Should I buy my own home first, or rent and buy investment homes?

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By Adiel Gorel

A classic question I get when talking to a would-be real estate investor is: “Shouldn’t we buy a home to live in first before buying investment homes?”

The answer, of course, depends on where you live.

When considering owning your own residence, there are various layers of reasoning. Some are logic and numbers-based. Some are emotional, traditional and familial.

Owning your own home can be associated with safety, security, having “arrived”, satisfying family members’ aspirations, the stability of having a (hopefully) permanent place to live, and so on.

Of course, everyone has a different set of emotional considerations when it comes to owning a home.

These vary from person to person and, needless to say, are hard to quantify.

In this article I will address the logical, numbers-based approach to the question of whether to buy your own home as your first real estate move, or rent and buy investment homes instead.

The numbers tell the story

If you are considering buying your own home, the price of the home matters, the rent required to rent that same home matters, the local property taxes matter, the mortgage interest rates matter, dwelling insurance rates matter, and even the new 2018 tax law weighs in.

If you live in a market where property taxes are relatively low (say, between 1 and 1.7 percent of the home price per year), and insurance rates are reasonable, then if you are considering buying a home under about $400,000, that should be a “no brainer” as your first step. Between $400,000 and $500,000 would still be a reasonable range to consider buying the home. In such a market, once you step up to the $500,000 range and above, the math may well start to turn as you climb higher in price, in favor of renting a home in the area in which you live, and owning rental homes in more optimal places.

In markets where the property taxes are high (like in Texas and Oregon), and insurance rates are high (Texas again, for example), the “no brainer” number may shrink to $300,000 or so, while the range above which you may consider renting your own home while buying affordable investment homes in other markets, will likely be $400,000 or above. This is because with high expenses for property tax and insurance, (which as a homeowner you would be paying) the overall numbers and logic “turn the corner” faster.

Certainly, in expensive areas like the San Francisco Bay Area, Los Angeles, San Diego, New York City and others such markets, it is usually far more logical to be a renter, while owning rental properties in affordable markets, where rents are actually quite high as a percentage of the home purchase prices.

Buying homes in expensive markets may not make sense

If you are thinking of buying a home in the San Francisco Bay Area for $1,400,000, for example, and if that same home can be rented for about $4,700 per month (quite typical in 2018), the math is in favor of being a renter living in that house. While $4,700 per month appears to be very high (in absolute terms it is), it is actually very low compared to the purchase price of $1,400,000. While renting the house for $4,700 (and not being responsible for property taxes, dwelling insurance or repairs as a tenant), you might, (in this example) use a similar amount as a 20% down payment on the $1,400,000 home (plus closing and loan costs), to buy about SEVEN rental homes in an affordable market, using 20% down on each – all brand new in good areas, for, say, $180,000 each, in a market with low property taxes and low insurance rates.

Each one of these $180,000 homes will fetch a rent of $1,500 per month. Now that is high rent! (as a percentage of $180,000). Seven such rental homes, requiring a similar total down payment as the $1,400,000 which is rented and not bought, will fetch a gross rent of 7*$1,500 per month = $10,500 per month. That is indeed high rent. And these will be brand new homes which are fully under warranty to boot. In addition, the seven new investment homes can be diversified over a larger geographic area or even over more than one metropolitan area.

Sense of accomplishment and satisfaction in purchasing rental homes

Another example could be a potential home purchase of a residence costing $725,000. That property could most likely be rented for about $3,200 per month. For the amount used to put a 20% down payment (plus closing costs), you can rent this home, and buy four brand new rental homes for $180,000 each rented at $1,500 each. Total gross rent: $6,000 per month for the 4 houses, and they can be new, under warranty, in good locations, and paradoxically each may likely be bigger in size and bedrooms than that one $725,000 home, which is also likely substantially older. Again, the four rental homes can also be geographically diversified.

Even the sense of accomplishment and satisfaction of home ownership, may be fulfilled by owning four brand new, good sized and well-rented homes in an appropriate market, while paying a relatively low rent in an expensive market. In fact, the higher the home prices in the expensive market, the lower (relatively) the rent gets as a fraction of the home price. Thus, the savvy investor can pay a bit more in rent and get a bigger, more expensive home to live in, while investing in more optimally-priced markets and choosing areas that have not yet boomed, and which can yield higher rental rates.

The 2018 tax plan

Under the new 2018 tax plan, taxpayers who itemize will be able to deduct their state individual income, sales and property taxes up to a limit of $10,000 in total starting in 2018. For expensive homes in states like California, New York, and others, the $10,000 limit will diminish deductions which could be used before, making home ownership even less logical beyond a certain home price. In states with very high property taxes, even less expensive homes will reach that limit and become less attractive tax-wise. I am seeing many smart Silicon Valley high-tech people, and others interested in living in expensive areas, opting to rent their residence, and buy several (or many) investment properties in affordable markets where the rent numbers are good.

The deductions available for rental properties have not been affected by the 2018 tax law, and in fact a new deduction, the “pass through deduction” was added, which could benefit many real estate investors. The logic behind renting your own residence while buying affordable investment homes has been taken further by the new tax law.

People do not have to buy rental homes in the areas in which they happen to live. I myself own rental homes all over the United States, as do thousands of our investors. Since we have a solid support infrastructure in many appropriate real estate markets, investing in another state becomes easier, since the local teams in that market will handle the rentals, maintenance and support for the investor.

Local infrastructure makes it doable

The local infrastructure in the various markets is comprised of property managers, local savvy real estate brokers, maintenance crews, insurance agents, and any other function needed to support the busy investor, who may live far away. We have many foreign investors, who live across the ocean, invest in multiple rental homes in appropriate markets in the United States.

Different colorful houses suit house shape holes of wooden board, 3D illustration.

Our company, ICG, has been holding 1-Day Expos for over 20 years every quarter with market teams, expert speakers, extensive Q&A and networking etc. near the San Francisco airport. During these events I always cover many subjects in detail, including the subject of this article.

You can attend for free by mentioning this article in an email to [email protected], register online (icgre.com/events) using the code FREEREALTY411, or call us at 800-324-3983.

Looking forward to seeing you.

