Investors Archives

Ignorance Of The Law

Is NOT Your Get Out Of Jail Free Card

                   While working my full time job as an undercover police detective, I had the opportunity to see a lot of things “behind closed doors.” One of the most powerful phrases most investors and Americans do NOT understand is the title of this short article. I can not tell you how many folks, after being arrested for a crime, would say “I did not know that was against the law.” 

          With the help of media and lenders and our economic market today, the word “real estate” has transformed into an almost bad word. In fact, many consumers are looking for ways to “get back” or get even, or sue the very folks who helped them graduate into homeownership. This means me and you have huge targets on our backs.

          Be very careful in today’s real estate market. Always use the proper disclosures and always do things the right way, the professional way.

          PROTECT YOURSELF NOW! Remember this powerful phrase.

Here’s some simple no-brainer tips and red flags to avoid as a real estate investor.

  • NEVER Buy using a Quit Claim Deed
  • NEVER do “kitchen table closings.” ALWAYS use a “GOOD and REPUTABLE” real estate attorney or title company.
  • ALWAYS buy Title Insurance when you are buying an investment property.
  • If you are selling a property and you want to sell it real bad…. Be very careful about what you do to help your seller. Many times a loan officer or loan broker will ask a Seller to prepare another form or they may ask you to just sign this form and they’ll say “We Do This All The Time.” If you hear this phrase, you might want to run. (Remember, ignorance of the law is not a get out of jail free card.)
  • AVOID buying using a “Contract for Deed, Land Contract, or Agreement for Deed.” Once again, always have a professional full blown closing with a real estate expert attorney or title company. (It is ok for you to sell on Land Contract or Contract for Deed)
  • Some common schemes seen by IRS criminal investigators include:
    • “Property Flipping” — A buyer pays a low price for property, then resells it quickly for a much higher price. While this may be legal, when it involves false statements to a lender who is regulated by the feds, it is not. (Now do you really want to say you are a “FLIPPER” or you “FLIP” Properties… the new F word.) 
    • Two Sets of Settlement Statements — FOLKS, This is FRAUD!
    • Fraudulent Qualifications — Some “professionals” assist buyers who would not otherwise qualify by fabricating their employment history or credit record.

Happy Hunting and watch out for these Red Flags of Fraud.

Landlord Training – Tenant Challenges Part VI

This is a on demand preview 

 

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25 min GOLD Member Training session with Melissa in North Carolina

 

Do You have a question or two?

Call Melissa at 502.252.1834

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FREE Real Estate Investor Training!

60 minute Webinar

Claim Your $528 value Gift just for attending

Register Nowhttp://bit.ly/BuyWithoutBanks

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Plug this paragraph into your lease or Rental Agreement

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Mike Butler shows you how to write your offer to buy real estate in less than 5 minutes using a simple 1 page offer form. No need to use the big cumbersome complicated package required by Realtors. Mike Butler is a broker and Realtor himself and shows you how and why you can make your offers very simple and straight forward. Sign up for GOLD Membership to access how to training videos and more

Watch This Short How To Video Below

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Life is not about waiting for the storms to pass…it’s about learning to dance in the rain  ~Vivian Greene

Sometimes our candle goes out, but is blown into flame by an encounter with another human being   ~Albert Schweitzer

When we have done our best, we should wait the result in peace  ~J. Lubbock

Failure is simply the opportunity to begin again more intelligently  ~Henry Ford

 

Inch by inch…life’s a cinch

     Yard by yard…life is hard  ~Unknown

 

To love what you do and feel that it Click Here for Full Video/Article (Members Only)

This 6 minute is an excerpt from the the 3 day “How To Buy without Banks!… money, credit, or private lenders”

More Americans are renting houses instead of buying them, a trend that could disrupt price affordability, analysts say.

With more homeowners unable to secure mortgages and uncertain about future finances, renting is the only sure-fire way to live in a single-family property, according to Capital Economics.

But as more Americans turn to home renting, the influx of demand is set to squeeze the nation’s rental supply, pushing monthly rents even higher.

“As a consequence of Americans being less willing and less able to buy a home, the number of households in rented accommodation is set to rise by at least 850,000 a year over the next few years,” said Paul Dales, senior economist with Capital Economics.

Dales’s said in his research that rental vacancy rates will fall again in the future, pushing prices up.

The median rent is already up to $712 per month—well above the average monthly mortgage cost of $647, Dales reported.

He estimates vacancies in the home-rental market will push average rental rates up as much as 5% by early 2013, compared to 2.4% in January.

“We expect the annual rate at which rents are rising will rise to 3% this year and remain at that level in 2013,” Dales said. “Assuming that the economic recovery gains firmer footing, in future years there is scope for rents to rise by around 4% a year.”

And as single-family renters head into the market, the supply of rentals is unlikely to meet new demand.

This reality is playing itself out in Denver, where the vacancy rate for home rentals fell from 3.4% in the third quarter to 2.1% in the fourth quarter. At the same time, the vacancy rate edged up slightly from the 2% level reported in the fourth quarter of 2010.

“The vacancy rate went up slightly year-over-year,” said Ryan McMaken, a spokesman for the Colorado Division of Housing. “That doesn’t mean much, though, because when you’re looking at vacancy rates below 3%, the bottom line is that the market is tight. For many people, it’s not easy to buy a house right now, so they’re renting.”

By Kerri Panchuk
Housing Wire

How Does The Health Savings Account work with certified financial planner expert, Hampton Scurlock.

This photo shows Hampton and his daughter Isabella with University of Kentucky Head Coach Rick Calipari.

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