Do You need FUNDING to be a Real Estate Investor?

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Eventually a Real Estate Investor will hear about a deal that is too good to pass up but their CASH is all tied up in another deal. There are no funds to purchase or repair! Time to borrow money!

But before the phone call is made, Investors need to:

 

 

• Act Quickly before the deal is sold to another investor.
• Ask questions about:
  • Will the owner accept "No Money Down?" If not, what is the minimum down payment?
  • Can the down payment be something other than cash?
  • Will the owner hold paper? If so, up to what percentage?
  • What are the monthly carrying charges? (Insurance, utilities...)
• Determine the properties Maximum Allowable Offer MAO so you can make an offer that is going to make you money quickly.
• Make sure you have multiple exit strategies.

Once you feel comfortable about the terms of the deal, time to dial your Lender's number! Good Real Estate Investors always have funds available 24/7 to take advantage of transactions that magically appear.

Lenders are adverse to risk so here are some questions you should ask the funding entity:

• What states are they licensed to lend money?
• Will they fund the deal based on the After Repair Value ARV (good) or the contracted price on the Purchase Agreement (bad)?
• Will they fund the repair costs?
• Is there a Prepayment Penalty?
• How long can the investor borrow the money for?
• Up to what percentage will they fund? If your contracted price is $150K and they will only fund 70% what is the total amount that they will lend? Answer:$105K. That means you have to come up with $45K. OUCH!
• If needed, can the investor get more time?
• What are the repayment terms? Are these terms negotiable?
• Are there any Closing Costs, Points, Etc.?
• What are the Minimum and Maximum amounts I can borrow?
• Are there funds available 24/7 to take advantage of NEW investment opportunities?

Every real estate transaction is unique so there are different type of loans you can use for each deal depending on the parameters. Here are a few names you have probably heard of:

• Conventional
• Hard Money (Quick but expensive)
• Private Money Lender (Best Option)
• Transactional Funding (Good for Short Sales)

These all serve a purpose and have advantages and disadvantages for real estate investors.

Here is a list of lenders that you can work with. Web Links are below:

Bridge Loan for Multifamily Properties

Bedford Lending Introduces 7% Interest Rate Bridge Loan
For Distressed Apartment Investors

Hard Money Lenders

Brookview Financial

Capital Funding

Financial Help Services

Hard Money Today

Hard Money Lenders Directory

Onward Financial

PeachStone Capital

Rehab Funding

Wooden Nickel Funding

Florida Hard Money Lender

Private Money Lenders

View Alan Cowgill's Private Money Webinar - Raise all the PRIVATE money you need for your Real Estate Transactions.

Mr Private Money

Trajan Financial CORP.

Transactional Funding (Good for Short Sales)

iV Transactional Funding

One Day Funding

Related Links, Blog Postings, Presentations or Articles:

• Palm Beach Mortgage Blog with Andres F. Escobar
• Our Real Estate Investor Funding Web Page

Written by Bob Burns.

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I Love Fort Myers Beach! Real Estate Investor Telephone #: 305-300-6242 email: sec8@planocho.com

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Florida's Hurricane Season and FEMA's Hurricane Preparedness Widget

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Florida's Hurricane Season

One of the biggest pains being a real estate investor in Florida is getting prepared for Hurricane Season. Due to the amount of work, we wait to the last minute before placing the hurricane shutters onto our rental property's windows.

As a result of waiting, problems are going to arise like:

 

• Going to Home Depot.
• Gathering Supplies, if available like:
  • Make sure you buy gloves PLEASE. I can't count the times we have been hurt just because we don't have gloves on.
  • Sun Block, Hats, Sunglasses, etc. Florida SUN is brutal. I find that the weather is beautiful just before the storm arrives. Sort of like "The calm before the storm."
  • Buy Wasp spray! As you are installing shutters on the second floor of your investment property you will find out why you need the spray! The EASY way or the HARD way.
  • A SPEED tool that allows you to secure the screws or wing nuts onto the shutter. You will thank me later!
  • Ladders of various sizes. Buy at least one that adjusts to 40 feet made out of fiberglass, NOT ALUMINUM. Why? Hint: High tension electrical cables.
  • Chain Saw and gas for cutting tree branches away from the property and for use after the storm.
• Waiting in long checkout lines.
• Loading tools and supplies onto your vehicle. Like getting your ladders onto the truck.
• Driving to the property! OK for local properties but what if the asset is in another county? At one point I had several properties in Sarasota, Broward, Miami Beach and Miami-Dade.
• Traffic – People getting out of the storm's path.
• Finding HELP! Try installing these shutters alone! Now try it on 15 other properties. See what I mean.

