1. Find a mentor – We either learn from mentors or mistakes>> Choose mentors
2. Stay away from negative people – I repeat, stay away from negative people. They will get you of focus trust me! These are usually people that have been in real estate, had a bad experience and gave up or people that have thought about getting into real estate, heard about someone else’s experience, then decided to dump it on you.
3. Be careful when taking advice from someone that has never been in real estate. Its one thing to read a book and another to actually do the book.
4. Never put real estate in your name – Always create an enity(s) to have ownership over your estate
5. When renting out single or multifamily homes do a thorough background check – I neglected doing this on a couple of occasions and ended up paying out a substantial amount of money for something this simple.
6. Always have a reserve of money for repairs, downtime(no tenants) or for any small thing that could come up.
7. Develop a network of people with legal experience
8. Read everything that pertains to what your are doing

I hope this helps someone out! If anyone else has anymore insight feel free to comment.

The first step would be to get pre-approved. This will determine what type of loan you will obtain as well as the type of loan needed for the sales contract. Once the loan process has started your lender will give you a “good faith estimate” indicating how much money is needed for purchase. Once pre-approved, it makes your offer stronger when seller is reviewing.

Now you need to decide what you must have in your new home. Can you wait on what you want? Determine if you want a fixer-upper, like new home, or one that has never been occupied (are you willing to change paint, carpet or other things on your time schedule and at your own expense?). Search for your new home.

If necessary choose one agent to work for you. Working with many agents can lead to duplicate homes being given to you, confusion on what you have seen with whom & both buyer/agent want trust & loyalty.

Once you have received a list of homes, drive by them before you make an appointment. If you are interested in purchasing the home after the appointment, Make an offer. Be prepared by having a copy of pre-approval letter to submit with your offer. Have an offer price in mind. Have an alternative offer or home in mind – in case this particular home cannot be negotiated or another buyer outbids you. Keep the offer clean. Are you making a really low offer, asking for an overabundance of seller concessions and an unreasonable possession date? Decide what is most important for an initial offer and then adjust while waiting to hear an answer, just in case the seller decides to reject your offer or counter it. This was a brief overview in buying a home!  If you want information on finding properties below market value, Click Here!

The more problems you solve the richer you become.  Real-estate investors today have gain a bad reputation because they to advantage of the problem rather than solved them. To go through foreclosure is not an easy thing but, just like anything else in life there is always a way out.  As we all know foreclosure is getting worse but, there’s a solution that beats sending post cards to 90day late home owners. 

Because at this stage they aren’t reading any mail or answering any phone calls from anyone trying to take there house.  Believe me I know!   I’ve found something that may be of interest to many beginning or seasoned real-state investors.  Check out the banner below and send me a comment on what you think about it -Ezekiel

Now, Florida has one of the highest foreclosure rates in the United States! I’m sure we know why! Anything that could have taken place did! Jobs were lost, income decrease, credit scores dropped and the rest could have been almost anything. I was told and have come to believe there is good in everything.

What the media wants you to believe is there is no way out. This is nothing but a lie! If there was a way in there is a way out. However, through the process of finding your way out don’t avoid your lender, because in the end they will be your enemy or friend. Don’t be afraid to ask them for options! But, if this proves to be a dead end road, began looking for buyers “ They are out there! And they are willing to buy your home and give you money to relocate!

M. Anthony Carr

One way to sell the house is to find a buyer who will assume the loan. Even though the mortgage may be a “non-assumable,” when facing a foreclosure, the lender may reconsider this clause if they can find another borrower who can take on the responsibility of the defaulting buyer.

A second way to sell the house involves a preforeclosure sale. In this process, the lender would “agree to accept the proceeds of the sale, even though it may be less than the amount owed on the mortgage. To avoid going through a foreclosure proceeding, Fannie Mae and the servicer can agree to accept the proceeds of the sale in satisfaction of the mortgage loan.”

It’s expensive to foreclose a home, thus a lender would rather get something for the mortgage than nothing at all and then have to pay out cash to sell the house at a discount.

Finally, there’s the deed-in-lieu of foreclosure. This is where the borrower voluntarily gives over the deed to the lender. It’s about the same situation as the preforeclosure and is considered a last resort since the lender is now going to have to sell the house themselves.

For more information visit Senyah Inc.