How to Prevent Wasting Your Valuable Time As A Real Estate Investor
No matter where you are on the financial ladder or your position in society, we all have something in common, and that is, we all have 24 hours to utilize in a day. With that in mind how many times have you found yourself chasing your real estate investing tail? How much time have you invested in deals that go no where but down the drain?
This is what I suggest you do before you even attempt to look at a property. A few weeks ago I sent you a link to a video I did on how to do a mini-title search, which shows you what kind of liens, judgments and or encumbrances are on the property, so you may figure those factors in when evaluating a property. You can view that video at : http://www.youtube.com/watch?v=BAV0aPhPl-c
Now the question arises; what happens if your state doesn’t provide this type of data available online. Here is a way around that problem! Get 1 or 2 Realtors that you use for the viewing of investment properties and have them do the leg work for you at the courthouse; teach them what I have shown you on the video. Make sure they understand the process for gathering the data before you expend any of your valuable time looking at properties. That being said, the Realtor must do 2 things for you before you agree to meet with them and view the property: 1. verify the property is still for sale and has no other offers pending, and 2. make sure you have a list of all liens, judgments and encumbrances that appear on the property.
If you follow theses simple steps you will leverage your front end time of your real estate investing plan.
Hope this helps.
James Gage
www.JGage.com
Showing posts with label real estate article of the month. Show all posts
Showing posts with label real estate article of the month. Show all posts
Monday, August 30, 2010
Thursday, June 17, 2010
Breaking Real Estate Investing News
Hello All:
James Gage here with some breaking real estate investing news:
The US Government reports that according to their latest stats on loan modifications, 75% of modified home loans will re-default within 6 months after modification.
Get read for the 3rd wave of foreclosures I have been predicting for the last 8 months. Of course, this means $$$ for those of us that know how to take advantage (in a moral and ethical way of coarse) of this situation.
For more information on how you can benefit Click Here.
Be well.
James Gage
James Gage here with some breaking real estate investing news:
The US Government reports that according to their latest stats on loan modifications, 75% of modified home loans will re-default within 6 months after modification.
Get read for the 3rd wave of foreclosures I have been predicting for the last 8 months. Of course, this means $$$ for those of us that know how to take advantage (in a moral and ethical way of coarse) of this situation.
For more information on how you can benefit Click Here.
Be well.
James Gage
Monday, January 18, 2010
Foreclosure News
Hello All:
I just got off the phone with a real estate attorney friend of mine that confirmed what I have been telling you, my faithful readers for the past 3 months! What's that you say? That the 3rd wave of foreclosures has begun to raise its ugly head. He said he can't handle the amount of individuals coming to him seeking loan modification/foreclosure help on properties that have first and second mortgages on them (AKA Prime loans). Also, individuals with home equity loans that are in default are starting to become more numerous!
Most individuals have been living off their credit cards hoping to trend water until a turnaround in the economy; but most have run out of time. My attorney friend said the average credit card debt he is seeing is between $50K - $200K; that means we will also see an uptick in bankruptcies!
If this trend continues, which I don't see any evidence it won't, we will see commercial foreclosures sky rocket! Fasten your seatbelts; this is going to be a bumpy ride…
Remember, those who can recognize trends and patterns, and act on them quickly will always make money in any economy.
Until next time be well.
James Gage
I just got off the phone with a real estate attorney friend of mine that confirmed what I have been telling you, my faithful readers for the past 3 months! What's that you say? That the 3rd wave of foreclosures has begun to raise its ugly head. He said he can't handle the amount of individuals coming to him seeking loan modification/foreclosure help on properties that have first and second mortgages on them (AKA Prime loans). Also, individuals with home equity loans that are in default are starting to become more numerous!
Most individuals have been living off their credit cards hoping to trend water until a turnaround in the economy; but most have run out of time. My attorney friend said the average credit card debt he is seeing is between $50K - $200K; that means we will also see an uptick in bankruptcies!
If this trend continues, which I don't see any evidence it won't, we will see commercial foreclosures sky rocket! Fasten your seatbelts; this is going to be a bumpy ride…
Remember, those who can recognize trends and patterns, and act on them quickly will always make money in any economy.
Until next time be well.
James Gage
Friday, January 8, 2010
Real Estate Investing: Why People Are Not Successful
Hello Everyone:
Here we are beginning another year of real estate, so this month's real estate article will be devoted to starting off on the right foot. We will examine exactly what causes people not to be successful in real estate investing - enjoy and be well.