You are going to work harder than you ever did before. You' ll be so tired that you want the storm to blow away your portfolio of rental properties so you won't have to ever do this again.

At last the second, the storm veer's and never arrives.

You see how crazy it can get?

Oh, by the way, if for some reason you didn't get the shutters up on time and there is damage as a result of the storm, the insurance company will not pay. Just thought I would mention that!

FEMA Hurricane Preparedness Widget

One of the reason I was inspired to write this post, I found a little widget from FEMA that provides you information about getting prepared for the hurricane season or any other disaster. I have installed this widget on all my sites to help my readers make informed decisions. See the widget sample below.

Related Links, Blog Postings, Presentations or Articles:

• See our new Section 8 or Plan 8 Miami Florida Blog. A Section 8 or Plan 8 blog for real estate investors and tenants in Miami Florida. This blog is designed to provide content for real estate investors, landlords and potential tenants who wish to participate in the HUD program.

Written by Bob Burns.

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Post Up! Real Estate Investor Telephone #: 305-300-6242 email: sec8@planocho.com

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Deerfield Beach Housing Authority (DBHA) Opens TheirSection 8 or Plan 8 Waiting List.

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The Deerfield Beach Housing Authority (DBHA) will accept 500 preliminary Section 8 applications for the Program's Waiting List on Wednesday, March 21, 2012.

The Section 8 Wait List will only be available online at www.dbhaonline.org starting at 9:00 a.m. until 500 are submitted.

Any Section 8 submission that is not fully and accurately completed shall be void. Only one per household will be considered throughout the entire process. Anyone that submits more than ONE will be void.

NO TELEPHONE CALLS, FAXES, MAIL-INS, WALK-INS, E-MAILS, OR DROP OFF WILL BE ACCEPTED.

DBHA will only accept 500

Again, the preliminary waiting list will close once 500 applications are submitted online.

To qualify as an eligible family, the total household annual gross income must not exceed the very-low income limits, as shown below, for the household size.

Family Size:	1 Person	2 Persons	3 Persons	4 Persons
Very-Low Income	$25,100	$28,650	$32,250	$35,800

Family Size:	5 Persons	6 Persons	7 Persons	8 Persons
Very-Low Income	$38,700	$41,550	$44,400	$47,300

If you do not have computer access at home, you may go to a public library or any other place where computers are available to access this website to complete the application.

If you need reasonable accommodation for a special needs person, please contact the Center for Independent Living at 1-888-722-6400 or Deerfield Beach Housing Authority at 954-425-8449, five business days prior to the opening of the preliminary waiting list.

For the hearing impaired, please call TDD#1-800-955-8771.

Related Links, Blog Postings, Presentations or Articles:

• Deerfield Beach Housing Authority
• Procedures for Completing the Section 8 Online Preliminary Application PDF

Written by Bob Burns.

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No Boundaries, Baby! Real Estate Investor Telephone #: 305-300-6242 email: sec8@planocho.com

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Obama Prepping Thousands of Lawyers For Election

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President Barack Obama's campaign has recruited a legion of lawyers to be on standby for this year's election as legal disputes surrounding the voting process escalate.
Thousands of attorneys and support staffers have agreed to aid in the effort, providing a mass of legal support that appears to be unrivaled by Republicans or precedent. Obama's campaign says it is particularly concerned about the implementation of new voter ID laws across the country, the possibility of anti-fraud activists challenging legitimate voters and the handling of voter registrations in the most competitive states.
Republicans are building their own legal teams for the election. They say they're focused on preventing fraud - making sure people don't vote unless they're eligible - rather than turning away qualified voters.
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Epic Encounters: King Tut Article

