Posts Tagged ‘Build my IRA’

Dealing with tenants blows!!!

May 21st, 10 / 0 Comments

It’s totally true.  Well, mostly anyway.
Actually, 80% of my tenants are great.

The other 20% though will make you want to pack up and quit this game.
I’m not just talking about the slow pays either, you have to expect that to some extent.
The one’s that drive me nuts are the one’s that pay slow AND do not care for the house… at all.

My most recent eviction has made me realize that some people just do not care about how they treat you or the property you are allowing them to rent from you. It started out fine and they were the nicest people. Then something happened and they weren’t able to pay on time… then they did not tell me about maintenance issues until it was WAY too late.

Then, once the eviction was over, I got to really dig in and see the damage that they have done. I’m thinking about posting some pics to demonstrate… Look for those sometime next week. Let’s just say, this beautiful home that we almost completely rehabbed 2.5 years ago needs more than a little cleaning. I don’t normally have to rehab my rentals but this one is at least a paint and carpet rehab and likely will be much more.

So, I have really been pondering where I’m going in real estate over the past several years. I’m not planning on straight renting anymore. It does not make sense. I had a hard rule early on that I would not just rent to anyone. I let that slide while the market was soft because I wanted to get things occupied. I’m going back to lease options and land contracts/Seller financing as my main exit strategies.

I’m also looking at alternatives to acquiring properties to hold.
Thursday I’m hosting a webinar to show you an alternative to actually buying the house.
Check it out.
http://RapidReiResults.com/liens

If you are interested in discovering a secret way of making a fortune with
foreclosures…without having to buy or sell the houses?!

Then join me on this weeks training session on how to:
Start making a sizable income in 30 days or less starting with only $1.

Generate thousands per month without using credit, partners, loans or cash
And much, much more!

(Your results will be very different and you might not make a dime… especially if you don’t actually do ANYTHING with this information.   Learn it… then USE it.)

Check it out.
http://RapidReiResults.com/liens

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Commercial Real Estate Investing, Judgments and Liens, real estate investing, Real Estate Wholesaling

Housing Help for 5 states, why only 5?

Feb 19th, 10 / 0 Comments

Seriously, why is Obama picking just 5 states to help out with the foreclosure crisis to the tune of an additional $1.5 billion???

I do not understand this logic at all.
We already have programs in place to help with affordable housing.
The banks already have loan modification/workout groups and loss mitigation departments.
The banks will already do a short sale which, many times is a better solution for the homeowner than a loan modification. (This is not legal advice either, but the options are there).

See the article below.
http://cli.gs/zgjTyz

The administration and the government as a whole need to focus 100% of their attention on how they can spur the private sector to expand and create more jobs.
The clues are right there in the article folks.
(Hint, it’s not going to happen if you increase taxes)

It is all about jobs, JOBS JOBS!!!!!

We can’t spend our way out of this by throwing money at more government programs and handouts!

The private sector can get the economy going again if they have access to funding.
Right now, they can’t get the funding they need so they are not hiring.
Thus, no one is producing anything and since 10% of the country is not working (Actually much higher if you take into account the number of people that are not looking for work right now), no one is buying anything.

Look at the housing sector. The only reason that housing has had an increase in anything is because of the tax credit for home buyers. Without that incentive (A tax reduction incentive) the housing numbers would be abysmal.

How is dumping more money to save someone’s underwater mortgage going to help the private sector?
The only people that will help in the long run are the government workers (Which we keep getting more and more of) and the BANKS!!!

The big banks all made money last year right?
What did the banks do to actually help the economy though? Nothing.
They did not lend any money out.
We the people forcibly loaned the banks money and they turned around and horded it and bought smaller banks to get more access to your money.

The government needs to help small businesses get more funding and then step back and get their hands off the economy. Don’t increase taxes, don’t overhaul our insurance programs which will increase taxes and greatly expand government. They just need to back off. Spending tax payer money just so you can say we are doing SOMETHING is just plain stupid. Obviously, the stimulus program has not helped. Over the last year, what has happened? Has the economy gotten better? Unemployment numbers haven’t.

