Real Estate Investing Tips
November 26, 2009 by Kenny Santos
Filed under Real Estate Investing
Many people seem to attracted by the mirage of real estate investing, but most of them usually fail in this business. You an never get rich over night, but this is something few people consider nowadays. Everyone wants to succeed and keeps on speaking about real estate investing, but only some manage to finally win the battle of making lots of money.
Does it ring any bell? Yes, you are right. It is very much like struggling to loose weight! The concept of weight loss is very simple. You just have to burn more calories than you ingest and your body will react accordingly. Unless you have a medical disorder, this formula works for just about anyone. the weight loss industry has offered us thousands of ways to make it easier. Many of these solutions do work, but they only work if you also do some work on your own.
In many persons’ opinion, knowing the caloric content of different foods is relevant. Also, knowing the carbohydrate content is relevant. Having the advice of a physician, dietician and personal trainer will help you prevent injuries and make the most out of your hard work!
The same way happens in the real estate investing field. You need an attorney or real estate agent to assist you with constructing the offer and the paperwork will make it easier. You can go out and make hundreds of offers to motivated sellers and find a good deal. However, having information about how to solve the seller’s needs and construct an offer will help. Both real estate investing business and weight loss are simple, but neither is easy. It takes a lot of work!
nevertheless, if you are willing to work hard and take a lot of consistent action, an expert or program will be more likely to provide you with more results. If you bought a book, course or program and already have results, another program, course or book will likely give you tools to get more results. Many people have experienced success with some real estate programs, but the truth of the matter is that a lot of them are not succeeding for the first time.. They are most often people who have already been successful, and, with the use of some tools, became even more successful. So, find your own way to success! It is always better this way, trust me!
About the Author
Are you looking for a competent, experienced, Real Estate professional to represent you in the purchase or sale of your Real Estate Tri City WA home, land or building? Visit right now Tri Cities Real Estate ; Kennewick Real Estate .
Real Estate Investing - - The Key To Successful Closings
November 18, 2009 by Kenny Santos
Filed under Real Estate Investing
If everyone always did everything they said theyd do, wed all be a lot richer. Unfortunately, tasks are overlooked, and the ball is often dropped. If you want to have successful closings, you must have strong follow-up skills to catch problems early in the process. Follow-up on everyone and everything.
We cant begin to tell you the number of closings that almost fell apart, or would have fallen apart had we not kept a watchful eye on the entire process to make sure that everything was completed when it needed to be. Heres a typical scenario: youre wholesaling a house and you have just 30 days to get it closed before the contract with the Seller expires. You find a buyer who can get a loan and close before the expiration. Then a few days before closing you find out that the loan isnt ready and closing must be delayed two weeks, but the Seller already has another Buyer ready to pay more than your price, so they refuse to extend your contract. You just lost the deal.
So what is follow-up? We used to think it meant staying in touch with the buyer to make sure that everything was completed for the loan. Then we learned that the buyer is often a newbie and clueless of what needs to be done. Mortgage brokers just usually respond Everything looks great until they cant close the loan. So the real trick to following-up is to speak to the final decision maker for each step. This works whether youre selling a retail house or a wholesale house, or even if you are the buyer/borrower. The goal is to close without delays.
Assuming that you have already received a pre-qualification letter from the lender, and ensured that the lender will loan on the deal (i.e. no issues with title seasoning, assignment fees, inhabitability of the property), the first step is to follow-up with the broker/lender that all of the application paperwork was submitted, and have they forwarded it to the lender? If not, what is still required? Determine if the lender requires a termite letter, appraisal, and a survey (most lenders do). If so, have they all been ordered? When is each to be completed? Keep following-up until you verify that each has been delivered. You also want to verify that the appraisal was sufficient for the loan.
If we dont already own the house, we order a title report as soon as we go under contract with the Seller to discover any defects early in the process, and begin resolving them. Closing attorneys usually do not order the title report until just before closing to receive as current information as possible. But if they find problems, it could delay your closing. It is well worth the $125 to run title ahead of time, and eliminate delays.