About ICG and Adiel Gorel:

ICG (International Capital Group) Real Estate Investments was established in the 1980’s. Adiel Gorel, founder and CEO, has been helping people achieve financial security for over three decades, and in that time worked with investors to purchase over 10,000 homes. Gorel is a real estate broker in several states in the U.S., an international keynote speaker, and notable author of three books: Remote Controlled Retirement Riches – The Busy Person’s Guild to Real Estate Investing, Invest Then Rest – How to Buy Single-Family Rental Properties and Remote Control Retirement Riches – How to Change Your Future with Rental Homes. He has been featured on major television and radio networks across the country and in Fortune Magazine. He has also been featured on Public Television with his show, “Remote Control Retirement Riches with Adiel Gorel.” To invite Adiel Gorel to speak for your group, email [email protected] and visit AdielSpeaks.com. For more information on ICG Real Estate Investments visit icgre.com.

Helping Others while Making Money in Real Estate

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By Leon McKenzie, CEO, US Probate Leads

Are you looking for ways to do something meaningful with your life? Studies have shown that all of us, not just millennials, want a job that does good in the world. Helping someone who has recently lost a loved one is one way to do that.

Imagine this: Someone you loved has died suddenly. You find yourself the executor of their estate, and you are thrust into a situation where you must not only grieve the loss of your loved one, plan a funeral, but also take care of numerous legal and financial details to settle their estate. This on top of your already busy everyday life. Wouldn’t you want someone to be able to help you handle some of this work?

Now you, an expert in the real estate industry, are constantly looking for leads. Without a steady stream of properties to look at, it can be nearly impossible to meet your investment goals.  That said, there is an ongoing challenge in finding investment properties in the real estate market due to ongoing tightening on the supply side. You are also looking to do good in the world.

Probates Are a Meaningful Option

While no real estate investor should eliminate a lead source from their business as each of them can yield a gem, whether the traditional, new construction or foreclosure market, there is always room to add another option. Seasoned real estate investors, motivated by a desire to make money while helping others, are turning to probate leads.

While many people aren’t familiar with probate leads, they have been and will continue to be an ongoing source for leads. Probate leads are generated when probates are filed in a local courthouse and can be a great way to add to your options for your buying area. Included in probates can be a wide variety of investments. Having access to these leads is a great way to diversify your lead strategy and give yourself some additional options when looking for properties to add to your portfolio.

What probate leads offer is a way to diversify your lead strategy and include more than just one type of real estate listing. This option can give you ways to find lower priced properties that may have more flexibility in their terms.

What are Probate Leads?

Probates leads include information on property that is part of a legal filing after the death of a loved one. These cases include many types of property that may have been owned by someone who has passed on. This can include homes, vacation homes, cars, RVs, businesses, commercial property, rental property, artwork and other personal property. These cases are listed in each county after the death of a loved one where a probate needs to be filed and are controlled by the local court.

Generally, this property has to be sold in order to pay for medical, tax, legal, and funeral expenses. The court will assign an Executor to handle the sale of the property so that these obligations can be met and the heirs can receive any remaining funds.

By Purchasing Properties in Probate You Can Help an Executor

As part of an overall investment strategy, probate leads are valuable because they often come with very motivated sellers. Executors need to deal with the property that is in the probate filing in order to meet the court requirements. Many times, they need cash in order to pay bills that have been left after the passing of their loved one. Often they find themselves with a lot on their plate in order to settle their loved ones estate while going about their every day life.

Executors may feel lost and overwhelmed and do not have the time, energy, or desire to go through all the usual steps of getting a property ready to sell. They are likely to have just inherited a property that they do not want and that needs updates in order to sell for full price. Typically, the property has a lot of equity because the owner has been making payments for years, or the property may be fully paid off.  This creates a situation where the Executor may be willing to sell the property for a discount in exchange for being able to unload the property with as little work as possible and knowing that any profit is a gift they did not expect.

Finding property at a discounted rate in today’s market is a real challenge, and that is what makes probate leads such an important part of an overall lead strategy.  These properties may be available for thirty to fifty percent off of the market price and are generally available for a quick closing.

Probate Leads are Viable for Quite a While

New users of probate leads may think that the leads would have a short time on the market.  That is not the case. Generally it take some time for Executors to get all of the paperwork filed and to go through their loved one’s things before they are ready to sell. There is also the process of grieving, which can cause Executors to hold onto a property for a time before they are willing to sell it. With these parameters in mind, real estate investors who are looking at probate leads will find that Executors who are selling property may not be ready to sell for twelve months after the filing.  In many cases, the leads are still viable eighteen months after the passing of a loved one.  This allows for plenty of time for real estate investors to make contact with the Executor.

Probate Leads Include More than Residential Real Estate

For real estate investors who are looking to diversify their property portfolio, probate leads can be an excellent source of alternative investments.  While many people start looking at probate leads for discounts on residential real estate, what they soon realize is that probates can include a wide variety of other types of investments.  These can include businesses that are up and running, artwork, jewelry, personal property, furniture, antiques, cars, vintage cars, boats, RVs, commercial property, vacation homes, and rental properties.  It is important to ask each Executor what types of property they have for sale in their portfolio rather than just assuming that it is only residential property.

Get Access to Probate Leads Today

Using probate leads is a great way to find more leads in your area as a real estate investor.  With long term viability and Executors that are motivated to sell, and your desire to be helpful, you will see that probates are a way to quickly find discounted properties.  If you are looking for diversity in your lead package, then you can get access to probate leads easily and quickly by vising US Probate Leads.  We offer county by county listings of the probate leads in your area delivered directly to your inbox.  Each county in the United States is covered by our trained team of lead specialists.  Our team makes sure that you have the leads that you need in order to make your business grow.

Want more information?  You can visit us at www.usprobateleads.com today and get more information on our lead services or sign up.  In addition to our lead service, we also offer seminars, webinars, eBooks, software, and individualized mentoring for dedicated investors.  Contact us today for more information and learn how we can help you to meet your real estate goals.  Call now!

Personal Property vs. Real Property

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By Randy Hughes

It is fascinating to me that real estate starts out as personal property (boxes of ceiling tile, carpet, lumber, etc.) and once it is assembled it becomes real estate. Then, when we place the property into a Land Trust, it again becomes personal property to the beneficiary of the trust. Why is this important? Real estate laws and personal property laws are different. As all of my students know by now, the beneficial interest in a land trust is personal property and there are significant advantages to this truth.

When a piece of real estate is held in a Land Trust and the beneficiary sells the beneficial interest this is a non-recorded transaction. It is completely private and off the radar screen of tax assessors, lenders, transfer tax revenuers and in some states (i.e. CA) sales tax withholding requirements. You even by-pass the Form 1099 requirement (you still must pay any taxes due eventually).

