Form to use for Real Estate Property

FUNDING INSPECTION REPORT

1) Condition of the street and surrounding houses - (Please circle one) :

Well maintained / Decent / Poorly Maintained / Distressed

Please Explain_________________________________________

_____________________________________________________

_____________________________________________________

2) Vacancies on the street - (Please circle one) :

Many / Few / None apparent

3) Condition of the inspected property - EXTERIOR : (Please circle one)

Well Maintained / Decent / Poorly Maintained / Distressed

Please Explain_________________________________________

_____________________________________________________

_____________________________________________________

4) Condition of the inspected property - INTERIOR :

Well Maintained / Decent / Poorly maintained / Distressed

Please Explain__________________________________________

______________________________________________________

______________________________________________________

Please list the condition of the following: (Please circle one description)

1. Roof - Good / Needs Work / Needs Replacing

2. Electrical System - Good / Needs Work / Needs Replacing

3. Structural condition of the house - Good / Not Good

Inspected by:____________ by:____________(please print) Signature:___________

How To Locate Real Estate

1. Courthouse steps has cash buyers - though they are a jaded bunch so have yourself organized before an approach - talk to one person off to the side - they are a secretive bunch also.

2. You could pull trustee's deeds and then look up the buyers after the sale.

3. How about looking up MLS listings that say "cash only" - when they close escrow - look up who bought it.

4. REI groups.

5. Select local hard money lender, look up what properties they have liens on, then look up the owner. These hard money borrowers are oftentimes a good as a cash buyer.

6. There are cash buyers for almost every area on Bigger Pockets - or at least people from every area that know cash buyers. Develop relationships for your area and then talk to them about the deal you can bring to the table.

7. Cash buyers are usually easy to find when you have a great deal.

8. That was my 30 second list - given time I am certain we can expand upon it. the key is all of the above can identify cash buyers - as long as you take the time to do the research - In reality you only need to know 1 -3 buyers for any product type that you could spin deals to - if you have 3 SFR buyers and none want your deal - its probably not a deal. same for commercial property etc. If you are looking for those willing to buy borderline deals then, well thats for another post.

What Are The Benefits of a Short Sale?

What Are The Benefits of a Short Sale?
● Absolutely NO FEES or cost to you. In cases where there is a 2nd trust deed, fees and/or costs may occur.
● Gets you out from under a major debt that you cannot currently afford - with no future recourse.
● Allows you to stay in your home longer and gives you more control over your “move out” date.
● Not nearly as harsh on your credit report as a Foreclosure - In fact, you may be able to purchase a new home within 2 years.
● Judgments, liens and other deficiency amounts may be negotiated while in escrow (including IRS and franchise tax liens).
Unfortunately, there is no magic RESET button that we can just push to make things go back to the way they once were. In reality, the RESET button (or Short Sale transaction) is a detailed manual process that can alleviate your major financial burden if completed correctly. It's a 'best case scenario' solution that will not likely be cut and dry. And, it can and will likely create some new, yet more manageable financial and/or credit related burdens / obligations. In the end, a successful Short Sale will end.ShortSaletimeline.pdf

What is a Short Sale?

We always have the home owners best interest as our #1 focus.
A Short Sale is a sale of Real Estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property owner. In a Short Sale, the bank or the mortgage lending institution agrees to discount a loan balance due to financial hardship on the part of the borrower.
Homeowners must qualify and be approved for Short Sale.
Comparing Short Sale to Loan Modification:
In a successful Loan Modification, you retain your home; whereas in a successful Short Sale, you no longer own the property upon the close of escrow. It's vitally important to understand that the bank or mortgage lending institution can deny both. With this understanding, watch for brokers and/or attorneys claiming that they have inside connections with the decision makers. These individuals and entities should be reported to the California Department of Real Estate (DRE) and/or The State of California Bar Association.
Both Short Sale and Loan Modification will affect your credit report and credit score. In most cases, individuals seeking Loan Modification are required to be delinquent on their mortgage which in itself will affect credit scoring significantly. Both options require proof of financial hardship which is often achieved by being delinquent on your mortgage.
We strongly advocate the Short Sale transaction and will likely not advocate Loan Modification until banks and lenders are routinely and, significantly, reducing the principal balance and interest rate. Your individual circumstances will dictate the best possible direction.
For many who purchased at the height of the market, it will be difficult to make their monthly mortgage payment, with or without a reduction due to a loan modification. In
some cases, the homeowner can hang on until real estate values stabilize and they eventually return to an equity position, however, that could take a significant amount of time.
A successful Short Sale will cost $0.00. The effects on your credit will likely be more harsh than from a Loan Modification, but nowhere nearly as bad as if you did nothing and allowed a foreclosure to occur. With the shrinking credit industry, it is more mindful than ever to protect your credit report and credit score.

