Tag Archives: investing

Sallie & Freddie Get Kicked in The Fannie!

Sallie & Freddie Get Kicked in The Fannie!

There is a lot of talk these day about the Federal interest rates.

Are they going up, are they going down, what will happen next?

A lot of investors are wondering, distracted and some just waiting for the market to “cool” down before they get in. But the opposite is true!

Now is the best time, especially with this strategy that I am about to share with you. I have been doing this for years. Recently this method went unnoticed, no one cared, it wasn’t on TV, even investors didn’t talk about it at investment groups. But that didn’t stop me, I guess because I like to do things before the waves form. I look out into the ocean and see what’s coming next and start.

This strategy has gained more popularity and status in the recent years because of the biggest bank crisis ever in US history and I will share it with you here…

Did you know that more millionaires were made after the great depression than any other time in American history until recently?? The numbers are staggering and the tables are being over-turned. Here’s what I mean. In 2008, when the “credit crunch” hit the world, banks froze up so much that it seemed like even oxygen was going to be lost…

Jobs were downsized, businesses forced to close, bankruptcies hit all time highs, and sadly people took their lives because they couldn’t handle the pressure of a shrinking economy and a banking strategy that could no longer be trusted.  And that’s when the government had to step in.

This became the newest and biggest financial collapse the world had ever seen.

However, there was a few investors that looked at “rebuilding the economy” as a rehabber would. Gutting it all out. Putting on protective glasses to see through the dust that has taken years to settle and they went to work on a strategy called Owner Financing. A strategy that allows investors to work directly with homeowners WITHOUT the “big” banks getting in the way with their loopholes and “over extended” ways.

I too had a pair of those protective glasses! Let’s just say I have learned from past experiences that it’s important to come prepared so you see when the going is going to get dusty.

When other investors saw what I was doing and how I was still turning deals in a “tight” financing market they wanted some glasses too. So I showed them how to get them and use them to get great deals during this crisis.

Hey, I hope you like my examples here, but the point I am driving home here is that there is a lot of talk from the media about what could or couldn’t happen with interest rates and the economy but don’t let it stop you from investing. Get started now.

At the link below is a training I put together for you on how you can start using this same strategy that I used while everyone was panicking. I was closing deals and making money.

Here it is: http://filthyriches.com/

After you watch this, let me know what you think okay?

Larry Goins, Author

Is it a Modular to the Lender?

Real Estate Article: Larrygoins.comThat is the question! What you think and what the State defines, as a modular home, may not be the same definition a lender uses for a modular home. The lenders’ philosophy is this, “If it walks like a duck, and talks like a duck, it is a duck.’ What they really mean is if it looks anything like a mobile home, i.e. the roof pitch, the shape of the home, is there metal underneath, it is a mobile home.

Modular home dealers in both North and South Carolina will tell you the house is a “true modular home”. And by the states’ definition, it may be considered a modular. However, the state is not loaning you the money. You need to ask if it is being put in place by a crane and is there any metal underneath the house. If there is metal, it is NOT a modular home to a lender! If the roof pitch looks similar to that of a mobile home, it is NOT a modular home to a lender! If the house is being placed on a road or in an area where there are other mobile homes, it is NOT a modular home! Dealers will be able to sell you the home on frame or off frame. Off frame is much more expensive ($4000 -$8000 more). On frame is a mobile home, off frame is modular, but what does the roof pitch look like? (Does it walk like a duck?)

Forgive me for going around and around with this but it can be so hard for some people to understand something when the state deems otherwise. What worries me the most is that lenders have really changed their tune on lending money for mobile homes? A few really bad dealers have ruined things for the honest folks by changing out homes after the appraisals are completed, even on mobile homes with brick underpinning. That 3 bedroom, 2 bath has mysteriously become a 2 bedroom, 1.5 bath overnight. Yes, people are going to jail, but the cost of doing that kind of business is much less than profitable.

Are modular homes a good idea! Absolutely, if you are buying one that looks like a Colonial, Cape Cod, English Tudor, two story, L-shaped regular kind of house. You get the drift, I’m sure. I once refinanced a house on Lake Wylie in the same neighborhood that Larry Johnson lives in (former Hornet). That was a $650,000 modular home and no; it did not look like a really big mobile home! You would never know it was a modular home.

Don’t think that investing in a mobile home park, with or without mobile homes is a bad idea, that is a commercial type loan and it is still a very good investment. All I am saying is to do your homework with a lender who has seen the appraisal and then approved the loan before putting any money down on a modular home. If you should have a question about it, please don’t hesitate to contact me at 803-831-2856. That is what I am here for!