How To Lose Money on Rental Properties
Monday, November 26
I decided to re-post this from Friday since many of you didn’t have a chance to read this incredible story. A real estate investor I’ve known for many years specializes in ‘fix and flip’ investment properties. He will find the “dog house” in a neighborhood, transform it into a “cute house,” then...
Real Estate Flip in 17 Days
Wednesday, November 21
Most real estate investors that specialize in “flips,” can usually turn a property around in 120 days or less. This timeframe of 120 days takes into account the time required to purchase the property, repair and upgrade it, list it for sale, and then complete the sale. A real estate investor I k...
Investors: 5 Steps to Close a Hard Money Loan Fast
Tuesday, November 20
The typical timeframe for a hard money lender to fund a loan is between 1 day to 14 days. But each lender has his or her own requirements for funding a loan, so check with your lender. There are five basic items that will help you close a hard money loan quickly with your private money lender: ...
Competition Among Property Buyers Creates Bidding Wars in Many Markets
Monday, November 19
In many markets, buying real estate is a challenging proposition. Here’s the most common scenario that realtors in Salt Lake City, Utah are seeing: Seller lists property at what seems like a fair price Within 24-48 hours the seller’s agent gets 3-5 offers. The seller pic...
The Best iPhone App for Real Estate Professionals ‘HomeSnap’
Friday, November 16
I recently downloaded and tried out a new mobile app for iPhone and iPad called ‘HomeSnap.’ This app is gaining popularity among realtors and real estate investors. This app allows you to take a photo or “snap” of any home with your iPhone or iPad. The app then spits out information about the pr...
First Rule of Lending: Never Put the Borrower and Lender Together
Wednesday, November 14
This is the number one reason why a good broker is essential in the loan process. The first rule of lending is, never put the borrower and the lender together. This was a hard lesson for one of my borrowers to learn. The investor was ready to fund the loan. The borrower was trying to reach me wh...