A Loan Modification Package prepared by our automated system will give you a complete Package with all the tools you need to be able to negotiate a successful
A Loan Modification Package prepared by our automated system will give you a complete Package with all the tools you need to be able to negotiate a successful Loan Modification. Our system was designed to be easy to use, and to be the most cost effective option for struggling home owners who are looking for a Do It Yourself Loan Modification Solution. You do not have to pay a Loan Modification Company or an Attorney thousands of dollars to modify your mortgage. However the documents required by most lenders are complex, and the context of the information in the documents you send to your bank can make the or break a Loan Modification. Our system is designed to give documents that have been proven successful in obtaining a Mortgage Loan Modification and will give you the most comprehensive Loan Modification Package available today. The system is easy to use, and our guided tutorial and e-book will give you all the tools you need to successfully get a Mortgage Modification with your bank. Our revolutionary Web based Do it Yourself Loan Modification Station will give you accurate, professional and complete documents to ensure your success. We offer 3 different plans, based on your needs and can help you with every aspect of document preparation, negotiation tactics, submission and any other guidance you may need.
To Your Success !!
www.EverlastSolutions.com
Looking for information about buying a Home in Hernando County? You've come to the right place! From Property Searches, to Mortgage Financing to everything else about Real Estate in Spring Hill Florida. Tom Has got you covered. Check out my blog, and if you have any questions please call me anytime. 352-573-8857
Tuesday, November 10, 2009
Tuesday, October 6, 2009
Advance Me $8000 PLEASE !!!!
The article focuses on the presumed expiration of the $8000 tax credit for first time home buyers, it also discusses a fact that I was unaware of. The State of Florida has a program ( Florida Home Buyer Opportunity Program ) that will advance the $8000 credit to the eligible home buyers for use at closing. For those of you in other states, your local realtor board and mortgage companies should have details on similar programs that may exist in your state.
While the article is negative in nature (I know you're shocked that the press takes a negative approach to everything!), this tidbit of information may help buyers that you are working with. Many people (including myself) thought that buyers had to wait to secure the $8000 until after their 2009 tax return was filed.
Eventhough the writer comments that an extension to the program is unlikely, he also points out that, "The credit was meant to spur home purchases in 2009, and premature talk of extending the giveaway into 2010 might encourage home buyers to postpone purchases." So write your Congressional Representative and ask them to extend the credit!
To Your Success !!
While the article is negative in nature (I know you're shocked that the press takes a negative approach to everything!), this tidbit of information may help buyers that you are working with. Many people (including myself) thought that buyers had to wait to secure the $8000 until after their 2009 tax return was filed.
Eventhough the writer comments that an extension to the program is unlikely, he also points out that, "The credit was meant to spur home purchases in 2009, and premature talk of extending the giveaway into 2010 might encourage home buyers to postpone purchases." So write your Congressional Representative and ask them to extend the credit!
To Your Success !!
Short Sale Plan Is Here?????
U.S. Treasury set to finalize home "short sales" plan
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By Al Yoon Al Yoon – Fri Oct 2, 7:13 pm ET
NEW YORK (Reuters) – The U.S. Treasury will soon finalize a plan to expand its incentives for mortgage companies to include "short sales" as a way to stem a rising tide of foreclosures, according to a Treasury spokeswoman.
"Short sales," or sales of homes for less than the balance on existing mortgages, are seen as a key way to supplement other efforts such as loan modifications to steady housing. Unlike most modifications, "short sales" eliminate the problem of negative equity that has become a big reason for defaults as home prices have plunged.
The incentives, first announced in May, would expand the government's Home Affordable Modification Program that has seen limited success in lowering payments for hundreds of thousands of homeowners deemed eligible. Just 12 percent of homeowners eligible have had their loans reworked, leaving millions more foreclosures to come, the Treasury said on September 9.
More short sales may alleviate fears that a raft of "shadow supply," or foreclosures in the pipeline, will flood the market and deal a blow to the nascent rebound in housing seen over the U.S. summer months, analysts said. The overhang of supply is currently about 7 million units, or 135 percent of a year's of existing home sales, according to Amherst Securities Group.
"What they are trying to do is move some of these foreclosures in the pipeline, and bring them to a resolution before (foreclosure) happens," said Lisa Marquis Jackson, a vice president at Irvine, California-based John Burns Real Estate Consulting. "12 percent of these being modified isn't enough to clean these up."
Realtors express frustrations with banks when trying to negotiate a short sale, which can take four to five months to complete, according to John Burns consultants. Buyers often walk away from sales because banks are slow to respond, or balk at the offer.
The Treasury will use up to $10 billion from a previously announced $50 billion pool of mortgage modification funds for payments to address lender concerns that home prices will continue falling in high-cost areas.
Incentives will be calculated on recent declines of local home prices and average home prices in these markets, the Treasury said in May. They would add to other incentives that servicers can receive for reducing loan payments.
In May, the Treasury proposed lenders would receive a $1,000 payment for allowing the owner to sell the house for less than the amount owed on the mortgage, and accepting the proceeds as full repayment. They can also receive $1,000 for accepting a similar deed-in-lieu transaction, in which the deed is simply transferred to the lender instead of going through a costly foreclosure.
Borrowers who agree to short sales or deed-in-lieu deals can received up to $1,500 in closing costs. Treasury also said it will pay second lien holders up to $1,000 to relinquish their claims in such transactions.
"Presumably, the Treasury is trying to help facilitate a transaction that will result in less loss to the lender than in the case of a foreclosure," John Burns consultants said in a research note dated Oct 1 alerting clients of an impending Treasury announcement.
(Additional reporting by Emily Kaiser and David Lawder in Washington; Editing by Diane Craft)
To Your Success !!
I highly recommend this book
http://tinyurl.com/ur-success
www.EverlastSolutions.com
Buzz up!7 votes Send
Email IM .Share
Delicious Digg Facebook Fark Newsvine Reddit StumbleUpon Technorati Twitter Yahoo! Bookmarks .Print ..Economy Video:7News: Interest rate rise Australia 7 News .
Economy Video:7News: Rates set to rise Australia 7 News .
Related Quotes Symbol Price Change
^DJI 9,599.75 +112.08
^GSPC 1,040.46 0.00
^IXIC 2,068.15 0.00
By Al Yoon Al Yoon – Fri Oct 2, 7:13 pm ET
NEW YORK (Reuters) – The U.S. Treasury will soon finalize a plan to expand its incentives for mortgage companies to include "short sales" as a way to stem a rising tide of foreclosures, according to a Treasury spokeswoman.
"Short sales," or sales of homes for less than the balance on existing mortgages, are seen as a key way to supplement other efforts such as loan modifications to steady housing. Unlike most modifications, "short sales" eliminate the problem of negative equity that has become a big reason for defaults as home prices have plunged.
The incentives, first announced in May, would expand the government's Home Affordable Modification Program that has seen limited success in lowering payments for hundreds of thousands of homeowners deemed eligible. Just 12 percent of homeowners eligible have had their loans reworked, leaving millions more foreclosures to come, the Treasury said on September 9.
More short sales may alleviate fears that a raft of "shadow supply," or foreclosures in the pipeline, will flood the market and deal a blow to the nascent rebound in housing seen over the U.S. summer months, analysts said. The overhang of supply is currently about 7 million units, or 135 percent of a year's of existing home sales, according to Amherst Securities Group.
"What they are trying to do is move some of these foreclosures in the pipeline, and bring them to a resolution before (foreclosure) happens," said Lisa Marquis Jackson, a vice president at Irvine, California-based John Burns Real Estate Consulting. "12 percent of these being modified isn't enough to clean these up."
Realtors express frustrations with banks when trying to negotiate a short sale, which can take four to five months to complete, according to John Burns consultants. Buyers often walk away from sales because banks are slow to respond, or balk at the offer.
The Treasury will use up to $10 billion from a previously announced $50 billion pool of mortgage modification funds for payments to address lender concerns that home prices will continue falling in high-cost areas.
Incentives will be calculated on recent declines of local home prices and average home prices in these markets, the Treasury said in May. They would add to other incentives that servicers can receive for reducing loan payments.
In May, the Treasury proposed lenders would receive a $1,000 payment for allowing the owner to sell the house for less than the amount owed on the mortgage, and accepting the proceeds as full repayment. They can also receive $1,000 for accepting a similar deed-in-lieu transaction, in which the deed is simply transferred to the lender instead of going through a costly foreclosure.
Borrowers who agree to short sales or deed-in-lieu deals can received up to $1,500 in closing costs. Treasury also said it will pay second lien holders up to $1,000 to relinquish their claims in such transactions.
"Presumably, the Treasury is trying to help facilitate a transaction that will result in less loss to the lender than in the case of a foreclosure," John Burns consultants said in a research note dated Oct 1 alerting clients of an impending Treasury announcement.
(Additional reporting by Emily Kaiser and David Lawder in Washington; Editing by Diane Craft)
To Your Success !!
I highly recommend this book
http://tinyurl.com/ur-success
www.EverlastSolutions.com
Wednesday, September 9, 2009
Loan Mods ????
OK so I am pretty new here, but I will do my best and see where this takes me. As a disclaimer I have to tell you all that I am no expert in grammatical syntax, nor am I great at editorials and proof reading. With that said, lets dive right in and talk about the train wreck we all know as Loan Modifications.
For the past few years I have seen the banks do the craziest things I think I have ever witnessed in career as a mortgage banker. Repeatedly banks have made stupid decisions that in the end have cost them more money. Now I'm OK with a bank losing money but here is where the problem truly lies. When the banks that are "too big to fail" loose their money, we as the tax payers almost always are called upon to come to the rescue. Not all bail outs are necessarily a bad thing, and I believe that some of the steps taken were much needed. So what is my problem you ask? The problem is this, while we cumulatively have stepped up and propped up the banks we did this under the understanding that it would spur lending. The problem is that for all the billions of dollars spent, we have no more lending today then we did a year ago or even 2 years ago. What we do have though is new regulations that are supposed to help protect consumers. So do you feel protected? I didn't think so! The problem is that all we have truly done is make it more difficult for most consumers to seek out help. I know there have been all kinds of horror stories about loan modification companies taking money from distressed home owners and not performing the services. These criminals should be punished to full extent of the law. Unfortunately because of these criminals the laws have significantly changed, and you now can not charge a client any up front fees unless you are an attorney or work directly under an attorney. There lies the next problem, it seems that many of the loan modification companies have now partnered with attorneys and therefore are getting away with charging large up front fees. Now there is nothing wrong with earning what you are worth, but many times over I find myself sitting with a client who has paid some so called attorney representing loan modifications thousands of dollars only to find out the firm did nothing to help them. Some of the worst ones have even told the clients to not pay their mortgage only making their situation worse.
After months of work, and analysis we have come up with a system designed to help borrowers do their own loan modifications using software similar to what the banks themselves are using. You can find it at www.modifydiy.com. The Loan Modification Station is designed to let a borrower log into the system enter all their personal data and get a complete loan modification package that is complete and professionally prepared, ready to send to their bank. The best part is that we have made the system affordable for almost everybody. The pricing is set at only $119.00 for a complete DIY scenario, and $295.00 with full support. While we do not negotiate on the borrowers behalf we do offer full support with regard to negotiation tactics, responses, and procedures. We understand that many distressed home owners are already under enough pressure and when we designed the system it was designed with the thought that it had to be affordable. The last thing we wanted to do was put an undo burden on someone who is already in distress financially.
The Loan Modification Station will also give the client a complete proposal, financial statements, hardship letters, a hardship affidavit and even a complete risk analysis showing the lender their potential loss Vs the benefit of modifying the loan. Please visit www.modifydiy.comfor complete details and information. The system is designed to be easy to use, and consumer friendly. Please also remember that you do not have to be currently in default to be eligible to modify your mortgage. You do however have to be in imminent danger of default. This means that if you have found yourself in situation where your income no longer covers your expenses you qualify under President's Mortgage Modification Program. The same applies if you have exhausted most of your savings to just cover your expenses. Remember that the consumer can do their own Loan Modification but a complete and professional package from www.modifydiy.com will help make sure you get the best terms possible from your lender.
We are also working on a version of the software that will apply the same principals to short sales, and allow someone to enter the same data and get a complete short sale package with risk analysis, proposal, hardship letters and any other related documents that may be required. Stay tuned for more information. When that launches, it will have a small monthly access fee which will allow agents to use the system as frequently as they need it for a small monthly access fee. If you need any additional information or support please contact me at 352-688-7949
Steve Fingerman
Steve Fingerman
Vice President
To Your Success !!
I highly recommend this book
http://tinyurl.com/ur-success
www.EverlastSolutions.com
For the past few years I have seen the banks do the craziest things I think I have ever witnessed in career as a mortgage banker. Repeatedly banks have made stupid decisions that in the end have cost them more money. Now I'm OK with a bank losing money but here is where the problem truly lies. When the banks that are "too big to fail" loose their money, we as the tax payers almost always are called upon to come to the rescue. Not all bail outs are necessarily a bad thing, and I believe that some of the steps taken were much needed. So what is my problem you ask? The problem is this, while we cumulatively have stepped up and propped up the banks we did this under the understanding that it would spur lending. The problem is that for all the billions of dollars spent, we have no more lending today then we did a year ago or even 2 years ago. What we do have though is new regulations that are supposed to help protect consumers. So do you feel protected? I didn't think so! The problem is that all we have truly done is make it more difficult for most consumers to seek out help. I know there have been all kinds of horror stories about loan modification companies taking money from distressed home owners and not performing the services. These criminals should be punished to full extent of the law. Unfortunately because of these criminals the laws have significantly changed, and you now can not charge a client any up front fees unless you are an attorney or work directly under an attorney. There lies the next problem, it seems that many of the loan modification companies have now partnered with attorneys and therefore are getting away with charging large up front fees. Now there is nothing wrong with earning what you are worth, but many times over I find myself sitting with a client who has paid some so called attorney representing loan modifications thousands of dollars only to find out the firm did nothing to help them. Some of the worst ones have even told the clients to not pay their mortgage only making their situation worse.
After months of work, and analysis we have come up with a system designed to help borrowers do their own loan modifications using software similar to what the banks themselves are using. You can find it at www.modifydiy.com. The Loan Modification Station is designed to let a borrower log into the system enter all their personal data and get a complete loan modification package that is complete and professionally prepared, ready to send to their bank. The best part is that we have made the system affordable for almost everybody. The pricing is set at only $119.00 for a complete DIY scenario, and $295.00 with full support. While we do not negotiate on the borrowers behalf we do offer full support with regard to negotiation tactics, responses, and procedures. We understand that many distressed home owners are already under enough pressure and when we designed the system it was designed with the thought that it had to be affordable. The last thing we wanted to do was put an undo burden on someone who is already in distress financially.
The Loan Modification Station will also give the client a complete proposal, financial statements, hardship letters, a hardship affidavit and even a complete risk analysis showing the lender their potential loss Vs the benefit of modifying the loan. Please visit www.modifydiy.comfor complete details and information. The system is designed to be easy to use, and consumer friendly. Please also remember that you do not have to be currently in default to be eligible to modify your mortgage. You do however have to be in imminent danger of default. This means that if you have found yourself in situation where your income no longer covers your expenses you qualify under President's Mortgage Modification Program. The same applies if you have exhausted most of your savings to just cover your expenses. Remember that the consumer can do their own Loan Modification but a complete and professional package from www.modifydiy.com will help make sure you get the best terms possible from your lender.
We are also working on a version of the software that will apply the same principals to short sales, and allow someone to enter the same data and get a complete short sale package with risk analysis, proposal, hardship letters and any other related documents that may be required. Stay tuned for more information. When that launches, it will have a small monthly access fee which will allow agents to use the system as frequently as they need it for a small monthly access fee. If you need any additional information or support please contact me at 352-688-7949
Steve Fingerman
Steve Fingerman
Vice President
To Your Success !!
I highly recommend this book
http://tinyurl.com/ur-success
www.EverlastSolutions.com
Tuesday, August 25, 2009
How to Back to Back
You’re just starting out stick to wholesaling... I charge an assignment fee of to investors that I know want more houses My average is 3800 keep in mind I am flipping houses with my target price of 70 and under because I know I can sell to not just one cash buyer but a boat load....YOUR LIST !
As far as an investor going around or finding out how much you’re taken it down for, I have an equitable interest in the property with my deposit given... If you get the feeling some tin fishy go file an affidavit of equitable interest. Your contract should read something like you’ll close with him when you close with them... Remember the investor your flipping to are needing you to provide good deals... they want more...I say if someone goes around me on a deal that I spent maybe two hours on GOD Bless them I hope it helped their situation,,PS/ don’t work with him again and tell all your friends...
You want to buy from banks you can without doing a back to back… I will only use that in a last resort...to many things need to fall into place for that happen… here’s how it goes.. First you need to disclose... and you need a title company that’s on board. Find 1 that is used to doing B2B, trusts...ECT...they know Ur flippin and most of all a dry closing. Also they need to have access to a Mobil closer... make sure title is clean , Your HUD is done with the deposit ect. A signed deed by seller and deed to the right person... get wiring instructions...and FedEx or ups address. You want the reo lender to email you the docs and tell them you have a Mobil closer who will do a courtesy close for them. They save money! You prep the closer to what is happing... make sure the completed docs go to the right place... The Mobil closer will have you sign a/b docs and title will notarize them for you. Then send off packet. Then you’ll sign the b/c docs and title will send off docs and wire to lender... After all is done your title wires your spread off to your account. WOW! All this or OPTION and ASSIGNMENT two papers and your POC. Short and sweeeeeet
By the time all this comes together taken into fact the chance of the deal falling apart at the last minute...ITS been easier for me to just replace my buyer or ad him and since its always for me cash it makes for an easy deal. I have simply put cash Buyer on the contract and had it approved and vested into my end buyer for title and close.
