Real estate Opportunity Investors

check

2010-12-20T13:46:00.001-08:00

alskdalksdjf

Buy a HUD home with $100 dollars down

2009-10-12T13:34:00.001-07:00

You have

Good credit
A stable job

You don't have

savings for a down payment
money for closing costs

HUD has a home buyer program that takes care of both of these for you.

It is the HUD $100 down payment assistance program.

You have to meet the requirements which include.

Owner occupancy
Primary Residence -- buyer must live in the home for at least one full year
Purchase price
Buyer must make full price offer to HUD (i.e. must offer HUD's full asking price)
Loan types available
FHA Fixed Rate 30 year, FHA Fixed Rate 15 year, FHA Secure 30 or 15 year, FHA Stimulus 5/1 ARM (Adjustable Rate Mortgage)
Income
Must be able to document enough income that your debt to income ratios are 31% / 43%
Maximum loan amount
$362,790
Property types
Single family residences, townhomes, Planned Unit Development homes, condos
Credit Score
Minimum credit score is 580(*)
Minimum 24 months since discharge of any bankrupties; 36 months since any foreclosure
(*) Many lenders are requiring middle credit score of 620 or higher
Eligibility
All borrowers must have a valid social security number. All borrowers must demonstrate 2 years of employment history.
Permanent Resident Aliens -- • Evidence of lawful, permanent residency issued by the Bureau of Citizenship and Immigration Services (BCIS), formerly the INS.• Copy of the Alien Registration Receipt Card (Resident Alien card), I-551
Non-Permanent Resident Aliens• Primary residence• Borrower must be eligible to work in the U.S.• Evidence of valid Social Security number required• Evidence of residency and work status to be obtained through documentation from US Bureau of Citizenship and Immigration Services (BCIS) formerly INS• Copy of the Employment Authorization Card, I-688B. This card carries an expiration date.• A social security card is not acceptable as evidence of work status.
Reserves
There is no reserves requirement for the program
Mortgage Insurance
FHA mortgage insurance is required on all loans

*information deemed reliable but not guaranteed.

This is a great way to take advantage of the current low mortgage rates and low housing prices.

For a list of HUD homes in your area or to see if you qualify email us at 4SailRealty@gmail.com

or visit us at www.4SailRealty.com

Written by

Brian K Ellwanger

Broker/Owner

Four Sail Realty

Longmont Colorado

303-775-4121

2009 bigger! better 1st time home buyer tax credit!

2009-03-26T07:00:00.000-07:00

A snap shot of the new federal 2009 tax credit:

The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
The tax credit does not have to be repaid.
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit

call for more details. 303-775-4121

Did we hit bottom?

2009-03-23T09:27:00.000-07:00

The National Association of Realtors said Monday that sales of existing homes grew 5.1 percent to an annual rate of 4.72 million last month, from 4.49 million units in January. It was the largest sales jump since July 2003.

Is this a sign of the bottom or just a fluke?

Home prices are down 15% from this time last year.

Inventory is up a little but this is typical for this time of year.

Property sales should get a boost this summer from the New homebuyers tax credit that came out with the stimulus.

This is a great time for investment. The rental market is good, money is cheap, prices are low, and the upside is huge.

Mortgage rates are at a record low.
Houses are on the clearance rack.
The government is giving handouts with no strings attached.

One thing is for sure this market will change and if history is any indication it will be in the favor of the owner.

Will this be you in 5 years?(watch video)

of course I dont want you to call Remax.

Call me!

Written by:

Brian K Ellwanger, Broker
Four Sail Realty
303-775-4121
www.4sailreatly.com

Property of the day (ERIE)

2009-03-21T08:07:00.000-07:00

Erie Condo

$101k

HUD foreclosure

Just a quick cleaning and its ready to rent.

Good cash on cash return.

Check out the video tour.

Call for a showing 303-775-4121

FORELOSURES an inspectors point of view.

2009-03-18T07:29:00.000-07:00

Lately it seems that every other inspection I perform is on a bank owned or foreclosed house. If you are in the market for a foreclosed home, there are a few things to remember prior to making an offer and having the house inspected.
Access to the property in our area is easy to set up for the local home inspectors. We will call the listing real estate office and make an appointment to inspect the property. When the inspection is set the listing office will usually give us the lock box code, sometimes the listing agent will meet us at the property to let us into the house. Many times with a bank owned property the bank will add paddle locks to items like garage doors, electrical panels and crawl space access. When speaking to the inspector let him know if you observed paddle locks that restricted your access to areas so that they can confirm with the listing office that keys to these locks are on site. I have learned over the years to ask the listing company if there are paddle locks, but have been caught on site and unable to inspect areas because of restricted access.
Often foreclosed properties have been winterized. This is the process of turning off the utilities, electric, gas and water. The plumbing system is then drained and environmentally safe antifreeze is added to the toilets and sink drains. For the inspector to give you the greatest amount of information about the house, all utilities should be turned on. When the house’s utilities are turned on it is your best interest to have the house properly de-winterized. By this I mean that the water be turned on and the plumbing system pressurized. When the house is de-winterized the bank should also arrange to have all the pilot lights lit, typical examples are water heaters, furnaces and any fireplaces. It is normally beyond the scope of the home inspection to have the inspector light pilot lights. If the inspector does light the pilots many times they will charge an additional fee.
Many times the house is in foreclosure due to no fault of the previous owner, but other times the house is lost due to dangerous drug use like methamphetamine (meth). Meth production and use in a house can leave lingering contamination that can have physical effects on you or your family when you begin to live in the house. Because of the potential health risks, it is a good idea to have the house sampled and/or tested for meth. Sampling can give you a rough idea if meth has been processed or consumed in the house, most samples will read to 15 micrograms per 100cm2(µg/100cm2). Sampling is generally less expensive than testing and is a good first step if you have doubts about the house. Sampling can be done by an industrial hygienist or a few home inspectors in the area, including me. Per Colorado regulation the only testing for meth can be preformed by a qualified industrial hygienist. Testing is a far more rigorous lab process that can find concentrations below .5µg/cm2. Testing is the only way to find weather the house is completely clean.
With all this in mind it is a good idea to speak to your Realtor® about the inspection objection deadline. I find that adding a few days to the deadline will allow for the house to be properly de-winterized, get all access questions answered and have any additional testing performed.
There are many great deals to be had if you are looking at a foreclosed property, just make the time and ask the right questions before you have the home inspected.

