Friday, December 05, 2014

Get Your Free Expanded List of 101 Multifamily Lenders

HERE'S YOUR FREE EXPANDED LIST OF 101 LARGE
MULTIFAMILY REAL ESTATE LENDERS

WE JUST EXPANDED THE LIST FROM 15 TO 101 LENDERS. Get them while you can.

Here's your free list of 101 top multifamily lenders. Visit our website for more helpful books, business kits and newsletters.

Mr. Tom Peters, Executive Vice President/FHA Program Manager
ACRE Capital LLC
CONTACT: R. Scott Thurman
Senior Vice President
500 E. Broadway, Suite 410
Vancouver, WA 98660
PHONE: 360-818-7028
FAX: 360-841-7678

Ms. Margaret Allen, President/CEO
AGM Financial Services, Inc.
20 South Charles Street
Suite 1000
Baltimore, MD 21201
PHONE: 410-727-2111 ext. 105
FAX: 410-727-3233

Mr. Mike Backman, FHA Managing Director
AmeriSphere Mortgage Finance, LLC
Contact: Mike Backman
1125 South 103rd Street, Suite 130
Omaha, NE 68124-1071
PHONE: 972-941-3403
FAX: 402-498-9231

Mr. Matthew Carey, Vice President
Arbor Commercial Mortgage, LLC
4500 Rockside Road, Suite 450
Independence, OH 44131
PHONE: 216-503-0120
FAX: 617-557-0109

Mr. Bradford C. Armstrong, President
Armstrong Mortgage Company
1225 Dublin Road
Columbus, OH 43215-1096
PHONE: 614-481-8383
FAX: 614-481-8833

Ms. Joyce Moskovitz, Senior Vice President/FHA Program Director
Bank of America, N.A.
100 South Charles Street, 4th Floor
Mail Code: 4-325-04-25
Baltimore, MD 21201
PHONE: 410-547-4058
FAX: 206-585-9179

Mr. Thomas R. Swenson, CEO/President
Bank of Montana
125 Bank Street
Missoula, MT 59802
PHONE: 406-829-2662
FAX: 406-829-2355

Mr. Richard L. Pace, President
Bankers Guarantee Title & Trust Company
2872 W Market Street
Fairlawn, OH 44333
PHONE: 330-867-1600
FAX: 330-867-1935

Mr. H. Richard Noon, President
Bankers Mortgage and Investment Group, Inc.
7180 West 107th Street, Suite 6
Overland Park, KS 66212
PHONE: 913-381-5010
FAX: 913-381-5523

Mr. Charles S. Reese, Vice President
Bedford Lending Corporation
40 South River Road, Suite 22
Bedford, NH 03110
PHONE: 603-647-4646
FAX: 603-622-0662

Mr. Gary B. Alex, Senior vice President
Bellwether Enterprise Real Estate Capital LLC
6340 Sugarloaf Parkway, Suite 250
Duluth, GA 30097
PHONE: 678-892-3163
FAX: 678-957-0078

Mr. Hugh Frater, President & CEO
Berkadia Commercial Mortgage LLC
Contact: Steve Ervin
Executive Vice President
12444 Powerscourt Drive, Suite 400
St. Louis, MO 63131
PHONE: 314-984-5510
FAX: 314-984-5501

Mr. Thomas J. White, FHA Program Director/Chief Underwriter
Vice President
Berkeley Point Capital, LLC
4550 Montgomery Avenue, Suite 1100
Bethesda, MD 20814
PHONE: 301-347-4873
FAX: 240-752-8096

Mr. Mark Schwendiman, COO
Bonneville Mortgage Company
Contact: Brent H. Peterson
President, Multifamily Division
111 East Broadway, Suite 1250
Salt Lake City, UT 84111
PHONE: 801-323-1000
FAX: 801-323-1001

Mr. Scott James, President
Cain Brothers Funding LLC
360 Madison Ave
New York, NY 10017
PHONE: 212-869-5600
FAX: 212-869-6418

Ms. Mary Kaiser, President
California Community Reinvestment Corporation
Contact: Mary Jo Narez
225 W. Broadway, Suite 120
Glendale, CA 91204
PHONE: 818-550-9800
FAX: 818-550-9806

