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Alaska Real Estate – The Great Outdoors
Alaska is the biggest state in the Union and tends to be a take it or leave it proposition for relocation. For those choosing Alaska, the real estate market is a solid investment.
Alaska
Known as “the great land”, Alaska seems like a harsh,...
Home Equity – Foreclosure Often Not Necessary In Current Market
While driving around your community, you may have seen signs posted on telephone poles that offer “foreclosure help.” These seemingly generous offers to help financially troubled homeowners who are in danger of losing their homes to foreclosure are...
Mortgage Qualification Problems – Low Appraisals
The real estate market in the United States is undeniably hot, hot, hot. This toward pace has resulted in an odd mortgage qualification problem – low appraisals. Here are your options if you get a low appraisal amount.
Appraisals
An appraisal...
Part VI: Home Buyer Terms and Definitions
Recording Fee - A charge for recording the transfer of a property, paid to a city, county, or other appropriate branch of government.
Real Estate Settlement Procedures Act (RESPA) - A federal law requiring lenders to provide home buyers...
Why You Should Sell Your Property Privately
With 70% of potential home buyers looking online to find property and with estate agents charging up to 4% in sales commissions, more and more people are starting to consider selling their property privately.
In this article we’ll examine why you...
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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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