"War grows out of the desire of the individual to gain advantage at the expense of his fellow man."Napoleon Hill
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8 Penny Stocks to Avoid
There are many good penny stock investments available, which could turn a small amount of capital into a small fortune very quickly. However, to discover these you need to know what to look for and what to avoid. When searching for that one big payoff, ...
No Money Down Real Estate Investing Programs
Nothing in the last thirty years has excited the would-be real estate consumer as much as "no money down," " no down payment," real estate investing for which we all have to thank Carleton Sheets. Then along comes Ron Le Grand offering "cash back" at ...
Turning Bad Debts into Good Debts through Investing Fundamentals
If you've ever earned enough money to put some aside, like most people you've probably invested it with an eye toward security – since, perhaps, you can't imagine yourself ever getting rich."Most people dream of becoming rich, but it isn't their ...
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1. Search on the world wide web for distressed or foreclosed properties as a starting point. Use a professional REALTOR to identify great foreclosure deals for you. You may be successful at searching the web on your own, but keep in mind some of the information is outdated, some may be incorrect, and some of the available properties are not even listed. A REALTOR subscribes to updated MLS listings and can offer you the most current information available.
2. If you search yourself for distressed properties and purchase from the selling agent, you are paying a commission to someone with a vested interest. Obtain objectivity in the sale by working with your own REALTOR. You won't pay any more. Technically, everyone works for the seller, since they pay the commission.
3. With distressed or foreclosed properties, time is of the essence. Purchasers must close on the date specified by the agency, and cannot close after this without penalties of $25-200 per day.
4. It takes 1-3 weeks to qualify a loan. If you are approved for a loan, make sure you are qualified by your lender as soon as possible. If you are paying by cash, make certain funds are available. If finances are in order, the REALTOR will then submit an offer. When the offer is accepted by both seller and buyer, the REALTOR will submit the ratified contract to the lender and closing agent. These steps will begin the process of a successful real estate transaction.
5. When purchasing a distressed property, always obtain 3-4 bids from different contractors to estimate costs of repairs, if you do not plan on doing the work yourself.
6. If you are going to sell the property after rehabilitating it, ask your REALTOR to research similar properties in the neighborhood to ascertain market price.
7. Keep copious records for tax deductions. Any expenses related to the purchase, repair, or maintenance of the property may qualify. Meticulous records are key to a profitable real estate venture.
8. The title you receive after purchasing a distressed or foreclosed property is a special warranty deed rather than a general warranty deed. Some buyers are alarmed by this, but there is no need to worry. The purchase of title insurance protects the buyer. Each lender purchases insurance to protect the loan as well. Titling insurance should be obtained by the property purchaser. It is always offered by the closing agent. Consider using an attorney instead of a titling company as your closing agent. An attorney is only $50-75 more than a titling company. A real estate attorney can remedy any situation that may arise. Therefore, they are more efficient representatives on time sensitive foreclosure properties.
9. Foreclosure properties require special addendums and special contracts by the individual bank and HUD office (where applicable).
10. Foreclosure properties are potentially the most profitable, but require the most attention to detail. A REALTOR experienced in foreclosure deals is highly desirable because the paperwork must be in order to submit a proper bid, and timeliness is critical.
Elaine VonCannon is a REALTOR with RE/Max Capital in Williamsburg, Virginia, and she manages investment property as part of her business. Her husband Joe is a contractor who collaborates with her on rehabilitation of properties. She has helped numerous clients invest in and make money on property investments in Southeastern Virginia.
vonmor1@cox.net
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 Rally underscores the futility of market timing - International Herald Tribune
CHICAGO : It may be the biggest trap in investing: Trying to predict the direction of the stock market. Many frightened investors apparently fell into it late last week, bailing out of stocks as the Dow careened toward and briefly dipped under 8,000 ...
Survey finds that blacks contribute far less to company retirement ... - Chicago Tribune
CHICAGO (AP) _ In the midst of historic volatility on Wall Street there is a continuing trend of blacks saving and investing less than whites, according to a survey released Wednesday. The difference is attributed to various social and cultural ...
Bank investment plan is more Depression deja vu - Washington Post
SAN FRANCISCO -- The U.S. plan to ease the credit crisis by investing in banks retraces steps taken during the Depression by an agency that accomplished its mission _ but became a sprawling bureaucracy that dissolved amid fraud and corruption ...
Investing Insights - BusinessWeek
The ongoing financial crisis — and even bulls would have to admit after today’s 9% drop in the S&P 500 that it’s not likely to end soon — began in the real estate markets, and it won’t likely be over until some traction is found for sliding ...
Out of the Dark Ages of Investing - MSNBC
The Motley Fool is celebrating 15 Years of Foolishness. Grab your party hats and relive a decade and a half of education, amusement, and enrichment. You've heard stories about dystopian futures. But what about a dystopian past? Flash back to 1993 ...
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