July 8th, 2011

Hello and Welcome to the ReiFax.com Webinar Training Archive for July 8th, 2011. 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: Can you explain how to setup the contract writing feature?
• Q: Setting up the initials and signiture on the contract.
• Q: Is there an iphone or ipad app for reifax?
• Q: how can we find out the reo not in market yet
• Q: how can we find list of property with equity going on court step auction?
• Q: How to exprt list of owners to csv (excell format)
• Q: best reifax search to target motivated out of town owners
• Q: Print labels for the out of town owers you just demonstrated
• Q: When generating contracts how do I get ReiFax to save my different contract templates (i.e. REO, SS, FSBO, etc.?
• Q: is there a way to find how many properties got sold in a county (or city) for a particular period of time?
• Q: is there a way to find out how many properties got added “for sale” in a county or city for a particular period of time
• Q: When downloading from ReiFax (absentee owners, for example) the system will only pull up about 1,000 names at a time. After I put these in excel format and save, how do I get to the NEXT BATCH OF 1,000 NAMES???

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Real estate investing is really an art and, like any art, it takes time to master the art of real estate investing. The key, of course, is to buy at a lower price and sell at higher price and make a profit even after paying all the costs involved in the two (buy/sell) transactions. Generally, people are of the opinion that real estate investing makes sense only when the rates are on the rise. However, real estate investing for profits is possible just about any time (and as I just said, real estate investing is an art).

Here is a list of tricks that can make real estate investing profitable for you:

1) Look for public auctions, divorce settlements and foreclosures (bank/FHA/VA): Since quick settlement is the preference here (and not price), you might get a property at a price that is much lower than the prevailing market rate. You can then make arrangements to sell it at the market rate over a short period of time. However, make sure that the property is worth the price you are paying.

2) Looking for old listings: The old listings that are still unsold may provide you with good real estate investing opportunities. Just get hold of an old newspaper and call up the sellers. They might have given up hope of selling that property at all and with a bit of negotiation you can get the property for a real low price.

3) The hidden treasure: A really old (and dirty) looking house may scare off buyers. But this might be your chance for real estate investing that can yield good profits. So, explore such properties and check if spending a bit on them can make them shine. You can get these at very low prices and make a big profit in a short time.

4) Team up with attorneys: There are a number of attorneys who handle property sales on behalf of sellers or in special circumstances (like the death of the property owner). They might sometimes be looking to dispose off the property rather quickly and hence at a low price. Be the first one to grab such real estate investing opportunities and enjoy the profits.

5) Keep tab on the newspaper announcements: Property sell offs due to deaths, divorce settlements, immediate cash requirements and other reason are frequently announced in local papers. Keep track of such real estate investing avenues.

People work tirelessly to generate interest in a home they are trying to sell. Once they get an offer, however, they often are not sure how to evaluate it.

Evaluating the Offer for Your Home

You have read every book under the sun. You have read more internet articles than you can imagine. You have cleaned up your home, made repairs and put out your marketing. At this point, you feel like you are an expert in the process. Suddenly, you get an offer on the property. Now what?

The first thing to do is relax. Do not make the mistake of rushing to evaluate it. An offer is just that – an offer. It has contingencies and all kinds of little quarks in it. Although you have lived in the home for a lengthy period of time, you need to realize you are now in a business transaction. Once you have caught your breath, it is time to consider the offer.

The first issue is always the offered purchase price. The price will never be what you are asking for in the listing. It will be below the number, perhaps shockingly lower. At this point, you may feel the urge to pick up the phone and give the buyer a piece of your mind. Don’t! This is a business transaction. The buyer is merely throwing out a bit of bait to see if you are going to bite. If you do, they get a great deal. If you do not, they will evaluate any counter offer you make. If you do not counter, they can always submit a higher offer. Remember, this is a business transaction, not an affront to your pride!

A second issue concerns items in the home the buyer may want included in the sell. I have seen brawls break out over a lamp that would make a biker blush. Maybe that lamp is an heirloom that you can’t part with, but it probably is not. Only you can decide how valuable it is and whether it is worth losing the sale, but try to be objective and coherent when making the decision. Yes, it has been a loyal lamp, but really now…

After this, you need to evaluate any additional costs associated with the offer. The buyer may want allowances for painting and so on. It is usually fairly easy to bypass your emotions on this one, but you need to make some basic financial calculations. Take the offered price and subtract all costs for the transactions. One you have the net revenue figure, compare it to the bottom line number you decided on when you first decided to sell. This will tell you if it is an offer you should accept.

Homeowners often get so focused on the selling process, that they are caught off guard when an offer actually rolls in. Stick to your guns on your bottom line and you should be fine.

If you have been working for some time, you probably have accumulated some form of savings, and the first mistake we dont want to make is to let the money stay idle.

There are many ways to work your money hard, and one highly recommended approach is through

Real Estate Investment.

TOP 4 Reasons to choose Real

Estate Investment?
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1) Good choice of property can appreciate in value over a shorter period of time, hence
providing good profits when rented out or re-sold.
2) Real Estate plays a critical role in advancing towards financial freedom, through the
passive and recurring income through rentals for example.
3) Real Estate has less volatility as compared to stocks and shares, hence lower risk.
4) Simple methodologies involved, i.e: Finding the right property, Funding that property,
and Farming that property (making profits)

How to find the right property !!
——————————

Given the thousands of properties available in the market, we want to choose the right
property, so that the value can go up, and it can be easily rented out and resold when
desired at a good price.