I secure with what I Call the “Flip- Cash and Release” This even works on my SS flips using the end buyers CASH SWEEEEET !
PS. It’s a lot of other paperwork to put into a trust to hide your PP from the end user, if you have a huge profit to be made and you’re selling it on the open market instead of your list it may be in your best interest. Remember you can always for just about ten bucks file your option and cloud title to secure your position. And most back dooring investors will see your on title and move on. We have an abundance of deals around here and don’t have to squeeze every dollar out of a deal.
To Your Success !!
I highly recommend this book
http://tinyurl.com/ur-success
www.EverlastSolutions.com
As far as an investor going around or finding out how much you’re taken it down for, I have an equitable interest in the property with my deposit given... If you get the feeling some tin fishy go file an affidavit of equitable interest. Your contract should read something like you’ll close with him when you close with them... Remember the investor your flipping to are needing you to provide good deals... they want more...I say if someone goes around me on a deal that I spent maybe two hours on GOD Bless them I hope it helped their situation,,PS/ don’t work with him again and tell all your friends...
You want to buy from banks you can without doing a back to back… I will only use that in a last resort...to many things need to fall into place for that happen… here’s how it goes.. First you need to disclose... and you need a title company that’s on board. Find 1 that is used to doing B2B, trusts...ECT...they know Ur flippin and most of all a dry closing. Also they need to have access to a Mobil closer... make sure title is clean , Your HUD is done with the deposit ect. A signed deed by seller and deed to the right person... get wiring instructions...and FedEx or ups address. You want the reo lender to email you the docs and tell them you have a Mobil closer who will do a courtesy close for them. They save money! You prep the closer to what is happing... make sure the completed docs go to the right place... The Mobil closer will have you sign a/b docs and title will notarize them for you. Then send off packet. Then you’ll sign the b/c docs and title will send off docs and wire to lender... After all is done your title wires your spread off to your account. WOW! All this or OPTION and ASSIGNMENT two papers and your POC. Short and sweeeeeet
By the time all this comes together taken into fact the chance of the deal falling apart at the last minute...ITS been easier for me to just replace my buyer or ad him and since its always for me cash it makes for an easy deal. I have simply put cash Buyer on the contract and had it approved and vested into my end buyer for title and close.
I secure with what I Call the “Flip- Cash and Release” This even works on my SS flips using the end buyers CASH SWEEEEET !
PS. It’s a lot of other paperwork to put into a trust to hide your PP from the end user, if you have a huge profit to be made and you’re selling it on the open market instead of your list it may be in your best interest. Remember you can always for just about ten bucks file your option and cloud title to secure your position. And most back dooring investors will see your on title and move on. We have an abundance of deals around here and don’t have to squeeze every dollar out of a deal.
To Your Success !!
I highly recommend this book
http://tinyurl.com/ur-success
www.EverlastSolutions.com
2 WAYS to flip houses
I get you are just starting out in the biz with limited funds to invest.
I am in the trenches every day. I didn’t even know what REI stood for till I logged on to MB last June, now I have a thriving SS biz, a mitigation company, and been having a FLIPPIN good time with wholesaling
I will tell you what worked for me in just over a year…with less than a thousand bucks.
I hit the archive here for about two months straight took notes researched everything I could find on SS, options act Bought Biker Jims Sub/2 course in which he said the way to get started cheap was bandit signs…He had dialog for phones which I practiced every night with live callers… from my signs I stuck…Thank you Jim!
I started with $570 for 500 bandits and $55 for a bundle of stands. Simple I BUY HOUSES and my #
I realized I needed a mentor and to hang around like minded people. I found our local investment group where I also made friends with Dan Auito and John Ybarra who help me get where I am today... You need a mentor!!!!
John loaded me up with course after course; I was doing a course every weekend sometimes two. READ and listen to everything you can get your hands on.
Go find your local Investing clubs and let people know you’re in the biz. Get their cards find out what everyone is selling and buying, What you are doing is research finding buyers for the houses you will be wholesaling... you only need to find a handful of buyers to get started… ask everyone there what they are looking for tell them all you will be having property available soon,, most likely they will be bread and butters 3/2/2 or 3/2/1….find out what the buyers are willing to pay for them. You need to find out what the QSV quick sale value is for those types of houses... you must also contact some realtors get them to ad you to their listing cart… Best to find the REO agents they will be very helpful in your biz… you need to study the market and determine your farm areas. Find and build a BUYERS list CASH BUYERS that is. Get numbers and emails…
While all this going on contact a transactual funder and get a POF proof of funds letter. Don’t give up till you get it...there is a boat load of funders out there ask at your local REA.
Also go get 25 blank bandits and a sharpie magnum, write stuff like wholesale houses, Must sell, the buyers will start to find you take good notes on your caller sheets. Once you find what the QSV for your typical target house would be 70k write on your sign 60k and get ready for the phone to start jamming,, when they call just tell them that one is sold but you have new inventory coming available in the next week or two.. Get their email address. Everyone that calls you should ask how many houses they are looking to purchase at that price... If they are in need of a loan? Or are you a CASH buyer. A loan then Tell them you have an associate that can help with that as well refer them and get a referral fee from your mortgage broker…. Find out what they want and GO FIND IT….The key is to find what everyone wants so you have a bunch of buyers… You will have investors wanting to drill you for info stay in control of the conversation. If they ask what you do tell them you contract to purchase houses from clearing houses and banks ad a small mark up fee and resell them for Cash at great discounts. You will stop them in their tracks. Any real investor won’t mind paying you a small assignment fee to find, check out and do all the leg work, and most all usually want more than one. A handful is all you need….
Listen to what the callers wants and find it or provide it, Get in bed with a Mortgage broker, Credit repair guy, other investors who are looking for rent to own folks, or straight rents... You will have plenty of callers for that as well... so Point is never say you can’t or don’t have it you’re in the biz of REI be creative…create income streams.
Ok now you got buyers and need houses, back to the signs I buys, wanted 3/2/2 paying cash, CASH 3/2/2 block
Calls start coming in, some are SS sell them to another investor but here’s the call
OK someone calls you they need to sell today the vacant house is just what you been looking for they owe 50 on it and their back two months in the mortgage and don’t want a foreclosure. You ask will you sell for what you owe and they said yes, after of course you picked apart the house and brought the declining market to the table….You can sell to your investor for 58 to 62.real fast…but Verify the amount owed from the mortgage statement if possible, if not get them to sign an authorization to release mortgage info and take a copy of the statement. You should be able to get a feel if the folks really know what’s owed. The people said they wanted 10k out of the deal and you got them to sell it for what they owed. Simply write on your option in the price balanced owed on first mortgage. Then ad in a clause subject to your partner’s approval... this way when you get the balance from the bank and its more then you figured and it won’t allow a spread you can back out. However if they only owe 45k instead of the fifty that they told you, bingo another five k in your pocket. Now you have a choice here sell it to your VIPs they will expect a larger discount and depending on how many they are looking for give it to them or find a Cash end user for a few thousand more... bandit signs and your call sheets. Remember the list where you told folks you have new inventory coming in two weeks... Oh Yeh ! email them the best three pictures and say great house must see less is more… don’t give them a reason not to look… I always take my options for 30 biz days with another 30 built into the bottom somewhere. This extra thirty made me some money. Now when I started to make some money I would go a clean the houses up, cut the grass fix some trim stuff that stands out. I always sold the houses because I bought them right.
OK no calls from your signs for sellers with target houses. GO
Back to the listing carts find REOs that fit your target, determine the QSV then figure in your fee and some negotiation room and place your offer on a standard P/S agreement and provide your POF letter... You can place a check for 1000 with your title company to be released directly to the agent’s title company upon acceptance of your offer; this is really just saving the agent from mailing it. By doing this you can put multiple offers out on one check. It’s all about how you word it to the agent. If you don’t have the deposit moneys for other than one house bring in a partner if you want to put out multiple offers. You dont want to get an offer excepted and not be able to deposit,,you'll get a bad name fast. You will need to put out quite a few but you only need one excepted. You put your offer in your name and on the p/s I put in page two special clauses section that Property may be closed in my name, my partners name or my corporation. Also you can put 3 days right to inspect in the contract or just leave it blank,, however the bank will send their addendum that has their own customary 5,7 or 10 day. I put in seller to turn on all utilities for inspect. I know that when I inspect I am certain at that point that I can flip it, I have even had the investor meet me there to inspect. And even picked up my deposit for 2k non refundable from the investor in the event he defaults from no reason of me or the bank he loses it. I make the investor aware that he is replacing me as buyer or adding him as my partner to my contract with the bank and I would quit claim me off title after closing.
The sooner you ad or replace the buyer on the contract the easier is to flip. That’s why if you can have you buyer meets you there for inspection and locks the deal. Have the realtor put that change in ASAP replacing you with your partner to close on the property. The investor is your partner.
It is a numbers game does your homework, build your list, and find the REO agent direct.
PS. There are plenty of contracts floating around on this site alone. Find them make it your own.
__________________
Go Slow, Feel Your Way, It Will Develop Its-Self As You Progress
To Your Success !!
I highly recommend this book
http://tinyurl.com/ur-success
www.EverlastSolutions.com
I am in the trenches every day. I didn’t even know what REI stood for till I logged on to MB last June, now I have a thriving SS biz, a mitigation company, and been having a FLIPPIN good time with wholesaling
I will tell you what worked for me in just over a year…with less than a thousand bucks.
I hit the archive here for about two months straight took notes researched everything I could find on SS, options act Bought Biker Jims Sub/2 course in which he said the way to get started cheap was bandit signs…He had dialog for phones which I practiced every night with live callers… from my signs I stuck…Thank you Jim!
I started with $570 for 500 bandits and $55 for a bundle of stands. Simple I BUY HOUSES and my #
I realized I needed a mentor and to hang around like minded people. I found our local investment group where I also made friends with Dan Auito and John Ybarra who help me get where I am today... You need a mentor!!!!
John loaded me up with course after course; I was doing a course every weekend sometimes two. READ and listen to everything you can get your hands on.
Go find your local Investing clubs and let people know you’re in the biz. Get their cards find out what everyone is selling and buying, What you are doing is research finding buyers for the houses you will be wholesaling... you only need to find a handful of buyers to get started… ask everyone there what they are looking for tell them all you will be having property available soon,, most likely they will be bread and butters 3/2/2 or 3/2/1….find out what the buyers are willing to pay for them. You need to find out what the QSV quick sale value is for those types of houses... you must also contact some realtors get them to ad you to their listing cart… Best to find the REO agents they will be very helpful in your biz… you need to study the market and determine your farm areas. Find and build a BUYERS list CASH BUYERS that is. Get numbers and emails…
While all this going on contact a transactual funder and get a POF proof of funds letter. Don’t give up till you get it...there is a boat load of funders out there ask at your local REA.
Also go get 25 blank bandits and a sharpie magnum, write stuff like wholesale houses, Must sell, the buyers will start to find you take good notes on your caller sheets. Once you find what the QSV for your typical target house would be 70k write on your sign 60k and get ready for the phone to start jamming,, when they call just tell them that one is sold but you have new inventory coming available in the next week or two.. Get their email address. Everyone that calls you should ask how many houses they are looking to purchase at that price... If they are in need of a loan? Or are you a CASH buyer. A loan then Tell them you have an associate that can help with that as well refer them and get a referral fee from your mortgage broker…. Find out what they want and GO FIND IT….The key is to find what everyone wants so you have a bunch of buyers… You will have investors wanting to drill you for info stay in control of the conversation. If they ask what you do tell them you contract to purchase houses from clearing houses and banks ad a small mark up fee and resell them for Cash at great discounts. You will stop them in their tracks. Any real investor won’t mind paying you a small assignment fee to find, check out and do all the leg work, and most all usually want more than one. A handful is all you need….
Listen to what the callers wants and find it or provide it, Get in bed with a Mortgage broker, Credit repair guy, other investors who are looking for rent to own folks, or straight rents... You will have plenty of callers for that as well... so Point is never say you can’t or don’t have it you’re in the biz of REI be creative…create income streams.
Ok now you got buyers and need houses, back to the signs I buys, wanted 3/2/2 paying cash, CASH 3/2/2 block
Calls start coming in, some are SS sell them to another investor but here’s the call
OK someone calls you they need to sell today the vacant house is just what you been looking for they owe 50 on it and their back two months in the mortgage and don’t want a foreclosure. You ask will you sell for what you owe and they said yes, after of course you picked apart the house and brought the declining market to the table….You can sell to your investor for 58 to 62.real fast…but Verify the amount owed from the mortgage statement if possible, if not get them to sign an authorization to release mortgage info and take a copy of the statement. You should be able to get a feel if the folks really know what’s owed. The people said they wanted 10k out of the deal and you got them to sell it for what they owed. Simply write on your option in the price balanced owed on first mortgage. Then ad in a clause subject to your partner’s approval... this way when you get the balance from the bank and its more then you figured and it won’t allow a spread you can back out. However if they only owe 45k instead of the fifty that they told you, bingo another five k in your pocket. Now you have a choice here sell it to your VIPs they will expect a larger discount and depending on how many they are looking for give it to them or find a Cash end user for a few thousand more... bandit signs and your call sheets. Remember the list where you told folks you have new inventory coming in two weeks... Oh Yeh ! email them the best three pictures and say great house must see less is more… don’t give them a reason not to look… I always take my options for 30 biz days with another 30 built into the bottom somewhere. This extra thirty made me some money. Now when I started to make some money I would go a clean the houses up, cut the grass fix some trim stuff that stands out. I always sold the houses because I bought them right.
OK no calls from your signs for sellers with target houses. GO
Back to the listing carts find REOs that fit your target, determine the QSV then figure in your fee and some negotiation room and place your offer on a standard P/S agreement and provide your POF letter... You can place a check for 1000 with your title company to be released directly to the agent’s title company upon acceptance of your offer; this is really just saving the agent from mailing it. By doing this you can put multiple offers out on one check. It’s all about how you word it to the agent. If you don’t have the deposit moneys for other than one house bring in a partner if you want to put out multiple offers. You dont want to get an offer excepted and not be able to deposit,,you'll get a bad name fast. You will need to put out quite a few but you only need one excepted. You put your offer in your name and on the p/s I put in page two special clauses section that Property may be closed in my name, my partners name or my corporation. Also you can put 3 days right to inspect in the contract or just leave it blank,, however the bank will send their addendum that has their own customary 5,7 or 10 day. I put in seller to turn on all utilities for inspect. I know that when I inspect I am certain at that point that I can flip it, I have even had the investor meet me there to inspect. And even picked up my deposit for 2k non refundable from the investor in the event he defaults from no reason of me or the bank he loses it. I make the investor aware that he is replacing me as buyer or adding him as my partner to my contract with the bank and I would quit claim me off title after closing.
The sooner you ad or replace the buyer on the contract the easier is to flip. That’s why if you can have you buyer meets you there for inspection and locks the deal. Have the realtor put that change in ASAP replacing you with your partner to close on the property. The investor is your partner.
It is a numbers game does your homework, build your list, and find the REO agent direct.
PS. There are plenty of contracts floating around on this site alone. Find them make it your own.
__________________
Go Slow, Feel Your Way, It Will Develop Its-Self As You Progress
To Your Success !!
I highly recommend this book
http://tinyurl.com/ur-success
www.EverlastSolutions.com
Tuesday, August 18, 2009
Taylor Bean & Whitaker OH BOY !!!!!
FHA SUSPENDS TAYLOR, BEAN & WHITAKER MORTGAGE CORP. AND PROPOSES TO SANCTION TWO TOP OFFICIALS:
On August 4, 2009, The Federal Housing Administration (FHA) suspended Taylor, Bean and Whitaker Mortgage Corporation (TBW) of Ocala, Florida, thereby preventing the Company from originating and underwriting new FHA-insured mortgages. The Government National Mortgage Association (Ginnie Mae) is also defaulting and terminating TBW as an issuer in its Mortgage-Backed Securities (MBS) program and is ending TBW's ability to continue to service Ginnie Mae securities. This means that, effective immediately, TBW will not be able to issue Ginnie Mae securities, and Ginnie Mae will take control of TBW's nearly $25 billion Ginnie Mae portfolio...
To read this press release in its entirety, please visit:
http://www.hud.gov/news/release.cfm?content=pr09-145.cfm&CFID=341752&CFTOKEN=3be7678-0009780b-078f-1636-b54a-80e8c12e0000
FHA-insured Loans Associated with Taylor, Bean and Whitaker (TBW) Questions and Answers for Consumers can be found at:
http://www.hud.gov/news/consumer-guidance.pdf
FHA-insured Loans Associated with Taylor, Bean and Whitaker (TBW) Questions and Answers for Lenders and Brokers can be found at:
http://www.hud.gov/news/industry-guidance.pdf
If you have any questions, please contact: info@fhaoutreach.com or visit:
http://www.fhaoutreach.gov/FHAFAQ
A portion of my time is devoted daily to searching for news and information pertaining to issues that I believe are important and relevant to the development of an appraisal assignment. It is my pleasure to share this information with you. Likewise if you have any news or information that you feel may be of value, or have questions regarding the appraisal process, please don't hesitate to contact me.
Sincerely,
Anthony M. Kanaris & Associates, Inc.
