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
Monday, August 30, 2010
Wednesday, August 11, 2010
Breaking Real Estate News
Hello All:
James Gage here with Breaking Real Estate News….
Home Owners who have their homes up for sale decreased their asking prices by 25 % in the month of July 2010 according to CNBC ! What does that say about our housing market??? As I have been saying for the last year, we haven’t hit bottom yet and we should price and buy our properties accordingly.
Be well and to your success.
James Gage, www.JGage.com
James Gage here with Breaking Real Estate News….
Home Owners who have their homes up for sale decreased their asking prices by 25 % in the month of July 2010 according to CNBC ! What does that say about our housing market??? As I have been saying for the last year, we haven’t hit bottom yet and we should price and buy our properties accordingly.
Be well and to your success.
James Gage, www.JGage.com
Saturday, July 31, 2010
Real Estate Investing: Will Pregnancy Prevent You From Getting a Loan?
Hello All:
There has been a lot of talk about banks and mortgage companies denying loans to women who are pregnant or have just delivered- is this true? Face value it might look that way, but it just isn't so - let me explain.
First off this has nothing to do with pregnancy. There is nothing new here at all. We are talking about mortgage guidelines! We are in a Full Documentation World now and they, the banks and mortgage companies need to document income and employment.
Here is how Employment and Income is verified by the powers that be:
• Review pay stubs, W2's etc... If the stubs mention disability or maternity leave it is a red flag
• Call the employer: "Does Jane Doe work there?" This call is often made just before closing since guidelines require a "fresh" verification. If the borrower is on a temporary leave it WILL cause a problem.
Why? It is pretty simple, mortgage guidelines require income streams to last at least 3 years to be considered for qualifications. Maternity leaves are not permanent income, they are often only for a few months and may only be a form of short term disability.
Will a loan be denied if some one is on maternity leave? No, But the closing may be postponed until the borrower returns to work. The guideline has always required a pay stub to prove the borrower has returned to work. This is not just for Maternity leave, it could be for any form of temporary disability.
This is not a discrimination item; it is purely an income issue. It is also Mortgage Banking 101... The basics that have been in the underwriting guidelines for decades. So be careful of what you read, and the source is important as well. A lot of the uproar was from an article floating out in the media that sensationalized guidelines as if they were some new 2 headed beast, The media often takes the side of an issue that will sell things rather than inform accurately.
Now that we have that straight happy investing.
To your success,
James Gage
There has been a lot of talk about banks and mortgage companies denying loans to women who are pregnant or have just delivered- is this true? Face value it might look that way, but it just isn't so - let me explain.
First off this has nothing to do with pregnancy. There is nothing new here at all. We are talking about mortgage guidelines! We are in a Full Documentation World now and they, the banks and mortgage companies need to document income and employment.
Here is how Employment and Income is verified by the powers that be:
• Review pay stubs, W2's etc... If the stubs mention disability or maternity leave it is a red flag
• Call the employer: "Does Jane Doe work there?" This call is often made just before closing since guidelines require a "fresh" verification. If the borrower is on a temporary leave it WILL cause a problem.
Why? It is pretty simple, mortgage guidelines require income streams to last at least 3 years to be considered for qualifications. Maternity leaves are not permanent income, they are often only for a few months and may only be a form of short term disability.
Will a loan be denied if some one is on maternity leave? No, But the closing may be postponed until the borrower returns to work. The guideline has always required a pay stub to prove the borrower has returned to work. This is not just for Maternity leave, it could be for any form of temporary disability.
This is not a discrimination item; it is purely an income issue. It is also Mortgage Banking 101... The basics that have been in the underwriting guidelines for decades. So be careful of what you read, and the source is important as well. A lot of the uproar was from an article floating out in the media that sensationalized guidelines as if they were some new 2 headed beast, The media often takes the side of an issue that will sell things rather than inform accurately.
Now that we have that straight happy investing.
To your success,
James Gage
Saturday, July 10, 2010
Real Estate Investing: How to do a Title Search before viewing a property
Check out my video on " How to do a Title Search before you go to a property", find out the information you need before viewing a property: Click Here
Saturday, July 3, 2010
Real Estate Investing: Happy 4th of July
As we spend this 4th of July weekend with family and friends, let’s pause for a moment and think about what this Independence Day really means. As our country goes through hard times, let us remember that the sacrifices of those that have gone before us paid so we may enjoy the opportunities and freedoms which make this the best country in the world.
Happy 4th of July to you and yours, and don’t eat too much BBQ.
James Gage
Happy 4th of July to you and yours, and don’t eat too much BBQ.
James Gage
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
Friday, June 4, 2010
Real Estate Investing: Should You Buy Title Insurance?
Hello All:
Just a quick post to answer a question I received today. The question: " Should I but title insurance both when buying and selling a property?" You should always buy title insurance on all transactions! You should never just rely on research done by the title company, they are human and can miss something and report the title clean, and when you get ready to sell something from previous owners pops up. If you don't have that insurance -YOU are on the hook! Believe me it happens; it happened to me with the first house I purchased.
So don't forget to buy that insurance, you will be glad you did.
Be well.
James Gage
www.JGage.com
Just a quick post to answer a question I received today. The question: " Should I but title insurance both when buying and selling a property?" You should always buy title insurance on all transactions! You should never just rely on research done by the title company, they are human and can miss something and report the title clean, and when you get ready to sell something from previous owners pops up. If you don't have that insurance -YOU are on the hook! Believe me it happens; it happened to me with the first house I purchased.
So don't forget to buy that insurance, you will be glad you did.
Be well.
James Gage
www.JGage.com
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