One thing the government is doing that I support is they do have some programs to help investors supply affordable housing and to rehabilitate commercial properties. Why do I support this? Because it puts construction crews to work and it creates safe, affordable housing. This helps spur the private sector.

If you want to join me for a webinar on some of the available Government Funding Options for Real Estate Investors, enter your name and e-mail address below.
I’ll be holding an encore call on Tuesday night, Feb. 23 at 9:00 PM EST.

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commercial real estate, Commercial Real Estate Investing, Forbearance and Loan Modifications, Funding Solutions, real estate investing, Short Sale Investing & Pre-Foreclosure, Uncategorized

Why Buying and Holding Isn’t The Same Anymore…

Jan 21st, 10 / 2 Comments

Guest article written By: Sean Carpenter

Are you finding deals are getting tougher to close with the new restrictions banks are pushing on applicants?

Is it taking longer to get a deal done? Have you stopped looking for new projects to acquire?

The last year has been a very difficult period in real estate history. Some markets have declined upwards of 50% in value with no light at the end of the tunnel. Not very good news if you started your “buy and hold” in 2007, but will certainly work better for you now in 2010 as you pick properties up for a fraction of their price two years ago.

Not to mention cap rates are heading into the two digits in larger metropolitan areas. For some, this is an area of the market they have never experienced.

So what can we do to get some of these declining assets?

The banks that were lending up to 125% a few years back have either left the market or cap an acquisition at 70% loan to value. The remaining 30% is up to the investor. But raising the 30% slows down transactions and your friends in Congress have attempted to help.

In July 2008, the President signed the Housing & Economic Recovery Act (HERA), which among other things, provided $4.5B to all 50 states, some territories like Puerto Rico and the Virgin Islands, and the District of Columbia, to combat neighborhood declination by foreclosure.

These funds, known as the Neighborhood Stabilization program, were supposed to help investors, both for and non-profits, buy and rehabilitate foreclosed buildings in order to prevent the stable households from losing too much value. In February 2009, Congress added an additional $4.5B to the program, now known as NSP II, to further carry out the NSP mission.

This is nothing new. The federal government has been investing in real estate for years, at least since HUD was conceived during the Johnson administration in 1965 as part of the Great Society initiative.

HUD allocates through the individual States and territories upwards of $20B per year to facilitate economic development and housing activities. Additionally, many states have programs of their own that can match federal funds in addition to over $5B in tax credit programs available to stimulate acquisition, rehabilitation and new construction of real estate projects.

Buying and holding certainly isn’t what it used to be, but now the government wants to help you out more than ever. You just have to know WHERE to find the money and HOW to get the funds.
–

Sean Carpenter is the nation’s leading expert on Government Deal Funding for Real Estate Investors and Developers and has spent the last 12 years both consulting and getting funding for his own deals. I’ll be hosting a special interview with Sean coming up on Wednesday, February 24th, 9:00 PM EST. Find out more and pre-register for the call by entering your name and e-mail address below:

UPDATE: Since this webinar was a few weeks ago, if you register below, I will send you the encore webinar information as soon as you confirm your e-mail address.

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Disclosure: If you click on a link on this website, you may be using an affiliate link. This means I may be compensated if you purchase something from the company on the other end of the link.

Disclaimer: This is not legal advice or even financial advice. The opinions and information here are written to entertain and inform you of my experiences from Real Estate Investing. I can’t possibly know your financial situation or whether you will have the ability, motivation or determination to put forth the effort that is required to put a system or idea in motion to profit from it.

Before embarking on any business venture, you should consult with your financial advisor, accountant, lawyer and other professionals to help you determine if it is a worthwhile venture and to discuss the risks. I make no claims about how much money YOU will make with any of the information shared here on this site or any other website or e-mail that I may send you.

