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4 Simple Tests To Find Good Real Estate Investment Properties
You're driving along the road when you spot it. There in the middle of a shaggy lawn sits a disheveled property. It may need a good coat of paint, or a shutter straightened out, but it's easy to see that with a little work it could be a little gem...
Art Prints For Home Decorating
With the new craze for interior decorating inspired by "home makeover" television programs, more and more people are tempted to hire a professional decorator, even if they can't afford one.
Simplicity: the Art of Home Decorating
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Buying a Home -- Is a Home Inspection a Good Idea?
To avoid “buying a pig in a poke,” buyers have long demanded the closing on a home purchase be contingent upon a satisfactory inspection by a home inspection firm. In many parts of our country, we’re now experiencing a strong sellers’ real estate...
How Appraisals And Assessments Differ
Many people think appraisals and assessments are the same thing or at least that they should be for the same amount. The truth is they can vary greatly. Let’s look at each of them.
Appraisals
An appraisal is an estimate of market value. An...
Open Houses For FSBO Sellers
The first requirement in finding a buyer for a home is to make sure the pool of potential buyers know it is on the market. For FSBO sellers, holding an open house can help to get the word out to buyers.
Open Houses
Open houses are very...
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No Money Down Real Estate Investing Programs
Nothing in the last thirty years has excited the would-be real estate consumer as much as “no money down,” “ no down payment,” real estate investing for which we all have to thank Carleton Sheets. Then along comes Ron Le Grand offering “cash back” at every closing! Can either be true?
Most people don’t believe either claim. Yet, ever year thousands invest hundreds of dollars in Sheets’ program and potentially thousands in Le Grand’s. So what is the answer? Are the claims true?
Like a politician my answer depends on whom I’m talking to. Some people will positively be able to buy real estate with “no money down,” “no down payment,” they’re the ones with money for closing cost. For most dreamers with no money in their pocket or the bank the answer is a definite no! A wise man once said “it takes money to make money” that’s almost always true!
In real estate as in life there a few absolutes, you noticed my hedge words “most” and “almost,” but there is more than one way to hedge your words. When reading the ads or listening to the TV real estate gurus you heard “NO MONEY” but they say is “no money down,” “no down payment.” There are lots of ways to buy real estate with “no down payment” but only a few to buy with no money.
So if you are asking is what the TV gurus say true? The answer is a definite, absolutely, positive, yes! If on the other hand, you are asking is what I heard true? Just how naive can you be? I bet you still believe in Santa Clause and the Easter Bunny! The answer is definitely, absolutely, positively, no!
Non-owner Occupied lenders normally require the investor to at least pay his closing cost. 100% seller financing is going to have some closing cost! Most states picked up the deed stamp tax when the Fed. dropped it! Here in Nevada a $200,000.00 deed will require $510.00 tax plus $7.50 / page just to record. So even the most simple “deed subject to the existing mortgage” with “no money down,” “no down payment,” is going to take several hundred dollars to close.
Most real estate gurus, myself included teach buying distressed properties, which is really a misnomer, we mean buying from distressed sellers! Distressed sellers seldom (another hedge word) have the ability to pay you! There are
legal ways to borrow cash out on N/O/O purchases, I write about the best one in chapter 1 of my book “One House At A Time / Finding and Buying Single Family Rentals.” The key word is “legal” there are many people preaching fraud, don’t get involved. Why invest just to pay a defense attorney?
What about the claim “cash back at every closing?” I’ve been in lending and real estate since 1969. I’ve been a hands-on real estate investment consultant since 1973. I write about and teach real estate investment. I write about getting cash out in “One House At A Time / Finding and Buying Single Family Rentals,” but I couldn’t promise cash out at every closing! But, it’s true! I ask the man himself. I stood up, I had him, an undeniable lie! Asked how can you promise cash out at every closing? He looked me straight in the eye, as sure of himself as I was sure I had him, and said, we teach that if you can’t get cash back don’t close. I settled back into my chair and consider sliding under the table. It’s true, you can get cash back at every closing! Only my wife to my right and one of my students to my left realist how many good deals that advice would kill.
The question was, are the real estate gurus claims, true or false? My answer is, yes! I’ve been in the business for nearly 35 years, and except for the puffery I believe them. I question the morality of the approach of many programs. I doubt that most people will get much out of the programs. I question the value of the programs, several total over $30,000.00, but one good deal could cover that several times. I write about a more people friendly approach at a reasonable price. But, for me the answer is I believe them.
About the Author: William J Archambault, Jr has been in lending and real estate since 1969. A mortgage broker in Las Vegas, NV He writes about up to the minute real estate, tempered with the wisdom of our grandfathers. He is the author of “One House At A Time / Finding And Buying Single Family Rentals” available at http://www.reii.org e-mail: author@reii.org
Source: www.isnare.com
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