When you hear prefab, do you automatically think a “trailer on wheels” or a mobile home? Does your mind tell you substandard or cheaply built? You are not alone.

I hear it all the time when people ask me if we are a prefab Company and I tell them yes. I also ask them what the word prefab means to them. Let me explain what it really means.

Prefab is explained in Webster’s dictionary as a prefabricated building or structure. If you also break down the word you see the prefix of “pre” which means before like pre-1960 in history. The word “fab” means to assemble or fabricate. So if you really break it down, prefab means to build something ahead of time. So let’s explore this.

If we are talking about a building or structure, it can mean dozens of applications but let us concentrate on the 3 most common building types that are prefabricated, namely panelized homes, modular homes and manufactured homes.

Panelized homes are basically taking a stick framed home or building and pre-framing the wall sections, usually in a enclosed building, and sending our the walls in panels to the website. The walls generally do not include wiring, insulation or drywall and therefore are called open panel walls. Most if not all panelized wall sections are sheeted ahead of time. The benefits are numerous over stick framing and can include less waste, more accuracy, no delays for weather and allow you to frame a typical home in sometimes half the time as stick framing. The added bonus is the banks consider them stick framed for owner/builder loans. The drawbacks are usually reluctant framing crews who want to stick frame instead, you still need to hire a Contractor or coordinator as the project still has to be completed to turnkey.

Modular homes are getting more popular these days and for good reason. They are built to the same standards as a regular home in your neighborhood and even exceed the quality in some instances. A modular home is typically assembled in a large enclosed facility and would come out in @ 5-7 sections, ready to be craned together on site. Modular homes have most of the structural done ahead of time and allot of the finishing like drywall, already attached. Plumbing, electrical, heating chases are already in the walls and are finished being installed on site. It can take 30 or so days after assembly to finish the drywall, add cabinets, flooring, plumbing fixtures and any exterior finishing that needed to be completed. Obviously the benefits are that most of the work is done ahead of time and the fast completion time once on site. Most, if not all, modular Companies have crews available to complete your home. The drawbacks are restriction on design as this style of fabrication usually requires a gable roof in order for the structure to come together. They can cost more per square foot, once completed than a conventional build and you may be restricted on finishing choices. Keep in mind that Modular projects require 5-7 loads by a truck so shipping can be prohibitive the further away from the plant you are and access to your building site can be an issue. It may be prudent to check with your Bank and land use to confirm their policies on Modular use.

Manufactured or mobile homes are not what they used to be. Gone are the days of 2x4 exterior walls and little or no insulation. They too are prefabricated in an enclosed, environmentally controlled facility and most are now constructed of 2x6 exterior framing and conform to local building codes. The styles are allot more appealing and vaulted ceilings as well as a stylish master ensuite in not uncommon. Manufactured homes predominately come in 2 sections, already completed, including cabinets and flooring installed and can be set up and finished out in 2-3 days. The other benefits are you order a home and all you have to do is wait for it to show up and all manufactured home dealers will quote setting up on your site so you just move your furniture in.

The restrictions to manufactured homes can include plan selection, access to site, bank policies as well as whether you can put this style of prefab structure on your land. Some cities and Counties do not allow them in certain areas. Manufactured homes have been known to depreciate in value but not in all areas. Check with a Realtor or Dealer to get the facts. Prefab homes and structures can include Commercial building, recreation cabins, as well as churches and schools. It is getting increasingly popular and acceptable in North American building society every year and I hope that I was successful in helping to change your thinking about the word prefab and what it really implies.

In the age of sites like Realtor.com and Zillow, this has taken on a different angle than in the past. Experienced agents could hold the MLS over the head of prospective home buyers and they would feel that the agent had more information than they did.

But, we go back to Toby's favorite saying "information is cheap, don't be cheap." So what is an agent's role in finding you a home? They can work with you to find the home, but it is the agent's role to point out issues with the home — things that an agent will see more because this is what they are trained to do. Spotting potential defects — or even things that the seller may have omited that could increase the homes value (for example, hardwood floors under the carpet).

