Monthly Archives: September 2012

Friday, September 28

I don’t have a crystal ball but I follow the fundamentals and the
market is screaming to get out of your adjustable mortgage if you have
one as soon as possible. Here is why.

The federal funds rate is the interest rate at which banks
lend their excess reserves to other banks which don’t meet the minimum
reserve requirement established by the Fed.  Currently the banks park
their excess reserves with the Fed for which they are paid 25 basis
points.  Even though it’s known that the Fed controls this rate (by
selling and buying securities to banks via the Open Market Operations)
today we’re living in a climate of banks controlling such rate.  Their
excess reserves which exceed $1.6 Trillion create a liquidity trap that
keeps rates below what the market would o… Continue Reading Why You Must Get Out of Your Adjustable Mortgage Today

I‘ve carried the Gold American Express card for years. One of the big advantages of an Amex card is the regular discounts they send along. Yesterday I received notice of a 20% discount from Home Depot, and thought I’d pass it along.
Normally, a $50 gift card to Home Depot costs 5,000 Amex Membership Rewards points. Five thousand points for a $50 gift card is a standard 1% rewards rate. Through July 15, 2010, however, you can get a $50 Home Depot card for just 4,000 points, which is a 20% savings.
This deal is good with any Amex card that offers Membership Rewards points. I carry the American Express(R) Premier Rewards Gold Card and have been very happy with it. Another great Amex card option is the newly introduced Zync from American Express(SM), designed specifically for younger… Continue Reading Get 20% Off at Home Depot from American Express

Friday, September 28

 Hurricane season is upon many landlords along the coasts. Aside from dealing with the everyday problems a property presents with tenants and repairs, landlords and property managers must also consider the problems that can arise when a hurricane hits. As Hurricane Isaac passes and more tropical storms pose a looming threat, landlords should take this opportunity to prepare tenants for hurricane season.Monitor the Weather and Evacuation MandatesSome tenants might not even know a storm is approaching. Landlords should remind tenants to keep up with the National Weather Service and their local news for storm updates. Weather reports can clue tenants in on where the storm is headed and what they will need to do to prepare. You should also remind tenants to always … Continue Reading How To Prepare Tenants For Hurricane Season

Friday, September 28

I am  a new member but am looking for advice on cash reserve questions.  I currently own 2 single family rentals with combined income of $1625 per month but mortgage payments of $1525 per month.  I pay insurance and yearly taxes out of pocket.  I can do most minor repairs myself and have access to good plumbers and electricians in the area.  Both houses are in average or better condition, except 1 has a roof excluded from insurance coverage which could last 10 years or 6 months.  How much should I have in cash reserves for each rental?  Is it 6 months mortage payments?  More?  Less?  I bought both houses with very little down, but if I buy more it will drain cash reserves for a down payment.  The local banks all insist on 20% down or more in order t… Continue Reading Cash reserve questions.

Buying a home, particularly for first time home buyers, can be really stressful. When we bought our first home, I worried about everything from whether we were buying the right home to whether we were spending too much money. I remember our mortgage payment was about $1,200 a month, and I was terrified that we wouldn’t make it.
To keep the stress to a minimum, there are certain things you should avoid doing when buying home. In fact, taking some simple steps in the year leading up to your purchase can save you thousands of dollars in mortgage interest charges. It can also reduce the chance that your mortgage application will be denied. So here are the top 3 things to avoid when buying a home:
1. Ignoring you credit score: If you are planning to buy or even refinance your home, you… Continue Reading 3 Things to Avoid When Buying a Home

Andrew “Maestro” MassaroWholesale Coach & REO ExpertCamille BaptisteREIClub Content Manager & InvestorCarlos E. RojasReal Estate BrokerDarin GarmanAuthor, Commercial RE Investor & CoachDmitriy FomichenkoSelf Directed IRA’s Expert & RE BrokerFrank ChenREIClub Joint Venture ManagerFrank RolfeMobile Home & Commercial Expert Jack SternbergFull Time InvestorJared GruberReal Estate Broker & InvestorJohn FedroMobile Home Investor and ServantJosh WeidmanHard Money Banker & Real Estate TrainerMaria RekrutCanadian Investor & Rental SpecialistMatt AndrewsEntreprenuer – RE Investor – TravelerMr. Land TrustRE Investor & Land Trust SpecialistPeter MoscaRE Trainer/Radio Talk Show HostRonan McMahonInternational Investor & ScoutTamera AragonReal Estate Investor & Success TrainerTodd BockmanHuman Performanc… Continue Reading Real Estate Repairs – Exterior Real Estate Repair Estimates

A few weeks ago a client, in the middle of a conversation regarding real estate investments in Miami, asked me “What’s a closing table?”  For real estate professionals, a closing table is like the goal line on a football field; the place sellers, buyers, agents, banks and attorneys meet to score the deal.

But today, the goal line is often virtual instead of physical.  Most people in the U.S. are renting instead of buying because it is hard a find a mortgage, so they haven’t experienced the closing process. But when a very active real estate investor from Latin America who bought three properties asked the question, it caught my attention. After I explained the concept, he asked why he had never been to a closing table.
Years ago, buyers and sellers would meet at the pr… Continue Reading The Closing Table May Not Be Open For Long

Wednesday, September 26

 With the media coverage recently about the apparently haunted rental that caused the tenants to go screaming into the night, landlords are beginning to wonder exactly what they are responsible for disclosing to their tenants. We gave you some tips on how to avoid getting into these situations in the first place. On the legal end, there are specific guidelines that apply to disclosure when residential homes are put up for sale; but do they apply to rentals as well?The short answer is “yes”. We’ll assume that you’re reading this because you’d like more information on many of these details – so here are some of the basics:You are required to tell tenants if someone died in the property, or if there was drug activity in the home. Typically, the mi… Continue Reading Disclosing Information about a Death in Your Property

Wednesday, September 26

My business partner and I started knocking around the idea of starting our own real estate investment company after reading a post on Bigger Pockets about wholesale real estate. After arduous planning and tons of research, we finally formed our business plans and business goals.  We then formed our LLC, and have been in active business for almost two months, and are close to getting our first two properties under contract.  Hard work does truly pay off.  With these two deals, we hope to launch a colossal marketing campaign to expand our business further and further. At this point we have only been marketing for a little under one month, and already have two possible deals.  Over the next 30 days we hope to close these two deals at the very least.

Comments

Fol… Continue Reading New Venture at starting Wholesale business

Wednesday, September 26

Anyone who has participated in a short sale knows that it can be highly stressful and that it is not always a quick process. The fact is processing a short sale efficiently takes a lot of experience and is continuously changing.ARE THERE COMPANIES THAT CAN PROCESS MY SHORT SALE?There are individuals and companies out there who offer the service of processing a short sale on behalf of the agent/homeowner. Some of the individuals/companies out there have tainted the idea for most agents who have considered using a 3rd party negotiator due to their poor business ethics and even worse communication; In some cases the short sale processing position is also the most important part to the whole puzzle with communication being key. The reality is, escrow officers, ti… Continue Reading WHY AGENTS CHOOSE TO NOT USE SHORT SALE NEGOTIATORS