Basics for financing an investment property

You have big dreams of owning real estate and retiring young people. You just don’t have the funds to go out and buy the properties in cash (most of us don’t either). This leads you down the path of financing with your local bank. Perhaps you already own your own home and have gone through the mortgage approval and signing process. This should be easy then, right? Wrong, investment property loans are not like your traditional home loan.

Lenders are stricter with the underwriting of an investment property than they are with the mortgage on a personal home. You may be wondering, but why? It’s simple when you own an investment property and a personal residence and then lose your job or things start going south financially, you’ll pay off your personal mortgage before anything else at worst. You won’t want to default on your mortgage, because that’s where you live!

Interest rate

The interest rate is going to be higher than your home mortgage, it just is. Add 1-3 percentage points more than the owner-occupied loan rate. That means if a lender charges 4.00% interest on homeowner loans, you’ll likely pay 5-7% interest on investment loans. That’s how it works folks. Loans are riskier, so banks want more for them.

credit score

As with any type of loan, your credit is important. It shows the bank a history of your previous credit experiences and basically tells you why you should get a loan or why you shouldn’t get a loan. Working to make sure your credit is top notch is something you should do long before you get into the real estate game.

With investment properties, your credit score doesn’t have as big of an impact as it does with home mortgages. You’ll still have options if your credit isn’t perfect. If your score is below 740, you should expect to pay more in interest rate, lender fees, and lower LTVs. This doesn’t mean you shouldn’t invest with a credit score below 740, it simply indicates what to expect.

Lowest LTV

20% learn it, love it, live it. That’s the number the bank will want from you as a down payment on your investment property. Of course, there are exceptions to the 20% down payment, however, that is what most banks require.

20% is a lot of money, right? Yes, I know, but the good news is that you won’t have to pay for mortgage insurance! Nobody likes mortgage insurance. The bad news is that that’s the only good news. Also, 20% down is the best case scenario, if you have bad credit expect the bank to wait longer or not even look at your offer. As a final note, plan on needing at least three months’ payments as a liquid cash reserve. The cash reserve is important, yes you may have finally saved that 20%, but if you don’t have more than 20% in working capital by the time the furnace goes out in the first month, the bank will again question whether to give you a loan. .

House Hacking to start

The idea behind home hacking is to simply lower or minimize your own expenses and use the margin (money you are saving) to invest in purchasing rental properties. Living in a nice house with an indoor pool and a movie theater is great and all, but that house isn’t generating you monthly cash flow, it’s costing you monthly cash flow.

The basic idea behind this “house hack” mentality is to simply rent part of your house to someone else, or co-exist with someone else as a roommate in your own house. It may also mean selling your primary residence now and buying a multi-family property and living in one of the units while renting out the rest. Basically, when all is said and done, you are renting out what you already live in, to lower your monthly expense and save capital for your dreams of real estate glory!

If you have yet to buy your first home, or want to sell your home now to get into real estate, a multi-unit property might be the right option for you. By purchasing a multi-family home, you can live in one of the units and have your tenants pay all of your expenses. This is generally more appealing to most people than having someone live in their home.

For example, if you buy a 4 unit, live in one unit, and rent each of the other units for $600 per month, that would mean you are earning $1800 per month in rents. If your loan, escrow (taxes + insurance), utilities, and other expenses come to just $1600, you could be paid $200/month just for living in the house. Even better when it’s time to move into your future home, you can rent out that fourth unit for even more income. Sounds like a great idea, right?

Main point:

Investment properties have higher interest rates

Lenders are a bit more lenient on credit scores

You will need 20% for the initial payment (there are exceptions)

Try house hacking to get started in real estate

—

America’s Favorite,

The little time investor

clear communication

Landlords are aware of the importance of communication, especially in terms of paying rent for a house or apartment. They must be clear about the rental price. They also have to put everything in writing, including late fees as a result of not paying by the due date. This way, tenants will avoid paying late just because they don’t know the exact date the rent is due. Also, this would help tenants set aside a budget for rent. They must know the amount to be paid and the date to pay it.

Advice

When preparing the new rental agreement, landlords must ensure that tenants sign and date all pages of the documents to serve as proof that tenants have read and understand what is written in the rental agreement. and landlords must give them a copy. of the signed document.

Talk to the tenant to find out the reason for the late payments.

Tenants may have forgotten the due date or did not have sufficient funds to pay rent. Whatever the reason, owners can discuss whether changing the payment or due date might help. For example, they may choose to make smaller payments more often. Tenants can also set up a direct debit which will make them less likely to forget to pay on time.

