September 24th, 2010
Hello and Welcome to Xima’s Webinar Training Archive for September 24th, 2010. Here are some of the questions our subscribers asked in today’s training. Please watch the video to see the answer to all these questions and more:
- Q: How 2 find Pre-Foreclosure lead on XIMA USA?
- Q: When I search 33068 for Discoiunt report I get Map shape/ polygon is required… What is that?
- Q: 54 Short Sale in how long? 6 Ms or 12 mos
- Q: Can you please tell me if I can find a property that would have a Deeded Boat Dock? Or a Boat Dock?
- Q: Is there a Basic Xima Class? When is it offered?
- Q: What is the Realtors Website?
- Q: Does Xima work on Commercial properties as well?
- Q: question:is there any way to exclude multiple banks from the mortgage search at the same time? I know we can excluded them individual, how about more than 2 at a time? Thanks
- Q: Are all the videos on the www.map2equity.com or are any on the XIMA site?
- Q: How does the system determine Market Value?
| Q: How can i find the mailing or contact information for the property owner |
| Filed Under: ReiFax Trainings Archive Tagged with Banks, Foreclosure, Google, Hello, Map, Mortgage Search, Polygon, Property Owner, Realtors, Shape, Short Sale, Subscribers, Time Thanks, Webinar, Xima |
Aug
21Quick Update on Kenny Rushing’s Free House Giveaway
Posted By: Ramon Rivas on August 21, 2010 at 12:31 pmIt looks like Kenny is really serious about giving away a free house. Here are some updates about it:
Kenny wants you to feel what it’s like to have houses deeded over to you FREE & CLEAR, just like his students do, so he is Giving Away THREE FREE Houses, No obligation, no strings attached, and he’ll even pay the 1st years taxes and insurance for YOU!
And once YOU win your house, you can do WHATEVER you want with it!
• Imagine the profit you’ll make flipping a house you own for FREE! Or…
• Enjoy the cash flow from renting your FREE house with no mortgage payments!
Or…
• Feel the security building a nest egg by holding a free and clear house! Or…
• Be charitable and give it to your favorite non-profit! Or…
• Give it to a long lost cousin, who could use FREE a place to live!
What you do with your FREE HOUSE is up to you.
Enter to win right now. The winner will be announced on a special call Monday night, August 30th.
About these houses:
In case you’re wondering, these houses are NOT junkers. In fact, they are clean houses that only need minor cosmetic repairs. They are also NOT located in war zone areas – they are nice areas with good rental history.
As the lucky winner you get one of these THREE (3) houses FREE and CLEAR. Kenny will even pay the taxes and insurance for one full year!
You can do anything with your new house, sell it for 100% profit or hold it for rental income and equity. If you choose to rent it for cash flow Kenny will even put you in touch with a local property management company so you won’ t have to do ANY of the work, and you still cash flow from YOUR FREE HOUSE!
Why is Kenny doing this?
It’s simple; Kenny wants to prove to you his unique strategies work. No one else is teaching the stuff you’re about to discover when you enter the giveaway. You’ll learn how to get houses for free, by ethically “stealing” properties straight from banks in bulk – just like Kenny and his students do every day!
1. Use hard money lenders. Ask around or find these online. These lenders specialize in short-term loans at high interest. Typically, you use this type of financing for a “fix and flip.” You can get the money fast, and if you make $30,000 on a project, who cares if you paid $10,000 interest in six months?
2. No-doc or low-doc loans. With these loans, no (or low) documentation of your income or credit is required. You can find banks that do these online now. You’ll only be able to borrow 70% to 80% of the purchase price or property value. However, if you have 10% in cash, you might be able to borrow the other 10% or 20% from a friend or the seller.
3. Seller financing help. Sometimes a bank will loan you 90%, and allow the seller to take back a second mortgage from you for 5%, leaving you needing only 5% for a downpayment.
4. Land contract or “contract for sale.” Called other names as well, this just means the seller lets you make payments, and delivers the title upon payment in full. I sold a rental this way for $1,000 down, because I wanted the 9% interest, and the higher price I got.
5. Credit card advances. Suppose a seller will take $10,000 down on a fixer-upper that you expect to make $20,000 on. Why not use credit cards? If your card limits allow for repair money too, this is a true 0-down deal for you, and if you turn the project in six months, you will have paid maybe $1,000 or $2,000 in interest on an 18% credit card. Don’t let $1,000 get in the way of making $20,000.
6. Use your retirement accounts. The laws are pretty complex in this area, but you can check with a tax attorney to see how you might borrow from your own retirement account to finance real estate investments.
7. Borrow from friends and family. If you go this route, keep it all business. In any cae, loaning you money at 7% isn’t a gift if their money is getting 2% in the bank.
8. Use real estate note buyers. Suppose the seller needs cash. He raises the price, and sells to you for $100,000 with no money down, taking back two mortgages from you for $90,000 and $10,000. He arranged (or you did) for a note buyer to pay him $80,000 cash for the first mortgage at closing, getting him the cash he wanted. You pay two payments now, one to each note holder, but you got in with no money down.
