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Homeowner Demand Sparks Innovation in Hardwood Flooring
(ARA) - The results are in: When asked what flooring material they want in their kitchen, halls, bedrooms and entryway, homeowners say that wood is the way to go. Realtors agree -- a national survey by real estate agents conducted by the National...
Illinois Real Estate – Chicago And Rural Areas
Illinois can be divided into Chicago and rural areas. Alas, the same can be said for Illinois real estate prices.
Illinois
The birth home of President Lincoln, Illinois is a state with two identities. Chicago is an overwhelming presence and...
Selling Your Home On Your Own – Examples Of Problems And Solution
What can go wrong? About a gazillion things, but this is true if you’re working with a broker, too. A broker is probably more experienced than you, and may well have confronted and solved your problem on a previous home sale. If you can stay calm...
Understanding Real Estate Lease Options
If you are an investor that sells properties using lease options you no-doubt understand why it can be an appealing avenue for those that need rental history and/or rent credits to help a challenging credit file. But, would YOU consider buying a...
What Is Foreclosure And How To Avoid It?
Are you having trouble making ends meet? Not paying your bills on time? Are you not able to keep up with your mortgage payments and continue to get further and further behind? How do you get yourself out of this mess and not lose your home?
...
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Real Estate Investing: Beware Of "Subject To" Promises
Another real estate writer's mini course, full of promises and fluff, ended with a "lesson" on why you need to buy his book so you can finance multiple properties "subject to." The reason, he said, "because banks won't let you finance more than ten mortgages."
This simply isn't true.
First, banks let you finance as many mortgages as you can pay for. Some banks limit the number of loans made to one person. Experienced real estate investors just move on to another lending institution.
I know one investor who owns more than one hundred single family homes. All have mortgages. He constantly refinances one rental for the down payment to buy the next. Besides living off the cash flow from his rentals, he also refinances a rental occasionally to take his family on a first-class vacation.
Another investor, my friend who owns the carpet company we use for our fixers, owns more than fifty rentals. None were purchased "subject to" the existing loan. Many were purchased "all cash" for quick closings, with mortgages added later.
For beginning real estate investors, looking for an owner willing to sell their property "subject to" the
existing loan adds a frustrating component to the search for a profitable property. Today's savvy home sellers just won't sell to a buyer who can't cash them out.
Of course, some investors offer "subject to" and lease-option purchases. But, properties with most of the equity stripped out come with payments too high for rental income to support. These properties make better candidates for owner-occupant home buyers with poor credit who don't mind paying more for a house.
Beware of "subject to" seminars, books, and promotions. This real estate investing method worked last century.
Copyright © 2005 Jeanette J. Fisher. All Rights Reserved.
About the Author: Jeanette Fisher teaches real estate investing and credit college courses. Jeanette is the author of "Doghouse to Dollhouse for Dollars" and other books. For a free report, "Design Psychology for Selling Houses," visit http://doghousetodollhouse.com
Source: www.isnare.com
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