Anthony has allways brought good content to us.... Thank you
On August 4, 2009, The Federal Housing Administration (FHA) suspended Taylor, Bean and Whitaker Mortgage Corporation (TBW) of Ocala, Florida, thereby preventing the Company from originating and underwriting new FHA-insured mortgages. The Government National Mortgage Association (Ginnie Mae) is also defaulting and terminating TBW as an issuer in its Mortgage-Backed Securities (MBS) program and is ending TBW's ability to continue to service Ginnie Mae securities. This means that, effective immediately, TBW will not be able to issue Ginnie Mae securities, and Ginnie Mae will take control of TBW's nearly $25 billion Ginnie Mae portfolio...
To read this press release in its entirety, please visit:
http://www.hud.gov/news/release.cfm?content=pr09-145.cfm&CFID=341752&CFTOKEN=3be7678-0009780b-078f-1636-b54a-80e8c12e0000
FHA-insured Loans Associated with Taylor, Bean and Whitaker (TBW) Questions and Answers for Consumers can be found at:
http://www.hud.gov/news/consumer-guidance.pdf
FHA-insured Loans Associated with Taylor, Bean and Whitaker (TBW) Questions and Answers for Lenders and Brokers can be found at:
http://www.hud.gov/news/industry-guidance.pdf
If you have any questions, please contact: info@fhaoutreach.com or visit:
http://www.fhaoutreach.gov/FHAFAQ
A portion of my time is devoted daily to searching for news and information pertaining to issues that I believe are important and relevant to the development of an appraisal assignment. It is my pleasure to share this information with you. Likewise if you have any news or information that you feel may be of value, or have questions regarding the appraisal process, please don't hesitate to contact me.
Sincerely,
Anthony M. Kanaris & Associates, Inc.
Anthony has allways brought good content to us.... Thank you
Thursday, July 30, 2009
Help from Bank of America
Bank of America announces foreclosure relief for eligible homeowners
07.25.09
By Nicholas Storie
Homeowners looking to stop foreclosure got some good news this week as Bank of America let some know that they may be eligible for a foreclosure relief program.
The company said the program is part of an agreement with the state attorneys general and will make about $150 million available for eligible homeowners who have a mortgage loan through Countrywide.
According to Bank of America, the program will be available to those who suffered from foreclosure, short sale or deed-in-lieu of foreclosure and checks will start being issued during the first quarter of next year.
Only ten states are not currently participating in the program, including: Alabama, Arkansas, Massachusetts, Minnesota, Missouri, New Hampshire, New York, South Carolina, Utah and Vermont.
Countrywide says it expects more than 35,000 borrowers to participate in the program and receive more than $70 million in assistance.
In addition to receiving help from mortgage lenders, homeowners who are in financial straits are also expected to see some assistance from government programs like the Home Affordable Refinance Act (HARP) and Home Affordable Modification Program (HAMP).
To Your Success !!
I highly recommend this book
http://tinyurl.com/ur-success
www.EverlastSolutions.com
07.25.09
By Nicholas Storie
Homeowners looking to stop foreclosure got some good news this week as Bank of America let some know that they may be eligible for a foreclosure relief program.
The company said the program is part of an agreement with the state attorneys general and will make about $150 million available for eligible homeowners who have a mortgage loan through Countrywide.
According to Bank of America, the program will be available to those who suffered from foreclosure, short sale or deed-in-lieu of foreclosure and checks will start being issued during the first quarter of next year.
Only ten states are not currently participating in the program, including: Alabama, Arkansas, Massachusetts, Minnesota, Missouri, New Hampshire, New York, South Carolina, Utah and Vermont.
Countrywide says it expects more than 35,000 borrowers to participate in the program and receive more than $70 million in assistance.
In addition to receiving help from mortgage lenders, homeowners who are in financial straits are also expected to see some assistance from government programs like the Home Affordable Refinance Act (HARP) and Home Affordable Modification Program (HAMP).
To Your Success !!
I highly recommend this book
http://tinyurl.com/ur-success
www.EverlastSolutions.com
Wednesday, July 1, 2009
$8000.00 upfront money FREE From the GOVERNMENT
OrlandoSentinel.com
Florida offers help to some with home down payment
By Mary Shanklin
Sentinel Staff Writer
June 30, 2009
Starting Wednesday, Florida hopes to stoke its real-estate market by becoming one of the few states to offer $8,000 in down-payment assistance to qualified homebuyers so they can benefit upfront from a new federal tax credit.
The state Legislature set aside $30 million to create the Florida Homebuyer Opportunity Program, aimed at first-time buyers and others who have not owned a home for at least the past three years. To qualify, an individual cannot earn more than $75,000 a year, while couples can't earn more than $150,000.
"Here in Florida, rather than qualified buyers waiting to get the tax credit on the tail end of the process, in the form of a credit after they have filed the tax returns, it will allow them to get it upfront and let them use it for down-payment assistance and fees," said David Hart, vice president of legislative and government affairs for the Florida Home Builders Association. He estimated that about five states are taking a similar approach.
The state's program takes effect Wednesday, though the money isn't expected to be available until later in July or August. The funds are being distributed through local government and nonprofit agencies that already provide down-payment help through the State Housing Initiatives Partnership, known as SHIP. Qualified homebuyers are entitled to $8,000 or 10percent of the property's purchase price, whichever is less.
18 months to repay
Buyers who receive a down payment must file for the tax credit on their federal tax return next year and then repay the agency that lent them the assistance, according to the program, which was proposed by state Sen. Mike Fasano, R-New Port Richey. The program gives buyers who qualify and get funds 18 months in which to repay the state, which allows them plenty of time to realize the benefits of the tax credit, part of the federal government's massive stimulus package, the American Recovery and Reinvestment Act of 2009.
The state program is intended to boost Florida's slumping housing market. While the number of existing-home sales locally and statewide have been up for months now compared with a year ago, prices continue to be down 30 percent or more year-over-year depending on the market, according to the Florida Association of Realtors.
To receive the state's down-payment assistance, the buyer must close on a property by the end of November. Housing agencies are still working out the details of how to distribute the funds, and state officials caution that four or five months is a relatively short time in which to qualify, find a home, obtain a mortgage, close on the property - and use the money. Qualified buyers who do not take advantage of the state program may still take the federal tax credit, which is currently set to expire in December.
Some local homebuilders are hopeful the state's decision to convert the tax credit into upfront money will help spur the slumping market. George Glance, who oversees operations for KB Home in Central Florida, said that, while historically low interest rates and falling home prices are enticing many first-time buyers into the market, many of them struggle to come up with a down payment.
"Allowing the federal tax credit to be used toward a down payment would be a great advantage to a first-time homebuyer trying to obtain the dream of homeownership," Glance said.
One consumer advocate considers the state program flawed, however, because of the way the state is distributing the money. Walter Dartland, director of the Consumer Federation of the Southeast, said he fears some Florida cities and counties will run out of cash before the end of November, even as others wind up with excess funds that won't get used.
Will it be used?
He proposed that the money all come from a single, statewide pot. But state officials said they must abide by rules set by the Legislature, which call for the funds to be distributed through local housing agencies.
To Your Success !!
I highly recommend this book
http://tinyurl.com/ur-success
www.EverlastSolutions.com
Florida offers help to some with home down payment
By Mary Shanklin
Sentinel Staff Writer
June 30, 2009
Starting Wednesday, Florida hopes to stoke its real-estate market by becoming one of the few states to offer $8,000 in down-payment assistance to qualified homebuyers so they can benefit upfront from a new federal tax credit.
The state Legislature set aside $30 million to create the Florida Homebuyer Opportunity Program, aimed at first-time buyers and others who have not owned a home for at least the past three years. To qualify, an individual cannot earn more than $75,000 a year, while couples can't earn more than $150,000.
"Here in Florida, rather than qualified buyers waiting to get the tax credit on the tail end of the process, in the form of a credit after they have filed the tax returns, it will allow them to get it upfront and let them use it for down-payment assistance and fees," said David Hart, vice president of legislative and government affairs for the Florida Home Builders Association. He estimated that about five states are taking a similar approach.
The state's program takes effect Wednesday, though the money isn't expected to be available until later in July or August. The funds are being distributed through local government and nonprofit agencies that already provide down-payment help through the State Housing Initiatives Partnership, known as SHIP. Qualified homebuyers are entitled to $8,000 or 10percent of the property's purchase price, whichever is less.
18 months to repay
Buyers who receive a down payment must file for the tax credit on their federal tax return next year and then repay the agency that lent them the assistance, according to the program, which was proposed by state Sen. Mike Fasano, R-New Port Richey. The program gives buyers who qualify and get funds 18 months in which to repay the state, which allows them plenty of time to realize the benefits of the tax credit, part of the federal government's massive stimulus package, the American Recovery and Reinvestment Act of 2009.
The state program is intended to boost Florida's slumping housing market. While the number of existing-home sales locally and statewide have been up for months now compared with a year ago, prices continue to be down 30 percent or more year-over-year depending on the market, according to the Florida Association of Realtors.
To receive the state's down-payment assistance, the buyer must close on a property by the end of November. Housing agencies are still working out the details of how to distribute the funds, and state officials caution that four or five months is a relatively short time in which to qualify, find a home, obtain a mortgage, close on the property - and use the money. Qualified buyers who do not take advantage of the state program may still take the federal tax credit, which is currently set to expire in December.
Some local homebuilders are hopeful the state's decision to convert the tax credit into upfront money will help spur the slumping market. George Glance, who oversees operations for KB Home in Central Florida, said that, while historically low interest rates and falling home prices are enticing many first-time buyers into the market, many of them struggle to come up with a down payment.
"Allowing the federal tax credit to be used toward a down payment would be a great advantage to a first-time homebuyer trying to obtain the dream of homeownership," Glance said.
One consumer advocate considers the state program flawed, however, because of the way the state is distributing the money. Walter Dartland, director of the Consumer Federation of the Southeast, said he fears some Florida cities and counties will run out of cash before the end of November, even as others wind up with excess funds that won't get used.
Will it be used?
He proposed that the money all come from a single, statewide pot. But state officials said they must abide by rules set by the Legislature, which call for the funds to be distributed through local housing agencies.
To Your Success !!
I highly recommend this book
http://tinyurl.com/ur-success
www.EverlastSolutions.com
Sunday, June 28, 2009
Short Sales Blog - Short Sales Information - Short Sales Process
Short Sales Blog - Short Sales Information - Short Sales Process
To Your Success !!
I highly recommend this book
http://tinyurl.com/ur-success
www.EverlastSolutions.com
To Your Success !!
I highly recommend this book
http://tinyurl.com/ur-success
www.EverlastSolutions.com
Tuesday, June 16, 2009
Saving Face
Real Estate Investing Saving Grace
Today is the day that you’ll understand whether or not you’ll use real estate as another road to wealth. This article will introduce you to a well-traveled and mapped out highway to predictable prosperity. It’s time-tested and been proven to work. Let’s see if you can simply follow the map which will guide you to this new stream of income.
I’ll be your opportunity guide, the person who directs you into the fast lane while you methodically leave that old 9 to 5 behind. All success begins with a plan; real estate is just a tool you use in planning an overall approach to living a well-balanced and satisfying life. Once you find your sweet spot in real estate you’ll be one step closer to succeeding with near perfect performance in an enjoyable and prosperous endeavor.
Currently you’ll find that the world is on sale and everything is negotiable. Your ability to find, negotiate, structure, manage and market real property is the key to cashing substantial checks along the way. As with any trip, it pays to plan and prepare properly by first knowing and understanding the rules of the road while easily avoiding the obstacles and roadblocks along the way.
If you’re currently employed, keep that position until your real estate profits overtake your monthly take home pay by twice your current salary. Then bank six months worth of wages before you contemplate leaving that old 9 to 5 in favor of fulltime investing. You may even choose to use real estate investing as a secondary income stream while you keep the regular J.O.B. (Just Over Broke). It is suggested that you have seven independent streams of income in order to truly be insulated against unforeseen circumstances that lead to Chapter 11.
Rule number one is “Keep your overhead low.” Your new offices will be considered your car, your home and local public places. These are all fine venues to carry out general duties and are considered ordinarily acceptable work spaces for the mobile investor in today’s real estate game.
Remember the phrase “There are Riches in Niches” and there are a great many specialties to choose from in real estate. You should strive to become a specialist in two or three areas of expertise but not so many that you fail to master the fundamentals of each niche. You don’t want to be a one trick pony but you don’t want to be the proverbial jack of all trades and master of none either.
You have no doubt heard that all successful people are most often masters of time management; it will serve you well to learn from the best right from the start while you refrain from constantly searching for new mentors to teach within the same subject areas. Limit the amount of differing advice that you get from competing resources so that you can maintain your focus on one proven step-by-step approach that has already been proven to work by following an existing blueprint. There is no need to recreate the wheel; use existing systems to leverage and compound your success and progress.
Start by finding a guide, someone who has already researched, found and verified qualified resources that are proven success models, from here you can begin building your team. T.E.A.M. = Together Everyone Achieves More. There is no such thing as competition; you should consider it co-opitition or co-operating competition. There is plenty of opportunity for everyone so don’t let a scarcity mentality spoil your journey.
There is an old saying in real estate and it states “You get paid when you solve a problem.” Seek to be a problem-solver and a solution provider throughout your networks and areas of operation and you’ll find greater opportunities to be of service throughout the day.
Here are a few of the choices you have to provide service in real estate: bird-dogging, foreclosure investing, creative finance, seller financing, owner financing, no money down, private funding, notes & mortgages, commercial, residential, raw land, judgments, liens, flipping, wholesaling, sub2, auctions, probate, lease purchase, options, tax strategies and a great deal more.
The key is goal setting and we’ll make it easy. Starting out with just 30 minutes a day to read one chapter of real estate educational materials to help you fully prepare within 90 days to begin doing profitable deals while saving you time, money and frustration.
Believe it or not, it only takes a short while to understand the principles, cement the concepts, instill the fundamentals and begin to build your network while designing your plans and preparing to implement your strategy using precise tactics to own your specific niche in real estate.
The entire blueprint can be found at here http://tinyurl.com/ur-success and it is guaranteed to work when you do.
Dan Auito
To Your Success !!
I highly recommend this book
http://tinyurl.com/ur-success
www.EverlastSolutions.com
Today is the day that you’ll understand whether or not you’ll use real estate as another road to wealth. This article will introduce you to a well-traveled and mapped out highway to predictable prosperity. It’s time-tested and been proven to work. Let’s see if you can simply follow the map which will guide you to this new stream of income.
I’ll be your opportunity guide, the person who directs you into the fast lane while you methodically leave that old 9 to 5 behind. All success begins with a plan; real estate is just a tool you use in planning an overall approach to living a well-balanced and satisfying life. Once you find your sweet spot in real estate you’ll be one step closer to succeeding with near perfect performance in an enjoyable and prosperous endeavor.
Currently you’ll find that the world is on sale and everything is negotiable. Your ability to find, negotiate, structure, manage and market real property is the key to cashing substantial checks along the way. As with any trip, it pays to plan and prepare properly by first knowing and understanding the rules of the road while easily avoiding the obstacles and roadblocks along the way.
If you’re currently employed, keep that position until your real estate profits overtake your monthly take home pay by twice your current salary. Then bank six months worth of wages before you contemplate leaving that old 9 to 5 in favor of fulltime investing. You may even choose to use real estate investing as a secondary income stream while you keep the regular J.O.B. (Just Over Broke). It is suggested that you have seven independent streams of income in order to truly be insulated against unforeseen circumstances that lead to Chapter 11.
Rule number one is “Keep your overhead low.” Your new offices will be considered your car, your home and local public places. These are all fine venues to carry out general duties and are considered ordinarily acceptable work spaces for the mobile investor in today’s real estate game.
Remember the phrase “There are Riches in Niches” and there are a great many specialties to choose from in real estate. You should strive to become a specialist in two or three areas of expertise but not so many that you fail to master the fundamentals of each niche. You don’t want to be a one trick pony but you don’t want to be the proverbial jack of all trades and master of none either.
You have no doubt heard that all successful people are most often masters of time management; it will serve you well to learn from the best right from the start while you refrain from constantly searching for new mentors to teach within the same subject areas. Limit the amount of differing advice that you get from competing resources so that you can maintain your focus on one proven step-by-step approach that has already been proven to work by following an existing blueprint. There is no need to recreate the wheel; use existing systems to leverage and compound your success and progress.
Start by finding a guide, someone who has already researched, found and verified qualified resources that are proven success models, from here you can begin building your team. T.E.A.M. = Together Everyone Achieves More. There is no such thing as competition; you should consider it co-opitition or co-operating competition. There is plenty of opportunity for everyone so don’t let a scarcity mentality spoil your journey.
There is an old saying in real estate and it states “You get paid when you solve a problem.” Seek to be a problem-solver and a solution provider throughout your networks and areas of operation and you’ll find greater opportunities to be of service throughout the day.
Here are a few of the choices you have to provide service in real estate: bird-dogging, foreclosure investing, creative finance, seller financing, owner financing, no money down, private funding, notes & mortgages, commercial, residential, raw land, judgments, liens, flipping, wholesaling, sub2, auctions, probate, lease purchase, options, tax strategies and a great deal more.
The key is goal setting and we’ll make it easy. Starting out with just 30 minutes a day to read one chapter of real estate educational materials to help you fully prepare within 90 days to begin doing profitable deals while saving you time, money and frustration.
Believe it or not, it only takes a short while to understand the principles, cement the concepts, instill the fundamentals and begin to build your network while designing your plans and preparing to implement your strategy using precise tactics to own your specific niche in real estate.
The entire blueprint can be found at here http://tinyurl.com/ur-success and it is guaranteed to work when you do.
Dan Auito
To Your Success !!
