Free Foreclosure Training- A Great Way to Start Earning Big Profits From the Foreclosure Market

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Real Estate Investing- the 6 Myths That Will Kill Your Chances of Succeeding

Posted on March 9, 2010
Filed Under foreclosure real estate investing | Leave a Comment

In every business and every industry there are people who just seem to drip with success. They seem to know all the right people, make all the right decisions, be in all the right places at exactly the right time. They seem destined for success whether they even try or not. Real estate investing is no different. In every city or town, there seem to be real estate tycoons that struck it rich through real estate.

 

In this article we will bust myths that will hold you back if you buy into them.

 

Myth #1: You have to have a large sum of money to invest in real estate. They think it is like saving for their first home or that it’s something they can only do once they have made their fortune elsewhere. Both of these thoughts couldn’t be further from the truth. You don’t need hundreds of thousands of dollars in the bank to invest in real estate and you certainly don’t need millions. All you need is a good real estate deal that makes sense and one that has profit potential and is based on solid financials.

 

Myth #2: You Need to Start Small-Big Deals Are Too Risky. There is nothing wrong with starting small, but why rule out a $2 million, fifty-unit building? Mortgages on smaller properties like single-family homes are almost always guaranteed through the buyer’s own personal earning potential and wealth. You may be surprised to learn that larger investment property loans are secured by the asset itself. In other words, instead of the $2 million building riding on your own wealth, it is riding on its own valuation. This is less risk to you.

 

Myth #3: You can “Flip” Your Way to Success or Get Rich Quick with No Money Down. Many people think that flipping property is the way to grow wealth. The people who believe strongly in this have been lucky enough to make money this way. In my opinion, this is like day trading in the stock market. It isn’t easy, and it is very risky. No money down is another way of saying that the property is 100% financed. That means a much larger part, if not all, of your cash flow is going toward the monthly payment. In no-money-down deals, you’ll be paying higher interest rates becuase there is greater risk to the lender, have higher loan costs, and have virtually no money to improve the property or even repair it should something break. With this model, you are banking on the property appreciating to make money rather than improving the operations of the property and making money through cash flow.

 

Myth #4: You Don’t Have Time. This really comes down to choices and priorities. There is always time to do the things we need to do like go to work every day, mow the lawn, feed the dog. Often there isn’t time to do the things we really want to do. Learn to speak a second language, build a bookcase, or volunteer in the community. There is a difference between need and want. The investment real estate business is something you should want to do and may even need to do. It’s work. To be truly successful, especially in the beginning, you will be involved in the day-to-day activities of finding and evaluating property, negotiating deals, or overseeing contract repair work.

 

Myth #5: You Have to Know Somebody to Get Going in This Business. While knowing a few key people such as a real estate agent, an attorney, or a banker may save you some time, you don’t need to know anyone even remotely connected with investment real estate to get started.

 

Myth #6: You Have to Know a Lot About Real Estate. This myth holds people back every single day. They feel they have to already be experts in a field in order to be successful. Success is a journey, it’s not a destination, and all successful people start at the same place. We gain expertise through experience. On your first deal you’ll learn a ton and even more from your second and third.

Shawn L Charles
http://www.articlesbase.com/real-estate-articles/real-estate-investing-the-6-myths-that-will-kill-your-chances-of-succeeding-686596.html

Buying California Real Estate With No Credit Check

Posted on March 9, 2010
Filed Under Real estate foreclosures | 4 Comments

These days, the internet offers a much broader range of shopping than many people realize. Sure, it’s easier to find that perfect dress or a rare collectible that nobody else seems to have, but what about buying real estate? Is it really possible to purchase raw land without having to go through the hassle of finding a bank that offers land loans? Absolutely and, best of all, you can learn what other customers are saying about their land transactions with a particular seller if you purchase through online auctions. Many skeptics would urge consumers to avoid shopping for California real estate online but if you are familiar with some of the most basic principles, buying real estate online or in person should be a breeze.

If you are in the market for California real estate, you will need to consider whether you are purchasing for investment or residential purposes. If you are looking at land as an investment, you will need to check out the fastest growing areas in the state. If you are looking for the best place to build your dream house, the location choice will be more about personal taste than area growth. One of the most popular places to purchase California real estate via the world wide web is via an online auction. Internet auction leaders, such as eBay, Yahoo, Overstock, Bid4Assets and Bidz have a special category dedicated to the purchase of real estate. Some auctions are set up as a straight cash sale, while others are asking for a bid on the down payment with the remaining balance to be owner financed. The terms of an auction will be listed in the auction description. With this type of scenario, most sellers will extend financing to any customer who can provide the down payment without a credit check or verification of income and/or employment.