Mr. Andrew L. Erkes, President/CEO
Cambridge Realty Capital Ltd. Of Illinois
125 South Wacker Drive, Suite 1800-A
Chicago, IL 60606
PHONE: 312-521-7650
FAX: 312-357-1611

Mr. John W. Dwyer, President
Capital Funding, LLC
1422 Clarkview Road
Baltimore, MD 21224
PHONE: 410-342-3155
FAX: 410-342-7101

Mrs. Grace Huebscher, President & CEO
Capital One Multifamily Finance, LLC
7600 Wisconsin Avenue, Suite 800
Bethesda, MD 20814
PHONE: 240-507-1903
FAX: 240-507-1880

Ms. Jayne Hulbert, President
CBRE HMF, Inc.
101 California St.
44th Floor
San Francisco, CA 94111
PHONE: 415-772-0331
FAX: 415-772-0234

Mr. Matthew T. Kane, President
Centennial Mortgage, Inc.
218 W. Washington St., Suite 9th Floor
South Bend, IN 46601
PHONE: 574-233-6773
FAX: 574-233-6855

Mr. Phillip Melton, Senior Managing Director
Centerline Mortgage Capital, Inc. (Probational Approval)
100 Church Street, 15th Floor
New York, NY 10007
PHONE: 212-317-5700
FAX: 212-751-3550

Mr. Adam S. Baker, Senior Vice President
Central National Bank & Trust Company of Enid
Multifamily Lending Division
4880 S. Lewis, Suite 101
Tulsa, OK 74105
PHONE: 918-508-2008
FAX: 918-508-7600

Mr. David F. Perry, President/CEO
Century Health Capital, Inc.
18 Division Street, Suite 309
Saratoga Springs, NY 12866
PHONE: 518-583-1667
FAX: 518-583-1489

Mr. Edward J. Taylor, President
Chambers Bank
901 Main Street
P.O. Box 609
Danville, AR 72211
PHONE: 479-495-2236
FAX: 479-495-4650

Mr. Keith Gloeckl, CEO
Churchill Mortgage Investment LLC
601 Cleveland Street
Suite 850
Clearwater, FL 33755
PHONE: 727-461-2200
FAX: 727-461-6047

Mr. Steve Johnson, Director, Commercial Lending
Colorado Housing Finance Authority
1981 Blake Street
Denver, CO 80202
PHONE: 303-297-2432
FAX: 303-291-5710

Mr. Michael S. Cordes, Managing Director
Columbia National Real Estate Finance, LLC
100 E. Pratt Street
Suite 2540
Baltimore, MD 21202
PHONE: 410-837-4000
FAX: 410-837-6922

Mr. Christopher Hooke, Senior Vice President
Community Preservation Corporation (The) (Probational Approval)
28 East 28th Street, 9th Floor
New York, NY 10016-7943
PHONE: 212-869-5300 Ext. 515
FAX: 212-683-0694

Ms. Dara Kovel, Vice President-Multifamily Housing
Connecticut Housing Finance Authority
999 West Street
Rocky Hill, CT 06067
PHONE: 860-571-4360
FAX: 860-571-4371

Mr. Daniel Crain, President
Crain Mortgage Group, LLC
18383 Preston Road
Suite 230
Dallas, Texas 75252
PHONE: 972-407-1500
FAX: 972-407-1501

Mr. David Sellars, President
Davis-Penn Mortgage Company
12650 North Featherwood, Suite 120
Houston, TX 77034
PHONE: 281-481-2400
FAX: 281-481-2425

Mr. Alan R. Cravitz, President
Developers Mortgage Corporation
221 North LaSalle Street, Suite 3333
Chicago, IL 60601-1505
PHONE: 312-332-2013
FAX: 312-332-0406

Mr. David B. Juran, President
Dougherty Mortgage LLC
90 South Seventy Street, Suite 4300
Minneapolis, MN 55402
PHONE: 8612-376-4075
FAX: 612-317-2125

Mr. Forest Bailey, CEO
Draper and Kramer Commercial Mortgage Corporation
Contact: Ms. Lee Oller
Vice President
33 West Monroe Street, Suite 1900
Chicago, IL 60603-5401
PHONE: 312-580-6549
FAX: 312-346-6531

Ms. Tyler Griffin, Chief Operating Officer
Dwight Capital
1501 Broadway, 28th Floor
New York, NY 10036
PHONE: 212-960-3750
FAX:

MR. Tim O’Donnell, President
Eastern Mortgage Capital LLC
155 Federal Street, Suite 1600
Boston, MA 02110-3113
PHONE: 617-897-1148
FAX: 617-951-9944

Mr. John Berry, CEO
First American Capital Group Corporation
15 Canterbury Road, Suite A5
Great Neck, NY 11021
PHONE: 516-829-6005
FAX: 516-829-5767

Mr. Scott Moreman, Senior Vice President
First Housing Development Corporation of Florida
107 S. Willow Avenue
Tampa, FL 33606
PHONE: 813-283-1045
FAX: 813-289-5580

First Mortgage Corporation
1131 W 6TH ST STE 300
Ontario, CA 91762
Tel: (909) 595-1996
FAX: (909) 869-9485
Website: firstmortgage.com

Mr. Emil Khodorkovsky, President
Forbix Financial LLC
232 Market St., Suite 202
Flowood, MS 39232
PHONE: 323-683-5013
FAX:888-908-5676

Mr. Tony Love, Vice President
Forest City Capital Corporation
1170 Terminal Tower
50 Public Square
Cleveland, OH 44113-2203
PHONE: 216-416-3503
FAX: 216-263-6207

Mr. Kevin M. Kirton, CEO
Funding Incorporated
2536 Amherst Street, Suite F
Houston, TX 77005
PHONE: 713-522-1800
FAX: 713-522-1840

Mr. Jeffrey Erhardt, President
GE Capital Healthcare Real Estate, Inc.,
2 Bethesda Metro Center, Suite 600
Bethesda, MD 20814
PHONE: 301-634-3242

Mr. Albert J. Will, President
Gershman Investment Corporation
7 N. Bemiston Avenue
St. Louis, MO 63105
PHONE: 314-889-0684
FAX: 314-854-9565

Mr. Joseph A. Shaffer, Senior Vice President/CFO
Grandbridge Real Estate Capital LLC
Contact: Mr. Timothy M. Duncan
Senior Vice President
5000 West 95th Street, Suite 250
Prairie Village, Kansas 66207
PHONE: 913-850-6375
FAX: 913-850-6392

Mr. Joseph A. Bobeck, CEO
Great Lakes Financial Group, LP
1020 Huron Road, Suite 100
Cleveland, OH 44115
PHONE: 216-831-1300
FAX: 216-831-9533

Ms. Betsy Vartanian, Executive Vice President
Greystone Funding Corporation
419 Belle Air Lane
Warrenton, VA 20186
PHONE: 540-341-2100
FAX: 540-341-2191

Ms. Debi Martin,
Greystone Servicing Corporation, Inc.
419 Belle Air Lane
Warrenton, VA 20186
PHONE: 540-428-7270
FAX: 540-341-2191

Guild Mortgage Company
5898 Copley Dr Ste 400-500
San Diego, CA 92111
Tel: (858) 560-6330
FAX: (858) 627-3678
Website: guildmortgage.net

Mr. David Lundin, Managing Member
Hampden Park Capital
382 West Main Street, Suite 201
Northborough, MA 01532
PHONE: 508-393-3875
FAX: 508-393-5236

Mr. J. Leslie Hardin, CEO
HFC Funding Corporation
751 Avignon Drive, Suite A
Ridgeland, MS 39157
PHONE: 601-898-0103
FAX: 601-898-4727

Mr. John O. Moore Jr., President
Highland Commercial Mortgage, LLC
33 Inverness Center Parkway, Suite 140
Birmingham, AL 35242
PHONE: 205-250-9012
FAX: 205-991-8359

Mr. Erik P. Lindenauer, President
Housing and Healthcare Finance, LLC
2 Wisconsin Circle, Suite 540
Chevy Chase, MD 20815
PHONE: 301-941-1695
FAX: 301-941-1663

Mr. David D. Fumi, CEO
Huntington Mortgage Capital, LLC
41 South High Street
12th Floor – HC1225
Columbus, OH 43421
PHONE: 614-480-5201
FAX: 614-480-3290

Mr. Steve Gladden, Director
Illinois Housing Development Authority
401 N. Michigan Avenue
Suite 900
Chicago, IL 60611
PHONE: 312-836-5212
FAX: 312-832-2166