Why People Are Not Successful In Real Estate
By James A. Gage
Have you ever wondered why most people are not successful in Real Estate or achieve very limited results? All Real Estate techniques and strategies have a learning curve, even Lease Purchasing, AKA Rent to Own which I believe is the only way to control Real Estate. That being said, after you have grasped the strategy or the technique you want to implement - what now! The easy part was learning about the strategy, now comes the hard part which is Negotiating the deal. You can go to all the seminars, buy all the books and tapes on Real Estate investing and still fall flat on your face or come out on the short end of the stick - costing you time and money.
OK, OK if rah rah seminars, boot camps and positive thinking don’t work, what does? What's the SOLUTION?
To read the rest of this article click here
Here we are beginning another year of real estate, so this month's real estate article will be devoted to starting off on the right foot. We will examine exactly what causes people not to be successful in real estate investing - enjoy and be well.
Why People Are Not Successful In Real Estate
By James A. Gage
Have you ever wondered why most people are not successful in Real Estate or achieve very limited results? All Real Estate techniques and strategies have a learning curve, even Lease Purchasing, AKA Rent to Own which I believe is the only way to control Real Estate. That being said, after you have grasped the strategy or the technique you want to implement - what now! The easy part was learning about the strategy, now comes the hard part which is Negotiating the deal. You can go to all the seminars, buy all the books and tapes on Real Estate investing and still fall flat on your face or come out on the short end of the stick - costing you time and money.
OK, OK if rah rah seminars, boot camps and positive thinking don’t work, what does? What's the SOLUTION?
To read the rest of this article click here
Thursday, October 22, 2009
Breaking Real Estate News: Foreclosures
Breaking Real Estate News....
Wall Street Journal is now reporting that a 3rd wave of foreclosures are poised to flood the housing market as early as the end of the month!
As I have been saying over the last few months this 3 rd wave of foreclosures will drive housing prices down again, but in turn will open up unbelievable opportunities for creative real estate investors.
Stay tuned for more info as I mull through it...
Be well.
James Gage
Wall Street Journal is now reporting that a 3rd wave of foreclosures are poised to flood the housing market as early as the end of the month!
As I have been saying over the last few months this 3 rd wave of foreclosures will drive housing prices down again, but in turn will open up unbelievable opportunities for creative real estate investors.
Stay tuned for more info as I mull through it...
Be well.
James Gage
Thursday, May 28, 2009
Real Estate Investing: Why The Up Tick in Foreclosures?
Hello All:
You may be asking yourselves why foreclosure filings are accelerating again? The answer is simple; when President Obama took office in January of this year, most mortgages companies place a moratorium on foreclosures. What this means is that until they figured out what he was going to due about a potential rescue plan for home owners, the best course of action would be to place everything on hold.
Now that the President has revealed his plans, the moratoriums have been lifted and the foreclosures have resumed. Truth be told the President's plan hasn't really helped the majority of individuals facing foreclosures, due to the fact that it is a voluntary program for the banks and mortgage companies.
In my humble opinion if they wanted to really help people facing foreclosure they would have passed the "Cram Down Provision" which would have allowed bankruptcy Judges to decide the fate of individuals facing foreclosure.
You may be asking yourselves why foreclosure filings are accelerating again? The answer is simple; when President Obama took office in January of this year, most mortgages companies place a moratorium on foreclosures. What this means is that until they figured out what he was going to due about a potential rescue plan for home owners, the best course of action would be to place everything on hold.
Now that the President has revealed his plans, the moratoriums have been lifted and the foreclosures have resumed. Truth be told the President's plan hasn't really helped the majority of individuals facing foreclosures, due to the fact that it is a voluntary program for the banks and mortgage companies.
In my humble opinion if they wanted to really help people facing foreclosure they would have passed the "Cram Down Provision" which would have allowed bankruptcy Judges to decide the fate of individuals facing foreclosure.
Monday, March 30, 2009
Creative Real Estate Investing : Real Estate Article of The Month
Here is your Free March 09 Real Estate Article of The Month. This month I will share with you the 6 steps I use with my mentoring students to get unbelievable bargains in a down real estate market.
If you find this article helpful don’t forget to pass it on to a friend or real estate investing colleague or have them visit http://www.JGage for more educational articles and tips…
6 Steps I use to help my coaching students get some of the best bargains on investment properties - even in a down market !
Study The Market Cycle: Homes in general may take longer to sell these days because of pricing, perceived seller value and a more cautious pool of buyers. But that doesn’t mean sellers are any less motivated to move on with their lives. At one time, we thought little of homes sitting on the market for 90 days or more. These days, we seek buying opportunities if a home has been on the market over 60 days-- and are seeing some heavy price discounting from our buyers if days on market goes over 90 days.
Check Tax Records and other Sources: Is there more debt on the home than what it is worth? Has a Notice of Default been filed that would indicate a looming foreclosure? If so, and if this is a home of interest for our buyer, we submit an offer contingent upon the successful negotiation of a short sale (where the lender sells the property for less than what is owed). In this case, either we or professional negotiators deal with the lender(s) to reach the best possible price for our buyer.