Once transferring property into a Land Trust, the Deed in Trust must include language that makes it clear that the beneficial interest in the trust is personal property. Likewise, the Land Trust Agreement should state that the beneficiary shall have no rights or interest in either the legal or equitable title to the property. The beneficiary’s sole interests are to the rights of management, control, operation and to the receipt of proceeds from rents, mortgage financing, sales and exchanges.

Most rental real estate investors make the beneficiary of their Land Trusts an LLC or corporation (for additional asset protection). When an entity holds a beneficial interest, it should make sure not to lose its legal standing in the state it was formed. Not keeping the LLC or corporate up-to-date (e.g, paying the annual franchise fees and state taxes), effectively causes the beneficiary to lose the rights to the beneficial interest. This is another good reason to designate Successor Beneficiaries even if your initial beneficiary is an entity.

After 46 years of investing in real estate and being a landlord, I can attest to the many benefits of using a trust to hold title instead your name personally. There are only risks and no rewards to owning real estate in your name. Crazy things happen in the real estate business and if you intend to succeed long term you must learn how to protect your hard-earned assets. The least expensive and easiest way to begin your asset protection plan is by using a trust to hold title. Be a smart investor, use a trust!

I encourage you to learn more by going to my FREE online training at: www.landtrustwebinar.com/411  or text “reasons” to 206-203-2005 for my free booklet, “Reasons to Use a Land Trust.” You can also reach me the old fashion way by calling me at 866-696-7347 (I actually answer my own phone unlike most other businesses in America).

 

 

Risk Associated with Selecting Third Party Vendors

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By Dan Harkey

Where does risks begin in commercial real estate lending business?  It begins with your process of hiring highly competent third-party vendors.  Your job is to assemble the most qualified real estate support professionals to eliminate costly mistakes and to ensure the best quality closing.

This includes service providers who originate new loans, process, underwrite, appraise, and eventually close the transaction. This sounds like a broad statement since the process also requires your participation in marketing, to procure the transaction.   Your competency is displayed throughout the process by understanding the borrower’s wants and needs, the loan programs and requirements, property types and characteristics, underwriting skills, geographic locational differences, government regulations, and then hiring professional service providers to match.

  1. Appraiser(s)

It is your responsibility is to identify a well-qualified, licensed, and insured appraiser who is familiar with the geographic location and property type, and various methods of valuation. Hire someone who follows the requirements of Uniform Standards of Professional Appraisal Practice (USPAP). USPAP can be considered to be the quality control standards applicable for analysis and reports for appraisal of real property, personal property, intangible assets and business valuations in the United States and its territories.  A state licensed appraiser must adhere to USPAP standards.  USPAP provides the body of knowledge and performance standards for the appraisal process as authorized by the US Congress (this was part of FIRREA in the early 1990’s and arose from the Bernard Amendment). As noted above, this legislation contains standards for all types of appraisal services, including real and personal property, business enterprises.  It is reviewed annually and revised and updated every two years.  The Real Estate Broker/Mortgage Loan Broker must establish that the appraiser is qualified by license and specific certification to accept the assignment and must be sure the appraiser is state licensed for the type of required appraisal.   This is a mandate by the Bureau of Real Estate Appraisers in California and their equivalent in all states and required in California pursuant to Business and Professions Code Section 10232.6.  In most cases the appraiser must also be approved by or acceptable to the lending source.

The first document you will use is an “order form”, which will document the type of appraisal, by whom and when the appraisal will be paid and “what parties rely on the appraisal”.  If you, as a mortgage broker/lender, are acting as an agent on behalf of private investors/lenders who intend to fund the loan, or you intend to sell or assign the loan following funding the loan with our own capital, then the appraiser needs to be informed that the private investors/lenders have a right to rely on the appraisal report.

You must identify all intended users of the appraisal report or you need to specifically direct the appraiser as to whom the report should be addressed.  To comply with appraisal standards and requirements, and depending on property type, the appraiser will typically conduct a rent survey and an absorption study and will additionally research various market rates for additional indicators such as capitalization rates and discount rates to establish market conditions applicable to a subject property.  In appraising the property, the appraiser typically will research market rents for the property type, research market rent trends in general and analyze historical lease-up or absorption rates for the subject property type.  Depending on the type of subject being appraised the appraiser may also need to include personal property value or may find that the appraisal requires a going concern valuation for an operating business wherein there may be additional value elements such as FF&E, good will or intellectual property.

Choosing an appraiser for a federally insured home loan differs.  It is important to note that neither mortgage brokers, loan officers nor homeowners may select the appraiser for the property on which they want to lend/borrow such funds.  At the current time all such appraiser selections and appraisal orders are handled by Appraisal Management Companies (AMC’s).

“Assumptions and Limiting Conditions” are sometimes thought of as the “legalese” or “boilerplate” of appraisal reports. The “assumptions” relate to the concept of scope of work identified in the appraisal process. The appraiser will lay out in writing assumptions such as the correct legal description, that the zoning is correct for the property use and that the information furnished is true and correct. A “limiting condition” is one that limits the use of the appraisal, primarily by specifying the use and intended users of the appraisal report. That is, who may rely on the contents of the report. However, each assumption or condition must be reasonable and supportable in the context of the appraisal, and not conflict with the “Extraordinary Assumptions or Hypothetical Conditions.”

It is important to review the appraisal section, “Extraordinary Assumptions and Hypothetical Conditions”. This means the appraiser has taken some action or used a method that departs from USPAP standards. The appraiser may have made assumptions that could render the appraisal of little or no value by following outside standards. You may find this when the property is zoned incorrectly for the neighborhood or the property’s intended use, or when comparable are extremely difficult to locate. Some examples of extraordinary assumptions may be: whether all entitlements are complete for a construction project, there is adequate absorption for lease up, that the building conforms to zoning and usage ordinances, that the property construction will be completed timely and on budget, and that there are no environmental concerns.  The appraiser may need to invoke certain hypothetical conditions under some directives by the client.

Extraordinary Assumptions are specific assumptions made and utilized in the development of the estimate of value and which, if found to be false, could alter the resulting opinion or conclusion.  Hypothetical Conditions are assumptions made which are known to be contrary to fact, but which are assumed for discussion, analysis or formulation of opinions.