Ms. Lissa Caporaso, Vice President
Johnson Capital Huntoon Hastings, Inc.
2603 Main Street
Suite 200
Irvine, CA 92614
PHONE: 949-660-1999
FAX: 949-660-1998

Mr. Jeffrey P. Shafer, President
JS MultiCapital Corporation
2000 Auburn Drive, Suite 200
Beachwood, OH 44122
PHONE: 216-765-9000
FAX: 440-919-0270

Mr. Ed Foulon, Senior Vice President/FHA Chief Underwriter
KeyBank National Association
8115 Preston Road, Suite 500
Dallas, TX 75225
PHONE: 360-713-6116
FAX: 360-608-6275

Mr. T. Brian Pollard, CEO
Lancaster Pollard Mortgage Company, LLC
65 East Estate Street, 16th Floor
Columbus, OH 43215
PHONE: 614-224-8804
FAX: 614-224-8805

Mr. Lyndell Lay, CEO
Lay Commercial Mortgage Company, LLC
Metropolitan Tower, Suite 1514
425 West Capitol Avenue
Little Rock, AR 72201
PHONE: 501-374-1954
FAX: 501-374-1960

Lenox Financial Mortgage Corporation
200 Sandpointe Ave Ste 800
Santa Ana, CA 92707
Tel: (949) 428-5100
FAX: (949) 428-5101
Website: lenoxhomeloans.com

Ms. Marie A. O’Brien, President
Links Mortgage Corporation
426 Phoenix Street
South Haven, MI 49090
PHONE: 269-637-9000
FAX: 269-637-9007

Mr. Mark R. Dellonte, President
Love Funding Corporation
212 South Central Avenue, Suite 301
St. Louis, MO 63105
PHONE: 314-512-7953
FAX: 314-512-7951

Mr. Randall H. Mason, President
Mason Joseph Company, Inc.
211 N Loop 1604 East, Suite 140
San Antonio, TX 78232-1237
PHONE: 210-289-4415
FAX: 830-627-2652

Mr. Thomas Gleason, Executive Director
Massachusetts Housing Finance Agency
One Beacon Street, 26th to 29th Floor
Boston, MA 02108
PHONE: 617-854-1000
FAX: 617-854-1091

Mr. Mark Curtiss, Managing Director
Massachusetts Housing Partnership
160 Federal Street
Boston, MA 02110
PHONE: 617-330-9944 ext. 225
FAX: 617-330-1919

Ms. Tari L. Flannery, President/CEO
M & T Realty Capital Corporation
Contact: Ms. Paula M. Quigley
Managing Director - FHA
25 South Charles Street, 17th Floor
MC 101-617
Baltimore, MD 21201
PHONE: 410-545-2494
FAX: 410-545-2395

Mr. Hadley Bressman, President
Metropolitan Funding Corporation
28 West 44th Street, Suite 815
New York, NY 10036
PHONE: 212-983-1500
FAX: 212-983-1523

Ms. Marcia Kolb, Assistant Commissioner, Multifamily Programs
Minnesota Housing Finance Agency (Probational Approval)
400 Sibley Street
St. Paul, MN 55101-1998
PHONE: 651-296-9832
FAX: 651-296-9545

Mr. Bernard Malone, Sr. Vice President
MUSA Financial, LLC db/a Mortgages USA (Probational Approval)
4455 LBJ Freeway, Suite 1200
Dallas, TX 75244
PHONE: 972-720-0500
FAX: 972-852-1854

Ms. Mary Hom, Deputy Director, Credit Risk
New York City Housing Development Corporation
110 William Street
New York, NY 10038
PHONE: 212-227-9520
FAX:

Mr. Keith A. Volgman, President & CEO
NorthPoint Capital, LLC
566 W. Lake Street, Suite 220
Chicago, IL 60661
PHONE: 312-669-9300
FAX: 312-669-9301

Mr. David A. Williams, CEO
Oak Grove Commercial Mortgage, LLC
Contact: Brian T. Kelleher
2177 Youngman Avenue, Suite 300
St. Paul, MN 55116
PHONE: 614-437-0285
FAX: 614-506-7914

Mr. James Moore, President and CEO
Oppenheimer Multifamily Housing and Healthcare Finance, Inc.
1180 Welsh Rd., Suite 210
North Wales, PA 19454
PHONE: 215-631-9151
FAX: 215-412-4583