Once the broker has forwarded the paperwork to the lender, the next step is to verify the loan has gone to underwriting. If not, what is the delay? If so, was the loan approved? Do any conditions need to be met? What are they and who is handling them? Make sure that once the conditions are met, the loan is returned to underwriting and approved.
Verify that the closing has been scheduled with the attorney, and that they have cleared title. Find out if and when the loan package will be forwarded to the attorney. Then remind all of the players of the date and time of closing, to bring a picture ID to closing, and to bring any funds required in a certified check.
This seems like a lot of work that should be handled by other people, but the reality is that often times something is overlooked. Through your diligent follow-up efforts, problems will be detected early and corrected, allowing your closing to occur flawlessly and on schedule.
Best of success & abundance,
Lou Castillo
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About The Author Lou Castillo FREE! Real Estate Investing Secrets To Earning $100,000 Your 1st Year! — 11 Overlooked Real Estate Statregies That Will Turn Your Investing Business upside Down And On The Fast Track TO Success…Guranteed! Plus A Bonus Track With A Secret So Successful It Can Double Your Investing Income Overnight! http://www.InvestorSuccessTactics.com Real Estate Investing - - The Key To Successful ClosingsOctober 21, 2009 by Kenny Santos If everyone always did everything they said theyd do, wed all be a lot richer. Unfortunately, tasks are overlooked, and the ball is often dropped. If you want to have successful closings, you must have strong follow-up skills to catch problems early in the process. Follow-up on everyone and everything. We cant begin to tell you the number of closings that almost fell apart, or would have fallen apart had we not kept a watchful eye on the entire process to make sure that everything was completed when it needed to be. Heres a typical scenario: youre wholesaling a house and you have just 30 days to get it closed before the contract with the Seller expires. You find a buyer who can get a loan and close before the expiration. Then a few days before closing you find out that the loan isnt ready and closing must be delayed two weeks, but the Seller already has another Buyer ready to pay more than your price, so they refuse to extend your contract. You just lost the deal. So what is follow-up? We used to think it meant staying in touch with the buyer to make sure that everything was completed for the loan. Then we learned that the buyer is often a newbie and clueless of what needs to be done. Mortgage brokers just usually respond Everything looks great until they cant close the loan. So the real trick to following-up is to speak to the final decision maker for each step. This works whether youre selling a retail house or a wholesale house, or even if you are the buyer/borrower. The goal is to close without delays. Assuming that you have already received a pre-qualification letter from the lender, and ensured that the lender will loan on the deal (i.e. no issues with title seasoning, assignment fees, inhabitability of the property), the first step is to follow-up with the broker/lender that all of the application paperwork was submitted, and have they forwarded it to the lender? If not, what is still required? Determine if the lender requires a termite letter, appraisal, and a survey (most lenders do). If so, have they all been ordered? When is each to be completed? Keep following-up until you verify that each has been delivered. You also want to verify that the appraisal was sufficient for the loan. If we dont already own the house, we order a title report as soon as we go under contract with the Seller to discover any defects early in the process, and begin resolving them. Closing attorneys usually do not order the title report until just before closing to receive as current information as possible. But if they find problems, it could delay your closing. It is well worth the $125 to run title ahead of time, and eliminate delays. Once the broker has forwarded the paperwork to the lender, the next step is to verify the loan has gone to underwriting. If not, what is the delay? If so, was the loan approved? Do any conditions need to be met? What are they and who is handling them? Make sure that once the conditions are met, the loan is returned to underwriting and approved. Verify that the closing has been scheduled with the attorney, and that they have cleared title. Find out if and when the loan package will be forwarded to the attorney. Then remind all of the players of the date and time of closing, to bring a picture ID to closing, and to bring any funds required in a certified check. This seems like a lot of work that should be handled by other people, but the reality is that often times something is overlooked. Through your diligent follow-up efforts, problems will be detected early and corrected, allowing your closing to occur flawlessly and on schedule. Best of success & abundance, Lou Castillo
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