Gone are the days that people snail mail important documents back and forth to each other, today are the days that you can receive a fax to your email. Today I want to talk about a digital fax service I use for my business called eFax. e Fax is a digital fax service where one can fax send and receive faxes from their computer over the internet, and not have to have a phone line and fax machine to send out documents. With this service you can have someone send a fax to your email and vice versa. The e fax service is very critical for my real estate business because I have contracts and forms that need to be signed by my buyers and sellers, and I do not have time to run over to Fed-Ex office to send off my documents. With digital fax such as e Fax it has improved the efficiency and speed of my business to get each party in the transaction the appropriate documents in a very timely manner. If you are a person who is tired of old school dialup fax machines and want to hop aboard the new wave of receiving faxes to your email, I would highly advise you to Cut the cord on your fax machine – Try eFax Free!
How To Utilize Virtual Assistants for your Business
A new trend many small businesses and large companies are using nowadays is hiring virtual assistants to handle tasks. I know for myself I hire virtual assistants for my real estate business and it has worked out very well. They types of tasks that I hire my virtual assistants is to call potential leads and to receive calls, data entry, scheduling etc, etc. Hiring a virtual assistant is very easy, and cost effective because it allows me to free up time from doing small things in my business, and lets me concentrate on other more important tasks in my business. You can Find Virtual Assistants on oDesk and hire them to between $2-4 an hour (maybe less) and have them complete tasks right away for you. So visit oDesk
today and hire your virtual assistant.
Q&A Session: Housing Code Violations
Why I Chose Wholesaling to Make Money in Real Estate
When I was introduced to the world of Real Estate Investing, and shown the different strategies out there to make money in real estate, I chose wholesaling because I was a beginner and I need to know all the ins and out of what a deal is and what makes a deal. I didnt want to risk my shorts starting out in rehabbing properties because that level of investing is a bit more advanced and you are rolling with the big guns. One wrong move, a few bad estimates or an unexpected surprise could cost you thousands of dollars and it can take you a while to recover from that. Wholesaling is no money down (or very little at most) very low risk, and you can make chunks of change with wholesaling properties to end buyers. Alot of people spin around in circles trying to figure out ways how they can make money in real estate especially now since house prices are at an all time low and probably will stay this way for some time, but Im here to tell you that wholesaling is the way to go. Wholesaling has opened up many doors for me and I am glad it I started with this niche and I encourage everyone who desires to make money in real estate to do their research, and begin there real estate investing career with wholesaling because it will bring in considerable profits. For me personally, this niche has served me very well financially and it has not required too much money upfront to get started. If you would like to know the general steps to Wholesaling and how a transaction is done Click Here.
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What does Short Sale Mean?
Alot of new investors and homeowners are new to various strategies in selling a house,
and they typically ask what does Short Sale Mean? A short sale in real estate is basically the bank allowing you to sell your home for less than what you owe on your loan balance. Basically a lender will allow this if you are facing some sort of hardship, and they will want financial proof of your outgoing expenses, and a hardship letter. A bank usually takes 30-60 days to approve but its always important to stay on top of them to make sure the process is moving steadily. If the bank approves the home for short sale at a low price you better thank your lucky stars, and you should have no problem moving it immediately. There are more steps that is involved in the short sale process, so you should contact your bank so they can send you there short sale packet. So the next time someone ask’s you what does short sale mean, you will have a great answer for them. Thanks for reading and please leave your comments and feedback below, Thanks!
Wholesaling Real Estate: How to find Cash Buyers on the MLS
Transactional Funding
Alot of people get confused when they hear of the term transactional funding. So Im here to clarify what it is and how this sort of funding is used. Tranactional funding is short term funding you can request from specific funders to execute a double close on a property. This is usually requested when an investor needs to double close on a foreclosure because the banks do not allow assignments of contracts. Let me describe the steps of a double close and how transactional funding plays a part in the process.
1. I put a foreclosure under contract and I need to sell it to my end buyer. But the problem is the bank will not allow an assignment of contract to my end buyer. So in that case I have to double close. Enter the transactional funding.
2. The Bank will be “A” and Im in the middle as “B”. I need to close with the bank first but I do not want to use any of my own money to do it, so I contact a transactional lender to let me borrow funds for a day so I can close the first part of the deal.
3. After I close with the bank with my transactional funding, I turn around and close with my end buyer who will be “C”. The funds from my end buyer will repay my transactional funder and pay me my profit from the deal.
The only drawback with transactional funding is that it includes additional fees that range from $1500 or more. Click Here if you need to order transactional funding or a POF to get your deal rolling.
The Definition of a “Motivated Seller”
A motivated seller by definition in real estate is a home owner that needs to get rid of their property quickly due to a situation they are facing. These people are usually desperate to sell because they are going through a divorce, have unseen bills to pay, relocating out of state or out of the country, or they are just tired of being landlords and they just want to get rid of their property ASAP because it is becoming a money pit. These reasons I just listed are a few of the most common reasons someone is a motivated seller but there are too many to name. When you find someone that is desperate to sell their home this usually equals to the investor getting a huge discount to put the property under contract and wholesale it to the end buyer for a pretty nice assignment fee. The last motivated seller I personally dealt with wanted to sell her property because it had been sitting vacant for 2 years after previous tenants left the property, and she could not handle paying the property taxes any more and she just wanted out. In this business you only want to deal with people that are highly motivated because you want to be able to put properties under contract for a low enough price so you can flip them quickly and not waste your time,and these owners are desperate to sell so they can be relieved of their burdens of the house.
Determining the After Repair Value
Determining the after repair value of a house is more like an art and a science. It takes a lot of factors such as coming up with the repair and rehab costs, recent comparable sales in the neighborhood, and how low of a discount you can contract the property from the seller so you can wholesale it. The first thing when determining the after repair value is to get a list of recently sold homes in the neighborhood, this is also known as the comparables. The best source to get this list is from the MLS, but you can use other sources like Zillow, Trulia, etc, but use with caution. Get the average price homes have sold for, and take that price and multiply it by .65 . Then deduct the repairs, and subtract your wholesale fee and that is the price you should get the home under contract for with the seller. Coming up with the correct after repair value will be very critical in your real estate business because you do not want to come up with a ridiculously high estimate, because that will turn potential away. As a matter of fact you want to set your after repair value a little lower then the rest of the homes that sold in the neighborhood so you can get a quick sale.