Written By
Mark Pepin, Owner and lead inspector
Advantage Home Inspection Inc.
Longmont, Co 80501
InspectionAdvantage.com

Will FHA save the day?

2009-03-12T15:00:00.000-07:00

A few years back, FHA loans accounted for 3% of transactions. Yesterday, my title guy said he's seeing FHA accounting for almost 70% of the transactions in the last few months. Dang!

What is FHA?

*Federal Housing Administration - Government program created to foster homeownership.
*FHA's allows individuals to qualify who have been previously denied for a home loan by conventional underwriting guidelines
*FHA insures mortgage loans in case of default
Why is FHA so popular? Well, let me tell you!
FHA rates are generally .25 to .375% lower than conventional mortgage rates!
Mortgage Insurance is only around 1/2 the monthly fee as private mortgage insurance with conventional loans.
FHA is not credit driven! With a conventional loan and bad credit, your rate is going to be sky high! FHA doesn't alter their rates like conventional does.
Get an FHA loan with a 580 FICO score!
FHA goes to high LTV's (97%) and works with most down payment assistance programs.
It is very easy to structure 100% financing and true no-money-down deals with FHA.
FHA allows for unlimited gift funds from family, employers, non-profits, churches, etc.
FHA allows for more flexibility with underwriting guidelines. I just has a borrower approved at a 59% back end DTI!
FHA is not affected by declining market policies.
FHA works with most down payment assistance programs: seller funded (i.e., Nehemiah), state/federal, local/county/city, and other nonprofits!

Did you know that the seller, builer, real estate agent can contribute up to 6% towards closing costs & prepaids?!

Did you know that they can also contribute up to 3% towards down payment assistance?!
This totals 9% concessions!

Creative Marketing for Listings
DON'T lower your sales price - offer incentives!

◦Seller to contribute down payment and closing costs
◦Prepay HOA
◦Buy down Interest Rate

"Buy this house with no money down!" [Yes, you can structure deals so the borrower gets their earnest money back at closing.]

Written by:

Greg Vogel

Company
The Financing Group Wellness Credit ICOR
E-mail
Contact Greg Vogel (The Financing Group Wellness Credit ICOR)
Website
http://www.thefinancinggroup.com www.mywellnesscredit.com www.icorockies.com
Office Phone
(970) 449-4304
Cell Phone
(970) 420-7832
Alt. Phone
(970) 223-5369
Fax
(970) 692-8371
Address
1200 South College Ave., Suite 102, Fort Collins, CO, 80524

House Swap

2009-03-04T09:25:00.001-08:00

Cant sell you home, want to trade up or down?
House swaping another angle. Cool site for house swap or anthing else. http://goswap.org/

Finally they wise up!

2009-02-26T14:25:00.001-08:00

Restrictions raised for investors from 4 properties to 10 property limit. check it out http://ping.fm/zQsjr

Deep discounts , Low rates and $8k to boot!

2009-02-23T15:49:00.001-08:00

First Time home buyer? Here is $8000 to get you started. The new 2009 Tax Credit for buying a home check out the details http://www.federalhousingtaxcredit.com/

Tools of the trade.

2009-02-23T13:27:00.000-08:00

This is just a quick hit list of tools that will help all investors cut through the muddy water of bad books and information.
(Click on Book Logos to learn more.)

Millionaire Real Estate investor by Gary Keller
A great book for learning how to develop sound criteria for identifing great real estate investment opportunities.

Investing in Real Estate With Lease Options and "Subject-To" Deals : Powerful Strategies for Getting More When You Sell, and Paying Less When You Buy.
Buy Wendy Patton.

How to select ideal neighborhoods, attract sellers, and find houses with investment potential. Identify which improvements to make and analyze the profit potential of any house

If you have or plan to have more than one property that you will be managing...then quicken PPM is the way to go.

These suggestions are based on tons of books I have read and spreadsheets I've used in analyzing the hundreds of investment purchases I have been invovled in.
I took all the brain damage for you so....reap the fruits of my labor...!
The few bucks you will spend on these resources with save you thousands of dollars and hundreds of hours......

BK