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Real Estate Investing – Government $8,000 Stimulus to First Time Home Buyers

I am amazed at how many banks have NO idea how to utilize the $8,000 stimulus package from the government.  This is a great time to sell a house you are in desperate need of selling or a great time to flip a house.

The key is finding a local bank knowledgeable in the area of the $8,000 stimulus designed for first time home buyers.  It may take you all day to call banks, but as I keep repeating on my blog post.  Persistence is the key to becoming a successful real estate investor or any business for that matter.

Creative Ways to Finance the Deal until the $8,000 First Time Home Buyer Credit is Received:

1.       Homeowners re-file upon closing on the house and receive $8,000 stimulus package from government within a couple of weeks. (talk to CPA)

2.       Certain banks have programs where they float them a loan for the stimulus, once, they $8,000 stimulus is received then this money goes to pay off the short term loan.

3.       Investors can hold the 2^nd mortgage until the homeowner receives the $8,000 stimulus.

Real Estate Investing is all about being creative.   In these uncertain banking times, we need to be even more creative.  These ideas above are the ones we are using to sell our wholesale and flip houses.  Most banks also have credit coaches they send the homeowner to if they need to clean their credit up a bit.  Most can be cleaned up within one year.   During the duration a rent to own works.

The deadline to receive the $8,000 first time home owner stimulus is in December.  So, get moving and sell those houses.   It time to make quick cash and move onto your next deal.

Bob Proctor is giving away his program for $1 to selected students on a trial basis.

http://www.thesgrprogram.com/online/lessons?m=49f85564b2e21

Yup, they were lucky enough to get a 7-
day trial of the entire SGR program, PLUS 
all FIVE bonuses for just a single dollar.

But be quick. This is only available until 

Wednesday, 10th June.

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cashflow Cindy

Real Estate Investing - Retire in Ten Years with Ten Houses

And Let Someone Else Pay for Your Kids’ Education!

By Karen Nelson Bell

I’m going to show you how to retire in ten years just by buying one house per year! Of course, you can speed it up and get there sooner, or you can buy more houses per year and have a more luxurious retirement. The thing is, you’re not going to be one of the folks worried about Social “Insecurity” *-oops, Social Security*.  

  Buy a house this year and rent it out. Buy a house next year and rent it out. Do that every year for ten years. I don’t care how you buy it—Nothing Down, creative financing, discount or retail, from a FSBO or a Realtor—just get out there are buy a house every year for ten years.

 Step Two:

Wait. Wait for ten years. In that time, will the property value probably have gone up? Will the mortgage probably have gone down? The answer to both is probably yes.

Bob Proctor teaches you The Science of Getting Rich
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Step Three:

In the eleventh year, take the property you bought in the first year and refinance it. Don’t take a lot of money out of it, maybe 60 to 70 percent of its value, and do what’s called a “cash out refi.” This means taking a loan against the new, higher value of your home. Make sure that the rents can still cover the payments. Of course, rents will have probably risen in that decade too.

Bob Proctor teaches you The Science of Getting Rich
 http://www.thesgrprogram.com/?m=49f85564b2e21

Step Four:

Enjoy that tax-free money during year eleven. Yes, it’s tax free because the money you get from loans is not considered income. Ask your tax preparer. I met an accountant one time who insisted this plan was illegal. He was a former IRS agent turned CPA. Well, when he called up all his friends to verify that I was doing something wrong, he got the thrill of his career. “Wow, I never heard of it before,” he said, “but this is totally legit and yes, tax free. What a plan!”

Bob Proctor teaches you The Science of Getting Rich
 http://www.thesgrprogram.com/?m=49f85564b2e21

 Step Five:

In the twelfth year, take the property you bought in the second year and refinance it. Now you’re getting the picture: You’re going to do this every year. And when the twenty-first year rolls around, you can start all over again, because the houses will have appreciated another decade! That’s a better retirement than any government plan I every heard of.

 Free College for Your Kids

You can let someone else pay for your kids to go to college with this same strategy. Buy a house for every child who you have to send to school. Buy it now. By the time he’s ready for the university, just re-finance the house, and let the renter pay for your Johnny to go off to campus.  Johnny can live in a condo that you buy for him, and his rent can be covered by his roommates, who pay enough to cover the mortgage. When Johnny graduates, he’ll understand property management, and he can keep it, sell it, and pay you back, or you can gift it to him. I just love the part about someone else paying for his tuition and someone else paying for his housing.

Johnny will be the only one of his friends who doesn’t have to worry about paying back all those student loans.

Real Estate Investing – Tenants are always interesting or should I say its interesting being a landlord!