As a final comment, it is important that you read the entire appraisal. There are issues such as the amount of area vacancy, the applicable capitalization rate, and a discussion regarding verification of zoning or permits that you may want to personally verify. These are not always clear in the first reading. For example, the area vacancy and the application of a capitalization approach may be different in Riverside, CA. than in Newport Beach, CA.

  1. Documentation/ Legal Counsel

I have combined these two together for this reason, some lenders farm out their legal documentation preparation to a third party. Since it is the lender who is responsible for state and federally required documentation, a third party legal counsel or knowledgeable consultant is advised.

Commercial lending is sometimes characterized by loaning to entities such as trusts, corporations, limited partnerships, and limited liability companies. There is a required technical understanding of the laws relating to these entity types, and the documentation differences that each will require. There is another matter of the issue of lien priority. Documentation complexity can be compounded when the issues of lien priority and tenancy are added to the mix. Your borrower may own a property in a family limited partnership, occupy the same property as an operating business which is a corporation, and have other unrelated tenants, who may also own their businesses in different forms of entities.

  1. Escrow Companies

All escrow officers are not alike. A competent, experienced, and highly technical escrow officer is a must. Escrow acts as an intermediary and dual agent, between the principal parties to ensure that instructions and agreements are carried out correctly. The lender’s final closing instructions to the escrow officer should summarize all the conditions that have been met and under what conditions he/she may close the transaction, using the correct title insurance policy and endorsements in place at the recording to ensure lien priority.

  1. Commercial Real Estate Broker(s)

In metropolitan areas, finding a real estate professional who has the background, knowledge and experience of the product type and geographic area is a matter a good referral or inquiry. If the subject property is in a sub market or a rural market, the time should be taken to locate a broker on the front end while the loan transaction is being processed. Brokers in these areas tend to be generalists who list and sell whatever kind of real estate is available. Your job is to locate that one broker who has the specialized skills you may need.

  1. Environmental Engineer

As a lender you have the option of a quick public records search to identify any properties around the subject that may have used contaminants which could affect the property or that would call attention to the need for further inquiry. An example, a data base in California is the State Water Resource Control Board is known as a “Geotracker”. The lender also has an option for a limited phase I, or full phase I to determine whether the property contains or has ever contained identifiable contaminants. The environmental engineer will report that information and will comment on how it may affect the desirability and salability of the property. For properties built before 1978 the issue of asbestos arises. Also lead based paints were commonly used in construction before 1978. Today, the common approach is to do nothing about asbestos or lead based paint if it appears that they are contained or sealed. Adverse findings by the environmental engineer may lead to the need for soils borings, a phase II, or a phase III. Some properties are purchased with the knowledge there is known environmental issues, and that the purpose of the loan may be for mitigation.

  1. Credit report and credit reporting agency

Very little needs to be said about credit reporting agencies. They all use the same data bases to accumulate the historical credit background of a borrower. However, Real Estate Brokers who make or arrange loan transactions in California are subject to 10232.5 of the Business and Professions Code which consists of a summary of disclosures and requirements to investors who may purchase a portion or all the trust deed investment. Section 10232.5 subsection (4) states that the Real Estate Broker must provide the “identity, occupation, employment, income, and credit data about the prospective borrower or borrowers as represented to the broker by the prospective borrower or borrowers”. This is easy to comply with when the borrower is either an individual or a seasoned entity with years of financials, history, and credit. A standard credit report should provide all the information you need. However, loaning to an entity newly formed for the sole purpose of purchasing or holding a property creates an additional question. Do you need to run a credit report on the entity knowing that nothing will show up? The answer is “yes”, and as an abundance of caution, you should also run a credit report on the individuals who created the entity.

  1. Property Inspection/Property Condition Assessment

Some lenders will require a property inspection by a third party who is trained in that field. The Property Condition Report (PCR) is used by purchasers and lenders who take property back in foreclosure, as part of the assessment of value for resale and limiting liability on resale. These reports tend to be very detailed and may require several specialists to evaluate the various components of the property, both real and personal. The process can be expensive costing from $20,000 to $100,000. This form of third party assessment is rarely used in private money loan transactions because of the nature and purpose of the loan request. Limited condition assessments may be available for much less expense.

There are many risks associated with commercial real estate lending, many of which will be written about in subsequent articles. None, however, quite rise to the level of the need to use highly competent and highly skilled third-party vendors. You are the one who has the option to search and hire the most professional vendors. You, your company, and of course your investors, will also be stuck with the results if substandard vendors are used.

Say Cheese! One Reason Your Brand Isn’t a Thing (Yet)

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By Sharon Vornholt

A lot of people would rather have a root canal than actually have a professional photoshoot, but it is one of the top reasons your brand isn’t a thing (yet).  It’s time to schedule that professional photoshoot.

Remember that your brand is the way people feel about you. Pictures tell a story.

Good or bad, they tell a story.  Pictures are one of the most powerful things of all when it comes to telling your story and building your brand. People get to experience how it would feel to work with you through those images.

Before someone makes the decision to work with you, they first want to get to know you.  Great photos on your website and other marketing materials give these folks some insight into who you are. They also help set you apart from your competition.

Quality branding photos are essential for building your brand and the market perception that you are the authority in your marketplace. Perception is almost 100% responsible for how people view you, and it’s up to you to create your brand and that perception.

Remember that your brand is the way people feel about you.

Be Authentic When Creating your Brand

Pictures should always be authentic and show the real you when it comes your brand.  You’ve heard the saying, “You need to be yourself; everyone else is already taken”.

Here’s an example.

Let’s imagine for just a minute you are a laid back, jeans and boots type of guy (or gal).  You might put a jacket on for a meeting or event, but your “MO” is casual 100% of the time. You might put your “dress boots” on for the Christmas party, but that’s about as dressed up as you’re going to get.  Let’s call this person Jordan.

Jordan always shows up as this laid back, casual, very approachable person.  Imagine if Jordan suddenly shows with branding photographs in a suit and tie (or suit and heels). Can you imagine the reaction of everyone that sees those photographs?

They would be saying, “Who the heck is that”?

So just be yourself in all of your branding efforts.

Why Hire a Pro?

This one is easy.  Because you’ll look so much better than if you try to do it yourself.