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Epic Encounters was a very enlightening article. It really showed race and political relations between America and Egypt, and White America and African Americans. The King Tut phenomena in the 70’s was more than a simple exhibit in the MET, but a catalyst for talks about middle eastern oil and ancient civilizations. On an international scale the King Tut exhibit was a sign of good relations between America and the Middle East. It showed that we valued their culture, and this opened a door for us to secure oil. On a national scale the King Tut exhibit touched on thoughts about race and white cultural supremacy. Many believed that Egypt became such a dominant civilization because of the migration of Europeans and Asians into that region. This thought was displayed in the way the exhibit was laid out and the through reviews that scholars gave about the exhibit. The African American community did not accept this thought about Egypt and its formation as a great ancient civilization. King Tut represented a role model and a connection to a culturally rich past for African Americans.
This article is really well written and showed the Western European mentality about imperialism and race. America only seemed to acknowledge certain people and cultures when it is convenient for them. Without the riches of Egypt and its accessibility to oil would America have been so inclined to improve relations with this country? If Egypt did not have had such an amazing past would white America have been so ready to put their ancestors in an African country? I think that the answer to both of these questions are, no.

A Consumer's Republic

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I found the subject of "A Consumer's Republic" to be very interesting, as the book made many valid points that are often forgotten today.  I liked that she used many examples throughout her writing to illustrate her various points, including many from the Depression and World War II.  She shows how being a citizen in the United States of America in the post-war era has been drastically redefined by consumerism.  I also enjoyed the arguments she made and examples she gave about women and minorities during this time period, and how the effect they had on consumerism was later redeemed through Civil Rights movements of the 50s and 60s.
After reading this thought-provoking book, I feel much more educated about the United States twentieth century economic history.  Although I thought the book to be very interesting, I also found it difficult to follow at times because of the many long, winding sentences that are a part of her writing style.  I found myself having to re-read sections quite often in order to fully understand her argument.  However, I would definitely recommend this book to others, as it does a great job of depicting and analyzing consumerism.

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June 6, 2012

Voters in California Back Pension Cuts for City Workers

By IAN LOVETT

LOS ANGELES — As Wisconsin residents voted on Tuesday not to recall Gov. Scott Walker — who has become an enemy of labor unions nationwide — two California cities dealt blows of their own to organized labor.In San Diego and San Jose, voters overwhelmingly approved ballot initiatives designed to help balance ailing municipal budgets by cutting retirement benefits for city workers.Around 70 percent of San Jose voters favored the pension measure, while 66 percent of San Diego residents supported a similar measure."This is really important to our taxpayers," Mayor Chuck Reed of San Jose, said Tuesday night. "We’ll get control over these skyrocketing retirement costs and be able to provide the services they are paying for."Statewide, voters also remained very closely divided on a $1-per-pack tax on cigarettes, which would be the first increase in the cigarette tax here in 14 years. Proceeds from the tax would not go to state coffers, but would instead finance cancer research.The tax remained too close to call on Wednesday morning, according to The Associated Press, although opponents of the measure appeared to cling to a razor-thin lead with all precincts reporting.Antismoking advocates, who promoted the tax as the best way to reduce smoking rates, were outspent nearly four to one. Their opponents, financed largely by the tobacco industry, spent almost $47 million in advertisements to defeat the measure.Public employee unions, meanwhile, had fought hard against the two pension reform initiatives.The San Diego Municipal Employees Association brought an unsuccessful legal challenge in an effort to keep the measure off the ballot.Speaking to KPBS, a local television station, Michael Zucchet, general manager of the San Diego Municipal Employees Association, said last month that the ballot initiative would not save the city money.“This initiative doesn’t save anything,” Mr. Zucchet said. “You are basically cutting off your nose to spite your face for pension reform.”Mr. Zucchet did not respond to requests for comment on Tuesday night.But the mayors of both cities pushed the pension reforms hard, arguing that changes to city worker pensions were essential to keep municipal budgets in the black.Jon Coupal, president of the Howard Jarvis Taxpayers Association, said he hoped the initiatives would provide models for other cities and for the state government, where pension reform efforts have stalled. "The appetite for pension reform in California is huge," Mr. Coupal said.Tuesday also offered the first widespread test of the state’s new primary system, in which the top two vote-getters move on to a runoff, regardless of party affiliation.One of the most heavily financed races pit two sitting Democratic representatives, colleagues in the House for 15 years, against each other to represent the San Fernando Valley: Brad Sherman won with 42 percent of the vote, and Howard L. Berman had 32 percent. They will face each other again in the November runoff.