Advice

Landlords can let tenants choose the date and frequency of payments that are most convenient for them. When they set up a direct debit, tenants won’t have to worry about missing their monthly payment. Plus, homeowners don’t need to spend time and effort keeping track of late payments.

Charge fees for late payments

When tenants are charged for late payments, this will encourage them to pay their rent when it is due. The rental agreement should be clear about late fees.

Give a discount for paying on time.

Property management companies may consider giving a small discount to tenants who pay their rent on time. This small gesture can encourage tenants to always pay on time. This also reduces the amount of stress and time spent in following up on late payments.

Advice

It is best to give a discount to tenants who pay by direct debit. This payment method allows rent to be automatically deducted on the due date each month. With direct debit, property management companies will know if a payment has failed. They don’t need to check your bank statement as they know what happened.

Like many other concerns, the best way to convince tenants to pay online is to have clear and transparent communication with them. When they realize the benefits for themselves and the owners as well, they may be encouraged to sign up.

So within the real estate investment marketing program you have a small postcard and templates for a large postcard that has a second page. You can modify this to suit your needs. Obviously you would go in there and put your name and phone number. You can change this as you like.

problem, agitation, solution If you want to put something about your business or mention the area you’re investing in or something like that, that’s fine. You can change all the text. Remember to try to stick with the formula: problem, agitation, solution. I think you will find it to be a very productive formula.

Testimonials You can post testimonials. We talked about that in the credibility kit. If you’ve put together your credibility kit, you should certainly have a vault of testimonials that you can go back to and mine one or two. Make it very short and condensed, but you can put a testimonial here. We have a large postcard that you can also send. It’s basically asking the person if they want more information. Then, as I mentioned, we now have a postcard from Jim saying that he wants to buy apartment buildings. He has modified this so that he will fit into apartment buildings.

letters The letters are very similar, and we can get through this relatively quickly. The letters are no different. You are going to send the letters, but it will be in the second or third mailing. Don’t do it in the first. Cards will generally cost you between $0.75 and $1.00 per card. Obviously it will be more expensive. So you want to make sure the list is a good one and that your letter is well thought out and prepared to be as effective as possible.

mailing lists What we recommend is that you purchase a listing from a national listing broker. In their brochure, two are mentioned. InfoUSA is a national player in this market selling lists and MelissaData. I have given you the website of both entities. You would call or email them or go to their websites and describe what you want: city, county, zip code, whatever you want. You want people with a high net worth, say over $500,000, maybe a net worth of over a million dollars.

You would define that list and they would tell you how many people qualify under those criteria. It may be 500, 1,000, or even 10,000, who knows. So you can buy as many names as you want. Names cost 4, 5, 6 cents, maybe 10 cents, something of that nature. They are usually not very expensive.

The list house will allow you to purchase that list in many different formats. You can buy it in an Excel spreadsheet, which is probably the preferred method. It will be sent to you as a hard copy. You can then send them as labels that you would peel and stick on the cards. We usually prefer to do it in Excel format because you can then mail it to them a second, third, and fourth time, and you can edit the list as you discover certain people no longer live there. It allows you to do that. If you buy it in hard copy, it’s a one-time deal and you’re done.

We prefer that you do it in Excel format. Put it on your computer and then as you get returns it will clean up that list.

Real estate investing is all about perception. Your perception of where the market is headed, along with where it is actually going. The goal, as always, is to buy low and sell high.

You want to buy a piece of land cheaply and sell it as high-priced developed real estate, after it appreciates enough to make a handsome profit. Selling property is an art in itself.

Buying a starter tract of land lends itself to some sound, rational guidelines:

First, look at the home price trend lines in your area. While most housing markets are in decline (and the Florida and California housing markets are adjusting after more than a decade of overvaluation), there are markets where home prices are rising. This is a decent leading indicator that there is a market for expansion.

Second, look for work-related news. Home purchases require a steady source of income. New employers moving to a city or opening a government branch are strong indicators that good, well-paying jobs are likely to emerge. Where well-paying jobs take root, home purchases follow.

In this regard, talk to your local city planning office. Are there recent purchases of “right of way” to lay sewer lines? Is the local telephone cable making plans to exhaust fiber optic lines, a “must have” trend in new home construction? These things point to areas where home growth is imminent. Other big announcements are the issuance of school bonds (found in your local paper) and the opening of new parks.