Negotiate Your Home

What is the goal of a buyer's agent? To get you the home you want in the best possible deal. Note that, I wrote deal — it isn't always the best price. It is the combination of the sales price, financing options, downpayment, etc. that leads to a great deal that will ultimately provide the purchaser with the most enjoyment of the property.

Manage The Deal

Buying a home is extremely stressful situation for a buyer, and if their agent is always saying "let me check." Don't you think that will add to the stress level? So you want an agent that is experienced and keeps involved in the transaction from the beginning to the end of the deal.

Meet Expectations

There are a lot pitfalls that can send a deal packing as it heads through the stages. And you need to know what they are and the positive and negative reactions to your decisions. The entire deal is a "game of chance", and you need to know the odds before playing.

The easiest example would be if you can only buy a home in the $100,000 range and the agent is showing you homes in the $300,000 range. Well you are never going to find a home that can meet your expectations in that location.

You have decided to take the leap into becoming a homeowner. You’ve done your homework, you can recite the CMHC fee schedule, you can calculate land transfer tax in your head, and you have even bought the DVD box set of Flip this House.

But what about choosing a neighbourhood?

While personal considerations such as living close to family (or keeping a comfortable distance from them) may limit your selection to only a few Toronto neighbourhoods, there are otherwise over two hundred communities across the city from which to choose. Here is a sampling of some of the more popular neighbourhoods for first time home buyers:

Riverdale and Danforth Village

From Broadview to Woodbine, straddling the first few streets on either side of the Danforth, and Danforth Village combine to offer a selection of stylish entry-level character homes. Perfect for the young urban dweller with a disdain for the uniformity of suburbia, this area offers convenient subway access, cool Danforth dining and shopping, and a range of prices for every budget. Riverdale is superb both for finding homes with great bones for the ambitious do-it-yourselfer, and finding magazine-quality renos for those you want to just move in and impress their friends.

Riverdale and Danforth Village Real Estate Values: Entry-level Danforth Village homes range from $250-400,000 while entry Riverdale homes range from $400,000-550,000.

East York

The portion of East York spanning from the Danforth north to O’Connor Drive offers some of the best value in all of Toronto. It is still possible to find homes for under $325,000 that are on quiet streets, are close to the subway, and that don’t give you an icky feeling when you step inside. The author can personally attest that East York is a very pleasant place to live, as it is where she bought her first two homes!

Thinking about eventually either having a family, or needing more space? Consider one of the traditional East York bungalows, and then have one of the rapid renovation companies that specialize in “topping-up” bungalows add a second floor when you need it. (This is also a respectable way to add value to your investment; some of these topped-up bungalows are fetching $500-600,000 on resale).

East York Real Estate Values: While some semis and small detached homes can be found for as low as the $250-300,000 range, a much greater selection is between $300-400,000.

Harbourfront

Who said that just because you are a first time homebuyer, you can’t have a view of the water and be right in downtown Toronto? While you can’t expect a sprawling Harbourfront condo penthouse for under $200,000, there are bachelors and junior one-bedroom units in contemporary buildings with excellent facilities that sell for as little as $180,000. In addition to building amenities, you have Harboufront’s cultural attractions and Lake Ontario’s outdoor activities outside your door, with streetcars and the downtown only steps away.

Davisville Village

Right in the middle of the city, Davisville Village offers some of the best-priced housing options within the desirable Yonge Street corridor. Offering the convenience of a brief subway ride to downtown, Yonge St. shopping, and loads of fun restaurants and pubs, Davisville Village has been attracting young buyers looking for their first home or condo. The hoards of singles in their twenties and thirties who reside in the numerous condos near Yonge and Eglinton are what have earned the neighbourhood the moniker of Young and Eligible.

Catalogs are promotional tools used in marketing. Catalogs are available in the printed form and as online versions. Steel buildings catalogs provide information about steel buildings. The printed forms may be short pamphlets or booklets with a number of pages. Steel building catalogs are necessary tools in the selection of steel building products. They provide a comprehensive idea about the cost of the construction. The catalogs of some manufacturers also give guidelines for the assembly of the system.

