» How to Assemble a Real Estate Investor’s Financial Filing Cabinet » Posted by Realestator
Yesterday we discussed the importance of a Real Estate Investor having an organized Financial Filing Cabniet. Today, we’ll demonstrate how to assemble one. First, go to your favorite office supply store and buy: A box of manila file folders Pendaflex folders Some two or four drawer filing cabinet One or two filing storage boxes A fire proof safe Now prepare to dive in and organize your financial records. In your new filing cabinets you will label your file folders with the following categories: Bank Statements Credit Card Statements Credit Line Statements Expenses** Auto Insurance Homeowners Insurance** Life Insurance IRA’s or Money Market Accounts Living Read More
» A Real Estate Investor’s Financial Filing Cabinet » Posted by Realestator
Any Real Estate Investor’s Financial Filing Cabinet has got to be a top priority. Some of you may never heard of that phrase before. So let me ask you: When’s the last time you balanced your check book? If someone asked you for your latest bank statement, paycheck stub or credit card bill, could you find it? Do you keep your mortgage statements if you have one? What about tax returns, insurance policies, living trusts, mutual fund and money market accounts? Could you immediately put your hands on any of these things, if you needed to? No successful investor can afford to be caught searching for any of these things when asked. You will soon find out that time is money. Read More
» MLS Real Estate Listings Available to Everyone Now! » Posted by Realestator
Buyers and Sellers alike are one step closer to having access to all MLS Real Estate Listings. More than 800 MLS’ (Multiple Listing Services) nationwide will be instructed to open their database to all Real Estate Brokers, traditional and online. For years, many Internet based brokers have accused the National Association of Realtors (NAR) of unfair competition by locking them out of the database. More home buyers use the Internet for their searches than for sale signs. By allowing all buyers to see all listings, true competition between real estate brokers can take place. Online brokers have been offering fee for service type commission models for years to their seller clients, Read More
» Real Estate Investing Criteria-Stick to the Basics in any Market » Posted by Realestator
Foreclosures, Short Sales, Distressed Homes - there’s so many ways to make money in real estate right now, one could easily forget about their Real Estate Investing Criteria. But a wise real estate investor will remember that in any market, you should always Stick to the Basics. Location, Location, Location: The holy grail of home buying is even more important in a depressed market. Look around and determine how many other homes in that area are also bank owned or short sales. This will severely depress the price for quite a while until things recover. If you plan on renting the house out for a while, then you may still end up with a good deal. When in Doubt, see Rule #1: Read More
» Example of How to Negotiate a Short Sale » Posted by Realestator
Yesterday, we discussed what is a Short Sale. Today, let’s show an example of How to Negotiate a Short Sale. In theory, the bank already knows it is facing a Short Sale situation if they try to sell the property either at auction or on the open market, so you will be saving them time and hassle of doing that by offering to pay off the loans. But not the face value. This is how you regain some of the equity in a property, and this is why Short Sales can be profitable to real estate investors. Let’s say you’ve found a homeowner who has two mortgages on their property for a total of $100K. The 1st is for $80,000, and the 2nd is for $20,000. The house, however, now has a Read More
» What is a Short Sale? » Posted by Realestator
Many people keep hearing the phrase and are asking, “What is a Short Sale?” Depending on the area you are interested in purchasing in, many homes that are going into foreclosure will have mortgages that are more than the property is worth. This situation is called being “upside down.” When a homeowner finds themselves in this situation, they have very little recourse. If they place the home on the market, and they owe more than it is worth, then they will have to make up the difference between what they sell it for and what they owe the bank out of their own pocket. Also, they must pay the realtor if they sell it the traditional way. Obviously people who are losing Read More
» Knowing How to Structure a Successful Foreclosure Deal » Posted by Realestator
Knowing how to structure a successful foreclosure deal is critical if you will be using this Buying Method. Usually it works one of Two ways: 1. Offer the seller “Cash to Walk”. Simply ask the seller, “What do you need to walk away with?” You’d be surprised how little some people want just to be rid of the headache and heartache. They know they don’t have a lot of equity anyway in some cases, so you would be doing them a favor, and at the same time saving their credit. 2. Propose an “Equity Split,”. This is the most common way these deals are structured. For example, the seller has a $260K mortgage that is $15K behind in payments and Read More
» Add to Your Real Estate Portfolio with Foreclosures » Posted by Realestator
Yesterday, I outlined the Foreclosure Process Timeline. So how can you, the Real Estate Investor, add to your Real Estate Portfolio while helping someone save themselves from Foreclosure? Typically not in the First 90 Days. That’s because finding these homeowners at this stage is next to impossible, and mentally they are not ready to accept the loss they are potentially facing. The Second 90 Days is the absolute best time to find these homeowners, because remember, the 90 Day Notice of Default has been posted publicly. You can sign up for services, for a small monthly fee, that will send you a list of these Notices on a daily basis so you know who to contact. Also, the Read More
» What is the Foreclosure Process Timeline? » Posted by Realestator
If Foreclosures are a Buying Method you are interested in, then understanding the Foreclosure Process Timeline is critical. I have outlined it below: First 90 Days: During this time, no payments are being made on the mortgage. More than likely the homeowner has either had a life altering event (job loss or reduction of income, divorce, death in the family), or their adjustable rate mortgage has reset, and now their monthly payment is more than they can afford. Now someone never having been in this position might think that the logical thing to do would be to take some kind of action right away and call the lender to negotiate. But it may surprise you to learn that 3 out of 4 people in Read More
» How Investors with Properties in LLC’s Can Deal with Freddie Mac Changes » Posted by Realestator
A couple of days ago it was reported that Freddie Mac will not refinance a property that has been held in an LLC at any time in the previous 6 months. Fannie Mae is expected to follow suit. And of course, this may require your lender to do the same. While it’s frustrating for those of us who invest in a responsible manner and in no way caused this mortgage debacle, we are now having to sit back and accept policy from a government backed organization that basically paints all of us with the same brush. However, don’t panic. All real estate investors have some options. They are: Unless you have an ARM that really needs to be refinanced, you can leave the property where it Read More
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