This particular tenant turned into a different person after I handed over the keys to the house.   She would only communicate with me via mail.  She would not return my phone calls nor would she talk to me in person if I was standing in the driveway.  She would have her son come over and talk to me.

Her lease ran out and to be honest, I’m tired of her crap.  Well, I thought if she signs the lease for one year then I will have a tenant in place without losing rent for a month to find a replacement tenant. 

Since mail was our only form of communication I mailed her the rental lease to be signed for one year.  I have her name in the spot for Tenants Name.  She was supposed to sign the signature for the lease at the bottom of the one year lease agreement.

I received her lease agreement in the mail today.  To my surprise somebody else signed the lease agreement.  This particular person is not on the lease nor do they have permission to reside in the property.

A letter was typed up to inform this tenant that this person was not on the lease agreement and will not be allowed to rent this house.  I also included a 28 day eviction notice to inform the tenant the lease will not be renewed by the landlord.  After the tenant attempted to put somebody else in the house without asking for permission and having them sign the lease agreement without their name on it.

I don’t care to have a tenant in my property that is attempted to be untruthful.

To be a landlord it takes different skills and training to learn the laws and how to deal with the tenants.  If you are interested in learning Property Management Skills I would recommend John Dessauer’s Property Management Program for $49.00! (Unbelievable price)  Education is critical to gain the skills to be a successful landlord.

John is a Multi-Millionaire who made is fortune in Multi-Unit Apartment Buildings.  He is the only guru I know who sells his programs with a super low price and provides us with quality learning.

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Time and Time again and I hear the same from bankers.  Real Estate Investors have no idea what skills it takes to be a successful landlord.  This is your investment so you need to invest in education to learn the skills neccessary on Property Management.

Real Estate Investing – Section 8 (housing)

Section 8 did not pass my rent request for a tenant.  They stated my proposed rent had been found to exceed reasonable rent comparisons in the area.  Factors as location, size, type of unit, quality, age of unit, amenities, housing services provided, and maintenance are all considered in the comparisons.

These properties have tenants in place, just collect the rents in your bank account!!

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They compare similar units in the area to ensure fair market rent is paid for units selected for participation in the Section 8 program, and that the program does not have the effect of inflating rents in the community.

They mailed me a form requesting I find 3 units in the area with the same utilities and size of units to be filled out for their rent comparisons. 

Information Requested:

Size of Unit

Number of Bedrooms

Square Footage

Current Rent

Owner Paid Utilities

Type of Utilities Used

Unit Type

Quality of Unit

Age

Amenities, Services and Maintenance

Section 8 is a great program for low income housing and also for serious landlords or real estate investors.  They do have guidelines that need to be met.  However, once these guidelines are met the rent check is mailed to you on the first of each month.  No rent collecting or phone calls or stress.  The stress is all done during the pre-rental stage meaning:  preparing the unit to meet Section 8 Guidelines.

My partner and I love working with Section 8.  We are learning all of the time however we are more than willing to work with them as they are willing to work with us. 

The end result is providing a safe, clean place for the family to live.

 Deals, Deals and More Deals:

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Real Estate Investing - This article was written by By Jarad Severe

It’s a nice little informational article on where to find money to fund your deals.  This seems to be an area that stops people from buying foreclosures or any real estate.

Financing foreclosures is the part of this business that people are worried about most. Most people automatically assume that you have to have money to invest in foreclosures, which is what keeps them from investing. You will be happy to learn that you don’t have to have money to start investing. Obviously everyone is in a different financial situation, so not every technique we share with you will work. You just need to find one that works for you and go with it.

Even those with bad credit, no money, or no job may capitalize on foreclosure opportunities. In fact, financing foreclosures is the easier part when it comes to buying foreclosures, finding them can be the biggest challenge, unless you know where to look.

The following are 10 techniques used in financing foreclosures:

Technique No. 1 Assume Seller’s Obligations

Technique No. 2 Borrow Against Life Insurance Policy

Technique No. 3 Use Small Amounts of Money From Different Banks

Technique No. 4 Home Improvement Loans

Technique No. 5 Home Equity Loans

Technique No. 6 VA Loans

Technique No. 7 Find a partner

Technique No. 8 Hard Money Lenders

Technique No. 9 Use Banks and other lending instructions

Technique No. 10 Take over “Subject To” existing financing

These are just a few options you have when financing foreclosures. There are many more ways to creatively finance these properties.

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The program will apply to loans made on or before Jan. 1, 2009, and modifications will be allowed only once. Mortgages with a first loan of more than $729,750 do not qualify.