Steel buildings catalogs narrate the features of steel buildings, with adequate examples and thumb nails. Photographs are also used to make the catalogs more attractive. Online catalogs include video graphs and animated pictures of steel building construction. In catalogs, the price of a product is mentioned near its description. Attractive offers and discounts are also mentioned in catalogs. These catalogs can be used to acquire the price quotes of various kinds of steel buildings. Steel buildings catalogs also mention recommended accessories. Some catalogs include warnings about inappropriate structuring of steel buildings.

Steel buildings catalogs focus on every aspect of these buildings such as roof panels, wall frames and accessories. They describe the size, pattern and color of the product. Construction details are also included. The process of assembly is detailed through a series of pictures. Each step in the construction is outlined. The unique advantages of steel such as weather resistance, cost effectiveness and reduced time consumption are mentioned in catalogs. The special features of a steel building over its competitors are projected.

Steel buildings catalogs are available from manufacturer and builder websites on the Internet. Most manufacturers have printed catalogs meant to be circulated among the public. They put in maximum effort to boost the steel buildings industry. These catalogs are also distributed through news letters. Online catalogs are circulated through mails and affiliate marketing.

Steel buildings are a new trend in the construction industry. Different parts of these buildings are manufactured in a factory. Steel is the raw material used to make the skeleton of the building. Advantages of steel buildings are low building cost, durability and less time consumption. Steel building prices depend on the price of steel at the given time. Horse riding field, residential and office buildings, barns, garages, aircraft hangers, warehouses and industrial buildings can be constructed out of steel.

Steel building prices range from $6 to $20 per sq ft for standard size buildings. This price may include building materials, transportation, foundation and construction, depending on the terms and conditions of contractors. You can calculate the estimated building price during the pre-planning of the project. Depending on the building area, the price varies to a great extent. Standard steel building prices do not include extra features that are very expensive and optional. Color roof sheeting prices range from $175 to $1300 according to the size of the building. To enrich roof and wall insulation, around $795 to $5000 are to be spent with respect to the area of the building.

Steel building prices to include gutters and downspouts range from $375 to $1000. An average of about $500 is needed to add a 3x7 walk door with framed opening, metal door, lock and other accessories. For overseas delivery shipping charges are also counted. Double pane glass for windows and insulated doors are expensive, but increases the security and beauty of the building. Steel building prices hike to $40 per sq ft for complex designing with exterior brick finishing. Labour costs for steel building construction are charged hourly. As the complexity increases, a simultaneous increase in the labour cost also occurs. General contractors include foundation costs in their proposals but brokers and manufacturers do not bear the expense. Normally $4 to $8 per sq ft is charged for a concrete foundation. The bidding of steel buildings helps customers to select the best at low rates.

Steel was commonly used for garage construction from the early days of 20th century. Steel garage buildings offer an affordable solution for storage needs. With the development of technology, new techniques are incorporated into the construction of steel garages. Steel garages are now available in various attractive designs. ?Do it yourself? readymade kits are the latest trend in steel garages.

Steel garage buildings come in various styles. The common pattern in steel garages is the arch building, in which an arc acts as both the sidewall and the roof. Rigid frame system and straight roof system are other systems. Garages are also designed in patterns such as Sierra, Mohave, Teton, Sonoran and Gambrel. Models A, P, Q, R, T and G are also recommended for garage construction. The panels are galvanized steel in a wide range of colors such as white, brown, ivory, burgundy, patina green, charcoal grey, dark blue or antique bronze.

Custom design steel garage kits are available from manufacturers. Such a kit has to be assembled on site. The pre-engineered steel material is mounted on a suitable foundation. The base rail system is a common foundation for garages. The caisson mounting system is also recommended. The steel structure is inserted on the foundation, and fixed with bolts. End walls and special garage doors are fixed at last. Steel garage buildings also include accessories such as lights, windows, sky lights, truss bracing and cupolas.