Before looking at the land, review the use of adjacent commercial real estate. Look for “family-friendly” or “residential” commercial properties: Homes that are close to grocery stores and clothing stores tend to fetch a higher price than those further away. If there is a movie theater nearby, or plans for a primary or secondary school, consider the size of the houses you will build and what their amenities will be; buyers looking for those features look for “superior” homes, with a little more space and two (or three) bedrooms for the kids. Other places to look are anchor stores like Wal-Mart and Best Buy. These companies spend millions on buying pattern surveys before buying a store location; If you are buying a parcel of land, you have a year to a year and a half window to search for nearby single-family residential and residential rental real estate.

You can even turn this around: If you can talk to a group of commercial real estate investors, building a shopping center as a hub for housing development is also a viable blended strategy. This also applies to highly urban areas. Many downtown areas that have been abandoned for business can be converted to apartment buildings, and some of the older housing projects are being torn down for mixed-use spaces with combined commercial and residential areas. In particular, you can often get block grants to help finance projects like this, and there are HUD programs that can help a lot with “urban renewals.”

Another source to research is the demographics in your area. Look at US Census figures (and local county figures) for the median age and median birth rate per capita. You want to invest in areas where the population is already growing. The high skews in the 40s and 50s indicate that there are many people who will be retiring soon, and retirees are very likely to sell properties. The places to watch carefully are most urban California and large swathes of the rural Midwest, where demographic trends have been changing entire cities since the 1950s as the nation’s population has moved into urban areas. .

If there is a local planning council or urban development council, be sure to get the minutes of all meetings from the past year. The city council offices will have them on file as a matter of public record. Also try to get into the next range of meetings as an observer. Talk to city and county managers about where they see housing and construction trends moving. What you are looking for is real estate that will be desirable in two to three years; consult the road planning atlases and look for all the data you can find. Also look for real estate that is picturesque: Lakefront property is as close to a guaranteed bet as you can get in real estate investment, especially if there is a lake that is on the “far end” of a development axis. Similarly, if there is land that the council is looking to acquire for parks, buying the adjacent lots now means you can sell them later.

Finally, talk to professionals in your communities. Talk to architects who can tell you if they are busy or not. Maintain professional contacts with engineers, bankers and lawyers. They will usually be aware of the projects long before the general public. Also get in the habit of reading the business section of the local newspaper. Often times, the first clue that a business may be moving to your area is hidden at the bottom of a column on page 8.

Using the guidelines suggested above will help you find “sleeping” virgin land properties. These “dormant” properties are perfect for the buy low, sell high strategy used by successful commercial real estate investors.

If you’re worried about losing your home to foreclosure and you’re falling behind on your mortgage payments, there are some financially smart things you can do to save your home. It is best to learn about the foreclosure laws in our state and understand the well-documented case law. You should probably immediately seek the professional advice of a bankruptcy attorney who has dealt with these issues if you want to avoid foreclosure.

Did you know that once you file Chapter 7 bankruptcy in California, the bank cannot hold a foreclosure sale during the proceedings, which takes 3-4 months? The lender can ask the judge to get around that general rule and foreclose early or order a foreclosure sale, but it is rarely granted without extenuating circumstances.

In chapter 13 bankruptcy, you will have to keep up with your mortgage payments and/or make a deal with your lender, otherwise the lender can ask the judge to foreclose anyway. Depending on your relationship with your lender and his or her good faith, the judge will sometimes allow it. Again, it’s best to ask your bankruptcy attorney what to do and how to do it to give yourself the best chance of keeping your home when you’re done.

Can you stay in your home after foreclosure in California?

It turns out that he can stay in his house after foreclosure and until the final sale, although that would be sealing the deal. Generally speaking, after a foreclosure, the actual sale takes 2 months to a year. This is the case for both judicial and non-judicial foreclosures.

In fact, in California, there is a terrible problem where the family that once lived in the house before foreclosure leaves as requested, but then a new party, a homeless squatter, moves out and stays. in the house until it is sold, often even the new owners try to move out. Sometimes the new owners have to go and get an eviction notice, which also takes time. It’s an interesting world we live in, but that’s what’s happening here in California.

In Ventura County, there have been a large number of cases where this has happened. Squatters learn about loopholes in the law on the Internet, often by watching YouTube videos. Some of the advice is rubbish, some is valid. Either way, it is causing a problem in neighborhoods around the Ventura County area and in nearby adjacent neighborhoods that are in Los Angeles County.

Can You Buy a New Home After Filing Chapter 7 Bankruptcy?

The answer to this question might surprise you. After all, people assume that filing for bankruptcy is the kiss of death, and your credit will skyrocket forever or at least a decade. not so In fact, 24 months after the date your bankruptcy is complete, you will be able to qualify for a home loan and mortgage as long as you have adequate income at that time to pay the loan payments.

