FHFA Streamlines Short Sale Standards for Fannie Mae and Freddie Mac

The program attempts to remove barriers created by some subordinate lien holders by limiting subordinate-lien payments to $6,000. This maneuver essentially cuts off any attempts by second-lien holders to negotiate for larger payoff amounts.

New short sale requirements for servicers proposed by the Federal Housing Finance Agency are giving financial firms a battle strategy for dealing with reluctant subordinate-lien holders who attempt to delay short sales on points of negotiation.

Some parties in short sales are able to delay the process by Click Here for Full Video/Article (Members Only)

Short Video shows you how to find your next great Office Manager

Click Here for Full Video/Article (Members Only)

How To Screen Contractors On The Phone

Short video

Click Here for Full Video/Article (Members Only)

SPECIAL REPORT!

by

Mike Grinnan CPA

 

“Your Inside Scoop on ALL of

Your New Taxes in ObamaCare”

31 Page Special Report from Mike Grinnan CPA

Click Here for Full Video/Article (Members Only)

Raising annual rental license fees was one thing.  But when officials in Columbia, Missouri added yet another regulatory requirement, landlords cried foul.

According to a news report, the Columbia City Council proposed a law which will require landlords to complete an “occupancy disclosure” form at leasing, verifying each occupant, and placing it on file with the city.

Landlords expressed concern that not only would this new requirement be onerous, but it would force them to violate their tenants’ privacy by revealing sensitive information.

Over the past two years, landlords across the country have been slammed with a barrage of government regulatory requirements, from non-smoking disclosures in Oregon, to radon disclosures in Maine, to the most recent voter registration requirement in Madison.  In 2010, Athens, Georgia adopted an “education form” where landlords are required to apprise tenants of their civic duties, including the rules for littering and the city’s occupancy standards. Landlords are challenging that law in court.

City officials in Columbia say that the intent of their proposed disclosure law is to cut down on overcrowding in rental properties.

For landlords, it’s just one more burden that falls on their shoulders, leaving them vulnerable to fines for failing to police the local laws.

The proposal to increase rental licensing fees – nearly doubling them in some situations — was placed on hold pending a study of the city’s actual costs for a rental inspection program, according to the report.

City officials say they will continue to collect comments on the occupancy disclosure form and forward the public input to the City Council.

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 

 

Click Here for Full Video/Article (Members Only)

NOTE: there are some errors in this article such as:

– you can get Tax Free Profit & Income for Life using SDIRA. This article says all investments are “tax deferred.” ROTH IRA investments are TAX FREE

– the part about taking 3 or 4 weeks with a brokerage firm might be true; however, CamaPlan.com can get you up and running in a day or two, not weeks.

FALSE  “You can not take advantage of your IRA investments until you retire” is FALSE

– Very Misleading & Wrong… 50% has absolutely nothing to do with this statement.Your spouse, immediate families or companies you have a 50% interest in cannot be involved.

 

Here is the article from Fox Business

Difficult economic times have spurred non-traditional methods to save for retirement, and many people are using a self-directed IRA to purchase non-traded assets like real estate.

A self-directed IRA is the lesser known of IRA options and requires account owners to make active investments on behalf of the plan. To open one, an owner must hire a trustree or custodian to hold the IRA assets and be responsible for administering the account and filing required documents with the IRS.

Similar to other IRA accounts, owners can invest in stocks, bonds and mutual funds, but they can also invest in things that investment houses like Charles Schwabb, Fidelity and Vanguard don’t offer, like small businesses, boat slips, storage units, parking lots, land and homes.

Investors may still be leery of investing in the housing market, but real estate investor Scott FladHammer, says real estate can be a good long-term investment and generate higher returns than the stock market.

Investing in real-estate also provides a lot of options. “Owning real estate can be very rewarding, especially for people who are investing in what they know,” says Amy Gates, an independent advisor offering investment for Trust Advisory Group.

But the process of using a self-directed IRA to jump into investing in real estate requires preparation and caution.

“The move can make sense in certain circumstances, but only when the investor fully understands both the positives and negatives and the requirements involved,” cautions Ken Himmler, president of Los Angeles-based wealth management firm Integrated Asset Management.

Interested investors should seek legal advice, as well as input from an accountant and real estate agent for a well-rounded picture. They should also be familiar with the rules for the type of IRA they’re using. Whether it is a Simple IRA, Roth or Traditional IRA, SEP or Solo 401(k), contribution limits still apply, and there are penalties for early withdrawals.

Here are five things to keep in mind when considering investing in real estate through a self-directed IRA.

It takes time. Gates advises devising a timeline based on the account-opening process, transferring or rollover of assets and finding the actual investment.

It normally takes two to three weeks to open an account at a typical brokerage firm, and you’ll need to find a custodian who will hold real estate inside an IRA. The down payment must come from IRA funds, so rollovers may be required.

When a real estate investment is contracted, the IRA account holder reviews and signs the purchase agreement and then the custodian must approve it and release of funds to the title company. All of this takes time, so it’s prudent to learn as much as you can before jumping into a decision.

You cannot take advantage of IRA investments until you retire. You can’t use the fund to pay off your mortgage or live in or use the property you buy as an investment in the self-directed IRA.

“You buy it because it is anticipated to appreciate in value, plain and simple,” Gates says. You also lose the depreciation tax deduction that you would otherwise receive on an investment property.

Your spouse, immediate families or companies you have a 50% interest in cannot be involved. While it is possible for the property to be held as tenants in common, an IRA is an individual account—and you must avoid any conflicts of interest.

Self-dealing or enabling a transaction that is beneficial to you on the other end is strictly prohibited. You also cannot use the IRA as collateral for a loan; it should be treated like other retirement accounts.

It’s a lot of work. “While late-night infomercials highlight the potential benefits, many investors don’t fully appreciate or understand the reporting and administrative requirements involved in using a self-directed IRA to buy real estate,” according to Himmler. For example, the investor should not be doing the work on the property, especially because he can’t get reimbursed.

All expenses, maintenance, taxes and insurance are paid from the IRA. If there are association dues or golf memberships, those all must be withdrawn from the IRA. Finding tenants and contractors may take time, and every penny in and out must be approved by the custodian. FladHammer recommends having a reputable property management company in place to navigate the day-to-day duties.

All income from the property is tax deferred. That includes rental income and capital gains, Gates says. If you plan to be in a lower tax bracket at retirement, this is quite beneficial. You can also make tax deductible contributions to the IRA.

article from Fox Business

Get more information and details. Check out

www.TaxFreeProfitForLife.com

 

Fire in your comments!

 

The New One Cut Wonder!

Your Brand New Money Maker and Extra Income for Landlords and Property Managers

Brand Spanking New for both Me & You!

After having recently wrapped up my complete business makeover for my real estate business, including property management side, once again a another simple money maker has been implemented.

Last month while reviewing all of the monthly statements and our monthly resident newsletter, Beth and Shirley made the comment about how challenging it is for new residents to enroll in our Elite Lawn Service Program. This monthly fee is built into their rent. It includes professional lawn care service, leaf removal, and gutter cleaning.

Because we live in Louisville, Kentucky and have four seasons every year, some new residents would grumble and complain that the grass does not grow all year long.

Not so fast Scooter!

In addition to the lawn service, they get their gutters cleaned every year and they get twice a year leaf removal. Either way, this did not take off like I had hoped for.

During this meeting reviewing the resident newsletter, Beth and Shirley both mentioned many residents would like to sign up for Click Here for Full Video/Article (Members Only)

 Page 9 of 28  « First  ... « 7  8  9  10  11 » ...  Last »