Steel garage buildings have unique advantages over traditional buildings. They are economical and easily constructed within a day or two, using minimum labor. Insurance cost is also less since steel is resistant to almost all threats such as fire, hurricane, hails and earthquakes. Steel garages can be easily modified and extended according to the need for more space. The pricing is competitive. The sq ft charge starts from $5.

Steel garage building designs are offered by several designers and builders. Local contractors are available to manage the assembly of steel garages. They ensure durability for the structure with a warranty of up to 30 years. They also provide excellent customer service.

Like many people, you may feel that you prefer the low maintenance and modern comforts that come with new build property but equally do not want to be on a development where all the houses are the same.

There are two options for you-

1) Buy a plot of land, get an architect and do your own thing

2) Buy a plot of land with planning permission and developers ready to build a home to suit you.

1) DO YOUR OWN THING

This first option is the most time consuming and requires the most effort from your part - but should result in an individual looking house built to your spec. The build cost will generally be higher than for option 2 but you will save by buying a plot without planning permission and reap the subsequent financial rewards once planning is granted.

There is however no guarantee that you will be granted planning permission or it may in fact take a number of years. If it is granted, you then have 2 years in which to begin your project - but should you wait beyond this period to begin construction the permission granted will be null and void and you will have to begin the process all over again.

Individual plots of land with planning already granted are rare and also come at a premium. It is prudent when looking for these plots that you ensure that there are water and electricity connections nearby as digging trenches for laying pipes and cables over long distances can get very costly.

2) WORK WITH DEVELOPERS

Your second option is to buy a plot of land within a small "lotissement" with planning permission already granted and developers ready to build and totally manage the entire project.

You may be given a standard choice of several houses for each development and a lot plan for you to choose your plot. This is probably the cheapest option.

You also have the choice of changing the layout of the house to suit your personal requirements/taste. However, the more deviations from the original plan the higher the costs in general.

Alternatively, you can buy just the plot and design a house from scratch with the developers who will be able to guide you and design something that is totally your own. This last option is the most expensive as it is similar to option 1. However, as everything is done "in-house" the process is far simpler for you, far less time consuming and less risky.

If you plan to build a house you should really ask the architects to plan the new building in such a manner that the energy loss in the winter or during cold days is minimal. Think that circa half of the heat loss happens through walls and poorly insulated window frames and an important percentage through ventilation systems. The orientation of the new building is also important: north south, with large windows on the south and smaller on the north (if possible no windows at all on the north). And don't overlook proper insulation. If this is done right from the first phase of the building process, you'll not have energy loss problems later or other problems such as mildew.

However, if you already live in a poorly insulated building, don't despair! There are some simply ways of improving energy efficiency and they don't imply huge expenses. Start by replacing your windows with low-emission glass windows (or just change the glass). Low-E is a new technology based on a special metallic coating that is transparent to the solar spectrum and reflective of IR radiation that lowers the amount of energy loss.

If your walls aren't insulated, depending on their construction, there are three insulation types you should consider to reduce energy loss: cavity, internal and external. Insulation will reduce heat loss and certainly the energy bills. And don't forget installing draught excluders on your doors and windows.

Solar systems - like solar hot water panels - could provide more than 50% of your annual hot water needs. There are more and more homeowners installing solar panels on their houses. Such systems not only produce warm water practically for free, but also increase considerably the value of a building. Some homeowners even use rainwater systems to reduce water costs and help protect the environment. The rainwater is collected in special containers and can be used as drinking water after it is filtered and purified. Such rain harvesting systems are not always low-priced, but the savings they provide make the price worthwhile; in time you'll cover the cost of your purchase.

If you have a boiler older than 10-15 years, you should replace it and purchase a high efficiency condensing boiler. This might save you about 1/3 on your heating bills because they convert more than 88% of the fuel into heat, while conventional boilers convert about 70-75%. If you cannot afford a new boiler you might consider insulating your hot water tank and the water pipes to reduce heat loss.

Today's log homes are built for strength, durability, energy efficiency, and, of course, unique beauty. To provide all of these benefits, the logs should be milled or hand cut have a tight fit during construction and kiln-dried to reduce moisture content, remove mold and fungi, kill any insects, and stabilize the wood.