When shopping for California real estate online, along with any other purchase, you will need to be familiar with the different types of deeds and what they mean. First and foremost, you will want to purchase real estate from a seller than promises to convey a warranty deed. Avoid purchasing from anyone who offers a special or limited warranty deed unless you know exactly why they chose this wording as opposed to a full warranty deed. This type of transfer guarantees that the property is free and clear of any liens and that the seller owns the property in it’s entirety with the right to resale. Some sellers also offer a quit claim deed, which can be questionable because this type of deed transfers only the seller’s interest in the property and does not guarantee that he/she owns it fully. A quit claim deed simply transfers the seller’s interest, if any, in the property.

Whether you purchase real estate online or in person, you must conduct due diligence on the property to ensure that there are no liens, outstanding taxes and/or is buildable for the purpose that you desire.

This article is to be used for informational purposes only. It should not be used as, in place of or in conjunction with professional legal advice regarding the sell or purchase of real estate. If you are considering a California real estate purchase, you should consult an attorney to discuss your legal rights and best options for buying or selling real property.

David Sanders
http://www.articlesbase.com/advertising-articles/buying-california-real-estate-with-no-credit-check-41678.html

Bank Foreclosed Homes for Sale: Profit Guaranteed

Posted on March 9, 2010
Filed Under Free foreclosures listing | Leave a Comment

One of the most profitable real estate investments is buying bank foreclosed homes for sale. You are guaranteed of a maximized profit as you can get these homes at below market level prices and sell them later at much higher prices.

There are different types of foreclosure homes for sale. Most of them are owned by either government agencies or banks. When a borrower fails to pay three consecutive installments on his/her mortgage, banks or other lending agencies are legally entitled to get back the principal unpaid balance. To avoid foreclosing on property, banks may at first try to arrange alternatives such as refinance. If the homeowner still fails to make payments, the lender then takes away the due in the form of the property against which the mortgage was secured. This is how a bank foreclosed homes for sale appears on foreclosure listings.

Buying foreclosure home has many advantages other than its cheap price. The concerned bank will take care of things such as property taxes and eviction hassles, and certain obligations. The property will be purely yours since the bank had wiped out all liens it bought the house. So the property that comes to you is clear of all legal obligations and you acquire a clear title.

Certain things should be kept in mind while buying foreclosure home. First, you should negotiate with the bank to get it at the lowest possible price. Even banks want to get rid of such properties quickly. So you have a better negotiating power. Secondly, you should always apply for a loan from the same bank. This will help in speeding up the whole process. Thirdly, you should always inspect before buying foreclosure home. Banks are not involved in fixing or repairing properties. If you find damages upon inspection, you can renegotiate the price.

The Internet is a great place where you can find bank foreclosed homes for sale. There are many portals dealing in such properties. They provide you with a listing of these properties to make your job more convenient. If you can acquire one, you are assured of getting maximum profit out of it.

Anirban Bhattacharya
http://www.articlesbase.com/real-estate-articles/bank-foreclosed-homes-for-sale-profit-guaranteed-976429.html

Short Sale-a Means to a Good Deal for Buyers and Sellers

Posted on March 9, 2010
Filed Under Foreclosures short sale | Leave a Comment

If you can no longer meet the expense of the mortgage payments on your property, a short sale may aid you in avoiding a declaration of bankruptcy or keep your lender from foreclosing on your home. A short sale takes place when your home loan’s lender releases your property’s lien and agrees to accept less money than you owe on the mortgage as a payoff. For instance, if you owe $200,000 on your home, and it sells for $190,000, the lender may consent to $190,000 as payment in full. Keep in mind, though, that some lenders will not agree to a short sale, especially if foreclosure is the better option for them.

What You Should Know About Short-Selling Your Home

Most lenders have particular requirements concerning precisely what documentation they require from those looking for a short sale, though the majority will require a letter of authorization, wherein you give them authority to disclose your personal information. Consider writing your lender a memo granting your permission to consult with others about your loan. Include your full name, the date, the property address, your mortgage number, and the name and number of the real estate agent who is helping you.