You’re not just hiring someone with a better camera, but you’re hiring someone that can make you look awesome.  A good branding photographer also has the ability to take your version of you and mold it into something that speaks to your brand.  They will edit and retouch your photos and in most cases, they will be able to shoot you so your flaws are less obvious.  (We all worry about our flaws don’t we?)

Your New Look

Once you have your new photos, it time for a “makeover” of all your sites.  Add your new photos to your website and your social media sites as well as any marketing materials. When done properly, these new branding photo’s will help show people what it feels like to work with you.

Great branding photos will help you be seen.  

Here are Some Tips for the Photoshoot

Wear clothes that you feel comfortable in. This is really important.  You just can’t be relaxed for your photoshoot if you’re wearing something that doesn’t feel good.

Wear solid colors.  Black works well on the bottom. They style of your clothes should your brand personality.

You might want to use an interesting backdrop.  I love brick walls. (Go figure)

This one is for the gals.  Always show up in “daytime” hair and make-up.   (Think back to those old glamour shots). Yuck! No one really looks like that.

Do you have a prop that would make people say “Yes, that’s him or her”?

Think coffee cup, wine glass, golf club, or maybe your signature book.

What about your dog you talk about all the time on social media and always take with you?  Grab a shot with your pooch.

You get the idea.  Props are great for building a solid brand when they are part of who you are.  The most important thing is just to get it done.

 

 

Don’t Leave Thousands on the Table at Closing

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By Kathy Kennebrook (The Marketing Magic Lady)

One of the things that never ceases to amaze me in the real estate business is how many investors leave hundreds or thousands of dollars on the table at closing due to errors in the closing documents. This is an area where many investors need to be educated. Many times investors get excited about the bottom line and forget to check the figures on the documents.

It is a mistake to assume that the HUD or closing statement is correct or that the closing documents are correct. The person preparing the closing statement can make mistakes. In addition, the person preparing the closing statement and documents is using figures that they have acquired from other people who could also make mistakes, such as the insurance company, the Realtors, the lender, home inspection service, or the surveyor.

You need to take the time to read all the documents carefully before closing on any deal. I have personally seen errors on the HUD at almost every closing I have ever been part of. Many investors only look at the bottom line and think “yes that’s enough money” but they fail to look at the whole closing statement, and in doing so possibly leave thousands at the table. I just had a closing take place recently where there was a mistake of a thousand dollars on the HUD. They put one of the buyer’s expenses on my side of the closing statement. I don’t know about you, but I think a thousand dollars is a lot of money to leave behind when you are entitled to it.

If you are looking at a closing statement and you aren’t sure why a figure is there, ASK the closing agent or attorney what it is and why it’s on the closing statement. It’s their job to make sure things are done correctly and all the figures are on the right side of the statements at a closing. Until I thoroughly learned the real estate business, I questioned every closing statement I looked at to make sure there were no mistakes.

There are some areas in particular that should be checked thoroughly. If there is a Realtor fee, make sure the percentages are correct and the payment amount to each Realtor is correct if more than one Realtor was involved in the deal.

Make sure you check the per diem interest to make sure this figure is calculated correctly. There are programs online that can help you with these calculations. I recently had a deal where I was the lender and my borrower was paying me off with the sale of the property to a buyer. When I received my check for the payoff on my note, I had been overpaid by $750.00. The per diem interest and pre-payment penalty had been calculated incorrectly. Had I not caught the error and written a check to my borrower, he would never have known there was an error. His mind was on nothing but the bottom line and he left at least $750.00 at the closing table. Compared to big checks, these may seem like small amounts, but multiply these amounts by how many closings you will do over a period of just a year and it adds up quickly! If it’s your money, you are entitled to it.

Make sure that the figures on the HUD from the insurance company, termite inspection, home inspection, survey, realtors or any other fee that should be carried to the HUD are correct. There have been many times when these figures were either incorrect or there were fees on the HUD that I had already paid out of pocket before the closing. If there are home owner association fees, make sure the pro-rated amounts on these are correct. If there is a home warranty to be paid for the buyer, make sure it shows up on the closing statement. These are all errors I have personally experienced on closing statements.

Check to make sure that the pro-rated property tax figures are correct on the HUD and appear on the correct side of the HUD. If you are due pro-rated taxes from your seller, make sure they show up as a credit on your side of the HUD. If you owe pro-rated taxes to a buyer, make sure these show up as a credit on the buyer’s side of the HUD. If there is a new loan amount or a payoff figure from a lender make sure these figures are correct. Make sure that any pre-payment penalties have been properly credited or charged. If you are paying off a mortgage, also make sure you are not charged a pre-payment penalty when none is due. This is another error I recently encountered on a closing statement.

There are other areas where I have frequently found errors so make sure you check your documents carefully before the closing. It’s much easier to deal with problems at the closing table than have them show up later and have to be corrected. If you are assisting a buyer with closing costs, make sure they don’t charge you more money in closing costs than they are entitled to. If you are assisting a buyer with closing costs and you see a big pay day on their side of the HUD, you need to open your mouth and protest it. Most lenders will not allow a buyer to take any more than 500.00 away from the closing table, especially when it is your money. If there is money left over from seller assisted closing costs, it should be credited to the seller who assisted with closing costs. It shouldn’t result in a big payday for the buyer.

Make sure you also check loan documents carefully. Check the interest rate, the balloon date and amount, and the amount of the note. I had a note and mortgage just recently where I was funding the deal for the buyer and the payee of the note and mortgage was the seller instead of me. They also had the balloon date wrong on the note. It showed a ten year balloon instead of a one year balloon because someone accidentally added a zero.

If there is an interest only payment to be made each month, make sure this is clearly stated in the note and mortgage. Also make sure that terms for late fees are clearly stated if you are the person holding a note for your buyer. Make sure names and addresses are correct and spelled correctly. Make sure you get an amortization schedule whether you are the mortgagor or the mortgagee. This is the best way to track a loan.

All of these are important points to check before any closing occurs. Don’t assume the title agent or attorney will catch the errors. They do many closings each day and they usually are unable to catch every mistake. In addition, very often the title agent or attorney is transferring figures they got from other people such as the Realtor, the lender or the insurance agent so they my not be aware that these figures are incorrect. It’s your deal and your closing, make sure the documents are correct so you don’t leave thousands at the closing table or create title problems later that could have been solved at the time of the closing of the deal.