I highly recommend this book
http://tinyurl.com/ur-success
www.EverlastSolutions.com
Wednesday, June 10, 2009
Taking our rights to private property
June 9, 2009
U.S. Senate Seizing Control of Real Estate Investing
“PLEASE READ EVERY WORD ON THIS POST”
The U.S. Senate is considering a bill that would severely limit the way you do business as a creative real estate investor and, more importantly, is an inexcusable infringement of the property rights of all Americans.
HR 1728, which you can view in its entirety here, deals with a plethora of mortgage-related issues, mostly around limited terms and fees on residential loans.
But the heinous piece of the legislation is in section 101(3)(e), which defines the affected principals as:
(E) does not include, with respect to a residential mortgage loan, a person, estate, or trust that provides mortgage financing for the sale of 1 property in any 36-month period, provided that such loan -
(i) is fully amortizing;
(ii) is with respect to a sale for which the seller determines in good faith and documents that the buyer has a reasonable ability to repay the loan;
(iii) has a fixed rate or an adjustable rate that is adjustable after 5 or more years, subject to reasonable annual and lifetime limitations on interest rate increases; and
(iv) meets any other criteria the Federal banking agencies may prescribe;
Yeah, I know, confusing.
But here’s what it says:
You are NOT subject to the law as long as you DON’T sell more than 1 property with owner financing every 3 years!
Or, to put it another way, you ARE subject to the limitations of the law if you DO sell more than one property every 3 years via a land contract, owner-held mortgage or wrap-around mortgage… and who knows if they’ll define lease/options as owner financing, too?
So what does it mean to be “subject to the law”?
Well, at the very least, it means that you will have to comply with a long, confusing, and penalty-filled piece of national legislation.
Here are the types of transactions that you would be restricted from doing more than once every 36 months:
•Selling YOUR OWN HOME using a land contract or owner-held mortgage so that you can get a quicker sale, higher sale price, or better rate of interest than is available in other investments
•Carrying back owner-held second mortgages on investment properties that you sell
•Doing any kind of installment sale on residential properties including homes, condos, mobile homes, and even raw land that is zoned residential
Yes, there will undoubtedly by ways to “get around it” - some have suggested that getting a mortgage broker’s license and then learning and following the vast new set of regulations would circumvent the “problem”.
But the bottom line is, this law has to be stopped and it has to be stopped NOW.
Here’s why:
1.Congress is trying to regulate the wrong thing.The deals we make are not “loans” - they don’t involve the transfer of money, or points or closing costs or adjustable rates or any of the other things that caused the mortgage crisis to begin with. They are INSTALLMENT SALES.
We don’t give money to the “borrower” and wait for it to be paid back: we give a property to the borrower and wait for it to be paid off. Regulating this will have no effect on the foreclosure crisis.
2.It is a completely unacceptable infringement on private property rights.When I own a piece of property and I find a ready, willing, and able purchaser, I should be able to control the sale of that property within the existing laws of my state, which already regulate the interest rate that I am able to charge and some of the terms of the sale.
The government does not have the right to tell us that we need special licensing to sell our own properties; nor do they have the right to further regulate the terms under which we can sell or burden small investors with a new set of rules that we can’t comply with.
Not only will this new law, if passed as written, effectively choke off owner financing as an exit strategy for you, it will also take away housing choice for your buyers. The millions of Americans who’ve been through foreclosure in the last 3 years can’t buy a house in any way OTHER THAN to negotiate owner financing with a seller - and HR 1728 would greatly reduce the number of properties available in this way.
Millions of potential home owners who would otherwise be able to re-start the process of paying off a home, and get the tax advantages of ownership, will be reduced to renting until they are able to qualify for bank financing.
Here’s What to Do Right Now:
This bill has already passed the house and is waiting for Senate approval. Please contact your senator via email and snail mail to let him know that this law MUST NOT PASS in its current form. You can get your senator’s contact information here:
http://www.senate.gov/general/contact_information/senators_cfm.cfm
As always in cases like this, you have an automatic handicap to overcome… the fact that you are a real estate investor and are therefore viewed as part of the problem. So when you write, don’t emphasize the nature of your business, just that you and your buyers would be greatly aversely affected by the new law.
We need THOUSANDS of these communications to go out in the next few days to have a CHANCE of stopping this in its tracks. So whether you’re a new or experienced investor, PLEASE take the time right now to write your elected representative!
Here are some sample letters or emails…
IF YOU HAVE A REAL ESTATE LICENSE:Dear Senator [name];
My name is [insert name here] and I am a life-long resident of [insert city name here].
I am writing you to encourage you to vote NO on HR 1728, the “Mortgage Reform and Anti-Predatory Lending Act”.
While many of the provisions of the act are positive steps toward mortgage reform, the inclusion of private owners in the act (see section 101(3)(e)) will enormously reduce the housing choice of [Ohioans] and the ability of home owners to sell properties in this already-slow market.
As a real estate broker, I have seen several dozen cases in the past year of home sellers and buyers coming to an agreement for an installment sale on a property that the owner desperately needed to sell (often to avoid foreclosure) and the buyer desperately wanted to buy, but could not raise the downpayment needed for conventional financing.
In all cases, these sales turned out to be win-win deals for the buyer and seller; the seller was able to get rid of an unwanted property to a buyer who loved it, and the buyer was able to get his new home at an affordable payment and interest rates with none of the usual costs (points, application fees etc) inherent in more conventional mortgage transactions.
In [Ohio], these transactions are already regulated by state law: a low maximum interest rate is already in place, and both the buyer and seller are protected by other regulations at the state level.
In defense of private property rights, owners should be exempted from the burdensome and unnecessary rules that this law foists upon them. In its current form, it would all but shut off the “owner financing” market that is the only way that many sellers can sell and many buyers can buy right now.
PLEASE DO NOT LET THIS RESTRICTION ON PRIVATE PROPERTY RIGHTS PASS THE SENATE. It is unnecessary to stop private buyers and sellers from transacting business that is beneficial to both of them-they are not the problem that the bill seeks to solve. HR 1728 would be extremely harmful to thousands of your constituents.
It will exacerbate the problem OF foreclosure, as fewer sellers will be able to sell their homes to avoid it, and CAUSED BY foreclosure, as fewer buyers who have recently experienced foreclosure will be able to re-start the process of home ownership inexpensively and easily by negotiating owner financing.
Thank you for your consideration;
Insert Name
Licensed Real Estate Broker license #
Phone #
email
IF YOU SELL HOUSES WITH OWNER FINANCING:Dear Senator [name];
My name is [insert name here] and I am a life-long resident of [insert city name here].
I am writing you to encourage you to vote NO on HR 1728, the “Mortgage Reform and Anti-Predatory Lending Act”.
While many of the provisions of the act are positive steps toward mortgage reform, the inclusion of private owners in the act (see section 101(3)(e)) will enormously reduce the housing choice of [Ohioans] and the ability of home owners to sell properties in this already-slow market.
As a professional housing provider, I sell several houses each year to home buyers on installment sale [or, if you have not purchased a property, add here: "I had planned to sell several houses this year on installment sale]-a practice that would become impossible under this law in its current form.
I find that in today’s slow market, the best way for me to help buyers who desperately want to become homeowners, but who cannot raise the downpayment or meet the other terms needed for conventional financing, is to allow them to make payments directly to me.
These sales are win-win deals for both the buyer and myself; I am able to turn over homes that I’ve bought and rehabbed (often from foreclosures) to buyers who love and can afford them, and the buyer can get his new home at an affordable payment and interest rates with none of the usual costs (points, application fees etc) inherent in more conventional mortgage transactions.
In [Ohio], these transactions are already regulated by state law: a low maximum interest rate is already in place, and both the buyer and seller are protected by other regulations at the state level.
Without the ability to sell homes in this way, I will no longer be able to invest in and renovate any of the tens of thousands of vacant, ugly houses placed on the market by the foreclosure crisis, and my small-but-beneficial business will literally be in ruins. Perhaps more importantly, the homeowner-buyers that I serve will be forced to rent rather than moving toward the American dream of home ownership.
In defense of private property rights, owners should be exempted from the burdensome and unnecessary rules that this law foists upon them. In its current form, it would all but shut off the “owner financing” market that is the only way that many sellers can sell and many buyers can buy right now.
PLEASE DO NOT LET THIS RESTRICTION ON PRIVATE PROPERTY RIGHTS PASS THE SENATE. It is unnecessary to stop private buyers and sellers from transacting business that is beneficial to both of them-they are not the problem that the bill seeks to solve. HR 1728 would be extremely harmful to thousands of your constituents.
It will exacerbate the problem OF foreclosure, as fewer sellers will be able to sell their homes to avoid it, and CAUSED BY foreclosure, as fewer buyers who have recently experienced foreclosure will be able to re-start the process of home ownership inexpensively and easily by negotiating owner financing.
Thank you for your consideration;
Insert Name
Perfect Properties, inc.
Phone number
email
IF YOU BUY HOUSES WITH OWNER FINANCING:Dear Senator [name];
My name is [insert name here] and I am a life-long resident of [insert city name here].
I am writing you to encourage you to vote NO on HR 1728, the “Mortgage Reform and Anti-Predatory Lending Act”.
While many of the provisions of the act are positive steps toward mortgage reform, the inclusion of private owners in the act (see section 101(3)(e)) will enormously reduce the housing choice of [Ohioans] and the ability of home owners to sell properties in this already-slow market.
In the past year, I have purchased and renovated several homes-made possible only because the sellers of these homes were able to sell to me using owner financing in an unrestricted way.
For many of these property owners, seller financing was the only way to unburden themselves of an unwanted property that, in some cases, was headed toward foreclosure before I purchased it.
Without this ability, I can not continue to buy and renovate properties in the neighborhoods that so need me and my colleagues to invest our time, energy, and money in rehabbing properties. Bank financing is not an option for these properties because of the condition; only financing carried by the sellers will suffice.
Section 101(3)(e) would keep my sellers from utilizing this method of getting rid of unwanted properties in today’s market, should they have more than 1 to sell.
In defense of private property rights, owners should be exempted from the burdensome and unnecessary rules that this law foists upon them. In its current form, it would all but shut off the “owner financing” market that is the only way that many sellers can sell and many buyers can buy right now.
PLEASE DO NOT LET THIS RESTRICTION ON PRIVATE PROPERTY RIGHTS PASS THE SENATE. It is unnecessary to stop private buyers and sellers from transacting business that is beneficial to both of them-they are not the problem that the bill seeks to solve. HR 1728 would be extremely harmful to thousands of your constituents.
It will exacerbate the problem OF foreclosure, as fewer sellers will be able to sell their homes to avoid it, and CAUSED BY foreclosure, as fewer buyers who have recently experienced foreclosure will be able to re-start the process of home ownership inexpensively and easily by negotiating owner financing.
Thank you for your consideration;
Insert Name
Perfect Properties, inc.
Phone number
email
Thank you Sam Bell for this insight and great letters
We need everyone to send a letter off !!!!
U.S. Senate Seizing Control of Real Estate Investing
“PLEASE READ EVERY WORD ON THIS POST”
The U.S. Senate is considering a bill that would severely limit the way you do business as a creative real estate investor and, more importantly, is an inexcusable infringement of the property rights of all Americans.
HR 1728, which you can view in its entirety here, deals with a plethora of mortgage-related issues, mostly around limited terms and fees on residential loans.
But the heinous piece of the legislation is in section 101(3)(e), which defines the affected principals as:
(E) does not include, with respect to a residential mortgage loan, a person, estate, or trust that provides mortgage financing for the sale of 1 property in any 36-month period, provided that such loan -
(i) is fully amortizing;
(ii) is with respect to a sale for which the seller determines in good faith and documents that the buyer has a reasonable ability to repay the loan;
(iii) has a fixed rate or an adjustable rate that is adjustable after 5 or more years, subject to reasonable annual and lifetime limitations on interest rate increases; and
(iv) meets any other criteria the Federal banking agencies may prescribe;
Yeah, I know, confusing.
But here’s what it says:
You are NOT subject to the law as long as you DON’T sell more than 1 property with owner financing every 3 years!
Or, to put it another way, you ARE subject to the limitations of the law if you DO sell more than one property every 3 years via a land contract, owner-held mortgage or wrap-around mortgage… and who knows if they’ll define lease/options as owner financing, too?
So what does it mean to be “subject to the law”?
Well, at the very least, it means that you will have to comply with a long, confusing, and penalty-filled piece of national legislation.
Here are the types of transactions that you would be restricted from doing more than once every 36 months:
•Selling YOUR OWN HOME using a land contract or owner-held mortgage so that you can get a quicker sale, higher sale price, or better rate of interest than is available in other investments
•Carrying back owner-held second mortgages on investment properties that you sell
•Doing any kind of installment sale on residential properties including homes, condos, mobile homes, and even raw land that is zoned residential
Yes, there will undoubtedly by ways to “get around it” - some have suggested that getting a mortgage broker’s license and then learning and following the vast new set of regulations would circumvent the “problem”.
But the bottom line is, this law has to be stopped and it has to be stopped NOW.
Here’s why:
1.Congress is trying to regulate the wrong thing.The deals we make are not “loans” - they don’t involve the transfer of money, or points or closing costs or adjustable rates or any of the other things that caused the mortgage crisis to begin with. They are INSTALLMENT SALES.
We don’t give money to the “borrower” and wait for it to be paid back: we give a property to the borrower and wait for it to be paid off. Regulating this will have no effect on the foreclosure crisis.
2.It is a completely unacceptable infringement on private property rights.When I own a piece of property and I find a ready, willing, and able purchaser, I should be able to control the sale of that property within the existing laws of my state, which already regulate the interest rate that I am able to charge and some of the terms of the sale.
The government does not have the right to tell us that we need special licensing to sell our own properties; nor do they have the right to further regulate the terms under which we can sell or burden small investors with a new set of rules that we can’t comply with.
Not only will this new law, if passed as written, effectively choke off owner financing as an exit strategy for you, it will also take away housing choice for your buyers. The millions of Americans who’ve been through foreclosure in the last 3 years can’t buy a house in any way OTHER THAN to negotiate owner financing with a seller - and HR 1728 would greatly reduce the number of properties available in this way.
Millions of potential home owners who would otherwise be able to re-start the process of paying off a home, and get the tax advantages of ownership, will be reduced to renting until they are able to qualify for bank financing.
Here’s What to Do Right Now:
This bill has already passed the house and is waiting for Senate approval. Please contact your senator via email and snail mail to let him know that this law MUST NOT PASS in its current form. You can get your senator’s contact information here:
http://www.senate.gov/general/contact_information/senators_cfm.cfm
As always in cases like this, you have an automatic handicap to overcome… the fact that you are a real estate investor and are therefore viewed as part of the problem. So when you write, don’t emphasize the nature of your business, just that you and your buyers would be greatly aversely affected by the new law.
We need THOUSANDS of these communications to go out in the next few days to have a CHANCE of stopping this in its tracks. So whether you’re a new or experienced investor, PLEASE take the time right now to write your elected representative!
Here are some sample letters or emails…
IF YOU HAVE A REAL ESTATE LICENSE:Dear Senator [name];
My name is [insert name here] and I am a life-long resident of [insert city name here].
I am writing you to encourage you to vote NO on HR 1728, the “Mortgage Reform and Anti-Predatory Lending Act”.
While many of the provisions of the act are positive steps toward mortgage reform, the inclusion of private owners in the act (see section 101(3)(e)) will enormously reduce the housing choice of [Ohioans] and the ability of home owners to sell properties in this already-slow market.
As a real estate broker, I have seen several dozen cases in the past year of home sellers and buyers coming to an agreement for an installment sale on a property that the owner desperately needed to sell (often to avoid foreclosure) and the buyer desperately wanted to buy, but could not raise the downpayment needed for conventional financing.
In all cases, these sales turned out to be win-win deals for the buyer and seller; the seller was able to get rid of an unwanted property to a buyer who loved it, and the buyer was able to get his new home at an affordable payment and interest rates with none of the usual costs (points, application fees etc) inherent in more conventional mortgage transactions.
In [Ohio], these transactions are already regulated by state law: a low maximum interest rate is already in place, and both the buyer and seller are protected by other regulations at the state level.
In defense of private property rights, owners should be exempted from the burdensome and unnecessary rules that this law foists upon them. In its current form, it would all but shut off the “owner financing” market that is the only way that many sellers can sell and many buyers can buy right now.
PLEASE DO NOT LET THIS RESTRICTION ON PRIVATE PROPERTY RIGHTS PASS THE SENATE. It is unnecessary to stop private buyers and sellers from transacting business that is beneficial to both of them-they are not the problem that the bill seeks to solve. HR 1728 would be extremely harmful to thousands of your constituents.
It will exacerbate the problem OF foreclosure, as fewer sellers will be able to sell their homes to avoid it, and CAUSED BY foreclosure, as fewer buyers who have recently experienced foreclosure will be able to re-start the process of home ownership inexpensively and easily by negotiating owner financing.
Thank you for your consideration;
Insert Name
Licensed Real Estate Broker license #
Phone #
IF YOU SELL HOUSES WITH OWNER FINANCING:Dear Senator [name];
My name is [insert name here] and I am a life-long resident of [insert city name here].
I am writing you to encourage you to vote NO on HR 1728, the “Mortgage Reform and Anti-Predatory Lending Act”.
While many of the provisions of the act are positive steps toward mortgage reform, the inclusion of private owners in the act (see section 101(3)(e)) will enormously reduce the housing choice of [Ohioans] and the ability of home owners to sell properties in this already-slow market.
As a professional housing provider, I sell several houses each year to home buyers on installment sale [or, if you have not purchased a property, add here: "I had planned to sell several houses this year on installment sale]-a practice that would become impossible under this law in its current form.
