Tips for Real Estate Investors

1. Study Real Estate
Most people want to get rich quick and that doesn't work in Real Estate. Anything you do you most be an expert in it. Real Estate Investors usually get a study course and they read it as it's a book and not a study guide. As a result they are not challenged and they don't put into practice what they've learned. Become a student of Real Estate not a dreamer.

2. Make good relationships with Real Estate Professionals
You have to know some people who have done what you are trying to do. Make contact with them and start networking. A Real Estate Investor must have the basic things to be in business for himself. He or she must have money to support their business. You must buy basic supplies like business cards, brochures etc, you must have a vehicle that at least looks nice you should have a house of your own. How can you Invest in houses and possibly convince others to do the same if you haven't done it yet.There are some people who go against all odds and make it without any of that. Understand that is a small percentage.You'll have a hard time networking with professionals unless you are a professional. Get educated come up with a realistic plan and join some Investors Clubs. You should have good credit, some money, or some good influence. When all of these things are in place you are in a good position.

3. Be realistic it takes time
You must be patient with the process. Gurus will tell you that it takes two months to become a Millionaire and it's possible but unless all of the things mentioned above is meet it will be very hard.

4. Approach Real Estate Moreno Valley Investing as a business
Some people approach Investing in Real Estate as a get rich quick scheme. Something they can make fast money in and leave there jobs. When it doesn't happen they say it's Real Estate or they blame someone else. It's no ones fault you just must understand Real Estate and the process of business. Rome wasn't built over night.

5. Takes money to make money
No money down investing is very popular and you can buy homes without any money of your own. Don't count on being someone who doesn't have a job, is catching the bus, with no money to walk up to all of his friends and family and convince them that you can use their credit to buy Residential homes and apartments. You'll get laughed at.Just like any other business takes expertise and time so will this one. Respect it, understand it and you will be rewarded generously.

This is a great time to invest in Real Estate and it's never too late.

Real Estate Moreno Valley- Doing a home inspection

It's important to understand the home inspection process. In this article we're going go through some basics to doing a general home inspection it's not my intent to make you experts in this area but I just want you to have basic knowledge of how to walk through a house a tell if it's going to be qualified enough for you to buy.

Run the water in the house in all the rooms if the water runs good then your okay. If not you're going to have a problem. Turn the heater on as you walk through he house. Or go and check out the furnace to see if it is working good.

For more news and info on how to get the most out of your home purchasing experience visit Realtor Moreno valley

Short Sale 202 continued...

Just continued from the other post we are still talking about the short sale process. It is a tedious process that takes time but we try to get through it as fast as we can.

* Copies of Bank Statements
If your bank statements reflect unaccountable deposits, large cash withdrawals or an unusual number of checks, it's probably a excellent notion to explain each of those line items on the loan company. In addition, the lender might want you to account for each and every deposit so it can determine whether deposits will continue.

* Comparative Market Analysis
Sometimes markets decline and property values fall. If this is part of the reason that you cannot sell your home for enough to pay off the lender, this fact ought to be substantiated for the lender through a comparative market analysis (CMA). Your authentic estate agent can prepare a CMA for you, which will show prices of similar homes:

o Active on the market
o Pending sales
o Sales from the past six months.

* Purchase Agreement & Listing Agreement
When you reach an agreement to sell with a prospective purchaser, the loan provider will want a copy of the offer, along with a copy of your listing agreement. Be prepared for the lender to renegotiate commissions and to refuse to pay for certain items such as home protection plans or termite inspections.

Now, if everything goes well, the loan provider will approve your short sale. As part of the negotiation, you might ask that the loan provider not report adverse credit to the credit reporting agencies, but realize that the loan provider is under no obligation to accommodate this request. Credit report status is not always negotiable.When needing Real Estate Moreno Valley news or info visit our website.

Short Sale 202

While all lenders have varying specifications and may possibly demand that a borrower submit a wide array of documentation, the subsequent actions will give you a pretty excellent concept of what to expect.

* Call the Loan provider
You may will need to make a half dozen phone calls just before you discover the person responsible for handling brief sales. You usually do not wish to talk for the "real estate quick sale" or "work out" department, you would like the supervisor's identify, the name of the individual capable of producing a decision.

* Submit Letter of Authorization
Lenders normally tend not to want to disclose any of one's personal info without written authorization to complete so. If you are operating having a actual estate agent, closing agent, title corporation or lawyer, you will obtain much better cooperation when you write a letter on the financial institution giving the financial institution permission to talk with those certain interested parties about your mortgage. The letter really should consist of the subsequent:

o Property Address
o Loan Reference Quantity
o Your Name
o The Date
o Your Agent's Identify & Contact Data
* Preliminary Net Sheet
This is an estimated closing statement that shows the sales price you expect to receive and all the costs of sale, unpaid loan balances, outstanding payments due and late fees, including true estate commissions, if any. Your closing agent or lawyer must be able to prepare this for you, if you tend not to know how to calculate any of these fees. If the bottom line shows cash on the seller, you may probably not will need a short sale.

* Hardship Letter
The sadder, the superior. This statement of facts describes how you got into this financial bind and makes a plea to your lender to accept less than full payment. Lenders are not inhumane and can understand in the event you lost your job, were hospitalized or a truck ran over your entire family, but lenders are not particularly empathetic to situations involving dishonesty or criminal behavior.

* Proof of Income and Assets
It is best to be truthful and honest about your financial situation and disclose assets. Lenders will would like to know when you have savings accounts, money market accounts, stocks or bonds, negotiable instruments, cash or other true estate or anything of tangible value. Lenders are not in the charity business and often require assurance that the debtor cannot pay back any of the debt that it is forgiving.

This is just a portion of what needs to happen the rest we'll cover in a later post. For more info on how you can take advantage of the short sales out there contact Tony Thomas for Real Estate Moreno Valley

It's not the perfect time to buy!

They say it's the perfect time to buy but is it?



I When it comes to real estate it goes in cycles and what happened in the past will happen again. It is the perfect time to buy right now don't wait any longer.

The reason why it's the perfect time to buy is the prices are still dropping. You can buy a house that was $400.00 now for $150.00 that is huge savings. Just because there is a big savings that doesn't mean that it's the right time to buy either. When prices drop rent is less expensive and you win all ways around.

The prices are dropping even further and you can afford to wait even more and if you do when the prices go back up you will have gained equity. These are not the only reasons why you buy but it is the most important.

For Real Estate Moreno Valley call Tony Thomas for assist you in any way possible.