OfflineIf you're new like me, it's quite possible you know absolutely nothing about real estate.
I have acquired a few documents which have proved absolutely invaluable to my RE learning.
They are:
A Guide to Real Estate Principles* (.pdf 471 pages)
A Guide to Real Estate Practice* (.pdf 446 pages)
A Guide to Real Estate Finance* (.pdf 423 pages)
A Dictionary of Real Estate Terms (.pdf 476 pages)
If you would like any of these, PM me with your email and I'll send them off. The dictionary has literally thousands of entries.
*All of these guides were formulated to help prepare readers for the test to get their CA Real Estate license, so this should be particularly useful for any Californians.
Keep up the hard work everyone!
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Imagine if you had bought a piece of property in 1885 for a $100 and sold it today for hundreds of thousands if not millions of dollar. Can you imagine what piece of property bought in 1885 would be worth today?
Well this is the best time to buy real estate NOW! You can find property that’s you can pick up for .50 on the dollar. Imagine what it is going to be worth in two to five years.
What an exciting time for us to be in real estate investing.
Flipping property was common wisdom during the last real estate bubble. Buy it fix it and sell it quick and sell it even if the profits were small do it again and again. But now you can buy properties at a great discount buy it and hold it. Lease option makes your payment until the market turns and then sell.
It’s up to the investor to check the conditions of the title sometimes the seller won’t disclose additional loans or liens on the property. Buying title insurance as additional protection is always a good idea.
If you don’t get a deal in writing there is no deal. Leave nothing to the spoken word. Also if you are dealing with a divorce, make sure both parties sign.
Goals
• Set some long term goals. These goals are what you want to achieve within one to five years.
• It could be own so many unites or houses, or how much passive income you want.
• This goals are a starting point and is a work in progress
• Set some short term goals. These goals are what you want to achieve within 60 to 90 days.
• These are stepping stones to reach your long term goals
• How many offers are you going to make?
• Real Estate is a numbers game (buying below fair market value you will have to make about 10 to 15 offers for every one that is accepted.)
• Your mind set will determine the degree of your success
• Don’t worry about what you don’t know just keep digging and asking questions
• You can figure out the answer. If something gets in your way ask more questions.
• Remember everyone was a beginner once.
Just another reminder that inflation is just around the corner and that with inflation property values go up. Buy now while property is cheap!
Like a vanquished enemy, inflation has been out of sight and out of mind. But old enemies can resurrect themselves.
And that's just what's going to happen with inflation, two fixed-income experts say.
In a report posted on the Web site of Pacific Investment Management Co. (PIMCO) - which runs the world's biggest bond fund - Chris Caltagirone and Bob Greer said inflation will return as soon as 2010 and will remain a factor for some time to come after that- a scenario that makes commodities and TIPS (Treasury Inflation-Protected Securities) "two [investment choices] that can provide investors diversification as well as exposure to sectors that may benefit from future economic developments."
In the near term, however, Caltagirone and Greer expect excess capacity and high unemployment - among the key catalysts of supply and demand - to extend deflation for several more months or quarters...
By Mike Caggeso - Associate Editor - Money Morning
Where do I find info on buying mortgage notes and how to figure a discount. I am being offered a $54K note. Seller collects $414/mo set for 29.5 more years. Elderly seller would like to sell the note. How do I figure what is fair for him and me.
Thanks for any help understanding this!
This note is does not appear to be a seasoned note. The value of the note would depend on the interest rate, payment history of borrower, credit score of person who borrowed money etc. These are some considerations.
Jimmy
The borrower has been paying on time for the past 6+ months. Is the note required to be seasoned, 1 year? The borrower has a home in Texas to sell. The owner of the note gave the borrower a 4.3% loan for 30 years with the understanding that the borrower would refi when the Texas home sells but he did not put that in writing!!! The borrower is paying $414/mo plus the taxes of 1200/year. This house has a balance of 54k. The home is worth 85-90k. It would rent for $800/mo. I do not know the credit score of the borrower but I will see if it was even looked at.
Thanks for any help with this! I would like to help the note owner out if possible.