For Chapter 13 bankruptcy, the situation is similar, but there are other things you need to know and you should contact a bankruptcy attorney in your area who specializes in these places to get all the right details.

What can I keep of my house if the bank forecloses?

This is a very important question, and if you get it wrong, you could end up in jail for grand theft. You cannot bring solar panels, water heaters or any built-in appliances. Don’t try to take away garbage disposals, trash compactors, built-in kitchens, dishwashers, or air conditioning systems. You can’t take burglar alarms, smoke detectors, or smart home systems that are built into the home as an integrated system. You can carry televisions, refrigerators, and washers and dryers.

An exterior patio system that is anchored to the home on one or more sides or the top may not be brought in. Basically, the law says that you can’t take anything attached to the building or land. Again, take these rules seriously and if you have any questions, consult your bankruptcy attorney. If you have to leave and you’ve exhausted all other avenues, do it right. You don’t want to start your fresh start with a new criminal conviction; that doesn’t look good on any resume.

There Are Ways to Prevent Foreclosure in California

The easiest way is to ask your lender for a loan modification. The bank doesn’t want to repossess your house, it just wants to get paid. Therefore, it is in their best interest to work out a favorable settlement that will have you making payments again until the mortgage is paid off in full. Sometimes lenders don’t budge an inch on the first request, but when a lawyer contacts them on his behalf, it’s amazing what he can negotiate.

If you pay off your mortgage, the lender can’t foreclose, obviously, which is one more option. Get a loan from another source and pay off the mortgage. You can also sell your home at a short sale or for the remaining amount of the mortgage. Although you won’t get any principal back, your credit will be excellent after you’ve paid it off.

Other considerations

After the 2008 real estate crash, many managers made mistakes on paperwork. The court no longer takes his word on the borrower. If they made a serious mistake, your attorney will now be in a very favorable position to negotiate for you. At the very least, your bankruptcy and foreclosure attorney will get the lender to start the process all over again, and at best, could save you tens of thousands of dollars and a truly stellar renegotiated mortgage rate and terms. Make sure you learn all the facts.

The IRS has the ability to give the taxpayer the option to pay their tax liability over time if it makes it easier to collect their debt. If you can’t pay the full amount of your debt, then an installment agreement may be right for you.

The IRS is driven by the ability to collect outstanding tax debt as quickly as possible. When the IRS determines that you have no assets that can be liquidated to cover your tax liability, it will start looking at other options. One of these options is to set up a payment plan that you can pay monthly. To qualify, you must have some form of disposable income that can be applied to your monthly tax liability. This income is any income left over from all your monthly expenses.

If the IRS grants you an installment agreement, you must remember to enter information about the IRS employee who accepts your request. This can be helpful if you don’t start receiving monthly statements in the mail. You will need your information to verify that your agreement was accepted in a situation where they claim otherwise.

Fees associated with an installment agreement

To set up an installment agreement, you will be required to pay a fee of $105 or $52 depending on whether you request a direct or non-direct debit agreement. If your income is below what the government considers poverty, you qualify for a reduced rate of $43. If you think you qualify for this reduced rate, simply apply using Form 13844. If you break your agreement and then try to reinstate it, you will be charged $45.

How to request an installment agreement

If you owe less than $50,000 in the full amount of back taxes, then there are several ways to request an installment agreement. Please note that your account must not be in the collection process for you to apply.

If you owe less than $25,000 in total back taxes, you can request an installment agreement by filing Form 9465 and including it on the front of your tax return. If your total tax liability is between $25,000 and $50,000, you must use Form 9465-FS and include it on the front of your tax return. The difference between the two forms is the need for the taxpayer to demonstrate their ability to pay the monthly payment on Form 9465-FS.

Automated Payment Agreement

If you would like to apply and receive immediate approval of your installment application, you may go to http://www.irs.gov and apply through the online Payment Agreement application. To qualify for this instant application, you must owe less than $50,000, have all your tax returns filed, and be current on your tax payments.

The IRS must issue an installment agreement in some situations

The IRS is actually obligated to give you an installment agreement if it falls within the following criteria:

1. If you owe less than $10,000 in back taxes, excluding your penalties and accrued interest.

two. You must have been current with the payment and filing of your tax returns for the last five years. You also must not have entered into an installment agreement in the last five years.

3. When you apply for the settlement, you must agree to pay your liability in full within three years.

Four.You must agree to comply with tax laws and the installment agreement up to the three-year period in which you are expected to pay the obligation in full.

