http://www.privatelendingmadeeasy.com Wed, 03 Dec 2008 17:50:01 +0000 http://backend.userland.com/rss092 en Here is how the loan works. I buy the property with cash. The bank (typically a small local bank) will then give me a personal line of credit with the property as collateral. It is important to use this terminology because it seems to be common among small banks. The ... http://www.privatelendingmadeeasy.com/blog/2008/12/02/how-to-use-my-strategy-for-bank-loans/ Are you an expert in the mechanics of fixing up a house? I can’t tell if being an expert in the mechanics of a house help or hinder your chances to be successful. I am not an expert. I would call myself unqualified to comment on any aspect of how ... http://www.privatelendingmadeeasy.com/blog/2008/11/29/how-to-use-expert-mechanics-in-rehabbing-a-house/ Your primary purpose is to stay in front of the REO agents for future good deals. It relaxes them because they will begin to understand that you are persistent and professional in your pursuit. Additionally, it will serve as a constant reminder and keep you on top of their mind. ... http://www.privatelendingmadeeasy.com/blog/2008/11/26/how-to-stay-front-and-center/ If the owner does not have the cash to sell and to pay off the mortgage, the owner may be able to sell on land contract and keep his or her own financing in place. This could be considered a safer method, but it requires more upfront research with the ... http://www.privatelendingmadeeasy.com/blog/2008/11/23/how-to-refinance-a-land-contract/ Do you have realtors whom you know and trust for advice? While I am a realtor, I have seen a lot of bad advice given out by some realtors. At the same time, I have seen a lot of realtors give excellent advice. Only after working with a realtor over ... http://www.privatelendingmadeeasy.com/blog/2008/11/20/how-to-motivate-your-realtor/ The benefit to generating offers without actually presenting them is that you will get the needed practice that is essential to being successful in the business. If you had some offers that were thousands higher than what the property ultimately sold for, then you may have made an error in ... http://www.privatelendingmadeeasy.com/blog/2008/11/17/how-to-have-an-outstanding-feel-for-your-market/ To start, you need to personally know the top 20 REO agents in your area. The best way to get to know them is to meet them face to face at least once. Either show up at their office, or invite them to lunch. At the very least, make sure ... http://www.privatelendingmadeeasy.com/blog/2008/11/14/how-to-get-the-good-deals-first/ When I first started in real estate, I thought that I wanted to buy 100 rental units. I was under the assumption that if I bought them for about 80% of appraisal that they would cash flow $100 per month per unit. If I did this, I would have a ... http://www.privatelendingmadeeasy.com/blog/2008/11/11/how-to-find-a-system-that-works/ Our method for financing deals has evolved over time to match whatever products were available at the time. In the beginning, there was an equity line available that allowed us to borrow 80% of appraised value immediately after closing on the property. In this scenario, I typically bought a property ... http://www.privatelendingmadeeasy.com/blog/2008/11/08/how-to-finance-a-good-deal/ Selling the property with seller financing could be considered more risky than selling via the land contract. There are pros and cons to each. If the seller has enough cash, he or she can sell via seller financing and potentially get their cash back very quickly. It may only take ... http://www.privatelendingmadeeasy.com/blog/2008/11/05/how-to-determine-which-financing-method-to-use/