Mr. Michael F. Petrie, C.M.B., President/CEO
P/R Mortgage & Investment Corporation
11555 N. Meridian Street, Suite 400
Carmel, IN 46032-4548
PHONE: 317-569-7420
FAX: 317-569-6481

Mr. Martin R. Riskin, President
Pacific Commonwealth Mortgage Company
1100 Mar West Street, Suite E
Tiburon, CA 94920
PHONE: 415-435-8400
FAX: 775-418-9898

Mr. James H. Swanson, Senior Vice President
Paragon Mortgage Corporation
1130 East Missouri Avenue
Suite 204
Phoenix, AZ 85014
PHONE: 602-266-3865
FAX: 602-230-1716

Mr. David L. Evans, Assistant Executive Director of Multifamily
Pennsylvania Housing Finance Agency (The)
211 North Front Street
Post Office Box 8029
Harrisburg, PA 17105-8029
PHONE: 717-780-3876
FAX: 717-780-1811

Mr. Ford Phares, President
Phares Company (The)
104 Market Street
Georgetown, KY 40324
PHONE: 502-868-0330 Ext. 203
FAX: 502-868-9260

Mr. Kenneth Wessel, Vice President, Chief Legal Counsel
Pillar Capital Finance LLC
33 Bloomfield Hills Parkway
Suite 125
Bloomfield Hills, MI 48304
PHONE: 248-290-2200
FAX: 248-290-2222

Mr. Terry Wellman, Senior Vice President
PNC Bank, N.A.
575 Market Street
Suite 2800
San Francisco, CA 94105
PHONE: 949-333-3897
FAX: 949-336-8124

Mr. Kenneth B. Marshall, President
Prairie Mortgage Company
20 South Clarke Street, Suite 1520
Chicago, IL 60603
PHONE: 312-442-9000
FAX: 312-442-9175

Ms. S. Paige Warren, President/CEO
Prudential Huntoon Paige Associates, LLC
4350 Fairfax Drive
Suite 700
Arlington, VA 22203
PHONE: 571-357-7859
FAX: 571-357-7876

Mr. Jose A. Sierra Morales, Executive Director
Puerto Rico Housing Finance Authority
P.O. Box 71361
San Juan, PR 00936-8461
PHONE: 787-765-7577
FAX: 787-620-3421

Mr. Trever Smith, Director, FHA Chief Underwriter
Red Mortgage Capital, LLC.
Two Miranova Place
Columbus, OH 43215
PHONE: 614-857-1677
FAX: 614-857-9788

Mr. Stephen A. Wessler, Vice President and National Director
Red Stone Agency Lending, LLC
600 South Cherry Street, Suite 1115
Denver, CO 80246
PHONE: 303-221-2160
FAX: 303-221-4929

Mr. Edward Williams, FHA Chief Underwriter & Managing Director
Regions Bank (Probational Approval)
3050 Peachtree Rd. NW, Suite 400
Atlanta, GA 30305
PHONE: 404-279-7450
FAX: 404-279-7475

Mr. Richard H. Godfrey Jr., Executive Director
Rhode Island Housing
44 Washington St.
Providence, RI 02903-1721
PHONE:401-457-1212
FAX: 401-457-1136

Mr. Richard Oppenheim, Executive Vice President
RICHMAC Funding, LLC (Probational Approval)
340 Pemberwick Road
Greenwich, CT 06831
PHONE: 203-413-0304
FAX: 203-869-1034

Mr. Scott Brown, Executive Vice President
Rockhall Funding Corporation
350 Jericho Turnpike, Suite 104
Jericho, NY 11753
PHONE: 347-901-4425
FAX: 516-932-4500

Mr. Joseph Mueller, CEO
Rockport Mortgage Corporation
17 Rogers Street
Gloucester, MA 01930
PHONE: 978-283-9208
FAX: 978-283-1227

Mr. Anthony Luzzi, Executive Vice President
Sims Mortgage Funding, Inc.
100 Paragon Drive
Montvale, NJ 07645
Suite: 129
PHONE: 201-307-9383
FAX: 201-307-9380

Mr. Daniel R. Schultz, President/CEO
StoneArch Mortgage Corporation (Probational Approval)
650 Third Avenue South
Suite 100
Minneapolis, MN 55402
PHONE: 612-767-6226
FAX: 612-767-6098

