Success Insiders Advise Investors To Invest In Themselves

USA (SANEPR.com) April 23, 2008 -- Anthony Chara has mentored several hundred aspiring real estate investors. He also owns properties in Arizona, Colorado, Florida, Iowa, Nevada, North Carolina, Oklahoma and Tennessee. Current projects include pre-construction and commercial land developments in Florida, apartment buildings in the mid-west, and several multi-million dollar condo conversions in Arizona.
Three important tips Anthony advises investors of are:

1. Automatically assume the numbers provided by the seller are incorrect
2. Search for a certified property manager (CPM)
3. Be on good terms with the lender—he is your friend

The numbers provided by the seller are often incorrect. This is not because the seller is purposely misrepresenting the information, to mislead the buyer. For example, the amount the seller claims for the yearly income taxes could very well be true, but in many areas, as soon as title transfers, the taxable value is increased to the amount of the State Equalized Value (SEV), which can dramatically increase the new property tax amount. The longer the seller has owned the property, the greater the difference will be. Details on assessed values and property taxes, among other important information about the property, can be obtained through the tax assessor or the title company.

Anthony goes on to explain other important expenses one needs to look into, including utility bill and property insurance for the area. The area where the apartment building is located can make a huge difference in the amount paid for insurance.

A certified property manager (CPM) can provide information pertaining to average maintenance and repairs ranging from 4% to 15% according to the classification of the building. Certain documents can be purchased through websites that have lists for metropolitan areas for the entire country that provide data on the average fees for utilities, taxes, maintenance, repairs and insurance as well.

A solid relationship with the lender has its perks. The lender will also have a database with compiled information that is beneficial. The lender will carefully analyze the information to determine if the property is a good investment. When traditional financing is transacted the lender will have safeguards in place to help minimize any financial risks related to the property.

Visit at http://www.successinsiders.com/ to ask Anthony questions or to attend one of his teleseminars.

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