5.You must submit financial records to the IRS if requested. This is to verify that you cannot pay your tax liability in full without an installment agreement.

Determination of your monthly payment and payment date

The IRS will ask you the maximum amount you can pay each month for your outstanding tax liability. The IRS will determine if your maximum amount is above the minimum required. If the maximum amount you can pay each month is less than the minimum amount the IRS wants you to pay, they will ask you to complete a Collection Information Statement.

The Collection Information Statement is another process the IRS will ask you to complete to verify that you have no other income to pay the required minimum payment. Either Form 433-A or Form 433-B will be required depending on whether you are an individual or a business. These forms will ask the taxpayer to list his assets, liabilities, income and expenses to verify that he cannot meet the required minimum monthly payment.

The IRS wants to verify beyond a shadow of a doubt that you can’t meet their minimum monthly payment. If it is determined that you cannot through the assets and income you provide, the IRS will generally give you the requested maximum payment that you requested.

Cannot collect during pending installment agreement

The IRS cannot collect your tax liability through a tax lien if you have an outstanding installment agreement. The IRS also cannot collect through a lien 30 days after it has been disallowed for an installment agreement. If you file an appeal of your installment agreement denial, the amount of time your appeal is active, the IRS will not be able to collect your tax liability through an asset lien.

Termination of an installment agreement

There are three instances that the IRS lists as authority to terminate an installment agreement. These include:

1. If the IRS finds that the information you provided to them prior to entering into an installment agreement is false or inaccurate.

2. If the IRS believes that your financial position has changed drastically and you can pay the remaining balance.

3. If you don’t pay your monthly payment on time or don’t provide the IRS with an up-to-date financial statement showing why you can’t pay on time.

If the IRS decides to change or terminate your installment agreement, it must notify you 30 days before the effective date. You can appeal the decision to terminate your installment agreement 30 days before it goes into effect and 30 days after it goes into effect.

What is essential before your business can grow to the next level

Surely you’ve seen the headlines:

“5 Steps to Building a Million Dollar Business”

“How to make a million dollars in 30 days”

or what about

“How to Make a Million Dollars Online in 2 Minutes” (Yes, this is the title of a YouTube video!)

What comes to mind when you see those headlines? Are they true, or a bunch of nonsense?

What if I told you both would be correct?

Now, before you hit the delete or back button, hear me out.

Since COVID-19 hit, I’ve been doing a lot of self-discovery work. I read Vishen Lakhiani’s (Founder of Mindvalley) books and took his Be Extraordinary program, attended a Mindset Retreat, and learned a lot about my personality type through Dressing Your Truth, to name a few.

Through all of this deep-dive work, I’ve gotten a lot of clarity and “aha” moments, especially with this whole concept of achieving multi-million dollar success.

And just so you know, one of the characteristics of my particular personality type (Type 4 if you follow Carol Tuttle), is sharing the knowledge I receive and believe. It’s in my DNA so I can’t help it!

Let’s go back to having a million dollar business…

The good news: it’s achievable.

The disappointing news: It takes a lot of hard work and luck, or a lot of soul searching and mind shifting.

Yes, I know. I said the word “mentality”.

It has been around for a long time.

Preached by many trainers, Law of Attraction gurus, etc.

Are you open to hearing more about why this term keeps coming up when talking about success? Great, keep reading.

Let me ask you in the context of your business:

• Have you ever told yourself that you can’t afford something your business might really need and benefit from?

• Have you ever considered taking a program, getting further education, or enrolling with a high-level mastermind and immediately closing the idea once you knew the cost?

• What about when you first started your business? Did you try to do everything yourself in an effort to save money and/or not have to spend money to get started?

• Have you ever hit a roadblock in your business that made you want to close completely or go back to doing something more familiar?

Chances are you have experienced this more than once. Probably many times. Hell, I know I do! Just the other day I saw a promotion for a high profile corporate event that I thought would be the perfect place to attend…until I saw the price.

Why is that?

It is our mentality.

I recently attended a mindset retreat hosted by Fabienne Fredrickson. I went to this retreat without any real problems or problems that I needed to solve. I was more curious than anything, I thought so made they have mindset issues that need to be resolved, they would come to the surface at this event.

I was pleasantly surprised to find that I was doing quite well! But there was room for improvement (isn’t that always the case?).

I also discovered what a huge hurdle this was for many struggling entrepreneurs.

Enormously huge.