Mr. Hari S. Agarwal, President
Sun West Mortgage Company, Inc.
18303 Gridley Road
Cerritos, CA 90703-5401
PHONE: 562-916-1401 or 800-453-7884 Ext. 401
FAX: 562-924-6057

Mr. James Katilus, Managing Member
Tavernier Capital Funding, LLC
Redfern Professional Park
3820 Mayweather Lane, Suite 101
Wesley Chapel, FL 33544
PHONE: 813-388-2938
FAX: 813-388-2942

Mr. William M. Walker, President and CEO
Walker & Dunlop, LLC
Contact: Ms. Michelle Warner
Senior Vice President/Group Head, FHA Finance
7501 Wisconsin Avenue, Suite 1200E
Bethesda, MD 20814
PHONE: 301-564-3284
FAX: 301-634-2150

Ms. Catherine (Cathy) Pharis, Head of FHA Platform
Wells Fargo Bank, N.A.
2010 Corporate Ridge
Suite 1000
McLean, VA 22102
PHONE: 703-760-4720
FAX: 703-760-4796

Ms. Mary Wright, Director of Multifamily Housing
Wisconsin Housing and Economic Development Authority
201 West Washington Avenue
Suite 700
Madison, WI 53703-2727
PHONE:608-266-6622
FAX: 608-267-1099

Mr. Richard T. Wyatt, President
Wyatt Funding Corporation
22 Wrights Mill Road
Armonk, NY 10504
PHONE: 914-273-5103
FAX: 914-273-5106

Mr. William T. Mulligan, President
Ziegler Financing Corporation
Contact: Mr. Bernard P. Gawley
110 East Main Street
New Albany, OH 43054
PHONE: 212-284-5413
FAX: 212-730-1095

Source: HUD Multifamily Accelerated Processing (MAP) Approved Lenders
Updated: Fourth Quarter, 2014

Tuesday, November 11, 2014

Using Lease Options to Profit from Rental Properties

YOU CAN MAKE GOOD REAL ESTATE INCOME using a LEASE OPTION on rental properties you own. Here's how you might do it.

Rent the property to a tenant at the going rent in the area with an option to your renter to buy the property at a stated price in a given time period. Thus, you might rent a Single-Family Home (SFH) to a tenant for $1,500 per month with a Lease Option to buy the house for $125,000 at any time for the next 5 years, or 60 months. 

As part of your Lease Option you will have the tenant pay the first month’s rent, plus a Security Deposit of 3 months’ rent before moving in. This will give you a total of $6.000 (= 4 X $1,500). In some cases you’ll be able to buy the SFH at foreclosure for just a few hundred dollars. So your security deposit will more than pay your down payment on the house, plus give you some working capital.

TO EARN BIG MONEY WITH LEASE OPTIONS it’s usually best to have:
  • A string of SFH--say 10 or more--to ensure a steady monthly income and a phased buying schedule over several years so you can look ahead to blocks of cash coming into your bank.
  • A concentration of your SFH in an area that is easy for you, or one of your agents, to get around. This makes your whole operation easier to run and much more profitable.
  • A focus on the financial aspects of your business. You get the needed down payment on each lease option deal so you have a large enough money reward from every SFH you buy.
YOU CAN USE A LEASE OPTION FOR A MULTIFAMILY apartment building, but your market--that is, the number of people looking for Multi-Family Apartment House deals--is much smaller. So:
  • If you’re looking for a fast start with a large market, go SFH.
  • If you’re looking for a low-cost start, go to SFH now.
  • If you’re looking for easy financing your lease option, go SFH.
  • If you’re looking for a no-credit-check start, go SFH.
  • If you’re looking for quick cash-in-hand deals, go SFH.
TO GET STARTED IN SFH LEASE OPTIONS, contact your local County Clerk by phone. Ask “Who handles SFH foreclosures in this area?” Get the phone number and immediately contact that group. Ask for their free list. Figure which ones you can lease option and start building your wealth!

Friday, September 19, 2014

Twenty-three Ways to Find Foreclosure Real Estate


IF YOU ATTEND A "GET RICH IN REAL ESTATE" SEMINAR TODAY, chances are good it will focus on:
  • foreclosures and preforeclosures
  • "probate properties"
  • "repo homes"
  • ugly houses"
  • flipping
  • wholesaling
THE NUMBER OF AVAILABLE FORECLOSURE PROPERTIES IS ON THE RISE and the popularity of buying foreclosure real estate remains high.  
 
