Real Estate Investing
5 Sketchy Real Estate Scams You Need To Look Out For
If you’ve been scouting for property, it can get fairly stressful when you’re looking to nail the right buy. Many real estate agents know this and they could throw a curve ball your way. Here’s where you need to be cautious and look out for scams that might pop up.
1. Fake Leases, Tenants and Other Surprises.
Imagine you walk into your new home only to realize it’s already sold and owned by someone else. Surprised? A few cases highlighted that scammers advertised a property as their own, created a lease, bagged the down payment and even managed to provide the keys to the new tenant, only for them to realize afterward that they’ve been scammed.
2. Hackers Making Away With Your Details (And Your Money!)
A hacker could email you bank details to wire your payment under the pretext of being a realtor. Despite warnings from regulators on this, both agents and their clients fall victim to this. A couple of ways to prevent this would be to ensure that you zero in on a purchase that does not demand any closing costs, verify with your realtor the details that were emailed to you, up your security and avoid using public wi-fi.
3. Moving Scams.
Unfortunately, this might be a hard one to spot earlier on – but there have been instances where packers and movers hold your stuff hostage until you cough up a much higher sum than what was agreed upon. What makes matters worse is when some of your belongings are missing. What can be done to prevent this? Perform a due diligence and check everything about the movers – right from ratings and reviews to insurance.
4. Check If Your Realtor Is Indeed A Realtor.
This scam throws up many unlicensed realtors or folks pretending to be a realtor who woo property buyers, only to have the money wired through Western Union or other third-party payment services. This should raise a red flag and could potentially draw legal trouble – check the background and confirm the authenticity of the realtor before you engage with them.
5. Swapping Your Arc Fault Breaker.
Since arc fault breakers can add a significant cost to renovating a house, renovators fix the expensive one, only to return and swap it with a cheaper breaker.
By Sheryl Chapman
As we all know, the economy can be unpredictable at times. Recession is a common phenomenon that can affect the investments in your portfolio.
But don’t worry, there are some sectors that are likely to perform well—even during a recession. Here are five recession-proof investments that you can consider adding to your portfolio.
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1. Consumer staples
Consumer staples are products that are essential to our daily lives, such as food, household goods, and personal care items.
These products are in constant demand, regardless of the economic climate. Companies that produce these items, such as Procter & Gamble and Coca-Cola, are considered recession-proof investments.
These companies have a stable revenue stream that can weather economic downturns.
2. Utilities
Utilities are another recession-resistant investment. People need electricity, gas, and water, regardless of the state of the economy.
Utility companies, such as Duke Energy and American Electric Power, have a steady stream of revenue and provide investors with a reliable source of income.
3. Healthcare
The healthcare industry is recession-proof because it provides essential services that people cannot do without. Companies that provide healthcare services or products, such as Johnson & Johnson and UnitedHealth Group, are likely to remain profitable during a recession.
4. Gold
Gold is a safe-haven investment that many investors turn to during times of economic uncertainty. Gold prices tend to rise during recessions because it is seen as a store of value. Investors can buy physical gold, gold ETFs, or invest in gold mining stocks.
GUIDE: 3 Ways To Invest In Gold In 3 Minutes Or Less 🔑📲
5. Treasury bonds
Treasury bonds are considered to be one of the safest investments during a recession.
These bonds are issued by the US government and are backed by the full faith and credit of the government. Treasury bonds provide a fixed income and are considered to be a low-risk investment.
In conclusion, these five investments are considered to be recession-proof because they provide essential products or services that people cannot do without.
Adding these investments to your portfolio can provide stability during times of economic uncertainty.
Airbnb has revolutionized the travel industry by providing an affordable and unique way for travelers to experience different destinations.
With over 7 million listings worldwide, it’s safe to say that Airbnb has become one of the most popular ways for travelers to find lodging.
However, as a host, one of the most challenging decisions you’ll face is determining the right price for your listing.
Pricing your Airbnb listing correctly is critical to your success as a host, as it can make or break your profitability.
Here are some tips to help you price your Airbnb listing for maximum profit:
Know Your Market
Before you set your price, it’s essential to research the market in your area. Look at other listings in your neighborhood, paying attention to the size of the property, amenities, and location. Check the availability of your competitors and the average price they charge. This information will help you determine your pricing strategy and ensure that your listing is competitive.
Consider Seasonal Demand
Seasonal demand plays a significant role in the pricing of your Airbnb listing. During peak seasons, such as holidays, festivals, and major events, you can charge higher rates. Conversely, during low seasons, you’ll need to lower your prices to attract guests. Keep track of events happening in your area and adjust your prices accordingly.
Offer Discounts
Offering discounts is an effective way to attract guests and increase your occupancy rate. Consider offering discounts for extended stays, early bookings, or last-minute reservations. You can also offer discounts to guests who leave a positive review or refer new guests to your listing.
Calculate Your Costs
To ensure that your pricing strategy is profitable, you need to calculate your costs. Take into account expenses such as cleaning fees, utilities, maintenance, and taxes. Factor in your time and effort as well. Your goal is to set a price that will cover all your costs while still allowing you to make a profit.
Be Flexible
Finally, be flexible with your pricing strategy. Test different prices and see how they affect your occupancy rate and profitability. Monitor your competition regularly and adjust your prices accordingly. Remember that the market is constantly changing, and your pricing strategy needs to adapt to stay competitive.
In conclusion, pricing your Airbnb listing for maximum profit is a crucial aspect of your success as a host. By researching your market, considering seasonal demand, offering discounts, calculating your costs, and being flexible, you can set the right price for your listing and maximize your profitability.
Happy hosting!
5 REITs that own iconic buildings you can buy today
Real Estate Investment Trusts (REITs) are companies that own and operate income-generating real estate properties.
Investing in REITs has become an increasingly popular way to own a piece of the real estate market without having to buy individual properties.
And you can buy them in the next 5 minutes on the NYCE app…with $5 or less.
Here are five REITs that own iconic buildings across the United States that you can invest in today:
- Empire State Realty Trust, Inc. (ESRT) – ESRT owns the famous Empire State Building in New York City, as well as several other properties in the city.
- Vornado Realty Trust (VNO) – VNO owns the iconic 555 California Street building in San Francisco, which was once the tallest building on the West Coast.
- Boston Properties, Inc. (BXP) – BXP owns several iconic buildings in the United States, including the John Hancock Tower in Boston and the Salesforce Tower in San Francisco.
- SL Green Realty Corp. (SLG) – SLG owns several iconic properties in New York City, including One Vanderbilt, which is currently the fourth-tallest building in the city.
- Macerich Company (MAC) – MAC owns several high-end shopping centers across the United States, including the iconic Santa Monica Place in California.
************************************************************************************************LEARN: How to own real estate with $1000 or less.
Investing in REITs can provide diversification and potentially higher returns than investing in individual properties. However, as with any investment, it is important to do your research and understand the risks involved.
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