As in ANY business, your results will vary based on your own knowledge, determination, motivation and financial resources available to you.
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FHA Waives 90 Day Seasoning Rule

Jan 17th, 10 / 0 Comments

This is great news!
While I’m not an attorney, the legal speak in the pdf below tells me that FHA is now going to allow a buyer using FHA financing to purchase it even if the seller has not been on title for a minimum of 90 days.

http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf

The 90 day seasoning rule was instituted to try to keep “Illegal flips” from occuring. I have “illegal” in quotes because it is only illegal if someone is committing fraud by getting an appraiser to appraise the property for MUCH higher than the real value of the property.

This is totally illegal and I’m pretty sure you can be put in jail for that. Again, I’m not an attorney so don’t take my word for that.

However, the way most of these transactions are happening is this. An investor purchases a property either from a bank or from a homeowner in distress at a substantial discount because of the distressed situation.

Banks do NOT want to spend money to fix up foreclosed homes.

Homeowners that are having trouble making house payments do not want to make repairs either. They are struggling just to pay their bills.

Why would they continue to repair a home they are likely going to lose in foreclosure anyway?

So these properties NEED an investor buyer to step in and buy the home and rehab the home back to move-in ready condition.

Well, in these times of tight credit, it’s next to IMPOSSIBLE to get a decent rate on a long term loan for an investor. So, rather than holding the property as a rental, the investor fixes up the home using high interest loans.

The investor then turns around the property and finds an end buyer that wants to live there. Typically, the end buyer still gets a really good deal on now an updated home rather than a distressed property.

Well, when FHA decided to implement the 90 seasoning rule, that eliminated a TON of buyers, especially first time home buyers that typically rely on FHA programs to get in with low down payments.

They don’t typically have extra money to fix up a home.

So, I welcome this change for everyone involved. It is going to speed up the acquisition of these distressed properties because now the investor will have an easier time finding a buyer.

What do you think of this plan?
Leave some feedback below.

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Sign Up Now For My 2010 Investor Webinar Series

Dec 10th, 09 / 5 Comments

I am planning a webinar series and already have several top notch Real Estate investors lined up.
However, the schedule is not set yet.
Sign up for the webinar series by entering your name and primary e-mail address (So that I can notify you of the webinars).

If you are among the first 50 people to sign up, YOU are going to get to help me shape the seminar series with the topics YOU want to hear about.

Do you have a certain burning question you need answered?
Would you like the opportunity to grab the ear of some of the BEST investors in their particular field?
This is your opportunity. I have been building this series up for several months.
I’m getting ready to set the schedule.

Get on the list and let me know what you are looking for.

Here are some examples of things I’m thinking about.

1) Funding
2) Marketing – For buyers and sellers
3) How to super charge your retirement accounts
4) How to save on taxes
5) How to select a contractor
6) Commercial Investing
7) Loan Modifications
8) Short Sales
9) Wholesaling
10) Wholetailing (A little different from Wholesaling)
11) Selling on land contract
12) Dealing with distressed homeowners
13) Buying REO properties
14) Bulk packages of REO or Notes
15) Note Buying
16) Land Contracts
17) Self Storage
18) Government grants/loans

The above is just a start. I want to hear from you.
If you tell me what you want, I will schedule accordingly.

Let me know.
Sign up for the series by entering your name and e-mail address above.
I will send you a copy of Think and Grow Rich and give you access to the most recent webinar I have available.

Thanks for stopping by.

Marshall

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Disclaimer: This is not legal advice or even financial advice. The opinions and information here are written to entertain and help educate you with my knowledge and experience from Real Estate Investing. As always, before embarking on any business venture, you should consult with your financial advisor, accountant, lawyer and other professionals to help you determine if it is a worthwhile venture and to discuss the risks. I make no claims about how much money YOU will make with any of my information. As in ANY business, your results will vary based on your own knowledge, determination, motivation and financial resources available to you.
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