Make sure all the documents that are to be signed and notarized are done properly. Make sure social security numbers or Tax ID numbers are correct on the 1099 so you are taxed correctly. I just recently had a closing where they put my social security number on the 1099 instead of the corporation that was supposed to absorb the income from the sale of the property. These are all real errors that occur all the time. Make sure you protect your interests when closing on properties whether you are buying or selling or simply holding a note so you don’t leave thousands on the table at the closing.

For more information on all the tools you need to find deals and automate your real estate investing business, visit my website at www.marketingmagiclady.com. While you are there be sure and sign up for my free monthly newsletter.

 

Should New Real Estate Investors Attend Local REIA Meetings?

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By Lex Levinrad

Find the local Real Estate Investment Club in your area and go to the meetings. Attend each meeting religiously. Get involved, become a member and make new friends with other investors who want to learn about real estate as much as you do. Network with rehabbers, wholesalers, investors, mortgage brokers, title companies and realtors at these meetings. If you have very little money to get started investing then know that there are partners, private lenders and hard money lenders at these meetings that will help you. Don’t bring a friend who is not interested in real estate. They will want to leave or they will bring their own opinions which will influence yours. Do bring a friend who is as passionate as you are about learning about investing in real estate. If you are a realtor keep in mind that there are many new concepts that you will learn about that you may have not been aware of previously. Be open to that and also be open to new ideas.

Network effectively. Make sure you have a business card with a photo. Your card should describe exactly what you do and who you are. Your website on your card should match what you do and who you are. If it doesn’t you will not be taken seriously. If you are a wholesaler then have a card that says that. Make sure that you get a good quality business card and don’t go for the cheapest option. Get a professional logo and picture taken and use a thicker card stock and pay someone to design your business card (you can do this on www.upwork.com). Do not act like a know it all at meetings or make like you know more than you do. You are there to learn, and you learn best by listening to others. Find out the smart people who are having meaningful conversations and introduce yourself and listen.  If you don’t understand something ask. Most investors are more than willing to help new investors.

Do not rush to shove your business card into everyone’s face at every opportunity. Instead make the conversation about the other person (amazing concept). Ask them questions about what they do and be interested. Have one or two meaningful conversations at every meeting with someone new. After a few meetings you will begin to recognize the familiar faces. You will also notice the newbies that show up at every meeting. Those are your potential bird dogs. Don’t skip meetings. That is what newbies do. They show up once or twice and then they don’t come back. If you want to wholesale or fix and flip houses you will need to put in a lot of effort. Start by attending meetings religiously and look at it as a work obligation like an important appointment you can’t miss. Some meetings will not be great and you will question why you bothered going (especially if is raining or the weather is bad). Other meetings will be amazing and you will learn new things and make new connections with other investors.

Remember, you need to know people and they need to know you. The way you do that is by showing up every month at the meeting regardless of how small it is or how many people attend. Attend more than one REIA meeting if you can and there are multiple meetings in an area. Yes, there will be speakers presenting at these meetings and they will often end their presentation with a sales pitch. Look past that. Learn from the one-hour presentation.

Remember you don’t have to sign up for every item that is presented to you (beginners pay attention). Avoid the shiny new object syndrome where every week or month you are on to a new strategy or technique that you heard about. There are no shortcuts. Learn and focus on one thing. Become good at that. Then move on to the next thing. Be wary of charlatans. Every REIA has them. If you are the beginner in the room then as Warren Buffett says, “if you don’t know who the sucker is then it’s you”. So be cautious of the scam artists out there (especially the guys promising you low interest hard money loans with upfront fees).

As a beginner your job is to listen and to learn and network and to educate yourself. Only work with people that have referrals and that other members say good things about. The good people will be easy to spot. They will always show up, will have lots of people who have done business with them, and will have many people who say good things about them. Use your bullshit detector radar. Scam artists are quite easy to spot. Go with your gut feeling about a person. 9 out of 10 times you will be spot on.  

 

The Perfect Investment…One Of Real Estates’ Best Kept Secrets

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By Reggie Brooks

When we look at the investment opportunities in the marketplace, we see the same old patterns. “The greater the risk, the greater the reward”. To see where this is played out, look at the stock market. While fortunes have been made in the stock market, fortunes have also been lost in the stock market. Well, if you’re anything like me, you’re going to want to invest where you can gain an edge over your competition. You’ll want to earn higher interest than you can get from anywhere else, and you’ll want to have your investment guaranteed by the strength of our government. Well, hold on to your hats! Such an rare animal actually does exist. It’s investing tax sale instruments. I’ll explain.

We use so many services that are provided by our various counties that we tend to take them for granted. For instance, our firefighters, our police departments, some hospitals, and our school districts are all services that would strongly affect us if they were to suddenly loose funding. So, where do they get their funding? I’m glad you asked. They get it from “property taxes”. But you have to understand this part. This is where you and I as entrepreneurs can make money…

Our government is smart. They know that the average person has an aversion to paying their taxes. That’s why the various state and local governments have enacted laws that provide for very heavy penalties when a person does not pay their property taxes. Then, the government will allow us to pay up the owner’s back property taxes and whatever other fees that have accumulated, and essentially step into the government’s lien position (this is BIG)! Now, the delinquent property tax payer has to pay you instead of the government. And they’ll pay you big! I’ll explain.

When you invest in tax sale instruments, be aware that there are certain states that are tax certificate states, and other states that are tax deed states. A tax certificate state essentially sells to an investor the right to collect interest on unpaid property taxes. The state law sets the amount of interest that the investor can collect. On the other hand, a tax deed state will let the interest and penalties pile up against the delinquent tax payer. If the delinquent amount is not paid within a certain period of time (this is the Redemption period. We’ll talk about the Redemption period in a few minutes) the property will be sold at public auction.

This is our opportunity to possibly acquire property for pennies on the dollar, or make significantly higher than market returns on our investments. These high return on investment interest rates are guaranteed by law to stay high. They don’t adjust based on what any market is doing. They are set by law, and they don’t change. If you invest in Arizona for instance you will earn 16% on your money. Even if you tell them that you only want to be paid 12%, they’re going to pay you 16% anyway.

The only thing that can change the amount of money you make in your investment is a change in the state law. What are the chances of that happening?? Many counties will allow you to invest in these tax instruments by simply mailing in a check. Some will allow you to pay with a credit card, and some will even allow you to invest in these money making tax sale instruments over the internet! Can it get any better?

