That 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, Read More
Let’s face it, you can’t be everywhere at every time. Although the Filthy Riches premise affords you the luxury of buying and selling properties without ever having to leave your office, your business is likely going to get so busy you’ll need to get help to get the job done. There are two ways you can do this: hiring someone locally or outsourcing tasks as they come up. But who is the best man or Read More
The End Goal is to Keep the Note! The ultimate point to the Filthy Riches approach is to sell your property and hold tight by servicing your note. What do I mean by this? Let’s backtrack a bit. In the Filthy Riches approach, a $30,000 property is bought for $5,000 and then resold for a $1,000 down and the seller (you) holds the remainder of the note through the duration of the loan. This means Read More
I love the real estate investment industry. Everyday, I learn new and interesting ways to structure deals that are fair to all parties and allow all parties to make the money they need to make. Attending meetings offered through your REIA are great ways to learn what others are doing and how those deals can be structured to work for you. Unfortunately, as in every industry there are a few bad apples that can throw Read More
I get calls every day from investors who are new to the business. They get pre-approved for hard money and take out loans and then they start searching for the deals. There are many deals out there, but is it the right deal for you? You do need a down payment of 25% plus unless it is a seller financed deal. You are limited to less than 10 mortgages on your credit. With a hard Read More
Legislators and lawmakers are in charge of creating specific laws to help govern citizens. Some of these laws are created because of a need; others are put into act as a reaction to a certain problem. I’m going to go over some of the current legislative movements, but as you are preparing to buy and sell properties, it’s important to keep abreast of any changing laws and legislative acts that might affect your investments. Don’t Read More
The week before our office closed for the holidays, our office family got together for a small holiday celebration. Together we cooked food and gave thanks for another great year. Below are a few of the pictures from our holiday celebration. Enjoy!
So, you’ve looked over the Filthy Riches concept and you’re ready to get going on your first property purchase. I know what you’re thinking: if I had the money at my disposal, I wouldn’t want to be looking into making money! The thing is, though, raising the funding for your first property deal is not only easy, it’s one of the easiest parts of the whole Filthy Riches program. Don’t forget, we’re not talking about Read More
As a mortgage loan consultant, I have learned to capture my investors’ attention by announcing that I used to be able to get them a 100% loan for a non-owner occupied property. When that was true, I tried to explain to them that 100% financing may not be the best financial structure for cash flow. The thought of getting into a property with no money down is very enticing and there are many ways to Read More
Is seller financing dead because of Dodd Frank? Do you now have to be a licensed mortgage loan office to seller finance a property? Can you finance more than 3 properties as an investor? Many real estate investors think that the regulation called Dodd Frank which takes effect January 10th, 2014 will eliminate seller financing as we know it. I have been researching this and found a very knowledgeable attorney named Clint Coons from Read More