All wood gives off moisture until there is an equilibrium reached within the cells of the wood. As this equilibrium is reached, the dimensions of the log will change (the logs will shrink). A log home built from air dried, green, or standing-dead (not kiln-dried) logs is expected to settle as much as three inches per eight feet of wall height. Instructions are given to the homeowner as to how to adjust the walls with jacks, bolts and other mechanisms every few years. Doors may stick, floors may become unleveled, and roofs may sag. This is what can be the case with log homes built with logs containing a high moisture content. True kiln-drying eliminates these problems and the need for the adjustments.

Proper Kiln-drying logs during the manufacturing process will:

* Stabilize the wood

* Expose checks in the wood (it will happen anyway) allowing the turning of logs during milling to place checks in un-obtrusive places creating a better finish

* Kills wood boring insects (beetles) and decay fungi

* Produce a lighter log saving cost of transportation and ease construction

* Creates a better surface to accept stain and finishes


If your log manufacturer says they kiln-dry, make sure they

Kiln-dry for at least 30 days
Temperatures reach 180 degrees
Logs are monitored and then sample cut and weighed
Logs not meeting the moisture level needed are dropped out of the process

Scott Grund is the owner of Flying Crane Log Homes in Edmonton Kentucky providing custom log home packages as well as commercial building design and materials. Flying Crane is an authorized representative for The Original Old-Timer Log Homes and Supply, Inc. of Mt Juliet, TN. Old-Timer Log Homes has been manufacturing log homes since 1978 and was a pioneer in the true kiln-drying process.

As a log home dealer, Scott will provide without charge consulting services helping the consumer through the entire process of building a log home. Steps that are discussed include site selection, home design, log profiles and species, selecting a builder, construction as well as care and maintenance.

When the time comes for you to make that leap and purchase your own home there is no doubt that you will be a little nervous. This is really a big step for you and it would be unusual for you not to be nervous when entering into a contract that is longer than you have probably lived. Add to that the fact that you might have been living pretty foot loose in an apartment community without all that much responsibility other than paying rent and you have the recipe for a sleepless night or two. But don't take it to heart, there are many reasons why owning your own home is a great idea, and here are two of those reasons.

1. Security and Financial Growth - Sure owning your own home is a bit more expensive from month to month but the price of your home will continue to rise as the years go by. There are ways, and you can look this up in your local library, for you to own a home outright within 10 years. This is a great thing but takes discipline and patience. So settle into your mortgage knowing that every month your home is worth more than it was the month before.

2 Freedom - Did you ever have one of those landlords that did not like you to do anything to the house, not even to hang a picture? And if you did hang that picture then heaven help you, you were going to have to pay for the repair. Well, guess what? You aren't going to have to worry about that any longer. When you own your own home you don't have to worry about what color you wan the walls or how much noise you want to make (as long as you don't disturb the neighbors) Just enjoy the freedom that owning your own home can provide.

Yes it can be a stressful time when you are purchasing your own home but if you keep these two things in mind it will help you to know that you are making the right choice for you.

There are a lot of people who purchase modular homes every year. They bring them out to the lot in pieces and assemble them right there in front of you. When I first graduated from high school I got a job at a local construction plant working on the assembly line for modular homes. My specific job was to paint the rooms, we did bathrooms, kitchens and closets. I saw a lot of things go on at that plant that made me think that I would never buy a modular home, then I started working around stick built homes. Let me tell you that they are much worse as far as the quality goes than the modular homes.

When it came time for me to buy a home I ended up purchasing a modular home. It came in two pieces and was delivered to the lot in the morning. By early in the afternoon we were standing in our own home. It was fantastic, and there were several reasons that made me decide on buying a modular home. First I really liked the fact that they are built under roof so that the raw building materials are not exposed to the elements. Second they tend to be built with more heavy duty materials so that they survive the ride on the trailer on the way to the lot. The insulation tends to be better in a modular as well.

So if you are thinking about buying a modular home I say go for it. If you have any reservations about buying a prefab home then you should see if you could get a tour of the assembly line. I think you will be pleasantly surprised at how well they are put together.

