he Dodd-Frank Wall Street Reform and Consumer Protection Act introduced the Ability-to-Repay (ATR) rule to ensure that lenders make responsible mortgage lending decisions. Here’s a brief overview: Ability-to-Repay (ATR) Rule Purpose: Requires lenders to make a reasonable, good faith determination that a borrower has the ability to repay their mortgage. Qualified Mortgages (QM): Loans that […]
Note Servicing Companies FCI Lender Services works in all 50 states. Their phone number is 800-931-2424 x-651. NSC Note Servicing Center works in every state except New York and New Jersey. Their phone number is 559-665-3456 x.305 or x.301. Madison Management Services works in 46 of the 50 states (every state except for Montana, New Hampshire, New York, […]
Entity Formation It’s important to get the right advice when you get started with entities in real estate investing. If you’re just going to be doing wholesaling then getting the right advice on structuring your LLC is important. If you’re going to be doing many different things like subject to or lease options or I […]
Can I Sell My Note Right After I Create It? Reality Check on Simultaneous Closings by Note Queen May 15, 2008 Seller Financing, Selling Your Note The simultaneous closing is a little-known, but powerful strategy for getting real estate transactions closed in difficult markets. Wouldn’t you like the competitive edge if you’ve got property on the […]
REIAs or Real Estate Investor Associations are a wonderful place to be if you are a brand new real estate investor or you are seasoned and been at it for a while. Now I will say this: there are some wonderfully run organizations and then there are some poorly run organizations. Most good ones will charge […]
From Investopedia If you need cash for a down payment for a home, you might be wondering if you can use your 401(k) retirement plan funds. Typically, when you withdraw funds from a 401(k) before age 59½, you incur a 10% penalty. This rule also applies if you withdrawn funds from your 401(k) for the […]
Make an intrafamily loan For many parents, gifting the money (or property) outright is not the best course of action, whether due to complicated family dynamics or because such a gift would push them over the lifetime gift and estate tax exemption. At the same time, a traditional mortgage may be undesirable or inaccessible for […]
What is a database? A database is a collection of information. Any form on a piece of paper that’s collected, name address phone number, creates a database. How do we build a database? First you need to know what fields to have on the form, then you use a software to input the information into. Here’s […]
Legal Case Summaries Unlicensed Activity Results in Real Estate Licenses Being Revoked Unlicensed brokerage employee offered lease-to-own agreements and brokerage failed to maintain specialized mobile home license. July 15, 2024 Being a Broker, Risk Management, Lease-Option Purchases, Property Management, Rental Properties, Legal Share Share Takeaways Review state and local license requirements, especially if engaged in specialized practice. Consider implementing policies […]