There were many attendees fighting for:

• Get your first paying customers

• Charge enough to cover your business costs

• Make your first $1,000, $5,000, $10,000 in a month

• You believe you could reach lofty goals like earning $1,000,000 in your business

• Think of something bigger than earning enough to pay the bills and nothing else.

• Be visible and known as an expert in your industry

• And so on and so on…

Well, guess what they all had in common?

Limiting beliefs.

It turns out that our limiting beliefs come from messages (whether false or real) that we internalized before we reached the age of 7. Check out the following video of Dr. Bruce Lipton explaining this phenomenon.

Growing up, the biggest one I heard was the classic “Money doesn’t grow on trees!”

(When, in fact, this is quite untrue: there are plenty of very successful businesses that require growing fruit or nuts on trees!)

If I had a dollar every time I heard that phrase, I would already be a millionaire.

I’m not even going to try to explain this complex issue, let alone offer solutions to this insidious issue here, as there are plenty of people much more qualified than me who can help with that. (If you want to find a solution, please reach out and I can offer you some recommendations.)

But my hope and intention was to make you think to see if there is any possibility that you may be experiencing limiting beliefs through deep-seated mental programming.

Programming that goes back years, that could be preventing you from even believing Is it possible that you can boast a million dollar business one day?

As Fabienne Fredrickson said during the retreat:

“You’re too smart to be the only thing standing in your way. The more you get out of your way, the more you show up, the more people you serve, the more money you make.”

Here’s the thing. Going back to the headlines I shared earlier. They could be from legitimate sources from people who really know how to get their business to that million dollar level.

And they could also be scammers counting on those who are desperate and willing to pay anything to get the promised pot of gold at the end of the rainbow.

Behind that marketing curtain is someone who is making a million dollars convincing desperate people that they have the answer. The solution that will make everything happen easily and effortlessly.

The problem is:

a) They are not really millionaires. they want you to think They are using those private jets and driving expensive cars but actually they just rented or borrowed those props for their photo shoot or video which will be used to market their products.

b) They are selling you the product, program or system that worked for them. That doesn’t necessarily mean it will work for you.

c) Unless you address mental blocks first, it is very difficult to achieve the success that they promise.

Bottom line: You can’t really be successful until those mindset blocks are resolved.

“Willpower doesn’t work more than 5%, because it comes from consciousness. The current state of your mindset is causing the current results. Subconscious programming (beliefs) drives your behavior, habits, and actions.” fabiana fredrickson

Now, this is not to say that everyone has mindset problems.

There are many very successful entrepreneurs who were blessed by not hearing or internalizing those messages when they were young, or by not doing the necessary work to get those blocks out of the way of their success.

So if you think there are some limiting beliefs below the surface that are blocking your success or your million dollar business, I encourage you to explore the resources I’ve compiled below.

Let’s remove the “probably not” from the title of this article and move forward together!

For the success of your business,

Suzanne

Recommended Resources

• Book: The Code of the Extraordinary Mind: 10 Unconventional Laws to Redefine Your Life and Succeed on Your Own Terms (amzn.to/35yfy5R) by Vishen Lakhiani
• Book: Embrace Your Magnificence: Get Out of Your Own Way and Live a Richer, Fuller, More Abundant Life (https://amzn.to/35wprBc) by Fabienne Fredrickson
• Article: Leadership Success Tips for Small Business Entrepreneurs (evisionmedia.ca/leadership-success-tips-small-business-entrepreneurs/)
• Dr. Bruce Lipton explains HOW WE ARE PROGRAMMED AT BIRTH (www.YouTube.com/watch?v=7TivZYFlbX8&list=PLDyzuA46kvJl877npx3kJX4SOYew_7GVr&index=158)
• Fabienne Fredrickson Boldheart Business (Mindset Retreats are twice a year) (boldheart.com/ )
• Mindvalley’s Be Extraordinary Quest Program (https://www.mindvalley.com/be-extraordinary/)
• Book: It’s Just My Nature! A guide to knowing and living your true nature (amzn.to/35yg4Rl)
• Free Course: Live Your Truth Beginner’s Guide (www.liveyourtruth.com/195.HTML ) There are 4 Types of Beauty, which one are you?

There are a plethora of home buying companies across the country that advertise that they want to buy homes “as is,” plus they can pay for them in cash and close much faster than a conventional buyer. So why would you want to contact one of these companies in your area if you have a challenging home to sell? Also, isn’t it true that those kinds of companies just want to try to scam you? These are two very important questions I’m sure you’ve been asking yourself if you have a fixer-upper type home to sell that may not be the best fit for the retail market in its current condition. In the rest of this article, I’ll address these important questions and more to help you better understand why these “We Buy Homes” companies exist and how you can use the services they provide in your area.

