General

Jan 03 2009

CAN I BUY A HOUSE WITH NO MONEY AND NO CREDIT???

Posted by: Michelle Odessey, in General

The answer to that question is “maybe.” What do I mean by that??

Well…Yes, you can buy a house “subject to” the existing mortgage(s). You will need to give the seller something for “consideration” which can be $10.00.

Also, you may be taking on a house that needs repairs. Are you going to fix it up?? Or are you going to sell it “as is” as a “Come Fix Me Up” house??

If you are going to do the repairs then you will need money to pay the contractors to fix it. Also, when you buy a house “subject to”, you are making a promise to the original seller that you will be making the mortgage payment ( if you made that promise). Or make up the back payments?? (Which we should really evaluate if we are going to do that.)

Even if you did make this promise and also decided to fix up the house, you can still buy a house with no money and credit by bringing in a private investor to put up the money or a partner in the deal.

For more information on Private Money and Private Lending go to:
http://www.PrivateLendingGuide.com/blog

Peggy Parks

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Oct 08 2008

Why Multi-Family Properties Make Sense

Posted by: reipro, in General

These days, there’s plenty of talk about the notion that the real estate market is not a great place to be investing - of course, after looking at Wall Street over the past few days, that’s not looking so great either; by avoiding looking at single family homes and instead focusing on multi-family properties, you’ll find that you can come out on top.

On one hand, you are going to find that by investing in multi-family properties there are going to be a few more initial costs invovled. On the other hand, one of the things that you are going to find is that, with the challenges that consumers are going to have with getting a mortgage, more and more individuals and families are going to look at renting rather than buying a home. When you own multi-family properties, you’re going to be able to take advantage of all of the renters that are out there - which is going to lead you toward profits.

In other words, one of the things that you are going to want to think about when you’re getting started as a real estate investor is where the profits are; these days, it makes sense to look for profits in multi-family properties.

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Aug 19 2008

Real Estate Investing: Why Mentoring Matters

Posted by: reipro, in General

When you are looking to build a career as a real estate investor, it’s important to be sure that you’re getting the right education; in most cases, that’s going to mean that you’ll want to look into mentoring. With mentoring, you’ll find that you are able to get the support that you need - rather than just the promise of a real estate investing education.

Case in point, this is what some people have to say after attending a real estate investment seminar:

(source)Over the weekend I went to a real estate investment seminar. The seminar was free and didn’t offer much other than hope and dreams to a large crowd looking for a way out. For $999.00 you buy their one way ticket to real estate riches. They use lines like “does Donald Trump invest with his own money” and the room bellows out Nooo! They teach you how to get money with goverment low interest loans and grants.

I’ll bet they can. I’d like to try their program, I’m sure government programs are available. However once you can get the money now what?

When you look into mentoring in order to get the education that you need to invest in real estate, you’re going to find that you aren’t just paying for information that will help you to find money; with mentoring, you will also find that you are in a position to ask questions, to get answers and to learn about more than just the first steps. With mentoring, you’ll find that you are able to push forward and learn far more than just what’s available; instead you’ll learn how to take advantage of the financing and opportunities - to make them work for you.

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Jul 28 2008

3 Ways to Prepare for your First Purchase

Posted by: reipro, in How To Buy Properties, General

So you think you’re ready to buy property but you don’t know where to begin. Before jumping in, you may want to make sure all of your financial ducks are lined up just so. The more you present yourself as a financially savvy and independent person beforehand, the more likely you are to seal the deal. So what can we do?

First, take a look at your credit record. Get a copy of your credit and report and clean up any errors. If there are legitimate delinquencies, set up a payment plan and send the credit bureau updates showing the balance was paid.

Second, look at your budget. The more frugally you can live, the better off you’ll be. This isn’t always easy. It may mean cutting out some of the luxuries you’re accustomed to or dealing with your old car for a few more years. But its also good financial training for your upcoming purchase. The more you learn to balance your budget now, in very concise ways, the better off you’ll be in the long run.

Third, set up your team. Make sure you have your team members in place, including:
a good real estate agent, loan officer, tax advisor and a lawyer. These people help expedite and smooth out the purchasing process as well as serve as good overall advisers.

