Category Archives: Blog

Tips to Finding an Initial Development Property

If you’ve considered developing property, it can be a bit difficult to take the initial steps. Many new developers are unsure of how to find the best value, but there are a few tips that make the process easier, and provide the potential for a more significant return on investment.

1. Focus on location — but this doesn’t necessarily mean only buying in the hottest neighbourhoods. Many great deals can be found in up and

mountain house

mountain house

coming neighbourhoods, and you’ll be paying much less than you would be in an established or trendy neighbourhood. A desirable location can be one that’s located close to good schools or public transit, so focus on these factors to find a suitable location that’s not going to mean paying high prices.

2. Do adequate research before making a purchase. A big part of property development is knowing how much properties are going for in a particular area, compared to how much money will be put into the property and how much it can sell for. Rather than buying on an impulse, take the time to understand what you’re working with, and you’re more likely to see a substantial profit.

3. Auctions and estate agents can be a good resource to find properties that are a deal, but it’s also good to spend the time driving around and looking on your own. This is one of the best ways to discover something you might not otherwise come across.

house auction

house auction

4. Understand the seller. By understanding how motivated the seller of a property is, you can get a better deal. For example, a seller who is going through a bankruptcy is going to want to sell their property as quickly as possible, and you can go in with a lower offer than you would with someone who has more time to spend on the sale process.

Getting a Loan with Bad Credit

bad credit loan

If you have bad credit, your chances of getting a loan from a bank or other financial institutions can be very slim. Even if you somehow get approved, you will be faced with high interest rates. There are things you can do to improve your credit score, but if you are in urgent need of money, here are some avenues to explore apart from asking your friends or family members for help.

1. Prove that your financial situation has improved. If you can get a personal interview with a sympathetic creditor, you can show that your bad credit was in the past and that your present financial situation is stable. If you can show that you have a stable job and not much debt, you have a much better chance.

2. Approach a credit union. Credit unions are run as non-profit organizations by members who have something in common. Most credit union members are middle class people and the board that runs the company might be more sympathetic to your troubles and look beyond your credit history.

3. Take out a line of credit. If you are a homeowner who has quite a bit of home equity, you can take out a line of credit. These are open-ended loans, so be careful about how much you borrow and make timely payments so that you do not further damage your credit score.

4. Explore peer to peer loans. There are websites which act as middle men between the lender and the borrower. The borrower explains his need in detail and the lender can choose from the available options. Here also, there is an initial credit check, so if you have very bad credit score, you have less chance. But if you get past the screening, you have a good chance of getting approved.

If all else fails, try a family member that you trust. If you haven’t made this a monthly routine they may be able to help. Remember, things will get better so explore all the options.

How to Choose a Debt Management Program

The idea of handing over all your debts to an agency and having them deal with it can be relieving, but make sure you consider it as a last resort after exhausting all other options. If your credit is not completely damaged yet, it will be once you use a debt agency! The program is meant to get you out of debt and avoid bankruptcy. Here are some things you should keep in mind while choosing a debt management program.

  • Don’t use one. Yes, you read that right. Before jumping into a program, check for the best ways to do this and then do it yourself. Budget, cut expenses, prioritize debts and talk to each creditor and negotiate terms. Many creditors will accept a payment plan when they see that you are honest with them and trying your best. Be sure to learn about loans and choose the best options for you (here is a good article about loans).
  • Choose only licensed programs. Research thoroughly and make sure you choose a non-profit agency who will not charge you exorbitant fees. Check their accreditations and read through the details in detail.
  • Ask for the fees. Check the initial fees as well as the monthly payments. Make sure you aren’t blindsided by special fees. You are getting into the program to be debt free, not to increase them.
  • Ask about how they make payments. Make sure the program makes payments on time and doesn’t get you into further trouble with creditors. Also have them include everything in the contract, every small detail. Don’t rely on verbal promises.
  • Ask about their privacy policy and how they protect your information.

A debt management program should free you from the annoying debt collectors and the overwhelming feelings of being unable to afford your bills.  Find a good plan and make your life easier.