I find that in today’s slow market, the best way for me to help buyers who desperately want to become homeowners, but who cannot raise the downpayment or meet the other terms needed for conventional financing, is to allow them to make payments directly to me.
These sales are win-win deals for both the buyer and myself; I am able to turn over homes that I’ve bought and rehabbed (often from foreclosures) to buyers who love and can afford them, and the buyer can get his new home at an affordable payment and interest rates with none of the usual costs (points, application fees etc) inherent in more conventional mortgage transactions.
In [Ohio], these transactions are already regulated by state law: a low maximum interest rate is already in place, and both the buyer and seller are protected by other regulations at the state level.
Without the ability to sell homes in this way, I will no longer be able to invest in and renovate any of the tens of thousands of vacant, ugly houses placed on the market by the foreclosure crisis, and my small-but-beneficial business will literally be in ruins. Perhaps more importantly, the homeowner-buyers that I serve will be forced to rent rather than moving toward the American dream of home ownership.
In defense of private property rights, owners should be exempted from the burdensome and unnecessary rules that this law foists upon them. In its current form, it would all but shut off the “owner financing” market that is the only way that many sellers can sell and many buyers can buy right now.
PLEASE DO NOT LET THIS RESTRICTION ON PRIVATE PROPERTY RIGHTS PASS THE SENATE. It is unnecessary to stop private buyers and sellers from transacting business that is beneficial to both of them-they are not the problem that the bill seeks to solve. HR 1728 would be extremely harmful to thousands of your constituents.
It will exacerbate the problem OF foreclosure, as fewer sellers will be able to sell their homes to avoid it, and CAUSED BY foreclosure, as fewer buyers who have recently experienced foreclosure will be able to re-start the process of home ownership inexpensively and easily by negotiating owner financing.
Thank you for your consideration;
Insert Name
Perfect Properties, inc.
Phone number
IF YOU BUY HOUSES WITH OWNER FINANCING:Dear Senator [name];
My name is [insert name here] and I am a life-long resident of [insert city name here].
I am writing you to encourage you to vote NO on HR 1728, the “Mortgage Reform and Anti-Predatory Lending Act”.
While many of the provisions of the act are positive steps toward mortgage reform, the inclusion of private owners in the act (see section 101(3)(e)) will enormously reduce the housing choice of [Ohioans] and the ability of home owners to sell properties in this already-slow market.
In the past year, I have purchased and renovated several homes-made possible only because the sellers of these homes were able to sell to me using owner financing in an unrestricted way.
For many of these property owners, seller financing was the only way to unburden themselves of an unwanted property that, in some cases, was headed toward foreclosure before I purchased it.
Without this ability, I can not continue to buy and renovate properties in the neighborhoods that so need me and my colleagues to invest our time, energy, and money in rehabbing properties. Bank financing is not an option for these properties because of the condition; only financing carried by the sellers will suffice.
Section 101(3)(e) would keep my sellers from utilizing this method of getting rid of unwanted properties in today’s market, should they have more than 1 to sell.
In defense of private property rights, owners should be exempted from the burdensome and unnecessary rules that this law foists upon them. In its current form, it would all but shut off the “owner financing” market that is the only way that many sellers can sell and many buyers can buy right now.
PLEASE DO NOT LET THIS RESTRICTION ON PRIVATE PROPERTY RIGHTS PASS THE SENATE. It is unnecessary to stop private buyers and sellers from transacting business that is beneficial to both of them-they are not the problem that the bill seeks to solve. HR 1728 would be extremely harmful to thousands of your constituents.
It will exacerbate the problem OF foreclosure, as fewer sellers will be able to sell their homes to avoid it, and CAUSED BY foreclosure, as fewer buyers who have recently experienced foreclosure will be able to re-start the process of home ownership inexpensively and easily by negotiating owner financing.
Thank you for your consideration;
Insert Name
Perfect Properties, inc.
Phone number
Thank you Sam Bell for this insight and great letters
We need everyone to send a letter off !!!!
Tuesday, June 2, 2009
Dan Auito.....Be A Real Estate Heavyweight....
Seller Financing to the Real Estate Rescue
Banks aren’t lending, sellers can’t sell and buyers can’t buy. Seller financing opens up huge pools of potential buyers who are willing to pay fair market value and above average interest rates to the seller who is willing to take payments instead of all cash at once.
Fifty percent of potential buyers today no longer qualify for conventional loans due to stricter lending guidelines being put into place as a result of the current mortgage meltdown and new government regulations. Many banks are still holding bad assets, which forces them to loan what little funds they do have to only their very best credit worthy buyers.
Owner financing has traditionally been used to purchase real estate that conventional lenders regard as non-conforming or difficult to liquidate in the case of foreclosure for a borrower’s failure to pay the note when due.
Owners have often carried back financing on:
• Unimproved land
• Recreational land
• Mobile homes w/land
• Farmland
• Rehabbed houses
• Property that didn’t conform to standard lending guidelines
In today’s tight credit markets, nice middle class homes, luxury homes, condos and commercial properties of all types are being added to the list of property types above that owners are privately financing.
What are some of the buyers’ advantages of seller financing?
• Less stringent loan qualifying process
• Flexibility of price & terms
• No origination or junk fees
• No points or private mortgage insurance (PMI)
• Marginal credit isn’t a deal killer
• No four property limit restrictions on investors
• Down payments can be motor homes, boats, cars or anything of value that the seller is willing to accept as consideration in the deal
• No prepayment penalties which allows buyers to eventually refinance with a conventional lender in favor of lower interest rates and longer terms once their credit standing improves
Who would consider owner financing their property?
• Older people with substantial equity who do not need a lump sum but would rather have monthly payments while earning higher rates of interest and minimizing capital gains taxes
• Property that needs serious repair that banks won’t loan on
• Property acquired through wills that may be a burden or in a distant state
• People who can’t afford to maintain the property they do have
• Tired landlords & other “don’t wanters” of various types
• People who need to sell fast in down markets
• People who have been transferred or are maintaining two homes
• People facing foreclosure (you could make up the payments in default)
• Vacant property
Don’t be afraid to ask a seller why they’re selling and what they’ll be using the money for; inform them that the reason you are asking is to see if they would be interested in being the bank by owner financing. Let them know that this method may allow you to pay full price but lower interest, etc. It will be your job to show the seller the benefits of considering your suggestions while proving to them that you are a very low risk buyer.
Explain to the seller that they can earn 7, 8 or 9% interest on their equity and avoid hefty capital gains tax instead of cashing out and getting 1 or 2% by putting excess cash in a bank account. You could even offer to pay all closing costs which will be much less than a traditional loan. Who knows, you may be able to trade other property, vehicles, pay off their existing debts, etc. to satisfy down payments or some or all of the principle. You won’t know unless you ask! (You as the buyer are currently in charge in today’s markets.)
Prepare to prove yourself as a low risk borrower with a firm grasp of responsibility and financial ability by preparing a statement that begins to answer these questions:
• How much you have or what you have to offer as a down payment
• Provide income statements, credit reports, employment history
• Provide assets and liabilities accounting, i.e. all sources of income, outstanding judgments, liens, credit card debt, car payments, child support, etc.
• An idea as to price or terms that you are willing to offer
• Present a repayment schedule with maturity date
• Detail contingencies and late fees
• Address any other seller remedies and assurances in event that you default
• Provide references, current and past favorable housing history with contact info
Sellers should seek to verify everything submitted in the application process and strive to get as large a down payment as possible. Both parties should use a real estate attorney to ensure the paperwork is done properly in addition to obtaining a seller’s mortgage insurance policy to protect against title defects in the future.
A few more tips for the seller are to work hard to create a very solid and verified buyers note. This promise to pay can be sold to note brokers for 80-90% of face value if the note is correctly constructed, seasoned and so forth. Seek to create a quality financial instrument backed by well cared for property.
Hint: If you can find a way to visit the potential buyer’s current residence before you remove all contingencies to your deal, you’ll have an opportunity to see how they currently live and treat the dwelling they currently have been given control of. The condition of their cars, clothes, personal hygiene, speech patterns and use of words can give you solid insights into the character of the people that you may be financially linked to for a long while. The old landlord’s creed is “Screen, Screen, Screen!” You won’t regret it! Visit http://tinyurl.com/ur-success to learn everything that is working today.
http://tinyurl.com/ur-success
To Your Success !!
I highly recommend this book
Banks aren’t lending, sellers can’t sell and buyers can’t buy. Seller financing opens up huge pools of potential buyers who are willing to pay fair market value and above average interest rates to the seller who is willing to take payments instead of all cash at once.
Fifty percent of potential buyers today no longer qualify for conventional loans due to stricter lending guidelines being put into place as a result of the current mortgage meltdown and new government regulations. Many banks are still holding bad assets, which forces them to loan what little funds they do have to only their very best credit worthy buyers.
Owner financing has traditionally been used to purchase real estate that conventional lenders regard as non-conforming or difficult to liquidate in the case of foreclosure for a borrower’s failure to pay the note when due.
Owners have often carried back financing on:
• Unimproved land
• Recreational land
• Mobile homes w/land
• Farmland
• Rehabbed houses
• Property that didn’t conform to standard lending guidelines
In today’s tight credit markets, nice middle class homes, luxury homes, condos and commercial properties of all types are being added to the list of property types above that owners are privately financing.
What are some of the buyers’ advantages of seller financing?
• Less stringent loan qualifying process
• Flexibility of price & terms
• No origination or junk fees
• No points or private mortgage insurance (PMI)
• Marginal credit isn’t a deal killer
• No four property limit restrictions on investors
• Down payments can be motor homes, boats, cars or anything of value that the seller is willing to accept as consideration in the deal
• No prepayment penalties which allows buyers to eventually refinance with a conventional lender in favor of lower interest rates and longer terms once their credit standing improves
Who would consider owner financing their property?
• Older people with substantial equity who do not need a lump sum but would rather have monthly payments while earning higher rates of interest and minimizing capital gains taxes
• Property that needs serious repair that banks won’t loan on
• Property acquired through wills that may be a burden or in a distant state
• People who can’t afford to maintain the property they do have
• Tired landlords & other “don’t wanters” of various types
• People who need to sell fast in down markets
• People who have been transferred or are maintaining two homes
• People facing foreclosure (you could make up the payments in default)
• Vacant property
Don’t be afraid to ask a seller why they’re selling and what they’ll be using the money for; inform them that the reason you are asking is to see if they would be interested in being the bank by owner financing. Let them know that this method may allow you to pay full price but lower interest, etc. It will be your job to show the seller the benefits of considering your suggestions while proving to them that you are a very low risk buyer.
Explain to the seller that they can earn 7, 8 or 9% interest on their equity and avoid hefty capital gains tax instead of cashing out and getting 1 or 2% by putting excess cash in a bank account. You could even offer to pay all closing costs which will be much less than a traditional loan. Who knows, you may be able to trade other property, vehicles, pay off their existing debts, etc. to satisfy down payments or some or all of the principle. You won’t know unless you ask! (You as the buyer are currently in charge in today’s markets.)
Prepare to prove yourself as a low risk borrower with a firm grasp of responsibility and financial ability by preparing a statement that begins to answer these questions:
• How much you have or what you have to offer as a down payment
• Provide income statements, credit reports, employment history
• Provide assets and liabilities accounting, i.e. all sources of income, outstanding judgments, liens, credit card debt, car payments, child support, etc.
• An idea as to price or terms that you are willing to offer
• Present a repayment schedule with maturity date
• Detail contingencies and late fees
• Address any other seller remedies and assurances in event that you default
• Provide references, current and past favorable housing history with contact info
Sellers should seek to verify everything submitted in the application process and strive to get as large a down payment as possible. Both parties should use a real estate attorney to ensure the paperwork is done properly in addition to obtaining a seller’s mortgage insurance policy to protect against title defects in the future.
A few more tips for the seller are to work hard to create a very solid and verified buyers note. This promise to pay can be sold to note brokers for 80-90% of face value if the note is correctly constructed, seasoned and so forth. Seek to create a quality financial instrument backed by well cared for property.
Hint: If you can find a way to visit the potential buyer’s current residence before you remove all contingencies to your deal, you’ll have an opportunity to see how they currently live and treat the dwelling they currently have been given control of. The condition of their cars, clothes, personal hygiene, speech patterns and use of words can give you solid insights into the character of the people that you may be financially linked to for a long while. The old landlord’s creed is “Screen, Screen, Screen!” You won’t regret it! Visit http://tinyurl.com/ur-success to learn everything that is working today.
http://tinyurl.com/ur-success
To Your Success !!
I highly recommend this book
Saturday, May 30, 2009
On my way to work !!
To Your Success !! I highly recommend this book http://tinyurl.com/ur-success www.EverlastSolutions.com
Masterminding DO IT !!!!
Here's a quick lesson on how masterminding with the right the people is imperative to your success.
A few weeks ago at one of our monthly TWBA (the wealth building annex) mastermind sessions I met a very interesting guy. That will change the way I am approaching my goals.
Here's how the whole day went, 10am we had internet training on using social networks to drive traffic and build your list Chris Krimitsos.
SEO Using the right to tools to get your URL ranked on the top of google really cutting edge stuff by Bruce Anderson.
Finally Dan S on monetizing your info on line. create and market your knowledge.
5:30pm TWBA mastermind,, special JV mastermind session... kinda like speed dating but with other investors. I know I met so many JV oppportunities.
Which brings me to my point. All the governors go to dinner afterwards and that's where I meet the real go getter's. I met a guy he said he does bulk REOs and NPNs Non performing notes. Well that just happens to be a big part of my biz plan.
The next day Thursday I call we talk for about an hour and half, he has been in the biz for 18 years and really schooled me. I took notes, I allways take notes. A very wise man said to me "The shortest pencil is greater then the longest memory".
We spoke about what he does and I totaly got it !! We hit it off. I assured him he has never worked with someone like me before and after three weeks he believes it.
We set a time to meet on Mon. I drove an hour and half to pic his brain and buy him lunch. Buying someone lunch gets you a very long way in this business.
So after his schooling me I wanted to show him just how much of an asset I am. I listen to his needs and just how the plan would work. He needed a few investors willing to jump on board with us. Well I know how to impress and impress I was going to do.
I developed a complete 18 page biz plan. Now the spelling or grammar wasn't right but the presentation was there. I had some graffics on the front cover and inserted it into a glossy binder. Spent about 6 staright hours on it.
We met at 12:30 and I left at 5:30. We sat he talked and outlined again how we will go about taking down bulk REOs and NPNs. I took notes. I gave him my biz plan and he was surprised just how accurate it was. I had plugged in about 6 exit strategies and some essential team players. He will review and make changes.
Result from the second time talking a JV was born. Now his job is to find and comp the deals he receives direct from the lenders and put in offers at like 35 cents on the buc.. My job is to find and market our plan to investors. With one week of educating myself with the plan and rehearsing my presentation I was ready to meet the world.
First off I needed a man who is very well respected and connected. just so happens my Mentor, close Friend and partner John ybarra fits the mold.
Among working my short sale biz, developing an online real estate training site, Johns soldin8hrs course being finalized, Me and John's wholesale deals, Keeping up with John and CCREIA, Our Twba online group, networking at least one maybe two meetings a week and locking up a firm date in Oct. to bring Larry Goins and a cast of highly respected real estate players for a two day event hosted by me and John.
So how does all this play together, networking, masterminding and the presentation of our biz plan. Its is now been about three weeks from meeting Cliff our JV partner and I already have pitched the plan about a dozen times. I Keep getting better. Practice, practice ,practice on people you know wont play... till you get it down pat then give it your all to the important players.
Bottom line I have pitched the plan to some huge players and guess what we are in the final stages of securing funding to secure a few deals. This will allow me to hit my goals well before I could ever dream.
SINCE MAY 6TH I have climbed some huge mountains and I can almost see the summit.
Real estate business moves so fast, I started this quest june 6th 08 so I know what Im talking about. Dont wait to get out there and get moving. Find your local REIA and meet people with the same interests. The fastest way to get into this biz is to network. mastermind and find a mentor. All of our group at TWBA helps each other with no strings. Being involved in these groups will allow you to mastermind with people who on the street you wouldnt have the chance to talk to, let alone the chance to sit and see how you can mutually bebefit.
Mastermind in everything you do. Never discount the thoughts of another a view outside your thought patern is what stirs new ideas.
GOOD luck !!
I will keep you posted on our success !! and heres
To Your Success !!
I highly recommend this book
http://tinyurl.com/ur-success
www.EverlastSolutions.com
A few weeks ago at one of our monthly TWBA (the wealth building annex) mastermind sessions I met a very interesting guy. That will change the way I am approaching my goals.
Here's how the whole day went, 10am we had internet training on using social networks to drive traffic and build your list Chris Krimitsos.
SEO Using the right to tools to get your URL ranked on the top of google really cutting edge stuff by Bruce Anderson.
Finally Dan S on monetizing your info on line. create and market your knowledge.
5:30pm TWBA mastermind,, special JV mastermind session... kinda like speed dating but with other investors. I know I met so many JV oppportunities.
Which brings me to my point. All the governors go to dinner afterwards and that's where I meet the real go getter's. I met a guy he said he does bulk REOs and NPNs Non performing notes. Well that just happens to be a big part of my biz plan.
The next day Thursday I call we talk for about an hour and half, he has been in the biz for 18 years and really schooled me. I took notes, I allways take notes. A very wise man said to me "The shortest pencil is greater then the longest memory".
We spoke about what he does and I totaly got it !! We hit it off. I assured him he has never worked with someone like me before and after three weeks he believes it.
We set a time to meet on Mon. I drove an hour and half to pic his brain and buy him lunch. Buying someone lunch gets you a very long way in this business.