There are many elements to consider but these are some things you can address today. Sometimes, the bigger picture can be overwhelming, but as we all know, small steps make a big difference.

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Jul 27 2008

Real Estate - Thinking Small and Nearby

Posted by: reipro, in General

For the first-time home buyer or real estate investor, it’s often best to handle the process in manageable parts, so you’re not totally overwhelmed. Too often we think of purchasing real estate as if it was rocket science, instead of an accessible and occasionally easy way to invest and generate income. Here’s a few tips to keep it simple:

Think small. Most of us have rented at some point, if not for a majority of our adult life. We understand renting and we get landlord/tenant dynamics. Focusing on small, residential properties allows you to get your feet wet and is usually pretty affordable, since the initial capital investments are relatively low. Once you get used to it, after a year or two, you may be ready to move to larger residential properties because of their higher sustained returns.

Think Close By. When you look into property nearby, there’s a certain comfortability and knowledge you have of the area. It’s often much more daunting purchasing in an area you’re not familiar with, creating a less likelihood that you’ll purchase. It’s important to know about the demographics of your area and while you should always study it, even when it’s your home, you know relatively how it’s doing. You know the lay of the land, basically.

These two tips help keep the nervous buyer a little more calm and prepared. Again, it’s not rocket science. It’s a business move waiting right outside your door. Take a look around, ask questions and keep it simple!

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Jul 26 2008

Joining an Investment Club

Posted by: reipro, in Getting Started, General

It’s hard when you’re getting started out in real estate. There’s a lot of fears to overcome. People are often skeptical and have horror stories to tell. But you have to get your feet wet at some point, right?

Well one good thing to do is to get yourself acquainted with like-minded individuals - people like you who are learning about real estate and can share information. Would you believe this? There’s actually investment clubs you can join. That’s right, you can join a club in your area where you can talk about the market specific to your location.

It’s been often said that when you join with others, its more of an incentive to move forward. Maybe there’s a competitiveness among us or just a checking in, where other members gently keep you motivated.

Whatever the case, it’s good to stay away from the real estate nay sayers and scary story tellers and surround yourselves with people who are at your level. It could be a great place to share information, inspire with success stories and just meet other people. There’s information to be had everywhere, but its never quite as powerful as using your community as a source. People sharing information is a way more personal way to learn and grow.

Since purchasing real estate can be such a fearful process, why not use the assistance of others to move forward and inspire? The nice part is there may be a meeting close to you. Check it out and keep the ball rolling!

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Jul 21 2008

Turning a Profit with Multi-Family Properties

Posted by: reipro, in General

For those multi-family property investors who understand what it takes to succeed, real estate investing looks easy. The reality, however, is that they don’t just stumble onto the right multi-family properties. They don’t just think about whether or not their investments will succeed. They have a strategy that enables them to turn a profit and to ensure that they will be purchasing those multi-family properties that meet a certain cluster of criteria.

When those who invest and succeed with multi-family properties start looking into their options, they tend to focus on a few key points. First, these investors look into multi-family properties and focus on the potential of the area. Rather than buying just any property, they make sure that they are looking into properties in areas that are growing.

Similarly, these investors look at rental histories within the area. When investors what to turn a profit and to keep the money coming in from multi-family properties, they look to make sure that people in that area don’t break their leases or that the landlords in the area are not currently spending a lot of time in the courtroom working to evict tenants who aren’t good for the rent. Likewise, these investors focus on neighborhoods that are growing rather than areas that are on the decline.

Ultimately, when it comes to turning a profit with multi-family properties the reality is simple: due diligence and research are going to be what determines your success.

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Sep 18 2007

Real Estate Marketing for the 21st Century

Posted by: Michelle Odessey, in How To Buy Properties, Business Automation, Subject To, Marketing, Short Sales, General

The Heart of Real Estate Investing. I have written about here in my blog, and in our newsletters. It was the hardest thing for me to understand when we began real estate investing. And, because it is the most important part of any business, it caused me a great deal of stress and aggravation for a while. And we needed it to work – just for the business to survive.