Here’s something else you need to know. A delinquent tax payer will be given a short grace period where they can pay their taxes without having to pay a penalty. When the grace period expires, the Redemption period starts. The Redemption period can run anywhere from 6 months to 5 years, and will allow our delinquent tax payer to pay the delinquent taxes, accumulated interest, and penalties, and they would then redeem their property. If payment is not received by the end of the redemption period, the local taxing agency will generate a list of liens to be offered at the next tax sale, a “Notice Of Sale” is advertised in a newspaper of general circulation, and the “public auction” scenario is initiated. In some cases the notice of sale will appear in the newspaper 2 to 3 weeks before the auction date. This period is to allow the delinquent tax payer a little more time to pay the back taxes, interest, penalties, etc. If these amounts are not paid, and after many public and private notifications to the delinquent owner, the property can be seized and sold at public auction.

You can greatly reduce your risk by diligently doing your research. It might be wise to do a title search just to make sure there won’t be any unpleasant surprises. Watch out for property that have an IRS lien, or that might be going through bankruptcy. These can become nightmares.

Are you ready for some more exciting news?? This is the part that I like best – all of the junior liens get wiped out! Understand just how big this is. Some of you might not know that in a foreclosure sale, liens that were recorded after the lien that initiated the foreclosure, will be wiped out. Keeping in mind that the laws can differ considerably from state to state, a tax lien is usually considered senior or ahead of the first lien. If you foreclose on a delinquent tax lien and you end up with the house, you’ll own that house free and clear of any liens!!

If you’re looking to improve on the meager little return you’re getting at your local bank, how would you like to earn 18% interest on your money guaranteed, and your checks come straight from the government? If you wanted to invest in tax certificates in West Virginia, you’d earn your 18% return! And if the property is not redeemed within 18 months, you could foreclose and end up with the property.

Maybe you’d like Delaware a little better. Delaware is one of the best places to invest on the East Coast. Investing in Delaware can get you a big 20% return, and if the delinquent tax payer doesn’t redeem his property within 12 months, you get the deed.

In Maryland, you can earn 24% on your money, depending on which county you decided to invest in. The Redemption period is usually 1 year, although it can be as little as 6 months.

If you want to go to Illinois, you can do pretty well. Depending on the type of property involved you can get 18% return if the delinquent property owner redeems the property within 6 months, and 36% return if the property is redeemed after the 6 month period.

Or, maybe you might like to invest in Texas. As an investor, you’ll earn a 25% return on your money if the property is redeemed within the first year. If the property is redeemed after one year and one day, you’ll earn 50% return on your money. Depending on the type of property, the redemption period can be as little as 6 months.

Investing in tax deeds and tax lien certificates can be a fun, risk free strategy to create big income, or an opportunity to capture investment properties for pennies on the dollar. Remember, when you take over ownership of one of these tax delinquent properties, you own them free and clear. There is no better way to get your money working super hard for you than by investing in real estate secured tax sale instruments.

 

Real Estate Investing With No Money Or Credit

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By Laura Alamery

So, you want to be your own boss and do not want to put a lot of start-up capital into your venture. You have been researching which business options might be best for you and keep reading about real estate wholesaling and other strategies that allow you to make a profit in real estate investing without putting any money down or having credit checks performed.

It is not too good to be true! There are a number of different directions that real estate can take, and the no money, no credit path has many options.

  • Wholesaling
  • Co-wholesaling
  • Subject To Sales
  • Seller Financing
  • Transactional

Excelling in each of these areas requires the proper knowledge, as well as the people skills necessary to grow your real estate investing business. Regardless of the real estate direction that is chosen, building solid connections with others in your community will grow your business faster than any other sales or marketing campaigns that exist.

What is Wholesaling?

Let’s start with the most important players involved in a real estate transaction. The seller, the buyer, and the person who facilitates the sale. Most commonly, the facilitator is a real estate agent. They list the property for the seller, or scout available properties for the buyer, and they most definitely need to be licensed by the state the transaction is taking place.

Real estate wholesalers act similarly, to an extent. Like agents, wholesalers are always on the lookout for sellers. Unlike agents, most wholesalers are looking for properties that are selling at a very serious discount, in order to resell it at a higher price and make a sizeable profit.

Wholesaling requires dedication and the people skills to build a comprehensive database of both sellers and buyers. And is a common niche for new (and veteran) real estate investors. The wholesaler finds the contract and either assigns the contract to a buyer at a higher price or has a double closing, meaning the wholesaler technically buys the property but then immediately resells it the same day.

Co-Wholesaling

Connecting with other wholesalers can expand both your customer list and your bank account. If you have a buyer looking for a specific property, a fellow wholesaler may have the perfect place. Generally, the wholesale fee is split between the two and both can profit from the sale.

Another advantage to co-wholesaling is that it opens your customer base to include more opportunities. Often times, wholesaling is where investors meet and connect to collaboratively purchase a property through a real estate investment trust (REIT). Working together can work wonders! Investment properties such as this are often large commercial buildings that significantly impact the community.

Subject To Sales

Subject to real estate transactions are the best option for those with no or bad credit. This agreement is between the seller and the wholesaler or investor. No down payments are made or credit checks performed, as the buyer ends up simply assuming the mortgage.

There are a few things to be aware of before entering into these types of deals. In the mortgage contract, the lender has the right to call the note due at any time, in full. Speaking with the bank before the transaction is a good idea to know where you stand going in.

Rarely does happen, as the lenders are simply happy that the loan is getting paid. This is a great example of why wholesalers are always looking for distressed properties. Homeowners have many reasons for needing to relinquish responsibility of their property. Wholesalers make the transition easy, as they already come with a list of buyers, the seller does not have to go through the hassle of listing and showing, and the sale usually happens quickly.

Seller Financing

Another great option that does not require money down or credit checks is when the seller will provide the financing. How this works is usually that the seller keeps the property in their name and the buyer simply pays the seller instead of the bank.

There is also usually an option for the buyer to make the purchase once they are in the position to make the down payment or get a mortgage of their own. Sellers like these kinds of sales because they have a steady stream of monthly income from the payments.

Transactional Funding

Here is where those relationships that you have been building are going to come into play. Bank loan officers are a necessity to wholesalers and their relationship should be as important as the buyers and sellers.

A great example of when transactional funding will come in handy are bank owned and short sale properties. These properties often sell at bargain prices and a substantial profit can be made. Unfortunately, these sellers do not allow assignment of the contract or double closings, and do require cash at the end of the deal.

