and fees serve as sources of revenue for the lender.
Types of Loans
Loans can be classified further into secured and unsecured, open-end and closed-end, and conventional types.
1.Secured and Unsecured Loans
A secured loan is one that is backed by some form of collateral. For instance, most financial institutions require borrowers to present their title deeds or other documents that show ownership of an asset, until they repay the loans in full. Other assets that can be put up as collateral are stocks, bonds, and personal property. Most people apply for secured loans when they want to borrow large sums of money. Since lenders are not typically willing to lend large amounts of money without collateral, they hold the recipients' assets as a form of guarantee.
Some common attributes of secured loans include lower interest rates, strict borrowing limits, and long repayment periods. Examples of secured borrowings are a mortgage, boat loan, and auto loan.
Conversely, an unsecured loan means that the borrower does not have to offer any asset as collateral. With unsecured loans, the lenders are very thorough when assessing the borrower's financial status. This way, they will be able to estimate the recipient's capacity for repayment and decide whether to award the loan or not. Unsecured loans include items such as credit card purchases, education loans, and personal loans.
2.Open-End and Closed-End Loans
A loan can also be described as closed-end or open-end. With an open-ended loan, an individual has the freedom to borrow over and over. Credit cards and lines of credit are perfect examples of open-ended loans, although they both have credit restrictions. A credit limit is the highest sum of money that one can borrow at any point.
Depending on an individual's financial wants, he may choose to use all or just a portion of his credit limit. Every time this person pays for an item with his credit card, the remaining available credit decreases.
With closed-end loans, individuals are not allowed to borrow again until they have repaid them. As one makes repayments of the closed-end loan, the loan balance decreases. However, if the borrower wants more money, he needs to apply for another loan from scratch. The process entails presenting documents to prove that they are credit-worthy and waiting for approval. Examples of closed-end loans are mortgage, auto loans, and student loans.
The term is often used when applying for a mortgage. It refers to a loan that is not insured by government agencies such as the Rural Housing Service (RHS).
What does it take to get rich in real estate?
There are four primary "wealth generators" at play when you invest in real estate, depending on the strategy you get into:
1.Cash Flow. This is the extra income you'll get to keep each month (or year) that you own the property. Cash flow can be deceptive because it fluctuates when certain repairs are higher or lower in different months, so it's important to factor in non-monthly costs like vacancy (the amount of time the property sits vacant), repairs, capital expenditures (expensive projects that need to be replaced on a home every so often, like appliances, roofs, windows, plumbing, etc.), along with the regular expenses (utilities, management, etc.).
2.Appreciation. When the value of a property increases, it's called "appreciation." While appreciation is not always guaranteed, real estate has always increased historically in America over the long run, averaging 3% per year over the past century. Another type of appreciation that can come into play is known as "forced appreciation," the concept of increasing the value by physically improving the property.
3.Loan Pay-down. When you buy a property with a mortgage, each month your loan balance decreases. This means, over time, your tenant is essentially paying the loan down for you, helping you build wealth automatically. To make this concept clearer, pretend for a moment you owned a property that you bought for $1,000,000 with a mortgage for $800,000, and it made $0 in cash flow (it 'ï¿½broke even") and never climbed in value. However, after that thirty-year mortgage is paid off, you'll now have a property worth $1,000,000 that you didn't actually save for. Your tenant paid it off due to the "loan pay-down."
4.Tax Benefits. The final wealth generator from real estate is the tax benefits associated with owning property in the United States. The U.S. government likes real estate investors and uses the tax system to encourage our purchase and leasing of properties. From extra tax write-offs to the lack of "self-employment tax" to the 1031-exchange and more, real estate investors can pay significantly less tax than other business owners, using the extra cash to buy more properties or pay off the loan faster ï¿½'ï¿½ helping to build greater wealth.
The road might be foggy ï¿½'ï¿½ but if you just keep moving forward, more of the road ahead will be revealed.
How do you ask for a lower price?
Make it clear that you are willing to walk away if they are not willing to add something complementary to the deal. Here is the key to how to negotiate the nibble. Agree on the purchase of the main item. Agree on the price and terms.
The other person thinks they have sold the item, even a house, a car, or a boat, at a price that they are happy to receive. Then you add on additional requests.