Did Owners Pay Cash or Have They Owned Their Home for Longer than 10 Years? These sellers may be in a position to sell at a discount or may be motivated to do so due to life transitions or other investment opportunities. They may also be open to owner-financing for all or part of the home mortgage. Become knowledgeable about installment sales and other creative financing strategies.
Are You Open to Rehab? Homes sold in as-is condition, typically REO (Real Estate Owned) properties, are more likely than others to sell at a substantial discount. Even owners, especially when the home has been on the market for some time, are often overwhelmed with the thought of remodeling and updating–and fearful that their decor choices will not suit potential buyers. In many markets, older or outdated homes are sometimes sold at land value.
Foreclosure Sales: The foreclosures are occurring even in the luxury home market. Highly leveraged homes purchased in the last few years are more frequently ending up on the courthouse steps. Foreclosure purchases, which require cash and carry no disclosures or guarantees, offer both great potential for profit–and big dangers for the uninformed. Bidding should be non-emotional and it is best to have a professional bidding for you–but only after thorough-as-possible research has been done regarding the home’s condition, its history and resale potential. Cracked slabs, structural defects and boundary line encroachments are unwelcome surprises.
Why Check Out The Realtor: If the property you want is listed, has your agent check the other real estate agent’s listing history. If that agent tends to have listings on the market for a long time, you may wish to lower your offer. On the other hand, if the agent prices properties aggressively and has short “days on market,” you may consider coming in near to, at, or over list price. You will likely find those listings already priced at or below market to attract multiple offers.
A combination of patience, perseverance and the ability to move quickly will serve all astute buyers of real estate these days, but the greatest potential of all may lie with properties whose replacement value could far exceed the purchase price--or those with great locations. Therefore, have your mode of financing in place and have your buyers lined up in your database for a quick and profitable transition.
If you find this article helpful don’t forget to pass it on to a friend or real estate investing colleague or have them visit http://www.JGage for more educational articles and tips…
6 Steps I use to help my coaching students get some of the best bargains on investment properties - even in a down market !
Study The Market Cycle: Homes in general may take longer to sell these days because of pricing, perceived seller value and a more cautious pool of buyers. But that doesn’t mean sellers are any less motivated to move on with their lives. At one time, we thought little of homes sitting on the market for 90 days or more. These days, we seek buying opportunities if a home has been on the market over 60 days-- and are seeing some heavy price discounting from our buyers if days on market goes over 90 days.
Check Tax Records and other Sources: Is there more debt on the home than what it is worth? Has a Notice of Default been filed that would indicate a looming foreclosure? If so, and if this is a home of interest for our buyer, we submit an offer contingent upon the successful negotiation of a short sale (where the lender sells the property for less than what is owed). In this case, either we or professional negotiators deal with the lender(s) to reach the best possible price for our buyer.
Did Owners Pay Cash or Have They Owned Their Home for Longer than 10 Years? These sellers may be in a position to sell at a discount or may be motivated to do so due to life transitions or other investment opportunities. They may also be open to owner-financing for all or part of the home mortgage. Become knowledgeable about installment sales and other creative financing strategies.
Are You Open to Rehab? Homes sold in as-is condition, typically REO (Real Estate Owned) properties, are more likely than others to sell at a substantial discount. Even owners, especially when the home has been on the market for some time, are often overwhelmed with the thought of remodeling and updating–and fearful that their decor choices will not suit potential buyers. In many markets, older or outdated homes are sometimes sold at land value.
Foreclosure Sales: The foreclosures are occurring even in the luxury home market. Highly leveraged homes purchased in the last few years are more frequently ending up on the courthouse steps. Foreclosure purchases, which require cash and carry no disclosures or guarantees, offer both great potential for profit–and big dangers for the uninformed. Bidding should be non-emotional and it is best to have a professional bidding for you–but only after thorough-as-possible research has been done regarding the home’s condition, its history and resale potential. Cracked slabs, structural defects and boundary line encroachments are unwelcome surprises.
Why Check Out The Realtor: If the property you want is listed, has your agent check the other real estate agent’s listing history. If that agent tends to have listings on the market for a long time, you may wish to lower your offer. On the other hand, if the agent prices properties aggressively and has short “days on market,” you may consider coming in near to, at, or over list price. You will likely find those listings already priced at or below market to attract multiple offers.
A combination of patience, perseverance and the ability to move quickly will serve all astute buyers of real estate these days, but the greatest potential of all may lie with properties whose replacement value could far exceed the purchase price--or those with great locations. Therefore, have your mode of financing in place and have your buyers lined up in your database for a quick and profitable transition.
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