If you find yourself in a situation where you need to sell a home that needs a major update and/or some renovation and repair, rest assured that the traditional way of selling a home will be a bumpy ride for you. When people have a “nice house” to sell, they usually call their local realtor, ask them to come up with a list price that is backed by comparable properties, and put the house up for sale on the RMLS network of realtors. The hope is that other realtors will see the property and find a buyer for it, then shortly thereafter you’ll be presented with an acceptable offer on the property and be on your way to a smooth closing. Although no real estate sale is that easy these days, that’s the general process for homes that don’t need a major update or repair.

If you’re selling a home that needs a minor fix and update for a major renovation and repair, you can expect a bumpy sales process if you plan to go the traditional route just described. The first reason is because most people will always contact one or two real estate agents in the initial stages of trying to sell a property…and this is where the first misstep can happen. The problem with houses that need a major update and repair (besides the obvious) is that real estate agents usually have no idea what they’re really worth, so they often throw out a number that sounds great on paper but will never come to fruition. to a good end. I like to call this buying the listing and some realtors will do it intentionally to help secure a future paycheck, while others will do it out of sheer ignorance because they just don’t know any better. The second main pitfall you will face on this route is that you run a high risk of having multiple failed sales. This is because your home will be on display for all the inexperienced rehabbers in your market to bid on, and after they’ve wasted 10-15 days of their time, most will eventually realize they’re paying too much for it. the house and back out of the deal. My home buying company buys a number of homes each year from disgruntled sellers who have become highly irritated by the pricing process, having multiple failed sales, and ultimately selling at a much lower price. Don’t get me wrong, there are plenty of homes that should be trading at higher prices and will eventually sell close to that, but if you know your home is in need of a major renovation and repair, you may want to think twice. list the property with a real estate agent if you want to see it for sale at any time in the near future.

So what is your alternative you ask? Well, that’s where “We Buy Houses” companies come in. You’ll see that some of those companies are experienced real estate rehabbers who have a very educated eye when it comes to buying homes that need major renovations and repairs. So now think about the process I described above and compare it to receiving a cash offer with a quick closing from an educated person who will absolutely honor the contract and close the deal on time. Now, you may not always like the cash price some of these companies will offer if you’ve already talked to a real estate agent, but you have to remember that the property is only worth what it will sell for and not what a real estate agent says. real estate or Zillow think it is. worth. When people buy houses that need a major renovation and repair, they are basically taking a risk paying you to take care of a major project. So in exchange for that risk and the work that goes with it, there must be a reward; otherwise no one would ever buy fixer-uppers. To make it very easy to understand, nobody is going to buy a house for $150,000 that needs $50,000 in repairs to later be worth $200,000. They may be looking to buy the property for anywhere from $100,000 to $120,000, but probably no more than that, and if they’re looking to buy it for more, you can be pretty sure the sale will fail at some point. This is one of the main reasons why some people believe that “We Buy Homes” companies are just trying to scam you, when in fact they are just trying to buy your property at a price that will adequately compensate them for all the risk and effort involved. they will put into it.

So how do you know which “We Buy Homes” company to call to get the best deal? This is a great question and I’m sure you’ve asked yourself at some point. Be sure to do some research on the company ahead of time to see if they have a website, personalized phone number, and anything else that makes them look like they’re running a really organized business. Also be sure to ask if you can see photos of some of the previous renovation projects, that way you know you’re dealing with a real rehabber and not just a real estate wholesaler looking to sell the property to a rehabber for a profit. . For my home buying company, we put together a complete website that showcases all of our renovation projects, and I always share it with every seller we meet with so they can check it out and see what we’re capable of. If you can find a quality “We Buy Homes” company in your area, I strongly suggest selling your repair property to them if you feel the price they offer is fair based on the amount of repairs needed. Just remember that there will need to be a profit in the deal for whoever buys your property, otherwise it will simply sit on the market until the price drops to a point where it makes sense to take the risk of buying it. I hope you enjoyed this article and found the information helpful when it comes to selling a home that needs renovation and repair.

Investing in real estate can be exciting and lucrative if you make the right investments and buy and sell at the right times. So the time has come for you to finish the renovations on your property to attract the right crowd. When you get to this step, you’ll want to make sure you don’t rush things and lease the place to the wrong person that you might regret for years to come, not to mention turning your investment into a liability. Having a good flow of cash while you pay the mortgage on the house is essential. Ensuring you have good cash flow will mean that you will very rarely have a vacant property, and when you have tenants who have moved out, you will have no problem collecting rent each week. Leasing your property to the right candidates is what this article will continue to explore.