http://www.thereibrain.com/how-to-set-the-perfect-rental-price/4360/

Most Important Three Factors That will determine your success

1. Other Rentals
It’s important to know what properties are currently being rented for in the neighborhood you are thinking for buying your rental property, especially pay attention to  similar  size houses, location , location, and condition are what will make you money.   You’ll want to keep track of the vacancy rates within your community, too.

Craigslist and newspaper ads are one source of information, as is networking with other landlords within your area.

2. Geography is Location

Real estate investors should never   lump all 3 bedroom properties at the same rate, because proximity to shopping malls, golf courses and other perceived location perks should be considered.  $25 or $50 variances for such perks can add up over the course of a year.

3. Luxuries offer you maximized return
 If the property has a swimming pool, new appliances or a provided lawn service, you won’t want to miss any opportunity to maximize your return.

Once you set your base price, note (or have your staff note) the quantity and type of inquiries that result. If calls are slow, you might want to respond with a lower rate in the next ad. A high volume of calls may mean that an increase for your next available unit is in order.

Document the number of showings and each  reactions to each property your viewers like.  When showings your houses offer applications to make sure time is not waisted, you want your rentals gone quickly.

4 Steps To Real Estate Residual Income

Start Now…

#1 - Get transactional funding to become your best business tool.

Wholesaling and  flipping properties is the best place to start. One of the great benefits of wholesaling is that you don’t need cash, credit or experience to get started.

#2 - Continue to grow your transactional income by contacting 2-3 funding companies.  The first time you do this it is the hardest. Each time after that it  gets easier. Just continue wholesaling or flipping properties to generate income.
# 3 - Take your excess cash and put it into cheap houses with large cash flows.
Look for Cheap Houses in your area, there are plenty of markets around the country to locate houses.
# 4 -  Kick that job to the curb.

Create the  right systems and work it and work it.,  then sit back and enjoy your residual income.

http://www.evancarmichael.com/Aweber/aw_pdf_download2.phphttp://www.evancarmichael.com/Aweber/aw_pdf_download2.php

Get HelpTo Fund Your Deals

We got an email from one of our 

subscribers who said that the biggest 

challenge he's facing right now is no

money to fund his deals.

 

Is a lack of funding holding you back 

from closing more deals and making 

more money?

 

Here's the solution   <---- nbsp="" strong="" style="line-height: 21.33333396911621px;">click here

 

In the video, I go over my 3-step 

process for getting private money... 

 

... plus you can grab my investor 

loan template (for free) over on the 

blog. 

 

Claim your loan offering template here

 http://www.privatemoneyblueprint.com/2011/big-problem-private-money/

Realty Mogul

Realty Mogul allows investors to become equity holders in real estate opportunities that were historically difficult to access. Through the use of the Realty Mogul web platform, investors can browse and screen real estate investments, view details of an investment and sign legal documents online.
https://www.realtymogul.com/

Everything you Need to Know About Short Sales

http://hdf-ct.org/PDFs/short%20sale%20Factsheet%208-9-11%20-%20English.pdf
http://www.dfi.wa.gov/consumers/education/home/short-sales.htm
http://www.reifunding.com/contact.htm





http://www.cashforshortsales.com/