Posts Tagged ‘Wholesale real estate’

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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Top 5 Reasons YOU Need a Website For Your Real Estate Business

Dec 23rd, 09 / 0 Comments

1) Project a more professional image to customers
2) Have a place to showcase your properties
3) Ability to capture leads and track where they are coming from
4) Develop a relationship with your potential customers
5) Have a 24 hour salesperson to help promote your business

In fact, I’d like to share one of my own personal secrets with you.

I consider this guy to be one of my aces in the hole.

And trust me, I know this from first hand experience. I’ve been a member of his elite coaching system for the past 6 months.

His name is Mr. X and he has tremendous real estate expertise, honed razor sharp in a series of his own real estate ventures. Mr. X. has been studying the real estate investor community for a number of years and is deeply concerned about what is working and not working in the real estate community right now.

X as I like to call him, is worried because when he sees people who honestly want to grow a real estate investment business, follow a path to certain failure and destruction, he just gets angry.

If you’ve tried program after program after program and have still been unable to grow your real estate business, it’s probably NOT YOUR FAULT. Trust me, there are plenty of players in real estate who want to see everyone else fail.

In fact, there are several very real reasons why this has happened to you, why your business building efforts have been doomed to failure right from the start. I promise you, YOU CAN SUCCEED IN REAL ESTATE, but what we see in real estate right now is a real concern.

Because he wants to help, for an extremely limited time, X is offering a huge discount on an unbelievable system called OpenRoad. This is an online platform that is designed for the investor to make a heck of a lot more money in a fraction of the time. If you haven’t already heard about it

Click here http://rapidreiresults.com/openroad

I’ve read it. In fact, as a member of his systems group, I’ve put these ideas into practice. It’s cash in the bank.

He is giving a free gift away to everyone that registers for one of the online DEMOs that they do weekly.

P.S. Don’t delay. If Mr. X gets buried with requests, he’ll probably take the site down. Get it now, before that happens.

http://rapidreiresults.com/openroad

P.S.S. Why the secrecy with the Mr. X stuff? Well, I can’t give away all of my information here, can I. If you are curious enough to want to know more about this, just click the link.

Disclosure: Just so we are clear, that is my affiliate link above. I believe so strongly in what this company has to offer that I have become an affiliate to help promote their product. If you eventually decide to purchase through that link above, my company will receive a commission.

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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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Join My Newsletter List and Get the Following: 1) My $97 eCourse on marketing your RE Biz. 2) Priority Notification of upcoming training calls. 3) Post your properties on my website.

Join My Newsletter List and Get the Following: 1) My $97 eCourse on marketing your RE Biz. 2) Priority Notification of upcoming training calls. 3) Post your properties on my website.