Roth IRA Education This educational material highlights the advantages of Roth IRAs as a premier tool for long-term wealth accumulation. It emphasizes three key benefits: – tax-free growth and withdrawals, – the ability to withdraw contributions at any time without penalty, and – asset protection from creditors. – explains how to establish and fund a Roth […]
The 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 This rule also applies if you withdrawn funds from your 401(k) for the […]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. Access Beginner 1 The Absolute Beginners Guide to Microsoft Access S M L XL FS | Slo Reg Fast 2x | Bookmark Start Here! Access Beginner Level 1 is the perfect starting place for anyone who needs to learn the basics […]
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 Takeaways Review state and local license requirements, especially if engaged in specialized practice. Consider implementing policies that ensure […]
Lease-Option Purchases References Quick Takeaways “A lease option is a contract in which a landlord and tenant agree that, at the end of a specified period, the renter can buy the property at a specified price. The tenant pays an up-front option fee and an additional amount each month that goes toward the eventual down payment.” […]
I have done lease options for over 40 years and that’s a long time. I learned about options in general from the book “Nothing Down” with Robert G Allen. It was the mid-80s and interest rates were high and I learned a lot about seller financing and wraparound mortgages because the interest rates were so […]
Originating and Underwriting Learning Center Everything you need to know to assist in originating and underwriting loans for sale to Fannie Mae This Learning Center page provides resources and training on originating & underwriting loans, Fannie Mae’s underwriting applications, and best practices to help you get the most out of Fannie Mae mortgage products, the Selling […]
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How I set my fees with least purchase consulting I’m going to presume that you want to be a lease purchase consultant and that’s all you want to do, If you’re in a state California or New York that has pretty strict regulations you might want to get licensed to sell or lease real estate. […]
To find an FHA license mortgage origination underwriter: https://www.hud.gov/program_offices/housing/sfh/lender/lenderlist Standard mortgage application for borrowing money for an FHA mortgage https://singlefamily.fanniemae.com/delivering/uniform-mortgage-data-program/uniform-residential-loan-application NMLS NMLS Consumer Access https://mortgage.nationwidelicensingsystem.org/about/sitepages/NMLSConsumerAccess.aspx About the NMLS https://mortgage.nationwidelicensingsystem.org/about/SitePages/default.aspx CFPB Loan Origination https://www.consumerfinance.gov/compliance/compliance-resources/mortgage-resources/loan-origination-rule/ CFPB Ability to Repay https://www.consumerfinance.gov/rules-policy/final-rules/ability-to-pay-qualified-mortgage-rule/ CFPB Buying a House (for consumers) https://www.consumerfinance.gov/owning-a-home/
Courtesy of www.Nolo.com State Laws on Security Deposit Limits More than half of the states put a limit on how much landlords can charge for a security deposit. By Ann O’Connell, Attorney ● UC Berkeley School of Law Updated 4/11/2024 Most states set a limit on the amount of security deposit landlords can charge. If your state has a […]
Here is a personal story. I was in a bar, and I just lost my job. I am 56 now, but at the time I was 25, fresh out of the US Marines. The year was 1983. Interest rates were high, over 10%. At the bar was this smiling guy, and he said, “Who just […]
Making Money Consulting on lease purchases with both Home Sellers and Home Buyers! I love the Consulting approach with lease purchasing as a business model. Sure wholesaling is okay but when you’re dealing with really pretty houses and great school districts it’s a lot more fun. It’s also a lot more fun to be a […]
Hello everybody and welcome to this particular post about lease options with commercial property. With the advent of problems in the commercial real estate field, people having a hard time buying and selling and getting financing, I find that this article was very helpful in positioning yourself as a lease purchase consultant. If you are […]
Direct mail should be an integral part of your marketing strategy. We’ve found that spending a good amount of money on direct mail can yield a huge ROI. If executed well, direct mailings are often the most effective piece of your marketing campaigns. However, direct mail campaigns can be expensive and a total waste of money if […]
5 Chief Mistakes Investors Make When Choosing A Coach in REI Every successful person we know has a coach. Robert Allen had Steve Covey. Bill Gates has Warren Buffet. Michael Jordan had Dean Smith and Phil Jackson. A great coach can take an average person and make him a superstar. A mentor can give you […]
Lease Option Pitfall Number 5 Now this is a very important Pitfall to avoid. You need to make money in this business or don’t do it. You can’t afford mistakes. This is a big one. In our paperwork, we have a weasel Clause that says if we don’t get a tenant buyer that’s suitable, the […]
Lease Option Pitfall Number 2 Not getting a proper title search against the property is Pitfall number two. This has happened to me with one of my students. We did a title search and it said the title was in the name of one person, the occupant. This man wanted to do a lease purchase […]
Lease Option Pitfall Number 1 For people that are new to “lease with option”, you can either do it one of two ways, the first way is to be in the middle or a sandwich lease option, where you are lease optioning from the seller, and then subleasing and sub option to a tenant. Now […]
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One of the things that Real Estate Investors really need is a good contact team. I was very lucky when I started because I work for a very experienced real estate investor. His name was Glenn. He’d been working in real estate investing for 40 years. He was in his 60s. I got a job […]
Lease Option Pitfall Number 3 Protecting the seller from getting sued personally and getting a lien or a judgment with this particular property is it important part of dealing with least options. We’re going to talk about Land Trust now, and if you search this site on “Land Trust” you will learn a lot about […]
Lease Option Pitfall Number 4 Not using a loan servicer so that your payment goes directly to paying the mortgage company PITI. So the solution to making sure that the loan stays current and the seller owner of the property does not neglect to pay the mortgage on time, we use a loan servicer. These […]