Today the potential for fraud involving real estate transactions may be more prevalent than what consumers may think. Forgery, fraud and identity theft crimes are at an all time high. By implementing some simple safe guards and additional security measures both consumers and real estate professionals may alleviate some of these risks. The growing number of cases involving identity theft, fraud, and forgery are related to the increasing number of private records available to the public today. It is impossible for the real estate community to be immune from the hi-tech crime epidemic.
Locally the Multiple Listing Service increased database security levels by providing to subscribers a RSA® security device to be utilized in addition to the standard user name and passwords when accessing their site. Realtors®, brokers, title companies and the real estate data furnishing companies have a responsibility to upgrade their security measures to safeguard consumers as well.
Surprisingly, few real estate professionals ask consumers for photo identification. Just as disturbing is how few title companies verify a real estate professional’s license. Verifying a person’s identity and the professional’s license are the first steps towards preventing identity theft and fraud. These security measures indicated below are safeguards to help protect real estate professionals and consumers. By implementing these three simple safety measures the real estate professional and consumer are working together to prevent crime.
1. Verify the identity of all prospects. When a real estate professional or consumer shows their home to a prospect the parties should provide photo identification for security purposes. Continue reading
Are you interested in buying investment properties as one of your hobbies that make money? Even in the recent financial downturn investing in property can still be quite a boon for you. If you have it in you, buying investment property with the intent to become a landlord is a great idea. You build credit during this time. Your tenants pay your investment property loans. Sounds like a good deal eh? Well it can be. It can also be a lot of work.
First you need to do your homework. This isn’t some make money quick scheme. This is a real side job that you should plan on being in for the long haul. First you should find some good investment property for sale and try to get a good deal on it. You should check it over for potential repair problems in the future, as having this long term you will be dealing with new carpet, new roofing, new appliance, and all kinds of major repairs that you may not be expecting at first. After you have your investment property and some tenants, start saving the excess money from them that doesn’t go towards the loan. You will need this money for repairs.
Being your own landlord can be a great way to build credit and you could have some property investments paid for without ever having to fork over a single dollar of your own!
Another type of business you might want to try is commercial property investing. It is similar to being a landlord, but you rent to businesses. In this type of property investing, you may have a large office, restaurant or other similar building. You will want to buy investment property in a great location for businesses, such as downtown or in a high traffic area. This has the potential to make more money but you have many more people that could cause problems inside, so be ready for more potential repairs. Continue reading