Your closing agent or lawyer should additionally prepare for you a initial net sheet. This contains the estimated closing statement with the sale price for your home that you assume you will receive, all the normal costs of sale, the unpaid loan balance, your late payments and fees, and any commissions your real estate agent will accept. You will need to convey this to your lender as well. Send with it a hardship letter that describes exactly how you fell behind in your payments, an honest report of your income and assets, accounting for any savings accounts, stocks, other properties, or articles of real value. Include copies of your bank statements, a comparative market analysis, if required, and a copy of your listing and purchase agreements when your home is put up for sale, and later when you receive an offer. Once your lender has all of your documentation, they will determine whether or not to sanction your short sale.

Understand Risks of Purchasing a Short Sale Property

While the enticement of getting a super deal on a short sale is quite strong, make sure to make inquires on the property before making an offer. To start with, a lender is under no obligation to accept your offer on a short sale listing, even when the seller accepts it, even though the property is listed with short-sale terms. Remember that a lender may have given permission for the short sale to the seller because the seller currently owes more money than the home’s value. This would not make the asking price lower than market value, but instead bring the price of the home in line with other properties in the market. Do some public-records research in order to discover whether the home is being foreclosed, and learn how much the seller owes the lender. This will help figure out how much to offer. When a seller consents to your offer, send a copy of it to the lender for approval and make your offer conditioned upon the lender’s approval. Also, make certain you have the property inspected making your offer contingent upon an acceptable inspection.

Karen B
http://www.articlesbase.com/real-estate-articles/short-salea-means-to-a-good-deal-for-buyers-and-sellers-688478.html

Choose a Reo or Bank-owned Home for a Fantastic Bargain

Posted on March 9, 2010
Filed Under Home Foreclosures | Leave a Comment

Home buyers are frequently looking for a good deal on a house. Whether they are upgrading, investing or buying their first homes, those in the market for real estate know that foreclosed and real estate owned (REO) properties provide the prospect to get a good deal on a home. They are not the same type of property, however. Real estate owned property is property that the bank has repossessed from a distressed homeowner and either decided not to sell through foreclosure or failed to find a buyer for at a foreclosure auction. The lender then sells the house as its new owner outside of the foreclosure course. A foreclosure, on the other hand, is a property that is being sold to pay the balance the homeowner owes. Each state deals with foreclosure sales uniquely, but these properties are typically sold at auction to the the entity that places the highest bid. The starting bid at a foreclosure auction incorporates all that is to be paid on the property, the accrued interest, and the attorney bill associated with the sale.

Distressed homeowners usually face other types of financial challenges outside their failure to pay their mortgages. Often they will add to the amount of debt they have on the home in order to try to fix their problems. They also frequently owe unpaid taxes on the home by the time it winds up in foreclosure. For this reason, the beginning bid at a foreclosure auction may be more than the property is estimated to be worth, which causes many auctions to be unsuccessful in bringing in a winning bidder. The banks are then motivated to turn the property into a real estate owned property and sell it at a later date. Typically, REO properties go for up to 20 percent of their current market value. Prior to purchase, buyers need to examine the property and comparable properties in the district to make sure they are getting a good price.

A REO sale is considered one of the safest types of real estate deals, since the seller is a bank, not an individual. Unlike foreclosures, REO homes do not carry the added weight of liens or back taxes that the new owner will be responsible to pay. Also, buyers can see REO properties before purchasing them, bargain on the price to accommodate the need for repairs and still get the home for a great deal in many instances. On the other hand, buying a foreclosure sometimes represents a solid investment, because the home’s current owner may wish to reside in the home as a renter. This means the home comes with tenants, allowing its new owner to start making money right away. When purchasing a foreclosure at auction, the buyer will conclude that the bank that handles the loan on the property is more than willing to speed up the financing process in order to discharge the burden of the home. If a home does not have a lot of debt against it, buying it through a foreclosure auction offers the best chance to get a good deal. The vital aspect is researching what is owed on the home before bidding at an auction if you are looking to find a good deal.

Anita
http://www.articlesbase.com/real-estate-articles/choose-a-reo-or-bankowned-home-for-a-fantastic-bargain-740922.html

Preparing For, and Overcoming a Job Loss

Posted on March 9, 2010
Filed Under Bank Foreclosures | 19 Comments

During these fickle economic times, with a record high number of foreclosures, financial markets in trouble, and now the problems in the domestic automotive industries, a lot of people are experiencing job losses, and experts predict that there are more job cuts to come. A common question most people who find themselves at high risk for a job loss is; “what am I going to do next?” This is a good question and the first step towards persevering through a challenging period in one’s life. However, success in being able to overcome a job loss is dependent on how one goes about tackling this tough question.