The plan runs through 2012 and starts immediately.

“It is imperative that we continue to move with speed to help make housing more affordable and help arrest the damaging spiral in our housing markets, just as we work to stabilize our financial system, create jobs and help businesses thrive,” Treasury Secretary Tim Geithner said.

Sinking home prices and mounting foreclosures are dragging down the economy. By the end of last year, at least one in five U.S. homeowners with mortgages, or about 8.3 million people, owed more than their homes were worth, according to data released by First American CoreLogic.

“Today’s announcement means you should call your lender to find out if you qualify,” says Lawrence Yun, chief economist at the National Association of Realtors. “This should get the ball rolling.”

Details:

•Loan refinancing. Up to 5 million homeowners with a solid payment history on mortgages held or owned by Freddie Mac and Fannie Mae will be eligible to refinance into more affordable terms.

People will be able to refinance even if they have less than 20% equity in their homes, and an appraisal may not be necessary.

•Loan modifications. Lenders and other servicers can immediately begin making modifications that could help up to 4 million at-risk homeowners stay in their properties.

To be eligible, homeowners with a first loan can have an unpaid principal balance up to $729,750. (Higher limits will be allowed for owner-occupied properties with two to four units.)

Incentives also are provided to get lenders to modify mortgages if a borrower isn’t late on payments but is at risk of default.

“I like the plan because it addresses (homeowners) who are not behind on payments,” says Yun. “It addresses people who could default. It’s proactive.”

•Lenders and other servicers. Servicers also must follow an established process to reduce the monthly payment to no more than 31% of the borrowers’ gross monthly income.

Servicers will get financial incentives, such as an upfront fee of $1,000 per modification, to encourage participation.

We are looking for your feedback regarding this article.  Please leave your comments.

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 A short sale is when a lender accepts a discount on a mortgage to avoid a possible foreclosure auction or bankruptcy. As an investor, instead of buying from a seller, you are purchasing the property directly from the lender for a discount.For example: A homeowner who is facing foreclosure, has an existing first mortgage of $300,000. You write an offer to the lender for $220,000, which is accepted as full payment for the loan. This is a short sale.

Why is Today the Best Time to Buy Real Estate?

Are you leveraging the real estate pricing drop for your own financial advantage? The current recession coupled with the rapidly rising quantity of foreclosures has presented real estate investors with a real financial opportunity. For those investors who capitalize on reduced pricing by building a real estate portfolio, financial gains are available to generate. However, real estate investing is not for everyone.

Before you take the plunge into the real estate market, it is essential to understand both the risks and the opportunity. Increases in home foreclosures have also increased the requirements for real estate buyers who are seeking financing options. Take time to assess your present financial situation to determine how much capital you have available for down payments, closing costs, repairs and to cover mortgage payments in the event that you must hold onto the property before it sells or rents to a tenant.

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What is the Upside to Real Estate Investing Today?

The upside of real estate investing today has never been higher. Everything is on sale! And as we all understand, when things are on sale, you are buying much more for your money. If your end goal is to sell a property for a profit, your potential profit margin increases substantially when you locate a property at a discount.   Great cash flow deals located at http://serene.ewimultiplestreams.com/index.php?base=featured

Real Estate Investing:  Managing Tenants is interesting in this business.  However, the key to always remember is you are running a real estate Business.  You are not running a charity business.  When you make your profit in Real Estate then you take 10% and give the money to a charity of your choice.  However, keep feelings and emotions out of this business because if you do you will lose!

These 2 girls were in there 20’s first time living out on there own.  I called the girls and they were shocked to hear the place was a mess.  Supposedly they paid one of their friends to clean the apartment.  I told her, “we all know how hard good help is to find”. 

I told the girls that I would clean the apartment however they were going to pay me $15.00 an hour.  They opted to have their Mother clean it for them.  Since I had a showing at 4:00pm the same day there mother cleaned the apartment prior to my showing.  Yes, she did a nice job!

The girls went to Home Depot and purchased new blinds there dog chewed up.  I instructed them on the high cost to maintain a rental unit.  Once all receipts were in, I mailed them to these two girls and informed them all of their security deposit will go toward the damages in this unit. 

These girls were young and irresponsible.  However these 2 girls did rectify the situation with me.  They did not intentional go out to damage the property and took responsibility for the damages.  They worked with me to get the apartment back into rent shape.  Four weeks later I had a new tenant move into the unit and we are on to another chapter in the book on Real Estate Investing.  New Tenants bring New Stories.  Please leave me your comments and experiences with your tenants for everybody to share and learn.