With lots of options in ways to invest in property, why would you would like to purchase foreclosure homes? While on the outside it seems like a much better idea to purchase some state-of the artwork condo or country villa which you just pass by on your way to work, would not the exact same investment make more sense if you alone found that the home was about to be foreclosed? Obviously it’d because after you make the purchase you will still have cash left over to fix it up. This is why investing in foreclosure houses is such a terrific thing to do.
Embed from Getty ImagesOften times today you take a look at the asking price for your investment home of your dreams and your jaw drops. Typically it is because you cannot believe the high starting price. With foreclosure homes it is often also jaw dropping, but for the opposite reason. All foreclosure houses are sold at a reduction of anywhere from ten percent to 15%. Occasionally even more! A smart investor knows where to find the best deals. If that’s you then foreclosure houses are a fantastic choice. The reason houses go into foreclosure is your owner’s default on the mortgage and the lender or the lending company determines now is the time to repossess the property.
These possessions are disregarded since selling the property is the most crucial matter to these lenders. They don’t need to get stuck holding a home as this certainly a losing scenario for them. An example of the discount rates one may expect. If the outstanding debt to a lending company is $90, 000 and the price quoted is $70, 000 and the highest bid is $71, 000 then which bidder will get which foreclosure for a 20% reduction. As you can tell it’s always going to be less than the market value.
There are various options when you are choosing the real estate school. The best one should, first, be licensed and able to provide experience and instruction you could use later in your business. You should also look at reviews, and be sure that the most of them come from professionals that are prospective in the real estate business.
It is true that no cost should be too high when you are choosing your future profession through which you plan not just to earn a living, but also to prove yourself as a professional. But high prices may be the indicator not of the school’s high professional rate, but of its short popularity in that specific time. Depending on a package and course you take, it can cost you from a hundred to one thousand dollars.
It is a good plan that you start with some basic lessons, and after that decide on which direction would you like your career to take. The best real estate school should offer you various options after completing the basic course, with guidelines and counsel that will help you with future career options. Courses with different formats can be a bonus for you because you can find the one best suited for your preference of learning.
Getting your license
Considering the final exam, rates of those who finish the school should be high, but not too high because that is the sign the school doesn’t provide deep enough knowledge on the subject. You should, however, be, with other classmates, able to gain and absorb information on a high level, because that is the sign that educators and professionals are good in passing on their knowledge to others. Bare in mind; licensing is different in every state, so you will need a school that has courses approved by the division of real estate from your state.
In some of the states, there is a limitation on how quickly you will complete your course. But the longer it takes, the possibility to just forget all the material you have learned, is bigger. That can make it more difficult to pass the test. Six months should be the shortest choice. For your license to stay active, in some countries you will be required to continue your education trough next level courses. The best real estate school should be able to offer you that.
Existing for more than 5 decades, Armbrust Real Estate Institute (AREI) was the first state-approved and privately owned Colorado Real Estate School. This Institute was founded in 1962 by Betty Armbrust, and now her descendant Patrick Armbrust is the School Director.
Trough his work, Patrick is expanding the original courses of real estate brokerage into appraisal and mortgage.
AREI has five locations and it offers not only regular classes but also courses that are available on evenings and on weekends. Its adaptability to the different needs, potentials, and schedules of its students is not the only thing that this Institute separates from the other real estate schools. It is also the various programs, internships, connections, and opportunities people in AREI are given. The classes are held in Greenwood Village, Colorado Springs, Denver, Aurora and Littleton.
This school offers a large selection of real estate licensing courses as well as designation and appraisal courses: The program also includes courses required by the Colorado Real Estate Commission (CREC) for the Broker pre-license programs. We have all the courses required by the State Appraisal Board to qualify for Registered, Licensed, and Certified Residential Appraiser programs. Armbrust Real Estate Institute has joined the RealtyU® Network of real estate schools and colleges in June of 2002.
Patrick Armbrust, the school director and descendant of its founder, has both Colorado Real Estate Sales Associate license and Broker Associate license. He is also a past Senior Residential Appraiser (SRA). His other certificates are Certified Appraiser and Independent Real Estate Broker in Florida; and Colorado Certified Residential Appraiser. Patrick Armbrust is the first instructor in Colorado that earned the National Appraisal Qualifications Board Certified Uniform Standards of Professional Appraisal Practice Instructor designation.
Betty Armbrust has earned numerous awards including:
- Being a Distinguished Real Estate Instructor (DREI).
- Past president of the Denver Board of REALTORS®.
- Past president of the Colorado Real Estate Educators Association,
- Past president of the National Real Estate Educators Association (REEA).
