January 6th, 2012

Hello and Welcome to the ReiFax.com Webinar Training Archive for January 6th, 2012. Here are some of the questions our subscribers asked in today’s training. Please watch the video to see the answer to all these questions and more:

• Q: how do I save a search?
• Q: What is the differece between “my follow up” and “my follow list”?
• Q: Can I seperate my follow up into different areas? such as the first three numbers are different.
• Q: My Follow Up:Is there any way in My Follow Up to mark that a property’s agent/seller has made such a large counteroffer that the deal is impossible, without actually deleting the property from My Follow Up? If I delete the property from My Follow Up, then I might end up pursuing it again if I run another search in a week and forget that I already bid on it. I know that I can make a note in My Follow Up, but unless I read through all of my followed properties, this information will not be readily accessible. Is there any way to make this fact that there is no possibility for a deal visually apparent from the follow list?
• Q: Comparables: Hello Ramon, I am trying to create as a low an average as I can within the Comparables window, so that I can send screenshots with offers. When looking at Comparables in Overview, is there any way to filter out properties that sold high, but are still so close in distance/proximity to the Overview property that they are unavoidable when using a rectangle? Or is there any way to isolate properties with the polygon tool but then to eliminate the polygon tool’s appearance so it is not so obvious that the data is being skewed to create a lower average?
• Q: Thanks for the Comparables advice.Probates Contact Info:In an Overview for a probate property, the phone numbers belong to the deceased owner, not the people who are in charge of the estate/property of the deceased right?
• Q: Thank you. If I find a realtor’s contact email is incorrect, and then I find the correct email online, is there any way that I can email it to Reifax so that it can be corrected within the system?
• Q: When we bring up the statistics of the area around a property, we can see that there are properties that are over-leveraged but not on the market.  Is there any way we can click on those numbers and there would be a list that pops up?  It would have to be a link.  I am already aware that we can do the advanced search to get this information but it would be nice to make it simpler for users who area laready staring at the number in the x-ray report.  Robin

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The financial crisis is affecting everyone. People are losing their jobs and some have to foreclose their homes. As a result, there is a decline in home building making some doubt that now is now the right time to build a home.

But what if there was no financial crisis? What if you can borrow money from the bank? What if you have the cash on hand? If there were no problems, then yes why not build your dream home.

To help you along, this is what you have to do.

First, get in touch with the local builders that have constructed houses similar to the size, quality and features that you want. By talking to them, you get a straight answer as to how much it is going to cost for the entire project plus what materials they will use.

Since its been months or even a few years that these homes were built, you have to expect that it is going to cost more now to construct something similar. The rooms which will be the most expensive to make will be the bathroom and kitchen. The number of windows and their size is another factor as well as the vaulted ceilings and high roof pitches.

You will also have to include inflation because building a home increase from 3% to 6% annually. With this information, only look at homes that were built within the last 6 months.

Don’t forget to put a 10% additional allowance to your budget when you make your estimate because plans change and in most cases, you and you contract will encounter unforeseen circumstances. Naturally you have to deal with the situation otherwise there will be delays when everything will be finished.

Believe it not, the cost per square foot is higher for a small home than a big one. Why? Because the cost of items is spread over and a two story home if that is what you want has a smaller roof and foundation. The same goes for plumbing and ventilation.

Another thing that could reduce cost is the shape of the home. Houses that are shaped like a rectangle, square or dome shaped are more affordable to build since there are not that many angles or corners which increases the amount of labor and the materials that will be needed.

It will be much easier to select the final blueprints, which is the basis of the project once you have estimated the construction expenses.

As much as possible, work with even numbers because this reduces wasted materials. The ideal home to make should be not less than 32 feet deep otherwise your roof trusses will have to be custom made which will cost more.

If you had this property for a long time, then chances are the neighborhood around you is already well developed. You don’t have to haul a lot of dirt, do grading, clear trees or blast through large rocks if your property happens to be somewhat secluded.

No one in his right mind will construct a house when there is a decline in home building due to the financial crisis. You just have to keep these tips in mind when the economy does improve so you will already have an idea how much money you need to build it.