And it was Marketing. Marketing from the beginning has been a challenge – it was a very big challenge for me. I didn’t come from a big copywriting, letter writing, knowing how to write in a direct mail letter. My whole background was business automation. It was like a foreign concept to me.

I can’t tell you how many times I wondered if a mail piece was actually going to work. And then, what it meant to TEST the piece.

We were given letters from sellers that were coming in from other investors. We also got ideas from other investors at the seminars we were going to. Eventually, after months and months, we finally began to find the best marketing pieces for our business.

Then, you have to test the process. For example, You know, in direct marketing, you have to send out 3 – 5 – 7 pieces of mail, whether its letters or postcards - or a finely tuned combination of both? Anyway that was really hard for me.

I immediately went to the computer to use what software was available - Word, Excel, Access, Act, and other database software I knew. Then it dawned on me, “Did I want to spend my time programming again, developing a real estate marketing software, or make money in real estate?”

You may find, after watching this webinar, that you will catapult yourself over the hard stuff and in to an automatic system that works like a finely tuned car. Learn now about an automated process that takes minutes of your day and turns those minutes into dollars. Profit that, in some cases, can begin in 24 hours.

PLAY THE WEBINAR REPLAY HERE NOW.
(Note: depending on the speed of your computer and your connection, the video could take a minute to begin.)

Best of Success,
Michelle

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Jul 27 2007

Fight or Flight - Un Successful Real Estate Marketing Techniques

Posted by: Michelle Odessey, in How To Buy Properties, Success, Marketing, How To Sell Properties, Single-Family Properties, General

I wanted to share a topic that came up today as a result of a short, but to the point email I received today. SO. I am going to post that email AND my response. - - Let me know your comments.

Writer:

Dear Michelle, Your last advice to offer 100% financing to prospective buyers cost me $450 in advertising with 0 results at a time when that amount might as well have been $450,000 as I’m in foreclosure. I’m sick of this.

My response to her:

I want to thank you for taking your time to email me.

Your email lets me know ‘there are’ investors out there willing to go in to the trenches.

You did say that my ‘last advice’ was to offer 100% financing.
Are you speaking of an issue of our newsletter?

Anyway, Tell me about the property or properties you were using this ’selling’ technique on And, tell me where you (or the property) is.

I know how frustrating it can be to budget advertising/marketing and have it return 0 results.

What is amazing is that some marketing techniques - - - like using the newspaper - - - work terrifically in some areas and completely bomb in others.

When Richard and I started RE Investing we did exactly what we were told - at each interval of our learning. FIRST, we were told to use the newspaper to find sellers - we used the ads we were given. Now let me tell you, we ‘KEPT’ doing the newspaper ads because the people that were teaching us told us that was the way to do it.

RESULTS: A Big Fat Zero. WHY, Because

(more…)

5 Comments »

Jun 26 2007

What if the mortgage has a “DUE ON SALE” clause - won’t the bank call the loan due?

Posted by: Michelle Odessey, in How To Buy Properties, Subject To, Property Management, General

Most mortgages today do have a “due on sale” clause .

The term “due-on-sale” means a contract provision which authorizes a lender, at its option, to declare due and payable sums secured by the lender’s security instrument, if all or any part of the property, or an interest therein, securing the real property loan is sold or transferred without the lender’s prior written consent;

Legal jargon that says plain and simple - a right to call the entire balance of the loan due.

But do they??

(more…)

Comments 1 Comment »

Real Estate Investing Blog

Archive for the 'General' Category

CAN I BUY A HOUSE WITH NO MONEY AND NO CREDIT???

Why Multi-Family Properties Make Sense

Real Estate Investing: Why Mentoring Matters

3 Ways to Prepare for your First Purchase

Real Estate - Thinking Small and Nearby

Joining an Investment Club

Turning a Profit with Multi-Family Properties

Real Estate Marketing for the 21st Century

Fight or Flight - Un Successful Real Estate Marketing Techniques

What if the mortgage has a “DUE ON SALE” clause - won’t the bank call the loan due?

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