So after his schooling me I wanted to show him just how much of an asset I am. I listen to his needs and just how the plan would work. He needed a few investors willing to jump on board with us. Well I know how to impress and impress I was going to do.
I developed a complete 18 page biz plan. Now the spelling or grammar wasn't right but the presentation was there. I had some graffics on the front cover and inserted it into a glossy binder. Spent about 6 staright hours on it.
We met at 12:30 and I left at 5:30. We sat he talked and outlined again how we will go about taking down bulk REOs and NPNs. I took notes. I gave him my biz plan and he was surprised just how accurate it was. I had plugged in about 6 exit strategies and some essential team players. He will review and make changes.
Result from the second time talking a JV was born. Now his job is to find and comp the deals he receives direct from the lenders and put in offers at like 35 cents on the buc.. My job is to find and market our plan to investors. With one week of educating myself with the plan and rehearsing my presentation I was ready to meet the world.
First off I needed a man who is very well respected and connected. just so happens my Mentor, close Friend and partner John ybarra fits the mold.
Among working my short sale biz, developing an online real estate training site, Johns soldin8hrs course being finalized, Me and John's wholesale deals, Keeping up with John and CCREIA, Our Twba online group, networking at least one maybe two meetings a week and locking up a firm date in Oct. to bring Larry Goins and a cast of highly respected real estate players for a two day event hosted by me and John.
So how does all this play together, networking, masterminding and the presentation of our biz plan. Its is now been about three weeks from meeting Cliff our JV partner and I already have pitched the plan about a dozen times. I Keep getting better. Practice, practice ,practice on people you know wont play... till you get it down pat then give it your all to the important players.
Bottom line I have pitched the plan to some huge players and guess what we are in the final stages of securing funding to secure a few deals. This will allow me to hit my goals well before I could ever dream.
SINCE MAY 6TH I have climbed some huge mountains and I can almost see the summit.
Real estate business moves so fast, I started this quest june 6th 08 so I know what Im talking about. Dont wait to get out there and get moving. Find your local REIA and meet people with the same interests. The fastest way to get into this biz is to network. mastermind and find a mentor. All of our group at TWBA helps each other with no strings. Being involved in these groups will allow you to mastermind with people who on the street you wouldnt have the chance to talk to, let alone the chance to sit and see how you can mutually bebefit.
Mastermind in everything you do. Never discount the thoughts of another a view outside your thought patern is what stirs new ideas.
GOOD luck !!
I will keep you posted on our success !! and heres
To Your Success !!
I highly recommend this book
http://tinyurl.com/ur-success
www.EverlastSolutions.com
Friday, May 29, 2009
Chinese Drywall
Appraisers & Consultants
In This Issue
Chinese Drywall
Appraisal & Consultation Services
Litigation Support
Probate Cases
Foreclosures / REO
Dissolutions and Buyouts
Replacement Cost Analysis
Due Diligence
Forensic Appraisal Review
Condemnation
Ad Valorem Tax Modification
PMI Removal
Mortgages and Refinances
Property Sale
Property Purchase
Relocation
Estate Planning
Charitable Donations
Highest and Best Use Analysis
Rent Surveys
Casualty Loss
Coverage Area
Citrus
Hernando
Hillsborough
Lake
Marion
Orange
Pasco
Pinellas
Seminole
Sumter
Chinese Drywall: Florida Set to Test Air in Homes, Senator Seeks Task Force
NEWSInferno.com
The Florida Health Department said last week it would start testing air quality in homes built with defective Chinese drywall to determine if sulfur fumes emitted by the material pose any health hazard. Meanwhile, a state senator has asked Florida's governor to set up a task force to take up the Chinese drywall issue.Fumes emitted from Chinese drywall produce a "rotten eggs" odor and cause metals, such as air conditioning coils, to corrode. The fumes have also been associated with respiratory and sinus problems in some residents. In some homes, the drywall problems have been so severe that families have had to move, and some builders have begun gutting and replacing drywall in the buildings.According to the Associated Press, the U.S. imported roughly 5 million square feet of drywall from China during the housing boom from 2004 to 2008. Estimates indicate the drywall may be in more than 100,000 homes, more than 35,000 in Florida alone. The Florida Health Department has so far received 265 complaints regarding the toxic drywall.While Florida has been ground zero for Chinese drywall complaints, homeowners in Virginia, as well people living in homes in Gulf Coast states - including some that were rebuilt following Hurricane Katrina - are also reporting problems. It seems the warm, humid climate in the south encourages the drywall to emit sulfur fumes. Some experts fear that in cooler, dryer areas of the country, it could be years before Chinese drywall causes problems.In Florida, tests conducted by the state health department found that samples of Chinese drywall contained higher levels of sulfuric and organic compounds than an American-made sample. The Chinese samples contained traces of strontium sulfide while the American sample did not. Strontium sulfide is a gray powder that emits a hydrogen sulfide, or "rotten eggs," odor when exposed to moist air. The three Chinese samples also contained higher levels of hydrogen sulfide, carbonyl sulfide, and carbon disulfide than the American drywall. All of these compounds are potentially toxic, and carbon disulfide in liquid form is extremely flammable.It isn't yet known if the Chinese drywall is emitting any of these fumes at levels high enough to impact health. That is what the tests announced by the Florida Health Department are meant to determine. According to the Associated Press, they are slated to begin in the next several weeks. A spokesperson for the health department told the Associated Press that the scheduled tests are complex and have never been done before. "This is new science, nobody has tested drywall like this," he said.Meanwhile, the Tampa Bay Business Journal is reporting that Sen. Dave Aronberg, D-Greenacres, has sent a letter to Governor Charlie Crist asking him to appoint a task force to address the drywall issues. Aronberg said he wants the task force to include building industry members, scientists, health experts and consumers to get a handle on how big the drywall issue is in the state and what government may need to do to address it.Aronberg told the Business Journal that the task force would focus on protecting consumers who have bought homes with defective drywall or are considering a home that may have the imported drywall installed. It would also address the needs of the builders and domestic manufacturers of the drywall, as both could suffer as a result of the problem.While Crist has not yet responded to Aronberg's letter, the Senator told the Business Journal that he would like to see the task force in place sometime in the coming weeks.
To Your Success !!
I highly recommend this book
http://tinyurl.com/ur-success
www.EverlastSolutions.com
In This Issue
Chinese Drywall
Appraisal & Consultation Services
Litigation Support
Probate Cases
Foreclosures / REO
Dissolutions and Buyouts
Replacement Cost Analysis
Due Diligence
Forensic Appraisal Review
Condemnation
Ad Valorem Tax Modification
PMI Removal
Mortgages and Refinances
Property Sale
Property Purchase
Relocation
Estate Planning
Charitable Donations
Highest and Best Use Analysis
Rent Surveys
Casualty Loss
Coverage Area
Citrus
Hernando
Hillsborough
Lake
Marion
Orange
Pasco
Pinellas
Seminole
Sumter
Chinese Drywall: Florida Set to Test Air in Homes, Senator Seeks Task Force
NEWSInferno.com
The Florida Health Department said last week it would start testing air quality in homes built with defective Chinese drywall to determine if sulfur fumes emitted by the material pose any health hazard. Meanwhile, a state senator has asked Florida's governor to set up a task force to take up the Chinese drywall issue.Fumes emitted from Chinese drywall produce a "rotten eggs" odor and cause metals, such as air conditioning coils, to corrode. The fumes have also been associated with respiratory and sinus problems in some residents. In some homes, the drywall problems have been so severe that families have had to move, and some builders have begun gutting and replacing drywall in the buildings.According to the Associated Press, the U.S. imported roughly 5 million square feet of drywall from China during the housing boom from 2004 to 2008. Estimates indicate the drywall may be in more than 100,000 homes, more than 35,000 in Florida alone. The Florida Health Department has so far received 265 complaints regarding the toxic drywall.While Florida has been ground zero for Chinese drywall complaints, homeowners in Virginia, as well people living in homes in Gulf Coast states - including some that were rebuilt following Hurricane Katrina - are also reporting problems. It seems the warm, humid climate in the south encourages the drywall to emit sulfur fumes. Some experts fear that in cooler, dryer areas of the country, it could be years before Chinese drywall causes problems.In Florida, tests conducted by the state health department found that samples of Chinese drywall contained higher levels of sulfuric and organic compounds than an American-made sample. The Chinese samples contained traces of strontium sulfide while the American sample did not. Strontium sulfide is a gray powder that emits a hydrogen sulfide, or "rotten eggs," odor when exposed to moist air. The three Chinese samples also contained higher levels of hydrogen sulfide, carbonyl sulfide, and carbon disulfide than the American drywall. All of these compounds are potentially toxic, and carbon disulfide in liquid form is extremely flammable.It isn't yet known if the Chinese drywall is emitting any of these fumes at levels high enough to impact health. That is what the tests announced by the Florida Health Department are meant to determine. According to the Associated Press, they are slated to begin in the next several weeks. A spokesperson for the health department told the Associated Press that the scheduled tests are complex and have never been done before. "This is new science, nobody has tested drywall like this," he said.Meanwhile, the Tampa Bay Business Journal is reporting that Sen. Dave Aronberg, D-Greenacres, has sent a letter to Governor Charlie Crist asking him to appoint a task force to address the drywall issues. Aronberg said he wants the task force to include building industry members, scientists, health experts and consumers to get a handle on how big the drywall issue is in the state and what government may need to do to address it.Aronberg told the Business Journal that the task force would focus on protecting consumers who have bought homes with defective drywall or are considering a home that may have the imported drywall installed. It would also address the needs of the builders and domestic manufacturers of the drywall, as both could suffer as a result of the problem.While Crist has not yet responded to Aronberg's letter, the Senator told the Business Journal that he would like to see the task force in place sometime in the coming weeks.
To Your Success !!
I highly recommend this book
http://tinyurl.com/ur-success
www.EverlastSolutions.com
Wednesday, May 27, 2009
Just follow the leader to succeed!!!!
How to Find Real Estate Buyers by the Dozen
Buyers are out there, it’s just a matter of rounding them up and keeping in touch. It helps to be able to determine which type of buyer you are hunting for from the start. Remember this: you’re the person who has something they want when a buyer calls you; if you are calling them then you are trying to sell them, let’s insure buyers call you so you remain in the position of power from the start. You should Be a Real Estate Heavy Weight.
Let’s look at a few categories of typical buyers to get some perspective on their mindsets and how and when we’ll market to find them in order to supply their real estate buying needs.
Rehabbers: These are folks looking to fix and flip property for quick turn profits.
Landlords: These are folks looking to buy to rent out to others for long-term equity accrual while generating a positive cash-flow every month.
Wholesaler’s: Will either buy or put an option on your contract to hopefully flip the paper to another buyer who is willing to pay more.
Lease Option end-buyers: These are folks who can’t qualify for a loan of their own but want to be home owners as opposed to renters again.
Retail Buyers: These are end buyers who can obtain a mortgage or have cash and generally buy the property for their own housing needs.
There are variations of buyers out there but the above 4 types are generally considered the prime targets of people who have property to sell. Understanding each buyer’s mindset helps you to market to those buyers interests, do they want quick cash, long-term wealth, tax deductions, a place to call home etc… If you ask enough general questions you’ll quickly discern which type of buyer you have at hand. Once you know, you can then tailor your offers and present properties that satisfy what is important to them.
Buyer: Someone who is ready, willing and qualified! Those that aren’t qualified may be perfect tenants, lease option buyers or owner finance candidates, so qualified can have different meanings.
Ready: Someone who is in the market to buy within 1-45 days, keep in mind a retail or lease option end-buyer generally buys once and they’re out of the game, landlords, rehabbers and wholesaler’s are more likely to buy multiple properties from you over time as they accumulate, sell or flip existing assets. Having active buyer’s lists in different categories that are often ready to buy property is a very smart way to operate.
Gee Danno, how do I find these people? Ah! I’m so glad you asked! Let’s start out with one of the all time greatest methods to kick-start your building a buyers list. In your search for bargain priced properties of your own, it makes sense that you will eventually find a very good deal, once you have a superior deal to offer you turn around and market that property at cost! Yep, no profit for you on this one. Why? Because you are going to advertise that property to every investor and potential property buyer on the planet!
The reason for this is that you will get the most calls and response when you advertise a screaming deal! Granted you’ll most likely sell that deal relatively quickly but you’ll be gathering information from each potential buyer who calls to build your buyers list for future properties that you offer. If you don’t have a property of your own to sell, ask someone who does! I can assure you that they aren’t going to turn down your offer to advertise their property for them for free! You might negotiate a small fee if in fact you do sell their property but your main objective is to build you buyers list!
Let me give you an example of one way to collect potential buyers by the dozen, hold an auction, advertise for a solid week in advance so you attract the most amount of buyers, begin with bandit signs, placing about 100 of them around a 5 square mile area of the property, we just did this and had 800 calls because it was a great deal of those 800 calls we had 300 people show up on auction day, of course the home sold but we also added new buyers to our buyers list.
Here are ways to advertise for those buyers:
Bandit Signs
CraigsList
Backpage
GoogleBase
Postlets
Zillow
Pay Per Click Ads
Local online Classifieds
Media Website
Flyers
Newspaper/inserts
REIA’s
Direct mail/post cards
Start an investors MeetUp group
Email
Phone
Fax
Your own website
Use your imagination, the list is limitless, there is a free e-book called the Internet Real Estate Yellow Pages that you can download for free at my site MagicBullets.com go grab that and you’ll find 100 more ideas and places to list your deals. Now go Be A Real Estate Heavyweight!
Dan Auito :~)
To Your Success !!
I highly recommend this book
http://tinyurl.com/ur-success
www.EverlastSolutions.com
Buyers are out there, it’s just a matter of rounding them up and keeping in touch. It helps to be able to determine which type of buyer you are hunting for from the start. Remember this: you’re the person who has something they want when a buyer calls you; if you are calling them then you are trying to sell them, let’s insure buyers call you so you remain in the position of power from the start. You should Be a Real Estate Heavy Weight.
Let’s look at a few categories of typical buyers to get some perspective on their mindsets and how and when we’ll market to find them in order to supply their real estate buying needs.
Rehabbers: These are folks looking to fix and flip property for quick turn profits.
Landlords: These are folks looking to buy to rent out to others for long-term equity accrual while generating a positive cash-flow every month.
Wholesaler’s: Will either buy or put an option on your contract to hopefully flip the paper to another buyer who is willing to pay more.
Lease Option end-buyers: These are folks who can’t qualify for a loan of their own but want to be home owners as opposed to renters again.
Retail Buyers: These are end buyers who can obtain a mortgage or have cash and generally buy the property for their own housing needs.
There are variations of buyers out there but the above 4 types are generally considered the prime targets of people who have property to sell. Understanding each buyer’s mindset helps you to market to those buyers interests, do they want quick cash, long-term wealth, tax deductions, a place to call home etc… If you ask enough general questions you’ll quickly discern which type of buyer you have at hand. Once you know, you can then tailor your offers and present properties that satisfy what is important to them.
Buyer: Someone who is ready, willing and qualified! Those that aren’t qualified may be perfect tenants, lease option buyers or owner finance candidates, so qualified can have different meanings.
Ready: Someone who is in the market to buy within 1-45 days, keep in mind a retail or lease option end-buyer generally buys once and they’re out of the game, landlords, rehabbers and wholesaler’s are more likely to buy multiple properties from you over time as they accumulate, sell or flip existing assets. Having active buyer’s lists in different categories that are often ready to buy property is a very smart way to operate.
Gee Danno, how do I find these people? Ah! I’m so glad you asked! Let’s start out with one of the all time greatest methods to kick-start your building a buyers list. In your search for bargain priced properties of your own, it makes sense that you will eventually find a very good deal, once you have a superior deal to offer you turn around and market that property at cost! Yep, no profit for you on this one. Why? Because you are going to advertise that property to every investor and potential property buyer on the planet!
The reason for this is that you will get the most calls and response when you advertise a screaming deal! Granted you’ll most likely sell that deal relatively quickly but you’ll be gathering information from each potential buyer who calls to build your buyers list for future properties that you offer. If you don’t have a property of your own to sell, ask someone who does! I can assure you that they aren’t going to turn down your offer to advertise their property for them for free! You might negotiate a small fee if in fact you do sell their property but your main objective is to build you buyers list!
Let me give you an example of one way to collect potential buyers by the dozen, hold an auction, advertise for a solid week in advance so you attract the most amount of buyers, begin with bandit signs, placing about 100 of them around a 5 square mile area of the property, we just did this and had 800 calls because it was a great deal of those 800 calls we had 300 people show up on auction day, of course the home sold but we also added new buyers to our buyers list.
Here are ways to advertise for those buyers:
Bandit Signs
CraigsList
Backpage
GoogleBase
Postlets
Zillow
Pay Per Click Ads
Local online Classifieds
Media Website
Flyers
Newspaper/inserts
REIA’s
Direct mail/post cards
Start an investors MeetUp group
Phone
Fax
Your own website
Use your imagination, the list is limitless, there is a free e-book called the Internet Real Estate Yellow Pages that you can download for free at my site MagicBullets.com go grab that and you’ll find 100 more ideas and places to list your deals. Now go Be A Real Estate Heavyweight!
Dan Auito :~)
To Your Success !!
I highly recommend this book
http://tinyurl.com/ur-success
www.EverlastSolutions.com
Sunday, May 24, 2009
Yo Dude wrong corner !!
Heres a guy that takes his job serious. He is advertizing for the Liberty tax help, he is suppose to be the statue of liberty and pointing folks to the office...
The joke is in the following video >>>
To Your Success !!
I highly recommend this book
http://tinyurl.com/ur-success
http://www.everlastsolutions.com/
We saw this guy on two intersections down the block from each other.
