I just got an email from one of my lenders. Fannie Mae is easing their restrictions on investors, and allowing financing of ten properties instead of only four. Hopefully they will reduce down payment limits also.
What I really like about investing in short sales is you will not risk ANY of your money and have virtually zero liability. That's because you can use the the Option paperwork. You simply secure the option to buy the property sometime in future (usually 6-12 months) and you only risk a non-refundable deposit that is usually about $10. You need to see what is considered "consideration" in your state. This is usually less than $100 for almost all states.
People ask me all the time "How did you buy so many properties so fast?" There is no easy answer for this. The process of buying a house gets easier everytime you buy one. It is kind of like starting a new job. Your first day starting a new job is one of the most uncomfortable days of your career. The second day gets a little easier and by the end of the first month you are capable of doing your job in half of the time it took when you started. That is really the biggest secret to my success. Repetition.
Interest is often a landlord’s single biggest deductible expense. Common examples of interest that landlords can deduct include mortgage interest payments on loans used to acquire or improve rental property and interest on credit cards for goods or services used in a rental activity.
Dean Graziosi Weekly Wisdom #10 - A Dean video from well over a year ago. But a great message to hear again!February 3rd, 2009 | posted by deangraziosi
Ever Heard of the Buddy System?
You might remember the buddy system from when you were a kid. It was often used when teaching children to swim in large groups. Basically, two people, the buddies, operate together and look out for each other. It's a way for a swimming instructor to get an instant head count. In adventurous or dangerous activities, the main benefit is safety. Helping prevent one another from becoming a casualty, or to rescue the other in a crisis. Well, you can have a crisis in your quest for success too! So this week, Dean puts a new spin on an old concept, and gives you a little assignment, to make a very intentional choice and use your own version of the buddy system. Watch it now for a tip to make sure you stay on track and TRULY reach your real estate dreams!
In an article posted on Forbes.com on Jan 28, 2009 the objective of seeking out poor markets is highlighted in stats in this article.
This week saw signs of health in the housing market as existing-home sales rose 6.5% in December. As sales have increased, prices have fallen, down 15% to $175,400 for the median home. Home prices are now approaching 2004 levels, which is about a year after the real estate bubble started to form.