- Voted “REALTOR® of the Year” in 2000 by the Denver Board of REALTORS®.
- Awarded the “National Real Estate Educator of the Year”, the “Colorado Real Estate Educator of the Year” and she is a three-time recipient of the “Merrie Medina Teaching Award” granted by the Colorado Association of REALTORS®.
We at RealtyU® are proud to announce this year’s featured educator – Fred Preator of ProEd in Sioux Falls, South Dakota! This recognition is offered in the light of the strong commitment and solid effort put forth by Fred and all RealtyU® Educators on behalf of their students and the RealtyU® Network. With ease, he can teach and explain various subjects regarding real estate business to anyone.
Fred Preator has taken an indirect road to real estate education. Having switched majors a half a dozen times and enjoyed numerous extracurricular activities during his college years, Fred finally graduated from the University of Sioux Falls with a well-rounded education and a degree in political science/history. Only after graduation did he realize that political science is a major, not a job. Left with the choice of either being an unemployed political scientist or going back to school for a useful degree, Fred decided to go to law school at the University of Wyoming.
After a few years of practice in Wyoming, Fred moved to Sioux Falls and started his own law practice, Preator Law Office, P.C. In an effort to feed his entrepreneurial spirit and drive business to his law practice, Fred purchased Pro-Ed (www.pro-ed.org), which, by his words, turned out to be one of the best moves he made in his career. Pro-Ed opened its doors in 1981 and remains the premier real estate school in South Dakota. Pro-Ed offers pre-license and continuing education for brokers, appraisers, property managers and home inspectors.
Fred’s latest challenge has been the acquisition of Barney Fletcher RealtyU® (www.barneyfletcher.com), the largest proprietary school in Georgia. Barney Fletcher RealtyU®, through its seven locations throughout Georgia, offers a full range of pre-licensing and continuing education courses for the real estate, appraisal and home inspection industries. Both Barney Fletcher RealtyU® and Pro-Ed are affiliates of RealtyU®.
Fred has a passion for motivating others to lead with integrity and is currently developing leadership, strategic planning and other business-related courses with the Harbor Group (www.harborcg.com) for the real estate industry. This courses will be designed for both beginners and professionals in real estate industry. It will ease the beginners into the business, and the professionals will have a lot of options for advancing their skills in specific fields.
In his spare time, Fred also runs his other ventures, a mortgage company, and a brokerage/development company. Fred also loves to spend his free time with his wife and two daughters.
With his vast knowledge of the industry, Fred turned out to be one of the greatest educators. Because of his immense experience and deep understanding of business, we are proud that he belongs to our group of featured educators.
To become more successful in your area of business, we suggest that you earn some additional real estate certifications and designations. It will demonstrate to people in your industry and the public that you are committed to your development as a professional and to customer service. You will benefit in your field from additional training and up-to-date information.
If you need to decide which designation program is for you, we advise you to analyze your target market closely, because the program you choose should coincide the market that you target. We added a broad variety of beneficial programs below, but bare in mind; this is not a definitive list. It only includes some of the best and most popular real estate certifications and designations.
Certified International Property Specialist
CIPS is an international course. The chosen students can earn this designation after finishing the learning course that is focused on certain aspects that include transactions which are transnational. It also includes knowledge of currencies, exchange rates, conditions of the market, investments, taxes, and many more.
Performance Management Network
PMN designation is built for professionals in this industry to get skills that will help them in keeping their business on top of the market. You will acquire the knowledge that will give you tools and means of the real market world. On this course, the topics are about negotiation, business systems, planning, networking, and management of your performance.
Certified Property Manager
Whit CPM course you will be getting designation that will confirm you have real estate skills in management, considering all of the areas of expertise from industrial, trough commercial, to residential. These kind of professionals are managing commercial and office buildings and centers, apartments, and know insurance and tax regulations and laws.
Accredited Buyer Representative
With ABR designation, you will have the expertise to represent real estate clients. This certificate is given to the ones who finish an extensive course in client management. They also need to represent buyers in practice where they will close some real estate deals.
Seniors Real Estate Specialist
SRES designation can give you the understanding, and knowledge in the field considering real estate customers and clients that are over 55 years old. It will help you in developing resources and skills you will need for his kind of market.
Looking for something else?
Other courses, designations and certifications you may look into, are: Certified Real Estate Brokerage Manager (CBR); Certified Residential Specialist (CRS); Counselor of Real Estate (CRE); Graduate REALTOR Institute (GRI); Accredited Residential Manager (ARM); Certified Relocation Professional (CRP); Resort & Second-Home Markets Certification (RSPS).