Halle Eavelyn
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Use It Or Lose It
So you’re a new real estate investor, or you’re a more experienced one, but either way, you have gotten out there and gotten some new education. Congratulations – you’ve read a book, you’ve been to a seminar, you’ve listened in on a conference call, and now you have a new tool in your real estate toolbox. Maybe it’s how to do a new real estate system or technique, or a new time management system designed to take your business to the next level. The issue here is probably not the value of the system or information, but rather the value…
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Financing Your Deals in Today’s Market
The big thing I hear typical real estate investors complain about today is that the banks won’t give them enough property. They’re stingy with REOs, they’re holding property back, and worse, they won’t loan, even when they say they will. What’s a real estate investor to do?Well, for starters, get creative! Don’t consider the banks as a source of money, or even property if they won’t play ball. Here is a list of five ways to finance your properties in today’s market (and these work pretty well any time!):1. Use the house. If there’s equity in it, see if you…
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Are You In Short Sales? Don’t Miss This!
Whoah. With all the lender rules shifting like quicksand, and companies going out of business or selling off divisions, it’s been a little crazy in the world of short sales. But sometimes a rule comes down that’s a game-changer, and this is one of them: Bank of America, which of course is now Countrywide’s parent company, has nonchalantly added a clause to its short sale contracts that makes owners pay back the difference between the loan value and that of the short sale.Even if they’re trying to make sure that people don’t try to go to short sale when they…
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Top 10 Tips for Talking With Your Lender about a Short Sale, Loan Mod or Foreclosure
In today’s topsy-turvy market, you may find yourself needing to talk to your lender about more than just a change of address. Here’s how to minimize your headaches and maximize your valuable time while on the phone with your mortgage company.Tip #1 – They’re all idiots.While this is probably not true on an individual basis, you would do well to remember that your lender is not your friend, and treat the company somewhere between a hostile witness and an idiot. Speak slowly, be patient, and remember they often have (literally0 no idea what they are doing).Tip #2 – The rules are changing…
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Choosing The Deal, Money-Wise
Real estate is nothing if not options. Do I buy the fixer, the flipper, the multi-unit? Do I wholesale, buy and hold, or joint venture? Should I rent, lease-option, or sell? One of the most important things you can do is ignore all these options, and look for the money. OK, ok, I know that sounded obvious, but you have no idea how many people (as a newbie, myself included) forget this point. They get all caught up in some great deal and forget about the numbers having to work, or they get all emotionally invested in a deal (I…
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Perhaps the Most Important Thing You Can Do
I’m 43 years old (I know I don’t look it). This evening, I spent half an hour writing out instructions to my loved ones for what to do in the event of my untimely passing. Now, you may be asking, what the heck does this have to do with real estate, financing, or blogging?Well, my 83 year-old Uncle Marvin (may he rest in peace) died last week. Despite the fact that he was 83, and about as together in his personal and financial affairs as a man could possibly hope to be, he died rather abruptly. He suffered a fall,…
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Loan Modifications for Investors and Why You Want One Now – Part 3
This is part 3 of a 3 part series on loan mods for investors. If you’re considering a loan mod, please make sure you read the first two parts of the series as well.New day, new deal…I met with a mortgage broker last week, and she told me a surprising story. She has five properties, including a triplex in Beverly Hills and a 24 unit C-class building in Atlanta. She just finished doing loan modifications… on all of her properties! Her best loan mod? Took her down from 8% to a 3% 5-year fixed ARM – at the end of…
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Loan Modifications for Investors and Why You Want One Now
The fascinating thing about real estate investing is how many aspects there are to it. One of the latest new trends is loan modification, and investors can finally begin to take advantage of this opportunity. Over my next several posts, I will address what a loan mod is, how it can save you money on your current investment properties and how you can qualify for a loan modification. So what is a loan modification exactly? Let’s talk first about what it’s not. It’s not a refinance. It’s not a new loan at all. Like its name implies, a loan modification…
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Loan Modifications for Investors and Why You Want One Now
(part 2 of 3)So now you know what a loan modification is, and you have questions, right? Here are the ones I get all the time, right out of the starting gate.Some Frequently Asked Questions about Loan Modifications1. Is it legal in my state? Usually. As of this writing, loan mods are legal everywhere, and those laws are probably changing as more and more states move towards an attorney-based system for loan mods. Examples: In California, you must use an attorney if you’re not doing a loan mod for your own property; in Hawaii, the bill has passed, and they…
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Resources for the Real Estate Entrepreneur
Whether you’re a new or seasoned investor, you often feel like it’s just you against the world, navigating the changing market and trying to make sure you make the best of the myriad resources available to you. Following are some suggestions for places you can go to help make your business run smoother, and save you money (or time, which IS money!) in an uncertain economy.Your business cards are your best calling cardWhether you are leaving your info on someone’s front door because they weren’t home when you came calling, or meeting potential investors at real estate events, you want…