Real estate is booming in India like never before. It is the right time to invest in real estate market in India. There is unprecedented growth seen in the realty market in last few years. Real estate prices are skyrocketing in the major cities of the country. All around development is very much visible in the form of skyscrapers, shopping malls, office complexes, and residential apartments mushrooming in the big cities.

While investing in properties one should ensure that all legalities are being adhered to. The documentation should be as per the laid guidelines and should cover all laws related to the concerned property. Since there is a huge amount involved in property transactions the importance of legal aspects has also increased. The lease laws and the locally applicable property laws should be clear. The buyer and seller as well as the landlord and tenant should be aware of their rights and duties. There should be a proper legal agreement with respect to the property being transacted.

Let us also analyze the factors behind the growth in real estate sector. Real estate India growth is directly proportional to the growth of industries and employment opportunities in any city. With the opening of industries, there is a rise in working population. There is significant hike in the purchasing power of the people and as a result of that there is an increase in demand for commercial andresidential properties India.. People have realized the fact that investing in real estate is much safer and gives hives a higher rate of return as compared to other investment options. Banks and financial institutions are offering housing finance at very attractive terms. All those who do not have liquid cash but wish to own a property can approach these banks for loans. This would enable them to own a property and repay the loan amount to bank along with applicable interest in easy installments.

Currently in India there is a very viable environment to make investment in real estate sector. The development can be seen in all small and big cities. One just needs to keep in mind the legal aspects while making the investments so that there is litigation with respect to the property in future.

Completely rebuilding a house is not necessary to make money in investment real estate. Most times, if you have bought smart, you won’t have to make a huge improvements on your investment property. Look for places that need only a small amount of work. For example, look for a property that appears to be run down from the outside, but does not need major repair. Here are a few tips for saving money and making quick improvements, in order to quickly sell your rehab property.

1. A house may need a coat of paint but have a nice roof. The paint might cost a few hundred dollars, while a new roof might cost $2,000 to 3,000. Plus, a fresh coat of paint makes almost any house look brand new.

2. Check the foundation very carefully. Foundation work is extremely expensive. I would stay away from any house with a questionable foundation.

3. Like exterior paint, landscaping goes very far in terms of curb appeal, one of the biggest factors in the sale of any kind of real estate. A house with uncut grass, weeds overrunning flowerbeds, and poorly trimmed bushes or trees is very difficult to sell. Conversely, a house with minor deficiencies in other areas may still have a buyer, who wants something that looks good from the outside.

4. Look for investment properties that have nice kitchens or kitchens that can become nice with little effort and money. If you can refinish some cabinets and lay some cheap flooring, this will help you sell, because women are instrumental in the final decision of most real estate purchases, and they love nice kitchens. It’s not sexist; it’s a proven real estate fact.

5. A finished basement or one that can be finished easily will also help you sell your new investment property. Basement carpet can be purchased and installed for very little money. Again, some paint on the walls can go a long way to making the basement homier. Add a drop ceiling – easy to install and very inexpensive, and you can have yourself a rec room for a few hundred dollars.

In investment real estate the quickest way to wealth is through owner financing, or lease optioning. So, let's take a look at one model transaction, involving the purchase and sale of two properties on lease-option contracts so you an apply it to your own investment real estate system.

Assume you buy an investment property for $50,000 to $60,000, and you sell it on a lease-option contract for $80,000. You receive $4,000 as a down payment from the buyer, and you will get the remainder of the balance in 12 months. You’ve created a note for the remaining $76,000 that pays you $570 monthly (interest-only payments of 9%). This gives you nearly $7,000 more in interest payments, if you keep this property for a year. You then find a rehab property in an inexpensive neighborhood that you can get for $35,000. You offer a 10% down payment of $3,500, promising to pay of the loan in 13 months or less.

Now, you can use the $4,000 from the first property, so you don't have to come up with your own money for the down payment on your second property. Offer to pay 8% on the remaining $31,500. This is a monthly payment of $231. Be sure your agreement allows you to defer your first payment for 30-60 days. Now, if you can’t sell the house in 13 months (this certainly won't be a problem, though), you’ll have the cash from the first house you bought, when the $76,000 balloon payment comes due in 12 months, so you won’t lose anything or have to get your own financing, when you have to pay off your second home in 13 months.