9. Borrow on another property. If you take out a home equity loan for a vacation, and then forget to use it for that, you can later use the money for the downpayment on an investment property, without violating the rules of the bank that gives you the primary mortgage. In other words, you got in with no cash of your own.
10. Start partnerships. For bigger projects, you could arrange for five investors to each put money into a partnership, with your share being the management responsibility instead of cash.
Remember, these ten creative real estate financing techniques are just to get you started.
Do all the creative financing techniques you hear about really work? Yes, actually. They probably have all worked somewhere for someone at least once. The point isn’t if they will all work for you. The point is to know what is possible, so you can find your own creative ways to invest in real estate. Here are ten methods to get you thinking.
2. No-doc and low-doc loans. No (or low) documentation of your income or credit required. Again, you can find banks that do these online now. The catch is that you will only be able to borrow up to 80% of the purchase price or property value. If you have 10% in cash, you might be able to borrow the other 10% from a friend or the seller.
3. Seller-carried second mortgages. Sometimes a bank will loan you 90%, and allow the seller to take back a second mortgage from you for 5%, leaving you needing only 5% for a downpayment.
4. Land contract. Called “contract for sale” or other names as well, this just means the seller lets you make payments, and delivers the title upon payment in full. I sold a rental this way for $1,000 down, because I wanted the 9% interest, and the higher price I got this way.
5. Credit cards. If a seller will take $10,000 down on a fixer-upper that you expect to make $20,000 on, why not use credit cards? This is a true 0-down deal for you, and if you turn the project in six months, you will have paid $900 in interest on an 18% credit card. Don’t let $900 get in the way of making $20,000.
6. Retirement accounts. The laws get pretty complex in this area, but you can check with a tax attorney to see how you might borrow from your own retirement account to finance real estate investments.
7. Friends and family. Keep it all business, if you use this source, but loaning you money at 7% isn’t a gift if their money is getting 2% in the bank.
8. Note buyers. The seller needs cash. He raises the price, and sells to you for $100,000 with no money down, taking back two mortgages from you for $90,000 and $10,000. He arranged (or you did) for a note buyer to pay him $80,000 cash for the first mortgage at closing, getting him the cash he wanted. You pay two payments now, one to each note holder.
9. Get a loan on other property. Interestingly, if you take out a home equity loan for a vacation, and then forget to use it for that, you can use it for the downpayment on an investment property, without violating the rules of the bank that gives you the primary mortgage. In other words, you got in with no cash of your own.
10. Partnerships. For bigger projects, you could arrange for five investors to each put money into a partnership, with your share being the management responsibility instead of cash.
Aug
14How to Sell Your Home and Create a Cash Flow
Posted By: Ramon Rivas on August 14, 2010 at 8:29 amThe information in this message is designed to help you understand about creating trust deeds, real estate notes, or if you have a business and have contracts you also have a business note which will bring you a cash flow that you can receive monthly payments, which brings you steady cash flows. You can also have the option to sell whole or part your real estate notes, trust deeds or business notes. The whole idea here is to first elevate your potential of meeting a home buyer to sell your home to.
Time and time again you might find houses that are for sale but are on the market for a very long time. Most of the time home buyers don’t qualify for a 100% loan and must get 2 loans to equal the 100%. The home seller can offer “Seller Financing” in order to get the house sold.
The home seller has one objective and this to sell that property as quickly as possible. To do this you can create a trust deed which is secured by real estate. This is a real estate note. The real estate note has several purposes and the most important reason is to help the home seller close on the house.
The trust deed that you now have is because you agreed to finance the home buyer so that the buyer could get the house and you can your cash at closing.
Not only do you have cash at closing but you now have a real estate note that you will be receiving monthly payments on from the new home owner. Your home is sold and you have residual income from the trust deed you created. This creates steady cash flows from the trust deeds, real estate notes or business notes you may have. This is what “Seller Financing” is. This occurs when the buyer makes regular monthly payments to you instead of the bank. You now hold an asset that you can choose to keep for steady cash flow or sell part or all of it for cash right now.
This should motivate any home seller to give this a try, after all what could it hurt and it will be a win/win situation for the home seller, as well as for the home buyer. “Owner-Financing” is widely accepted and is an alternative for the home buyer who can’t qualify for a conventional loan. Even if you have real estate notes, business notes or trust deeds for a while you can generate cash flows by selling all or part of it for cash now.
Isn’t that great news for the home seller? This will give the home seller a boost in getting the house sold. Most people would consider buying that house if the they knew that the home seller was willing to create a real estate note or trust deeds to secure the home buyer qualifying for the house. Just envision selling your home much faster then your neighbor down the street because you possess the key to selling your home. “Owner Financing”.
You also have created cash flows created from your real estate notes, trust deeds, or business notes and that can be the key to your financial future.
| Filed Under: Articles Tagged with Banks, Business Contracts, Business Note, Business Notes, Cash Flow, cash flows, Cash Loans, Google, Home Buyer, Lenders, Long Time, Mortgage Companies, Mortgage Notes, Objective, Real Estate Note, Real Estate Notes, Residual Income, Seller Financing, Time Home Buyers, Trust Deed, Trust Deeds |