Finding Your Place in the Real Estate Investing World

Real estate can be overwhelming and finding the niche that works best for you is important to maintaining a successful and lucrative business. Once the journey begins, so many doors will open with possibilities of avenues to pursue.

The options outlined here are some of the most common areas for new real estate investors. Once a few sales have taken place it will be easier to determine which speciality is right for you. A very big part of real estate investing is relying on your intuition and listening to where you feel most comfortable will only help build your business, portfolio, and bottom line.

Enlisting the help of experienced investors, and finding a mentor who wants to help, can catapult your business into the next level. There are so many things to learn when it comes to real estate, and while much of it is simply learning by experience, there are options to make it easier. The knowledge of those veteran investors and agents is invaluable and learning from their mistakes can save you many.

Start building your real estate investment portfolio with little to money down, with no credit checks, by following these noted strategies. And watch your business take off!

Just DO It: BE the difference you want to make

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By Karen A. Walker

You want to make a difference? Start by BEING the difference. And if you’re serious about being the difference, start with trust.

Famed leadership consultant Stephen R. Covey said it best: “Trust is the glue of life. It’s the most essential ingredient in effective communication. It’s the foundational principle that holds all relationships.”

John Aaron and Gene Simmons, co-founders of Florida-based Prestige Executive Funding, have each independently put mutual trust and the strength of honoring their word primary in their real estate and lending relationships long before they partnered together to better serve their sophisticated clients.

In fact, trust is so fundamental to everything they do in business that it’s second nature to them, and to their team. 

Trust is an integral part of every transaction in which they participate, regardless of client sophistication, background or anything else…. that is, regardless of anything else except the equal trustworthiness of their clients and their arrangements.

Noteworthy

This year, at age 29, John Aaron was featured in Forbes magazine’s “30 under 30” highlight.   He achieved consistent success in the fix and flip marketplace with, according to Forbes, more than $100 million in residential properties purchased and flipped at the time of the article.

Gene Simmons, co-founder and co-president of Prestige Executive Funding, says Aaron has about 80 properties in his portfolio at any given time. Parlaying his residential fix and flip success into the commercial arena, Aaron is also purchasing large commercial apartment buildings, developing modern waterfront properties, condominiums, hotels and retail properties.

But Aaron would rather DO it than talk about it.  He’d rather lead by example than tell you what to do.

For Aaron, his early character traits and principles of good business remain the same as they did when he first started: Focus, Integrity, Quality, Consistency, a lot of Hard Work, and Giving Back.

Just for the record, Giving Back is a core motivator for Aaron.  Years ago he launched a nonprofit foundation and, as Simmons describes his young, motivated and sharp partner, “Aaron is always doing stuff for the community.  He’s at soup kitchens a lot and helping homeless and those in need. He likes going into an area, purchasing retail and bringing much needed jobs and opportunities into areas where people are struggling. He does at least five major service-oriented events a year. That’s a big part of who he is.”

New York to Florida

Gene Simmons comes from the other side of the real estate development and investment business; the lending side.  Originally from New York, he relocated to Florida years ago.

At this point in his career, with more than 20 years experience in mortgage and loan business, he’s seen his share of ups and downs in the industry.  He’s also seen—and chosen to live by—the timeless principles of good ethics and honoring one’s word, regardless of what this or that other lender is doing.

Those principles have served him well, even through some wild years for some sectors of the lending industry.  But Simmons never veered from his core path of excellence in service, good ethical practices, and high-quaiity loans.

For Simmons, it’s not solely about the money or the profit.  He takes a longer view.  For him, it’s always been about building solid, trustworthy and valuable, long-term relationships with his clients.  This makes his partnership with Aaron a solid one.

Early mentors

Both Aaron and Simmons know their area of expertise so well that they practically could do it, excellently, in their sleep.  But when you talk with either of them about their beginnings, they are each quick to point out excellent mentors in the beginning of their careers.

For Simmons it was an early boss in the loan business.  The man was renown for not only his nimble and creative loan solutions, but also, and more importantly, for the ethical way he did business. Every. Time.

For Aaron, it was a real estate investor guru. Again, this mentor was bold, challenging his mentees and always available when a student needed help. Above all, he was ethical to the core, and Aaron valued that.

But mentors without students who are willing to follow the advice of their mentor yields no fruit.  The students themselves have to be willing to DO what they are challenged to do, even if it is out of their “comfort zone” and doesn’t seem to make sense at first. 

Both Aaron and Simmons were willing to take those newbie leaps of faith, to take advised action, to “just do it,” but only because of the high level of proven trust they each had for their early mentors.

Now they, in turn, are trusted guides for their team, for each other, and for their select clientele.

Customized Solutions

“Each deal we do is customized,” says Simmons, whose first-hand, creative, ethical funding examples lie ready for sharing when the need arises.

“We are a full service commercial lending source,” continues Simmons, who often recognizes ethical, creative financial solutions that are unique for each client’s situation long before others even—if ever—figure them out.

“Our staff has over 30 years experience and are able to structure financing requests in just about every aspect of commercial lending. We cater to Corporate Executives, Music Industry Executives, Entrepreneurs and Professional Athletes as well as Entertainers and Actors from Television and Film. We pride ourselves in being extremely competitive and honest . We work closely with our more than 100 institutional relationships in order to meet our client’s customized needs, and to guide our clients every step of the way.”

Prestige Executive Funding primarily serves sophisticated clients since they are capable of, and truly enjoy, providing customized, sophisticated solutions that create exciting win-win-wins for all parties, including the local community.

Summary

In sum, Prestige Executive Funding (FundMePrestige.com) finances and provides a wide scope of investment opportunities and solutions, including Office, Industrial/Warehouses, Multifamily, Mixed Use, SBA, Lines of Credit, International, Churches, Equipment Financing, Factory, Hotels/Motels, Hard Money Loans, Private Equity Mortgage, Bridge Loans, and Development Financing.

What do you call any partnership with two trail-blazing, ethical real estate investing and lending entrepreneurs? Unstoppable. Successful. A win for all parties.

Put a more practical way, Prestige Executive Funding provides access to institutional capital, family office funds, and direct private money for funding all types of real estate investments. Lending in all 50 states. Up to 90% LTV, Prestige Executive Funding represents a group of investors who have financed more than two billion dollars worth of loans nationwide. Loans from $1 Million to 100+ Million.  Learn more at www.FundMePrestige.com.