Niether has a Liberty..
Here's the kicker !
The joke is in the following video >>>
To Your Success !!
I highly recommend this book
http://tinyurl.com/ur-success
http://www.everlastsolutions.com/
We saw this guy on two intersections down the block from each other.
Niether has a Liberty..
Here's the kicker !
Wednesday, May 20, 2009
New Programs for Distressed Homeowners
Short Sales: Treasury Announces New Programs For Distressed Homeowners
The Treasury Department on Thursday announced two new programs to help distressed homeowners avoid foreclosure. One program will provide incentives for lenders to modify mortgage terms, and the other will streamline the short sale process, in which a lender agrees to a sale for less than the value of the homeowners' mortgage.
"Today we are announcing a new program component to help homeowners obtain modifications in areas suffering from home price declines," said Treasury Secretary Tim Geithner in a statement. "If a modification is not possible, we are also announcing steps to encourage the quick private sale or voluntary transfer of property, which will save homeowners money and protect their financial future. These are critical steps in stemming the foreclosure crisis and stabilizing the housing market, both of which are critical to our economic recovery."
Foreclosure Alternatives, one of the new programs under the administration's Making Home Affordable effort, will make the short sale process easier for a borrower who is eligible for a Home Affordable Modification but who "does not qualify for a modification or cannot maintain payments during the trial period or modification," according to the Treasury.
A short sale is a homeowner's last resort before foreclosure if a loan modification is out of reach. Short sales are less damaging to homeowners' credit and are less costly both for borrowers and lenders -- one study found that loan losses average 19 percent with short sales, compared with 40 percent with foreclosures. But more than three-quarters of short sale deals fall apart, mostly because lenders drag their feet after receiving offers. And as those properties languish vacant on the market, they drag down property values for entire neighborhoods.
The real estate industry hailed the Treasury's announcement.
"Obviously we're excited about it," said Mike Ryan, senior vice president of global real estate company Re/Max, in an interview with the Huffington Post. "We had meetings this past week with FHFA and Fannie Mae staff and we provided them with information that's very much parallel with what we're reading today. We're very excited that there's a focus in the administration on short sales."
Earlier this year, Re/Max began offering courses to give agents expert certification in the short sale process.
"In the last 60 days we've registered over 5000 people" as certified distressed property experts, Ryan said. "We've been doing everything we can to spread the word about short sales and we're really happy to see now that somebody's taking notice."
If a short sale doesn't go through, the next step for an eligible borrower is to hand over the keys to the bank in a process known as deed-in-lieu.
Under the new program, mortgage servicers "may receive incentive compensation of up to$1,000 for successful completion of a short sale or DIL," and "[b]orrowers may receive incentive compensation of up to $1,500 to assist with relocation expenses."
Another part of Foreclosure Alternatives will encourage holders of second mortgages to agree to short sales by offering "$1 for every $2 paid by the investors, up to a total contribution of $1,000" from the government.The other program announced Thursday, Home Price Decline Protection Incentives, is designed to "address investor concerns that recent home price declines may persist," according to the Treasury. "Together the incentive payments on all modified homes will help cover the incremental collateral loss on those modifications that do not succeed. HPDP payments will be linked to the rate of recent home price decline in a local housing market, as well as the average cost of a home in that market."
The new programs will provide needed boost for Making Home Affordable, which so far has only helped 55,000 modify their loans, the New York Times reported on Thursday. There were 342,000 foreclosure filings in the last month alone.
Last week the Huffington Post asked readers to tell us about their frustrations with the short sale process. We received dozens of responses, which we plan to share in future stories.
To Your Success !!
I highly recommend this book
http://tinyurl.com/ur-success
www.EverlastSolutions.com
The Treasury Department on Thursday announced two new programs to help distressed homeowners avoid foreclosure. One program will provide incentives for lenders to modify mortgage terms, and the other will streamline the short sale process, in which a lender agrees to a sale for less than the value of the homeowners' mortgage.
"Today we are announcing a new program component to help homeowners obtain modifications in areas suffering from home price declines," said Treasury Secretary Tim Geithner in a statement. "If a modification is not possible, we are also announcing steps to encourage the quick private sale or voluntary transfer of property, which will save homeowners money and protect their financial future. These are critical steps in stemming the foreclosure crisis and stabilizing the housing market, both of which are critical to our economic recovery."
Foreclosure Alternatives, one of the new programs under the administration's Making Home Affordable effort, will make the short sale process easier for a borrower who is eligible for a Home Affordable Modification but who "does not qualify for a modification or cannot maintain payments during the trial period or modification," according to the Treasury.
A short sale is a homeowner's last resort before foreclosure if a loan modification is out of reach. Short sales are less damaging to homeowners' credit and are less costly both for borrowers and lenders -- one study found that loan losses average 19 percent with short sales, compared with 40 percent with foreclosures. But more than three-quarters of short sale deals fall apart, mostly because lenders drag their feet after receiving offers. And as those properties languish vacant on the market, they drag down property values for entire neighborhoods.
The real estate industry hailed the Treasury's announcement.
"Obviously we're excited about it," said Mike Ryan, senior vice president of global real estate company Re/Max, in an interview with the Huffington Post. "We had meetings this past week with FHFA and Fannie Mae staff and we provided them with information that's very much parallel with what we're reading today. We're very excited that there's a focus in the administration on short sales."
Earlier this year, Re/Max began offering courses to give agents expert certification in the short sale process.
"In the last 60 days we've registered over 5000 people" as certified distressed property experts, Ryan said. "We've been doing everything we can to spread the word about short sales and we're really happy to see now that somebody's taking notice."
If a short sale doesn't go through, the next step for an eligible borrower is to hand over the keys to the bank in a process known as deed-in-lieu.
Under the new program, mortgage servicers "may receive incentive compensation of up to$1,000 for successful completion of a short sale or DIL," and "[b]orrowers may receive incentive compensation of up to $1,500 to assist with relocation expenses."
Another part of Foreclosure Alternatives will encourage holders of second mortgages to agree to short sales by offering "$1 for every $2 paid by the investors, up to a total contribution of $1,000" from the government.The other program announced Thursday, Home Price Decline Protection Incentives, is designed to "address investor concerns that recent home price declines may persist," according to the Treasury. "Together the incentive payments on all modified homes will help cover the incremental collateral loss on those modifications that do not succeed. HPDP payments will be linked to the rate of recent home price decline in a local housing market, as well as the average cost of a home in that market."
The new programs will provide needed boost for Making Home Affordable, which so far has only helped 55,000 modify their loans, the New York Times reported on Thursday. There were 342,000 foreclosure filings in the last month alone.
Last week the Huffington Post asked readers to tell us about their frustrations with the short sale process. We received dozens of responses, which we plan to share in future stories.
To Your Success !!
I highly recommend this book
http://tinyurl.com/ur-success
www.EverlastSolutions.com
Tuesday, May 19, 2009
Be a Real Estate Heavy Weight !!!
To Your Success !!
The Homanators says Yes
GET IT NOW! http://tinyurl.com/ur-success
The Homanators says Yes
GET IT NOW! http://tinyurl.com/ur-success
Dan Auito is one of the most unselfish person I know. Dans has been providing good free content thru his Forums for years. For the first time Dan has put together a one stop shop for all your RE needs inside one format.. Well I have the Book and have to say he's giving it away. The book is packed with straight to the point no BS content, that is being used to make money in todays market. I have a note book of great Ideas takin from my first reading that I have allready started to implement.
Again Dan is giving it away, he just cant help himself. So get your free gifts and first couple chapters right now. Limited Time get it today !! http://tinyurl.com/ur-success
This Girl is Awsome!
To Your Success !!
I highly recommend this book
http://tinyurl.com/ur-success
http://www.everlastsolutions.com/
Lisa Cupelli Marketing
John Ybarra, (Mentor/Coach) Checking out the exsposure for his next marketing campaign.
Lisa Cupelli >
Direct marketing by mail is still very powerfull. Because of the internet not to many investors are taking advantage of this affordable strategy. When used in conjuction with other marketing the response rate allmost doubles. Send a few emails and tell the customer you will be sending info via USPS (regular mail) and guess what when they see your eye catching post card, letter or your ad in a coupon book, discount book ect. they will notice you and presto ! Get in front of them and stay there, Time motivates and cicumstances change. First one they will think of is the flyer or coupon book still sitting on the kicthen table.
So want some real good advise on your direct marketing campaign talk to
LisaCupelli lisacupelli@yahoo.com 352-302-3174.
.
I highly recommend this book
http://tinyurl.com/ur-success
http://www.everlastsolutions.com/
Lisa Cupelli Marketing
John Ybarra, (Mentor/Coach) Checking out the exsposure for his next marketing campaign.
Lisa Cupelli >
Direct marketing by mail is still very powerfull. Because of the internet not to many investors are taking advantage of this affordable strategy. When used in conjuction with other marketing the response rate allmost doubles. Send a few emails and tell the customer you will be sending info via USPS (regular mail) and guess what when they see your eye catching post card, letter or your ad in a coupon book, discount book ect. they will notice you and presto ! Get in front of them and stay there, Time motivates and cicumstances change. First one they will think of is the flyer or coupon book still sitting on the kicthen table.
So want some real good advise on your direct marketing campaign talk to
LisaCupelli lisacupelli@yahoo.com 352-302-3174.
.
Monday, May 18, 2009
TWBA ONLINE guest speaker Barbara Grassey
Hey guys Tuesday allmost here and Im very excited to annouce Barbara Grassey will be teaching us article submission to drive traffic.....and guess what,,,, it really works.
Heres Barbara to tell you herself.>>>>>
Come one , come all !! Bring a friend we will be at TUGs Grill
7855 w gulf to lake hwy (on rt. 44 west) Crystas river. fl. 34429
Time is 6:15 pm Great food TOO... seeya there 352-563-5091
Sunday, May 17, 2009
Hey crew The Homanator here just wanted to welcome you new comers to the blog. Let me catch you up with some quickies.
OK The most important thing to remember I am human and was never a good speller or typer, also I have big digits. If your looking for good grammer and spelling , seeya later.
1) I will be providing you good content that I use everyday in my own business so I know it works. I have just started blogging and I am starting to get the hang of it. So if you hang in there you will be recieving alot of bullet point to the fact info.
2) The bullet points may not allways be my own views or methods but I have used them, They work or else I wouldnt be sharing them with you.
3)The Info will be mainly targeted to Real Estate investing (REI). If your just starting out with a limitted budget you will succeed if you follow the mehtods.
4) I believe in giving,, An Attitude Of Graditude. I will be giving you alot of info, all you will need to succeed in todays market. There will be occasions I recommend something that may cost you something, buy it because Im telling you to. The reason is its something that you need to further education on your part.
5) Dont be lazy !!! Use the methods and follow a strick plan, a routine you must have to be successfull.
6) Use the comments section on the blog to ask questions and post remarks. I believe masterminding is key in every succesful biz. I MM twice a week, one for my short sale biz, and one for my wholesale biz. We do this face to face. It works best to just say what on your mind, speed of thought......
looking forward to your remarks...
To Your Success !! The Homanator
I highly recommend this book
http://tinyurl.com/ur-success
www.EverlastSolutions.com
OK The most important thing to remember I am human and was never a good speller or typer, also I have big digits. If your looking for good grammer and spelling , seeya later.
1) I will be providing you good content that I use everyday in my own business so I know it works. I have just started blogging and I am starting to get the hang of it. So if you hang in there you will be recieving alot of bullet point to the fact info.
2) The bullet points may not allways be my own views or methods but I have used them, They work or else I wouldnt be sharing them with you.
3)The Info will be mainly targeted to Real Estate investing (REI). If your just starting out with a limitted budget you will succeed if you follow the mehtods.
4) I believe in giving,, An Attitude Of Graditude. I will be giving you alot of info, all you will need to succeed in todays market. There will be occasions I recommend something that may cost you something, buy it because Im telling you to. The reason is its something that you need to further education on your part.
5) Dont be lazy !!! Use the methods and follow a strick plan, a routine you must have to be successfull.
6) Use the comments section on the blog to ask questions and post remarks. I believe masterminding is key in every succesful biz. I MM twice a week, one for my short sale biz, and one for my wholesale biz. We do this face to face. It works best to just say what on your mind, speed of thought......
looking forward to your remarks...
To Your Success !! The Homanator
I highly recommend this book
http://tinyurl.com/ur-success
www.EverlastSolutions.com
The Short Sale Option Contract
The SHORT SALE OPTION CONTRACT. can really make you some serious CASH. Problem is that most Realtors don’t have a clue, you’re probably going to have a hard time. They Don’t understand it and it is your job to educate them of the process.
Solution is to go on a mission to find an agent who has some degree of competency and will work with you, when that happens! Celebrate and take the agent with you, treat them like royalty .
The SHORT SALE OPTION CONTRACT Allows you to secure an interest in a property without having to put any serious money on the table. With the option contract, you acquire the option to buy the property in the future.
You don’t have to acquire it like you would in a contract, you just merely have the option if you so desire. As an investor, you do not have to worry about the deposit since you can ask the end-buyer (person you will be selling to) to also pay a non-refundable deposit equivalent to the amount stated in the option contract.This deposit goes towards the closing costs in the final HUD. If the deal does not close, you keep the deposit. Therefore, you will not be risking any money out of your pocket.
GOOD luck with that though. It does happen on occasion. Solution, Just simply ask your transactional funding source to provide a POF ( proof of funds) letter. This is the most common and ethical way of doing business.
So now you need to start to market for an end buyer. Well I have to say the most effeciant way to market is bandit signs. I use method I picked up at www.soldinhours.com Using these methods we had 324 groups sign in, which we had over 800 people go thru and view the house and had over 45 offers with in hours. We sold it within 2k of our target price.
You will be looking to sell your deal to an end-buyer immediately after you acquire your equitable interest on the property.
So most RE agents have no idea what you are talking about and recoil with ignorance when approached with it. In fact you’ll have a tougher time getting an agent to understand an option than you will finding a buyer. It’s really sad isn’t it?
We as investors are the ones who are having a positive impact on todays economy. You would have to think that others would want to understand the Option and its value.
In today’s market it is an easy way to pocket tens of thousands of dollars on a Short Sale deal. Here’s the steps to get a deal done with an option contract:
Dont just use any option contract. You must make sure it discloses that your intentions are to sell for a profit, sometimes the same day. Aslo It must give youe explicit right to market for sale, enter into contract for sale or lease ect.. ... I can provide samples Leave me a comment....../
1. Find the deal
2. Submit an Option Contract instead of a contract
3. Pay for your option with a small sum…remember this is a payment, not a deposit. A consideration.Use these words when discussing the The Option Consideration monies .
4. Record the Option … you want to secure your interest in the property. FILE ASAP ! By filing your option it will cloud title, When your end users title is pulled it will show you as an exception to title, you having an option to purchase. Which in short needs to be cleared . PS. If your flipping disclose to everyone involved your intentions are to flip and exspecially have a title company that understands the proccess.
5. If you don’t already have a buyer then begin marketing for one as soon as take contract. Allways get as long as you can on the option experaition. I commonly use 30 business days. However a Must to do in all Options is to build in escape clauses and extensions. Bury the clauses in the contract some where. I always have an automatic extension built in for 30 days. PLUS an additional 10 days to close on a viable offer with deposit received.
6. Get your transactional funding in place. The days of using the end buyer’s funds to close are gone …I don’t know of aby title company that still does this. You are actually going to have to close you’re a/b or front end with the bank using your money (cash) or using funds borrowed for a day.(don’t worry about seasoning…the end buyer’s title commitment will show you as an exception on the title as the option holder) Hence the IMPORTANTS of filing the option ASAP
7. It is very important to have a Title company that’s on board and understands the whole deal.
THE Most important info I can give you is to totally disclose to everyone you intend to buy and resell for a profit, sometimes this happens in a month, week or maybe even the same day.
This is a real easy way to make thousands of dollars. The transaction is toatally transparent. Everyone involved will know exactly how things will unfold. There is FULL disclosure and this method has been used thru and thru for over hundred years.
The seller will know your intentions of profit, the agents will know what you are doing and all lenders involved will know and recognize the type of transaction that is being executed.
Despite what you may hear, stand firm and understand that these types of transaction are completely above board and legal with complete and full disclosure.
After you have closed your first deal using an option contract you will wonder how you ever did business in real estate without it. Using an option contract is a foolproof and basically risk-free method of making money in real estate.
I have provided a sample I have used with great success. However as usual check with your local attorney for their approvals.
Please take the time to view more important info I have pick up along the way.
www.TheHomanator.com
To Your Success !!
I highly recommend this book
http://tinyurl.com/ur-success
www.EverlastSolutions.com
Solution is to go on a mission to find an agent who has some degree of competency and will work with you, when that happens! Celebrate and take the agent with you, treat them like royalty .
The SHORT SALE OPTION CONTRACT Allows you to secure an interest in a property without having to put any serious money on the table. With the option contract, you acquire the option to buy the property in the future.
You don’t have to acquire it like you would in a contract, you just merely have the option if you so desire. As an investor, you do not have to worry about the deposit since you can ask the end-buyer (person you will be selling to) to also pay a non-refundable deposit equivalent to the amount stated in the option contract.This deposit goes towards the closing costs in the final HUD. If the deal does not close, you keep the deposit. Therefore, you will not be risking any money out of your pocket.
GOOD luck with that though. It does happen on occasion. Solution, Just simply ask your transactional funding source to provide a POF ( proof of funds) letter. This is the most common and ethical way of doing business.