You see, you always cover yourself, when using this approach. If you purchase smart on this second house, you should be able to put a few thousand dollars into it and re-sell it in a few short months. Be sure you make a profit well above your $35,000 purchase price and anything you have put into it. Again, if you buy smart, after a few grand of rehabbing, you should be able to sell the property for $45,000 to $50,000.

Well according to the encyclopedia, “Opportunity cost is a term used in economics, to mean the cost of something in terms of an opportunity foregone (and the benefits that could be received from that opportunity), or the most valuable foregone alternative. For example, if a city decides to build a hospital on vacant land that it owns, the opportunity cost is some other thing that might have been done with the land and construction funds instead. In building the hospital, the city has forgone the opportunity to build a sporting center on that land, or a parking lot, or the ability to sell the land to reduce the city's debt, and so on.”


So in property investing terms, if an investor decides to invest £50k in a property in for example Wales, the opportunity cost would be what he could have made by investing in Spain, Ireland or Dubai. Or similarly if an investor decides to keep equity of 50k in a property, the opportunity cost is what he/she could alternatively have invested this money in and the resultant value.

Now again this will depend on your specific strategy – and many people are not too concerned about opportunity cost, they are just keen to buy 1-2 properties that can hold onto for 15-25 years to use as a pension. That is fine if that is your strategy – but for me that is too broad a strategy, carries risks and is not maximising the opportunities available.

For me I have always had a philosophy, rightly or wrongly, that I should always be working my money hard. What does this mean? Well as soon as I feel my money has made a significant return and the returns are likely to drop off, compared to other possibilities, then I will look at realising my profits and investing elsewhere ie when I feel the opportunity elsewhere is greater than the current opportunity.

The great thing with property is this does not necessarily mean selling, as you can refinance, and invest money elsewhere.

This is no different to any other type of investing, such as buying stocks and shares – you make/lose your money depending on what price you paid, and what price you sold at – although clearly with property is good opportunity to earn a regular income as well - if hold onto for 15-25 years you should make money, but most likely will be a few scares along the way!

To be a successful investor, must know when to enter the market, and leave the market. And the people that do best buy low, and sell high!

I’ll give an example – while buying off plan has now got a bit of stick in the UK - I have done it successfully over the last few years - but the key is having a clear strategy.

For example, by doing all my due diligence I have managed to buy property at the right price in right location, but then sold on within a year of completion as I felt that was the period I would see the maximum returns in - and opportunities would be greater elsewhere over the next 3 years.

So to go through the numbers, I have just sold one that I bought off plan last year 12 months before completion. I bought at a price that was already £10k below market value based on my research in an area that had little buy to let competition. This was secured with only a £5k deposit. On completion, I put another £28k into deposit – so tied up £33k of my own money. There was no stamp duty in this area.

I then put on market on completion, now even with things slowing down in the area, I have just sold it for a £23k profit. So I tied up £5k for 1 year, and a further £28k for 6 months, to get back £56k.

Why did I sell? Did I consider refinancing?

My first choice would have been to refinance and let out, but the rental would not have stacked up. So while the rental would have stacked up at the price I paid for the property, I would have had 56k in equity sat not doing very much for me. So as I do not forecast huge capital growth in the area over the next 3-5 years, and the yield was not attractive enough for me it was best for me to release this equity and find another investment – ie I felt there were better opportunities for me to spend my £56,000 on, to generate more money.

Now clearly when are looking into the future is element of risk and speculation and are no definite answers - so you are having to forecast as well as you can with the data currently available ie how you forecast interest rates, buying/selling costs, supply and demand, employment, the overall economy and market sentiment over the next time period in the markets/regions you are investing/looking to invest in.

