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Begging Your Trust in Africa
The syntax is tortured, the grammar mutilated, but the message - sent by snail mail, telex, fax, or e-mail - is coherent: an African bigwig or his heirs wish to transfer funds amassed in years of graft and venality to a safe bank account in the...
Love The Thrill of Risk? Invest in an Annuity!
With the stock market in steep decline, people are looking for safe places to invest their savings. Many banks and investment companies are pushing annuities. Annuities offer a higher interest rate than CD's, but are they safe? You could view an...
RRIF'S + DEATH = TAXES
First Published Summer 1992 The Registered Retirement Income fund, known as a RRIF, is the most popular option chosen when converting RRSP's into retirement income. In the past, most people would start with a RRIF and only convert to an annuity if...
Shocking Experienced Copywriter Reveals Little-Known Secrets To Closing BIG Ticket Deals!
Hogwash! That’s what I say to people who tell me that their business is purely and solely a "cheapest price business." People who stubbornly insist that "MY business is different" are right, but not in a good way. Their business is...
Why to start business in Ukraine
Ukraine General information Total area: 603,700 sq. km Population: ~48 million Principal cities: Kyiv (Kiev), Donetsk, Zaporizhzhya (Zaporozhye), Dnipropetrovsk (Dnepropetrovsk), Kharkiv (Kharkov), Lviv (Lvov), Odesa (Odessa) Official language:...
 
Real Estate Investors - Remember The Impound Cash

Those new to real estate investing often fail to take action
because they don't have much cash. The truth is that the
very best investors got their start when they had little or
no money.

When you start at the bottom you have to work harder and
smarter. You have to make every penny count... and in doing
so you learn how to put together the most profitable deals.

Right now one of the very best ways for newbies to get started
is to buy property buy taking over the payments of an existing
loan. It's called buying "subject to".

You generate income to make the mortgage payments by quickly
leasing the property. Lease payments pay make the mortgage
payments.

Here's something most investors overlook when buying
"sub to" and why they lose around $1,000 each time they do a deal.

We often buy properties "subject to" the underlying mortgage.
That simply means we give the motivated seller a little money
(if he is really motivated no cash is needed) and take over the
payments of the loan that's already in place.

We have title, but the seller's name stays on the mortgage
loan.

This a popular way of buying property from motivated
sellers. It allows the investor to buy many properties
with very little cash. It also places a severe responsibility
on the investor to stay current with the mortgage payments. You
must be a good landlord and some the rent payments rolling in.

Here's where most investors fail to pick up that one thousand
dollar that is just waiting to be claimed.

When the investor sells that property they often are not aware
that they can get a check from the original lender
for the cash that has accumulated in the loan's impound account.

That is the money collected monthly by the lender to pay the
taxes and insurance. It often adds up to around a grand or more
and it's easy to get if you know what you're doing.

When you buy a property "subject to" the underlying mortgage,
always get all the owners of the property to sign a Limited Power
of Attorney giving you control of anything having to do with
the house in the future. That way you don't


need their cooperation
later, when they've left the area and can't found.

Finally, after you've held the property while it appreciated
in value, you are ready to sell and cash out.

When you have found a buyer and you are arranging the close, send
the lender a request that any balance in the impound account be
sent to you or your company. Always send along copies of the Powers
of Attorney so the lender knows you have the authority to make the request.

Sometimes they will honor your request and sometimes they won't.

More importantly, instruct the escrow officer or attorney
handling the closing of your sale to ask for the impounds.
They will give the pay off instructions to the lender and the
lender usually will follow those instructions without question.

On a recent deal we received a check from a lender for the
impounds in the amount of $1,357.00. Yeah!.. Happy dance!

Was there a catch? The check from the lender for the impound
funds was made payable to the two original sellers whose names
were on the loan. It looked like this...

Pay To The Order Of:
John J. Seller,
Paris W. Seller
c/o The Author's Investment Corp.

Was that trouble? No! Remember we had a separate Power of
Attorney for each of these individuals. We took the check and the
POAs to our bank. We explained the situation and here's what the
bank officer had us do...