THE FOCUS IN FORECLOSURES is on getting early, “inside track” information on properties available for purchase. Oftentimes, this requires sifting through public records called  “lis pendings” at county government offices. 
 
WHY SPEND WEEKS PORING OVER PUBLIC RECORDS at county offices when the sources below do much of the hard work for you?

BELOW YOU'LL FIND 23 SOURCES* FOR inexpensive foreclosure real estate. Most provide searchable foreclosure and preforeclosure listings by state, as well as auctions, short sales, and foreclosure how-to information. 

FORECLOSURE TIPS


WHEN YOU LOCATE THE BEST cheap foreclosure properties, you can grab and flip them for a profit before anyone else gets their hands on them. To make even higher profits, buyers and flippers may spruce up or renovate the properties before selling.

MANY FORECLOSURES ARE BANK-OWNED HOMES—residential houses that have been taken over by the bank after completing the foreclosure process. Lenders take over foreclosures to try to recoup unpaid loan money.

PREPARE AN INSPECTION CHECKLIST PRIOR TO VISITING THE PROPERTIES that interest you. Pay special attention to structures like the foundation and roof when determining each home's condition and value. Popular Mechanics provides a DIY Home Inspector Checklist at http://www.popularmechanics.com/home/improvement/interior/4271761.

FORECLOSURE RULES VARY from one state to another. For example, states can choose to allow either judicial or non-judicial foreclosure actions. Judicial foreclosures usually take longer than non-judicial foreclosures. A state-by-state listing can be found at www.edwardringwald.com/pdf/JudicialAndNonJudicialStates.pdf.

SOURCES OF FORECLOSURES


HUD Home Store
451 7th Street S.W.,
Washington, DC 20410,
(202) 708-1112

Nationwide foreclosure listings, including HUD Dollar Homes, single-family homes that are acquired by the Federal Housing Administration (FHA) as a result of foreclosure.

Fannie Mae Home Path
3900 Wisconsin Avenue, NW
Washington, DC 20016-2892
1 (800) 732-6643

"HomePath.com is the Official foreclosure website owned by Fannie Mae ... You can search thousands of move-in ready foreclosed properties, access handy tools and resources, and get help with the buying process."

Bank of America Foreclosure
100 Tryon St.
Charlotte NC 2825
800.432.1000

"Browse foreclosure listings at the Bank of America Real Estate Center and find a property that may suit your budget and lifestyle. Bank of America also offers loans special to foreclosures in addition to mortgages for traditional properties."

Zillow Foreclosure Center
Russell Investment Center
1301 Second Avenue, Floor 31,
Seattle, WA 98101

"Get access to pre-foreclosures, foreclosure auctions and bank-owned properties in your area. Find home values and listings."

RealtyTrac
Renwood RealtyTrac LLC
One Venture Plaza, Suite 300
Irvine CA 92618
800-550-4802
support@realtytrac.com

Provides 1.2 million foreclosure property listings and 4.2 million for sale and recently sold homes nationwide.

"Your source for bank foreclosed listings ... current neighborhood information, and additional research to aid you in your home buying process.

Foreclosure.com
1095 Broken Sound Pkwy. NW, Suite 200
Boca Raton, FL 33487
Billing issues: 1-800-535-6945
Customer service: 561-981-5337

Nearly 3 million listings. "Save 30 – 40% on bank-owned homes ... Foreclosure.com is the first to list the newest and best foreclosure properties, which are available for drastically-reduced wholesale prices."

BankForeclosedListings.com
12667 Alcosta Blvd., Suite 200
San Ramon, CA 94583

Band Foreclosures Sale
1800 Sans Souci Blvd, 136
North Miami, FL 33181

Foreclosures.com
Tahoe Wheaton, Inc.
4112 Crestline Ave
Fair Oaks, CA 95628
Toll Free: (800) 310-7730
Direct:(916) 860-1111
Fax: (916) 860-1123
Email: ryan@foreclosures.com

"The Only Foreclosure Site Built by Foreclosure Investors, for Foreclosure Home Investors ... We are the web's oldest, most reliable and accurate source of foreclosure properties available to real estate investors."