Although opportunity cost can be hard to quantify, its effect is universal and very real on the individual level. The principle behind the economic concept of opportunity cost applies to all decisions, not just economic ones, for example when Steven Gerrard decided to stay with Liverpool last summer, his home club and where he is captain, the opportunity cost was what he could have achieved if he had moved to Chelsea. It will be interesting to see what he decides this summer- he may now feel the opportunity cost is too great to turn down.

Even if you’re counting on rising property values to eventually make a profit on an investment property, it’s far more desirable to have a positive cash flow each month. If you’re losing money on a property every month, it may not take long until your future profits will have been lost. Owning investment property is much more enjoyable if you’re making money along the way.

Here are a couple of ideas for keeping your investment property cash flow in the black:

If you don’t already own your own home, your first goal should be to live in your first "investment" property. Interest rates and down payments are considerably lower for a primary residence, and you won’t have to deal with finding and managing tenants or absorbing the cost of an occasional vacancy.

Once you begin looking for your first "official" investment property, you’ll want to concentrate your search for less expensive homes, because they’re generally easier to rent for a profit than higher cost houses. You can also purchase two or three smaller homes for about the same cost as one larger one, thus giving you an even greater cash flow.

One of the easiest ways to achieve a positive cash flow is by obtaining a loan with a very low interest rate for the first several years. One example is known as a “payment option” loan, although these types of loans may not be available in all states.

These loans allow you to set up an optional minimum payment, which can result in low monthly payments, often for the first five years. During that period, your minimum payment will increase by a small amount every year, although it’s usually no more than a factor of 1.075. During the minimum payment period, your interest will still continue to accrue at whatever rate you’ve agreed on (such as 4.5%), but the interest that your payments don’t cover will be deferred. At the end of the first five years, that deferred interest is then added on to the loan, and the loan becomes a standard variable rate loan. Normally, that’s not a problem, however, because the property’s value probably will have increased enough to cover the deferred interest.

Another way to minimize monthly interest payments is through an interest-only loan. The period of most such loans is usually 5-10 years, during which time, you’ll be paying only the interest on the loan. To make this type of loan work most effectively, it’s best to sell or refinance the property by the end of loan period.

There are many other ways to realize a positive cash flow on your investment properties, depending upon the financing options available in your area of the country. But regardless of where you live, it’s always desirable to have your investment properties pay for themselves, and can move you a long way toward your goal of financial success as a real estate investor.

Buying an existing home or building a new one is an expensive proposition, but if you're willing to take an unconventional approach, you can build your own home by increments and spread the cost out over a period of years, possibly saving yourself a mortgage.

The first step is finding and purchasing a piece of property. You need to have the property inspected and judged acceptable for sewage or a septic system and availability to water and other utilities, and to make sure the land is zoned for residential use. Make sure you get all the building permits and other documentation you need, and then plan your home.

You might want to look at plans for homes, for sale in bookstores and through a number of magazines, or you might want to design your own home. Think of ways you can build your home in stages, making sure that the home is habitable at an early stage of building. One young couple decided to build a conventional stick-built home, but finished off the basement area first and capped it, then lived in the cellar while building the rest of the house.

There are companies in existence that offer modular homes built largely in a factory and then assembled on-site. Some of these are created in segments which can either stand alone or be pieced together either all at once or over a period of time. The manufacturers will be able to give you valuable advice on how best to proceed.

Make sure that the most necessary parts of your home are built first. If necessary, you can live essentially in one room that serves as kitchen, living room and bedroom-renters of efficiency apartments do it all the time-but unless you want to live really roughly and use an outhouse (not a pleasant thought!) one of your first priorities should be to build a fully functional bathroom.

Also make sure that, even though you plan to add on to your home in increments, you plan the entire structure of the home up front. You may decide that you will add on a laundry room in two years, for instance; you will want to have the plans for that laundry room now, so that expensive plumbing and electrical work will be done in the most efficient manner possible. This generally means clustering rooms that need a water supply close together to minimize the material needed.

Building your home over a period of years by using your own money or by accessing short-term unsecured personal loans, or a combination of the two, will allow you to own your home outright immediately and save you many thousands of dollars over your lifetime. If you're willing to be patient and live unconventionally for a while, it's a great option.