Tenant screening is becoming common practice among landlords and property managers to weed out higher-risk tenants who may be having financial difficulty paying rent consistently and on time, or possibly even committing rental fraud. I’m sure you’re familiar with the horror stories you hear in the news where unlucky real estate investors bring on board nightmare tenants who don’t pay rent and get a free ride at their expense.

For landlords and realtors, tenant screening has become a virtual necessity as a preventative measure. Eviction history is one of the most important steps in tenant screening whereby checks are made of tenants for previous evictions. To protect yourself, your property, and your community, a tenant screening is necessary.

Tenant screening is a great way to weed out potential problem tenants, even before they have a chance to become a problem headache for you. Tenant Screening is a quick and easy way to obtain the most accurate and reliable information available on prospective tenants. Tenant screening is available online through the American Apartment Owners Association or through various local vendors.

Successful landlords know that tenant selection is the most important task when renting a property. Proper tenant selection is the backbone of successful property management. It is something that you should definitely consider if you are going to rent a property. Tenant reports are organized in such a way that they are easy to read, allowing you to make a quick and informed rental decision.

It has been said that another man’s trash is another man’s treasure. To this day I wonder why people buy some of the junk he makes at different places, especially at car boot sales. Even so, ours is not to reason why but to take advantage of the situation to make money on trunk sales. There are two ways to make money: one is to become a seller and wonder why someone would buy broken items from you just because the price was right, and the other is to buy stock that you can sell privately on Amazon and eBay. I will cover both ways in this article.

BECOME A SELLER

People who sell items from the trunk of their car are known as Car Booters. They usually sell items from home after a cleanup. Some buy stock from various places in bulk to get a good price. As a vendor (or booter) with items to sell, all you need is a car, a folding table, a few bags, and a few coins for customers who want change. Boot sales are often advertised in local newspapers, and even online if you search for terms like “Manchester Boot Sales”.

It is not necessary to reserve a plot for your car, just show up. There will be people who will tell you where to park your car and set up your table. There is a pitch fee that will be charged to you at some point during the morning. In most places, you’ll be there from 7 am to 1 pm, unless you decide to leave early.

The way you present yourself and your actions is the most important thing. Take some time to organize your inventory on your table well, as you want to catch the eye of passing customers. It’s a good idea to have boxes full of general trinkets that customers can rummage through, as many of them love to do so as a kind of windfall. It is important to have a good variety of items on display so that the customer has many options.

Shippers generally do not price their shares. The general idea is that the client asks the price and you respond with your first offer. The reason for this is that customers like to haggle over price. For this reason, you need to decide how much you are willing to let go of the item and still make a profit. If it’s an item you haven’t been able to sell after a few initial sales, you can let it go as cheaply as possible.

Remember that not all customers are going to be nice. You will get people who are cheeky and offer you next to nothing. Politely decline their offers and explain that you cannot sell the item for less than your lowest price. They soon give up and leave you to sell that item to a more generous customer.

BECOME A BUYER

Boot sales are popular places to visit in the summer. The thrill of walking down an aisle of cars displaying priceless treasures in the hope of picking up that special something. Most vendors (or car shippers) are selling items after a home cleanup and are willing to let it go for a ridiculously low price just so they don’t have to take it home again. Things like movies can be bought for 50 pence and decorations for 20 pence, even retro computers and games have been bought for a bargain price. You can buy just about anything at a car trunk sale, things that have been stored in attics for years gathering dust that could be valuable to a collector.

If you’re buying to sell privately, the first thing you should do is look at places like Amazon and eBay and see what kinds of items you should be selling. Get an idea of ​​the items and the prices they go for, and set a limit for how much you’re willing to pay for something. It’s a good idea to list the things you’re looking for with their top price, which you obviously want to be as low as possible.

When it comes to casual car thieves, remember that many of them want to get rid of as much as possible, especially since it costs them around £10-£15 for the pitch. Ask questions like, “Will you give me a good price for these books if I take ten?” If the books cost a pound each, you could offer eight pounds for ten of them. There’s a good chance they’ll agree because they’re making eight pounds in one go, which they might not have made that day if they’d been sold separately.

CONCLUSION

As long as you become a buyer or a seller, boot sales can be quite profitable either way. Some people will buy anything, even in poor condition, as long as the price is right. Items can be picked up cheaply, cleaned and repaired, and sold for a higher price elsewhere.