Hence, to choose the right properties, we consider the following critical factors.

Real Estate Factors (1) – Location, location, location !!
———————————————————-

Location is also the key factor in looking out for a suitable property. Ideally, it should
be near common amenities and facilities such as schools, markets, bus and train
interchanges, shopping centres, and parks. If you can find a location with all these plus
factors, you are in luck, because such places tend to grow in value fast, and hence proved
profitable for you in no time.

Nonetheless, it is all up to personal decisions. You may desire a place which is quieter and
away from the urban chaos, but that could compromise on some of the accessibility and
conveniences which could in turn have an impact on your property future value.

Real Estate Factors (2) – Size and Amenities
———————————————————-

A common phrase “Size does matters” and that is especially so in real estate, which is the
first impression when a potential tenant or buyer steps into your house. Besides considering
space for the living rooms, and bedrooms, extra spaces like garages, basements,
outbuildings, car spaces, and swimming pools are often a plus point during property
valuation.

Real Estate Factors (3) – Age of the property
———————————————————-

Age of the property is important in determining its value. Older houses have much different styles from modern houses, and this can be both a pro and a con.

Pro in the sense that if your house preserves some nice traditional architectural designs,
and that is highly loved by the prospective client, you could take the opportunity to
increase the selling price, hence making better profits.

Cons in the sense that if the client prefers houses with more contemporary designs, this
could have a dire impact on your older property given that it is harder to sell or rent,
ending up in price wars which is lose-lose situation for you.

Real Estate Factors (4) – Price of the property
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Price is definitely in the consideration, hence it is essential to do a market research in
the neighborhood for similar properties you are looking for before jumping to a decision.

Also, if you intend to take on financing, you should check out the different bank interest,
and other money issues that can occur, so that you wouldn’t be caught in a surprise when
doing the final purchase decision.

Real Estate Factors (5) – Condition of the property
———————————————————-

Arguably one of the most important attributes to look out for in a property. You may have
found the best location, the biggest size at the most bargain price, but if the
condition is inhabitable, what does it make of your newly bought property? – Nothing !!

Hence, it is crucial to observe the condition of every potential property and take into
account the potential repair fees required for that property, and factor into the overall
pricing of the property to see if it is still worthwhile to buy that property.

To conclude, I have shared with you some valuable insights to why you should adopt Real Estate Investment as one of the very feasible methods to grow your money, and create a steady passive income to achieve your long term financial freedom goal and also essential tips for choosing a property to fulfill that aim.

Next steps is to take actions, and wish you success in your Real Estate Investments !!

Sometimes it’s helpful to sell your home before you really want to move. This often happens when you are having a new home built, but aren’t sure of the completion date. Is there any way you can sell your home so you’re sure of the funds available for the new purchase, but continue to live in your old home until construction of the new one is complete. Yes, there is with the renting back strategy.

<b>Enter the Lease-Back or Rent-Back Agreement</b>

The particulars of this strategy vary from state to state, but in the strong seller’s market we’re experiencing, buyers will often agree to let the seller stay in the home for a period of time as long as rent is paid. In a competitive situation, the buyer willing to do this will often have the winning bid even though there is another offer as high as his.

The agreement covering the situation states the length of time the seller will remain.  It can be done with a specific date named or wording that allows the seller to remain up to a specific date with the possibility of her moving sooner. The amount can be a fixed figure paid out of the proceeds of settlement or a monthly amount, or a daily amount. It is usually, but not always, tied to the amount of the mortgage payment under the buyer’s new loan. Sometimes there is a deposit against damage, sometimes not.  There is usually a clause saying the seller will hold the buyer harmless for any damage to himself or his property which occurs after the sale is consummated and before the seller moves.

The attorney who draws up your contract offer can create such an agreement. If you’re using online forms, you should be able to find one for this situation. If you’re working with a real estate broker, he or she can handle it for you.

<b>An Example:</b>

I’ve recently seen a very pleasant example of this idea in action. An elderly widow contracted to have a one level condo unit built in a new community which provides all exterior maintenance. She had had hip replacement surgery and wanted to get away from the drawbacks of the home in which she’d reared her children. The home was large, had stairs and was located on a large, partially wooded lot with many mature perennials and shrubs. Both the home and garden were beautiful, but high maintenance.

Her contract to purchase required a series of deposits and a firm indication as to her source of funds well before settlement on her new condo. The widow put her home on the market. A young couple with two sons was very anxious to buy it. The situation was competitive. They made the widow an offer. She countered their original offer. She did not raise their offer price, which was slightly below her asking price.  She did not believe the young couple would qualify for a larger loan. Instead, she did something rather creative.

The widow countered with a proposal that she “rent back” for a period of “up to” a certain date (a date beyond her scheduled competition date on the condo) in exchange for a modest flat sum to be paid to the buyer at settlement. The total rent back period was less than two months. The flat fee was less than the amount of the new mortgage payment for the buyers. However, since they made no payment on their new mortgage the first month, it wasn’t too far out of line. The couple really wanted the home, so they accepted the counter offer.

Another win, win situation was created. The widow only had to move one time and the young couple got a house they probably wouldn’t have in a straight bidding war. If you find yourself in a situation similar to either the widow or the young couple, perhaps you can work out a similar solution.