Use these negotiation techniques to secure the best prices for yourself in business sales and in life. Never be afraid to ask for a better price, remember that prices are an arbitrary number for the most a salesperson thinks you're willing to pay. You can almost always get a better price. These techniques also work in long-term business arrangements, where you will be working with the same party again, year after year.
These are 5 negotiation skills that you should be prepared to use in any selling situation.
1) How To Negotiate Price Using "The Flinch"
No matter what price the other person offers, flinch as if you just heard something very disappointing. Put a sad look on your face. Roll your eyes upward and back as though you were experiencing great pain.
Say something like, "Wow! That's an awful lot of money!"
Surprisingly, sometimes just flinching will cause the other person to drop or increase the price immediately. And if the first flinch gets you a lower price when you are buying, or a higher offer if you are selling, be prepared to use the flinch again and again throughout the negotiation.
2) Asking Questions As A Negotiation Skill
Ask, 'œIs that the best you can do? Can't you do any better than that?"
When you ask the price and the person tells you the price, you pause, look surprised, or even shocked, and say, 'œIs that the best you can do?"
And then remain perfectly silent. If there is any flexibility in the price, very often, the other person will drop the price immediately, or raise their offer immediately.
If they lower their price in response to, "Is that the best you can do," you then say, "Is that the very best you can do?"
Ask, "Couldn't you do any better than that?"
You can also ask, "What is the best you can do if I make a decision today?"
This adds an element of urgency and triggers the fear of losing the sale in the mind of the vendor.
3) How To Negotiate Price Using Assertion
Whatever price they give you for a particular item, you immediately reply, "I can get this cheaper somewhere else."
Whenever you tell a person that you can get that item cheaper somewhere else, from one of their competitors, they immediately soften and begin to backpedal on the price. When you use this negotiation tactic to tell people you can get it cheaper somewhere else, they lose their confidence and become much more open to negotiating with you on a better price, rather than lose the sale altogether.
The assertion, "I can get this cheaper elsewhere," often demolishes price resistance because they think that you will go somewhere else.
Remember to make it easy for a person to give you concessions. Donâ't be adversarial or confrontational. Be a nice person. When you ask in a pleasant way, it's much easier for the person to concede to you than if you are serious or aggressive.
4) Lowballing In Negotiations
When they ask you for $100, you lowball your answer and say, "I'll give you $50 cash right now."
Whenever you offer cash immediately, the price resistance of the other party diminishes dramatically. There are reasons why offering an all-cash deal causes people to be more open to doing business with you. The three most obvious ones are reduced inventory costs, no credit card merchant fees, and the feeling of "instant gratification."
Sometimes, you will offer them $50 for a $100 item, and they will come back with an offer of $60. Very often you will find that even if you lowball at a price that seems ridiculous, they will sell it to you for far less than you ever thought you were ever going to have to pay.
5) Using "The Nibble" Negotiation Tactic
A nibble is an add-on.
You say something like, "Okay, I'll agree to this price if you will throw in free delivery."
If they hesitate about adding something else into the deal.
You can say in a pleasant way, "If you won't include free delivery, then I don't want the deal at all."
Why do you want to work in real estate?
Why do you want to work in real estate?
A top reason people explore real estate is that they are fascinated by it. They get a thrill from touring properties and imagining how to transform spaces and build lives within them. They can readily imagine how to increase property values through a few well-chosen upgrades.
Who holds original title deeds?
This is usually the solicitor or conveyancer acting on behalf of the buyer. So, if you're trying to track down your original deeds, they could be with the solicitor who acted for you when you bought the property, or possibly with your mortgage company if you have a mortgage.
If the property was already registered when you bought it, the seller may not have handed over the original deeds. There's no requirement for them to do so. Tracing the original deeds for a property that has been bought and sold many times is likely to be an impossible task.
If you want to see a scanned copy of the deeds that we have on file, start by searching our property information and finding your property's title number. If the register refers to deeds being filed, we should have copies. You can then get a copy of your deeds.
Do I need my title deeds?
Our Land Register is the definitive record of land and property ownership in England and Wales. So, if your property is registered with us, you don't need the deeds to confirm your ownership. It's a good idea to keep the original deeds though, as they can hold extra information, about legal boundaries or who the previous owner was, for example.
If your property isn'™t on the register and you choose to apply for first registration, you'll need to submit the original deeds to us. If your deeds have
been lost or destroyed, it can make things more complicated, so I'd always recommend keeping them in a safe place.