So now you need to start to market for an end buyer. Well I have to say the most effeciant way to market is bandit signs. I use method I picked up at www.soldinhours.com Using these methods we had 324 groups sign in, which we had over 800 people go thru and view the house and had over 45 offers with in hours. We sold it within 2k of our target price.
You will be looking to sell your deal to an end-buyer immediately after you acquire your equitable interest on the property.
So most RE agents have no idea what you are talking about and recoil with ignorance when approached with it. In fact you’ll have a tougher time getting an agent to understand an option than you will finding a buyer. It’s really sad isn’t it?
We as investors are the ones who are having a positive impact on todays economy. You would have to think that others would want to understand the Option and its value.
In today’s market it is an easy way to pocket tens of thousands of dollars on a Short Sale deal. Here’s the steps to get a deal done with an option contract:
Dont just use any option contract. You must make sure it discloses that your intentions are to sell for a profit, sometimes the same day. Aslo It must give youe explicit right to market for sale, enter into contract for sale or lease ect.. ... I can provide samples Leave me a comment....../
1. Find the deal
2. Submit an Option Contract instead of a contract
3. Pay for your option with a small sum…remember this is a payment, not a deposit. A consideration.Use these words when discussing the The Option Consideration monies .
4. Record the Option … you want to secure your interest in the property. FILE ASAP ! By filing your option it will cloud title, When your end users title is pulled it will show you as an exception to title, you having an option to purchase. Which in short needs to be cleared . PS. If your flipping disclose to everyone involved your intentions are to flip and exspecially have a title company that understands the proccess.
5. If you don’t already have a buyer then begin marketing for one as soon as take contract. Allways get as long as you can on the option experaition. I commonly use 30 business days. However a Must to do in all Options is to build in escape clauses and extensions. Bury the clauses in the contract some where. I always have an automatic extension built in for 30 days. PLUS an additional 10 days to close on a viable offer with deposit received.
6. Get your transactional funding in place. The days of using the end buyer’s funds to close are gone …I don’t know of aby title company that still does this. You are actually going to have to close you’re a/b or front end with the bank using your money (cash) or using funds borrowed for a day.(don’t worry about seasoning…the end buyer’s title commitment will show you as an exception on the title as the option holder) Hence the IMPORTANTS of filing the option ASAP
7. It is very important to have a Title company that’s on board and understands the whole deal.
THE Most important info I can give you is to totally disclose to everyone you intend to buy and resell for a profit, sometimes this happens in a month, week or maybe even the same day.
This is a real easy way to make thousands of dollars. The transaction is toatally transparent. Everyone involved will know exactly how things will unfold. There is FULL disclosure and this method has been used thru and thru for over hundred years.
The seller will know your intentions of profit, the agents will know what you are doing and all lenders involved will know and recognize the type of transaction that is being executed.
Despite what you may hear, stand firm and understand that these types of transaction are completely above board and legal with complete and full disclosure.
After you have closed your first deal using an option contract you will wonder how you ever did business in real estate without it. Using an option contract is a foolproof and basically risk-free method of making money in real estate.
I have provided a sample I have used with great success. However as usual check with your local attorney for their approvals.
Please take the time to view more important info I have pick up along the way.
www.TheHomanator.com
To Your Success !!
I highly recommend this book
http://tinyurl.com/ur-success
www.EverlastSolutions.com
Thursday, May 14, 2009
THE HOMANATOR: Dan Auito.....Be A Real Estate Heavyweight....#links
I recieved a first edition of Dan Auito's Book yesterday WOW! I cant believe how much great info its packed with. This book has everything from getting the right mindset to how much will Uncle sam take from your deal... A complete A to Z bible for Real Estate !!!!! It will be avaliable Tomorrow (FRIDAY) at NOON.
http://tinyurl.com/ur-success
Simply log into the link above at Noon and collect your Copy.
THE HOMANATOR: Dan Auito.....Be A Real Estate Heavyweight....#links
To Your Success !!
I highly recommend this book >>>
http://tinyurl.com/ur-success
http://tinyurl.com/ur-success
Simply log into the link above at Noon and collect your Copy.
THE HOMANATOR: Dan Auito.....Be A Real Estate Heavyweight....#links
To Your Success !!
I highly recommend this book >>>
http://tinyurl.com/ur-success
Wednesday, May 13, 2009
So easy My 15 year old is on board !!
Heres John My 14 and 3/4 yr. old boy he can see the kinda money we're bringin in and fiqures yeh I will learn for two hours a day then play my video games. He knows if he wants to drive his girl in a car, instead of the handlebars of his bike he better get a job. I think a hummer might not be to far from his his reach. If he applies him self he will be successful.
To Your Success !! JOHN
http://tinyurl.com/ur-success
To Your Success !! JOHN
http://tinyurl.com/ur-success
Tuesday, May 12, 2009
Short Sale Verses The Flip
SHORT SALE VERSAS SHORT SALE FLIP
The term "short sale flip" has started cropping up more and more in real estate investing circles, on blogs, and in the news. Surprisingly though, some have attached a negative connotation to the term, which is odd given the fact that the process is quite straight forward, and is probably one of the best ways for the four key players (property owners, real estate agents, investors, and home buyers) to make the best of a bad market situation. Read on for an explanation of how short sale flips can be used effectively as a positive alternative to foreclosure for people and families in distress, and to generate profits for real estate agents and investors.
The Basics
A short sale flip occurs when an investor purchases a property, pre-foreclosure, from an owner via a short sale and then resells the property to an end user buyer for a profit. The process involves four principal players: property owners facing foreclosure, real estate agents interested in helping families while improving their business in a down market, home buyers looking for a great deal, and investors interested in helping families while improving their businesses. Done right, the process is a win-win-win-win for all concerned.
Short Sale Flips From the Owner's Perspective
A property owner facing foreclosure has likely exhausted all options prior to considering a short sale:
· Tried to sell the property conventionally - either through a real estate agent, or "for sale by owner."
· Tried to renegotiate the loan terms with their lenders (loan modification).
· Tried to refinance.
So there they sit, alternatives exhausted, waiting for what to them seems to be an inevitable foreclosure and all of the anguish, credit damage, and self-esteem issues that go along with it.
They realize that they owe more than the property is worth, so they understand that no matter what happens they will not be recouping any equity on the property. They just want to be able to walk away, without a foreclosure on their record, and with as few financial repercussions as possible.
I will go further into it in the next few posts.
To Your Success !!
http://www.everlastsolutions.com/
The term "short sale flip" has started cropping up more and more in real estate investing circles, on blogs, and in the news. Surprisingly though, some have attached a negative connotation to the term, which is odd given the fact that the process is quite straight forward, and is probably one of the best ways for the four key players (property owners, real estate agents, investors, and home buyers) to make the best of a bad market situation. Read on for an explanation of how short sale flips can be used effectively as a positive alternative to foreclosure for people and families in distress, and to generate profits for real estate agents and investors.
The Basics
A short sale flip occurs when an investor purchases a property, pre-foreclosure, from an owner via a short sale and then resells the property to an end user buyer for a profit. The process involves four principal players: property owners facing foreclosure, real estate agents interested in helping families while improving their business in a down market, home buyers looking for a great deal, and investors interested in helping families while improving their businesses. Done right, the process is a win-win-win-win for all concerned.
Short Sale Flips From the Owner's Perspective
A property owner facing foreclosure has likely exhausted all options prior to considering a short sale:
· Tried to sell the property conventionally - either through a real estate agent, or "for sale by owner."
· Tried to renegotiate the loan terms with their lenders (loan modification).
· Tried to refinance.
So there they sit, alternatives exhausted, waiting for what to them seems to be an inevitable foreclosure and all of the anguish, credit damage, and self-esteem issues that go along with it.
They realize that they owe more than the property is worth, so they understand that no matter what happens they will not be recouping any equity on the property. They just want to be able to walk away, without a foreclosure on their record, and with as few financial repercussions as possible.
I will go further into it in the next few posts.
To Your Success !!
http://www.everlastsolutions.com/
Leads from the AIR,,,,WEBSTES?
Websites are lead generating machines Turning your website into a lead generating machineMore and more real estate investors are starting to get their own websites. Many only use them to showcase whatever properties they have available at the moment and provide a way for people to contact them online. It would no doubt surprise them to learn that their websites can be turned into one of the easiest and effective ways to advertise their services. The best way to do this is to get your webpage at or near the top of the Google search results whenever potential customers search for the services you provide. Here are a few tips that real estate heavyweights use to do that.Create and publish contentIt’s a simply formula: The more pages of content your website has, the more pages Google can pull back for potential customers to view. This is one of the main reasons that Yahoo is the #1 visited site on the internet, because it has so many pages of content.“But I’m not a great writer!” I can hear you saying. Well, good news: You don’t have to be! When your potential customers are searching for information on real estate services, they aren’t looking for Shakespeare, they’re looking for clear, concise answers. And that’s what your site should provide.For an example of some content you could provide, let’s say that you mainly deal in preforclosure properties in your home town of Phoenix, Arizona. You could have a couple of pages on your site talking about how the foreclosure laws work in Arizona, a FAQ page on foreclosure, a few personally written pages on how the services you offer can directly help people in foreclosure, etc. These pages should be written to so as to have good keyword density as well.Add a Blog to your siteThe above example pages will help direct users to your site, but to keep your name anywhere near the top of Google, you’re going to need regular, FRESH content. A blog is perfect for this. If possible, add a post every couple of days at least. This doesn’t have to be anything fancy, but it should be relevant to your business. You could talk about recent housing news and how it relates to the homeowners who may be facing foreclosure. You could write about the recent people you’ve helped and include their testimonials.It may sound daunting at first, but once you get started, you’ll find it easy to continue adding fresh, new content. As you write, again, remember to keep a good concentration of keywords in your posts. This way Google will push your content further up the page where you want it!With just these two tips you can get your website, and therefore your business a lot more visibility on the internet. But don’t stop there! There are many other techniques you can also use to turn your website into a lead generating machine, just like the real estate heavyweights!
To Your Success !!
http://tinyurl.com/ur-success
To Your Success !!
http://tinyurl.com/ur-success
FORECLOSURE how long does it take ???
One of the most frequently asked questions is how long the entire FORECLOSURE PROCESS is going to take????
There really is no simple answer to that questions as it can differ from state to state and also from the terms of each individual mortgage agreement. What I can do is go through the generalities of the foreclosure process.
In general you will most likely enter into the foreclosure process after around the third missed payment. At either the third or fourth missed payment you will no longer be able to make partial payments. While this may seem confusing the reasoning behind this is primarily to cut their losses. Any payments from you will restart the foreclosure process. Therefore essentially you will be able to ward off a foreclosure by making periodic partial payments. Another reason for this is due to accounting as they would not know whether to put the payment towards principle or interest.
At any point after the four months you will have the option to pay back the entire amount owed plus any late penalties and legal or collection fees that have been assessed in order to get your home out of the foreclosure process. You may also negotiate with your mortgage company to get a loan modification which will lower your payments and tack on the amount owed to the end of the loan in order to get your home out of foreclosure.
If you cannot negotiate a modification and are unable to pay the entire sum of the amount owed the foreclosure proceedings will commence with a sheriffs sale at the end of month seven. Once your home has been sold in a sheriff’s sale your redemption period will begin. Redemption periods vary from state to state. So, check your local laws and add that span of time to know the final answer to your question.
PS. I have found that thr Lenders are moving much faster now then in the past few months. I submitted four files on Mon last week and I am meeting with the last Of the four BPO agents today.
PSS. Two of the four Lenders told me where the BPO came in at and what they would except NOW! WHY OUR Due dilegents, complete submission packets, good pictures and comps, and the best advise accurate repair estimates. Allways ,Allways Allways meet the BPO
http://www.everlastsolutions.com/
To Your Success !!
http://tinyurl.com/ur-success
There really is no simple answer to that questions as it can differ from state to state and also from the terms of each individual mortgage agreement. What I can do is go through the generalities of the foreclosure process.
In general you will most likely enter into the foreclosure process after around the third missed payment. At either the third or fourth missed payment you will no longer be able to make partial payments. While this may seem confusing the reasoning behind this is primarily to cut their losses. Any payments from you will restart the foreclosure process. Therefore essentially you will be able to ward off a foreclosure by making periodic partial payments. Another reason for this is due to accounting as they would not know whether to put the payment towards principle or interest.
At any point after the four months you will have the option to pay back the entire amount owed plus any late penalties and legal or collection fees that have been assessed in order to get your home out of the foreclosure process. You may also negotiate with your mortgage company to get a loan modification which will lower your payments and tack on the amount owed to the end of the loan in order to get your home out of foreclosure.
If you cannot negotiate a modification and are unable to pay the entire sum of the amount owed the foreclosure proceedings will commence with a sheriffs sale at the end of month seven. Once your home has been sold in a sheriff’s sale your redemption period will begin. Redemption periods vary from state to state. So, check your local laws and add that span of time to know the final answer to your question.
PS. I have found that thr Lenders are moving much faster now then in the past few months. I submitted four files on Mon last week and I am meeting with the last Of the four BPO agents today.
PSS. Two of the four Lenders told me where the BPO came in at and what they would except NOW! WHY OUR Due dilegents, complete submission packets, good pictures and comps, and the best advise accurate repair estimates. Allways ,Allways Allways meet the BPO
http://www.everlastsolutions.com/
To Your Success !!
http://tinyurl.com/ur-success
Monday, May 11, 2009
Dan Auito.....Be A Real Estate Heavyweight....
To Your Success !!
http://tinyurl.com/ur-success
http://tinyurl.com/ur-success
Dan has put together over 90 of todays real Estate Heavyweights in what will surely be an all time great! Learn from the masters what works in todays market and HOW..... He will make it avaliable in the next few days. DONT PASS IT UP !!!!
Websites are lead generating machines
Turning your website into a lead generating machine
More and more real estate investors are starting to get their own websites. Many only use them to showcase whatever properties they have available at the moment and provide a way for people to contact them online. It would no doubt surprise them to learn that their websites can be turned into one of the easiest and effective ways to advertise their services. The best way to do this is to get your webpage at or near the top of the Google search results whenever potential customers search for the services you provide. Here are a few tips that real estate heavyweights use to do that.
Create and publish content
It’s a simply formula: The more pages of content your website has, the more pages Google can pull back for potential customers to view. This is one of the main reasons that Yahoo is the #1 visited site on the internet, because it has so many pages of content.
“But I’m not a great writer!” I can hear you saying. Well, good news: You don’t have to be! When your potential customers are searching for information on real estate services, they aren’t looking for Shakespeare, they’re looking for clear, concise answers. And that’s what your site should provide.
For an example of some content you could provide, let’s say that you mainly deal in preforclosure properties in your home town of Phoenix, Arizona. You could have a couple of pages on your site talking about how the foreclosure laws work in Arizona, a FAQ page on foreclosure, a few personally written pages on how the services you offer can directly help people in foreclosure, etc. These pages should be written to so as to have good keyword density as well.
Add a Blog to your site
The above example pages will help direct users to your site, but to keep your name anywhere near the top of Google, you’re going to need regular, FRESH content. A blog is perfect for this. If possible, add a post every couple of days at least. This doesn’t have to be anything fancy, but it should be relevant to your business. You could talk about recent housing news and how it relates to the homeowners who may be facing foreclosure. You could write about the recent people you’ve helped and include their testimonials.
It may sound daunting at first, but once you get started, you’ll find it easy to continue adding fresh, new content. As you write, again, remember to keep a good concentration of keywords in your posts. This way Google will push your content further up the page where you want it!
With just these two tips you can get your website, and therefore your business a lot more visibility on the internet. But don’t stop there! There are many other techniques you can also use to turn your website into a lead generating machine, just like the real estate heavyweights!
To Your Success !!
http://tinyurl.com/ur-success
More and more real estate investors are starting to get their own websites. Many only use them to showcase whatever properties they have available at the moment and provide a way for people to contact them online. It would no doubt surprise them to learn that their websites can be turned into one of the easiest and effective ways to advertise their services. The best way to do this is to get your webpage at or near the top of the Google search results whenever potential customers search for the services you provide. Here are a few tips that real estate heavyweights use to do that.
Create and publish content
It’s a simply formula: The more pages of content your website has, the more pages Google can pull back for potential customers to view. This is one of the main reasons that Yahoo is the #1 visited site on the internet, because it has so many pages of content.
“But I’m not a great writer!” I can hear you saying. Well, good news: You don’t have to be! When your potential customers are searching for information on real estate services, they aren’t looking for Shakespeare, they’re looking for clear, concise answers. And that’s what your site should provide.
For an example of some content you could provide, let’s say that you mainly deal in preforclosure properties in your home town of Phoenix, Arizona. You could have a couple of pages on your site talking about how the foreclosure laws work in Arizona, a FAQ page on foreclosure, a few personally written pages on how the services you offer can directly help people in foreclosure, etc. These pages should be written to so as to have good keyword density as well.
Add a Blog to your site
The above example pages will help direct users to your site, but to keep your name anywhere near the top of Google, you’re going to need regular, FRESH content. A blog is perfect for this. If possible, add a post every couple of days at least. This doesn’t have to be anything fancy, but it should be relevant to your business. You could talk about recent housing news and how it relates to the homeowners who may be facing foreclosure. You could write about the recent people you’ve helped and include their testimonials.
It may sound daunting at first, but once you get started, you’ll find it easy to continue adding fresh, new content. As you write, again, remember to keep a good concentration of keywords in your posts. This way Google will push your content further up the page where you want it!
With just these two tips you can get your website, and therefore your business a lot more visibility on the internet. But don’t stop there! There are many other techniques you can also use to turn your website into a lead generating machine, just like the real estate heavyweights!
To Your Success !!
http://tinyurl.com/ur-success
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