On the back of the check, we signed the name of each seller.
After those signatures we wrote:

By_________________ (and signed our own name).

Then we signed our company name and again (By______) and then we
signed our own name and position in the company.

That was it! An easy way to pocket $1,357.00 that too many
investors leave on the table.

Now YOU will never walk away from that extra thousand or so dollars!

If you would like to learn more about buying "subject to" look here...

http://digbig.com/4cgpb


About the Author

About The Author: Mark Walters is an investor and author. You can find his
published material at http://www.CashFlowInstitute.com
http://cfiblog.blogspot.com/

 

Internal Revenue Service
The US government agency responsible for tax collection and tax law enforcement. Includes income tax forms, instructions, and agency publications.
www.irs.gov
 
Tax Information for Individuals
Access to useful information, booklets and other tools from the Internal Revenue Service.
www.irs.gov
 
Tax Center - Yahoo! Finance - Tax forms, tips and calculators.
Yahoo! Finance: Tax - Find all the resources you need for tax season. Review recent tax law changes, estimate your taxes, find tax tips and expert answers ...
tax.yahoo.com
 
Taxes: Tax Planning, Tools and Advice - MSN Money
Microsoft's Tax Preparation site, in association with Tax Server.
moneycentral.msn.com
 
Tax - Wikipedia, the free encyclopedia
Governments use different kinds of taxes and vary the tax rates: ... Taxes are most often levied as a percentage, called the tax rate, of a certain value, ...
en.wikipedia.org
 
H&R Block | Taxes, Online Tax Preparation, Tax Software, Filing ...
Offers online and in-person tax preparation and tax software, mortgages, brokerage and financial services, consumer tips and tax planning information.
www.hrblock.com
 
TaxCut Online | H&R Block | Online Taxes, File Taxes Online ...
File your Taxes online with TaxCut Online. Learn how to file taxes online here.
www.hrblock.com
 
Income Taxes, Tax Returns, Refunds, Deductions and E-File Software ...
Popular tax preparation software by Intuit. Integrates with Quicken, spreadsheets and offers state by state electronic filing.
turbotax.intuit.com
 
Taxes & Estates, Tax and Estate Planning Advice - Forbes.com
Personal Finance - Get tax and estate planning advice and information from Forbes.com.
www.forbes.com
 
Essential Links to Taxes
TurboTax Premier For Federal Returns 2005 Win/Mac, TurboTax Total Tax Solution Deluxe 2005 with State Win/Mac, TurboTax Basic 2005 Win/Mac... ...
www.el.com
 
Government > Taxes in the Yahoo! Directory
Yahoo! reviewed these sites and found them related to Government > Taxes.
dir.yahoo.com
 
Taxes - Tax News for Home and Business from CNNMoney
The latest in tax law updates, news, forms & advice from CNNMoney.com. Includes a refund savings calculator, and interactive tax lessons.
money.cnn.com
 
The Tax Foundation - Educating Taxpayers Since 1937
Devoted to educating taxpayers about tax policy and the total tax burden borne by Americans at all levels of government.
www.taxfoundation.org
 
Welcome to the Vermont Department of Taxes
Welcome to the Vermont Department of Taxes... ... Changes to Property Tax Adjustments in 2007 - updated 10/18. - Tax Expenditures Transition Report on ...
www.state.vt.us
 
Franchise Tax Board Homepage
The department that collects state personal income taxes and bank and corporation taxes for the State of California. Access to forms and tax information.
www.ftb.ca.gov
 
HM Revenue & Customs: Home Page
News and information on tax and national insurance, including downloadable leaflets and forms and the latest news on filing tax returns on-line.
www.hmrc.gov.uk
 
State and Local Tax
Piper Resources; State Tax Rates and Structure ...Federation of Tax Administrators; State Payroll Taxes Information ...Symmetry Software ...
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Quicken.com
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Tax news and advice from Bankrate.com
Information on all phases of tax planning and preparation.
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