Fear Factor

It is typical for most people to respond to the question, “what I am going to do next?” with trepidation. Responding to this potential life changing question with fear is almost a guaranteed way to see your worst fears come to life. Yes there are bills to be paid, yes, there usually is a mortgage attached, and in some cases, a car loan still being paid. Perhaps you also have a teenager about to graduate high school, with realistic prospects for college. These are all real concerns most of us face on a daily basis, but there is no cause of alarm, even if you have heard of an opportunity somewhere else. A decision should only be reached after a thorough review of your economic situation and prospects.

Taking it back to the Basics

This is the most time consuming and challenging aspect to successfully preparing for a potential job loss. Why? Because it involves change; as much as most Americans have gravitated towards President Elect Obama’s message of change, people are usually only willing to change when they are experiencing and or perceiving a crisis. It’s tempting to get into denial about your job security, and even your financial matters, but to successfully prepare for a job loss; this is a closet that has to be cleaned. Do you currently have expenses you could do without?  An example of this would be things that go to waste. I have been guilty of this in the past; for example, buying milk and not finishing it before its expiatory date. The fact is, inventory of your spending habits have to be taken, broken down and understood, and most importantly, changed. This can be a daunting task, but once you get into it, you will be too intrigued to stop, and without hesitation, you will be keen to point out spending you consider wasteful and work on ceasing the habit. There are a number of ways you can go about doing this; you can involve the whole family in a talk about expenses that need to be spared, until you find yourself in a more secure position. You can ask your bank or your credit card company for a statement of your spending for the last sixty days. Some of these companies even go as far as to break down your spending habits into different types of expenditures. If you are the withdrawal/cash ATM type, a bank statement should suffice, and you can break down what you spent your withdrawals on. There are also programs like Microsoft money, which can also help you track and budget your expenses.

Playing to your strengths

Recession or otherwise, people still have needs to be met, through the delivery of goods and services. So another good question to ask would be, “what are your career strengths?” “And how can they be used to provide needed services to others?”  This may involve steering away from the specific job you have been doing and branching into a related field that require the same skills set, or perhaps learning a new set of skills for a related job based on a fundamental knowledge you already have.

Once there was a man, who worked for a company, as the company janitor.. The company began going through hard times, and one day he came to work to find a pink slip. How had the company planned to keep their building clean? They mandated their employees to clean their offices, and take turns to cleaning the bathroom and hallway. This man soon found himself in the unemployment line, and surprisingly considering other lines of work he had no experience in. It was only during a session with a career counselor, that he recognized an opportunity in his skills as a janitor. This time he expanded his skills as a janitor to landscaping, and he was able to purchase his first equipments through a loan from a local bank. How did a janitor with no credit land his first loan? He convinced the bank manager about how much more profitable her bank would be, if he beautified the surroundings, and kept their floors having the look of a showroom shine. This became his signature move for landing cleaning contracts, he would show store owners pictures of  the work he had done at a previous store, sometimes a competitor and convince them that his help in making their property more attractive would attract more customers. This is a round about way of saying that even during a recession; people still have needs to be met, it just a matter of understanding how your skills can be used to help meet the needs of others. Yes, there are devils in the details, which is what the paragraph of back to the basics was all about. By getting your affairs in order, you will put your self in a reasonable position to shift gears in your career.

Career Counseling

If you find you are experiencing difficulty in regards to getting your affairs in order or if you have already been laid off and you feel lost in what direction to take your life, seeking the services of a professional life coach or psychotherapist is a wise investment. At the end of the day, regardless of who is to blame for an ailing economy, we all have to take responsibility for ourselves. A lot people make the mistake of placing themselves in an emotional box, and fail to recognize their personal strengths or envision their true potential. Seeking the services of a professional life coach or psychotherapist is a smart investment in one’s self, because people always have needs to be met through the delivery of goods and services.

There are several avenues to explore in regards to career counseling; for example, the local yellow pages, for individual or group counseling, or an emerging popular avenue these days, internet counseling.

Ugochukwu Uche MS., LPC

Ugochukwu Uche
http://www.articlesbase.com/career-management-articles/preparing-for-and-overcoming-a-job-loss-683496.html

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