National Foreclosures.com
1-866-BANK-REO

"A leading Bank REO Asset Management & Marketing company providing up to date information on: Nationwide Pre-Foreclosure, Foreclosure & Bank REO Property Listings, Bank REO Auctions & Short Sale Listings." 

Yahoo! Foreclosures

Easy-to-search, free foreclosure listings. 

Government Repo Homes

Lists over 100,000 bank-owned foreclosure and "repo" homes that have have been repossessed by the bank after they are foreclosed.

Bank Foreclosures

"Updated lists of bank- and government-owned foreclosure properties - Step-by-step foreclosure process."

MSN Real Estate

"MSN Real Estate provides foreclosure listings, tips and advice on buying foreclosed properties and, for troubled homeowners, how to avoid foreclosure. Local Foreclosure Properties, Listings & Help."


MLS Foreclosures

MLS foreclosure listings.

Foreclosure Data Online
98-19 32 Ave
East Elmhurst NY 11369
Fax: 718 732 2676
Billing inquiries only: 1-888-596-9279

"Fresh" nationwide lists of over 2 million foreclosed homes, directly from banks, with pictures, details and maps.

Foreclosure Databank
19731 NE 10th place
Miami FL 33179
Billing inquiries only: 1-888-596-9279
Email: support@ccbill.com

Lists 1.5 million bank-owned, foreclosed and preforeclosed homes for sale. Neighborhood and school profiles. Free eBook about foreclosure investment.

RealtyStore.com
5951 Encina Rd. Suite 208
Goleta, CA 93117
(800) 473-1783 
Website: www.realtystore.com 

Lists foreclosures, short sales, auction sales and HUD homes. "Save up to 50% on great real estate bargains."

USHud.com
65 Old Solomons Island Rd
Suite 208
Annapolis MD 21401
800-880-8584 and 877-888-1673
Website: www.ushud.com

"Free Foreclosure Listings right at your fingertips ... We have compiled all of the foreclosures on the market in an easy to search database. Save time and money using USHUD.com to start your search, find a foreclosure, get in contact with a licensed real estate agent and mortgage lender that can help you purchase your next property.

HUDForeclosed.com

"The #1 discount marketplace for Foreclosure Real Estate. We help you find foreclosure deals nationwide. Save up to 50% on massively discounted homes."

ForeclosureListings
Billing issues: 1 888 596 9279
Fax: 718 732 2676

Over 100,000 nationwide listings of foreclosures, preforeclosures, bank foreclosures and government foreclosures. Updated daily.

Hubzu
(855) 882-1314
Email: customercare@hubzu.com
Website: www.hubzu.com

Provide large nationwide foreclosure listings.

Realtor.com
National Association of Realtors
430 N. Michigan Avenue
Chicago, IL 60611-4087

"Realtor.com® provides foreclosure listings for short sales and bank-owned homes that you can view right from your computer. Simply enter a location in our search bar. Realtor.com® does the rest by returning the foreclosed condos, townhomes, and single-family homes that match your criteria." 


This article originally appeared in the October 2014 issue of Money Watch Bulletin, published by International Wealth Success Inc.

*Links are provided for the information and convenience of readers. Author and publisher are not affiliated with listings. No endorsements are made or implied.

Friday, August 08, 2014

Finding Success In ‘‘PAPER " Real Estate: Options

REAL ESTATE IS A GREAT HOME BUSINESS. Some of my real estate entrepreneurs are so close to their business that they live on the property that gives them their income! Could you ask for any closer ties? (These wealth builders live in one of the apartments of their multifamily income buildings.) 
 
Choose How You Want to Prosper in Real Estate

You can earn money in home-based real estate in two general ways. 
 
1. Invest small sums in “paper” real estate—that is, options that allow you to control large pieces of real estate for a tiny amount of money. Your income comes from the difference between the cost of the property and the selling price you can get for it. 
 
2. Buy, and own, income property of a type you feel comfortable with—such as residential (apartment houses), commercial (stores), industrial (factories), etc. Your income is derived from the rents you are paid, after you deduct the operating expenses. 
 
Let's take a look at each type of real estate and see how you can earn money from it. And—if you'd like—you can run both types of businesses from your home and earn an excellent income. 
 
How Options Can Help You Build Your Fortune

An option is a written agreement you have with the seller of a property to buy it at a stated price within a named time period—which could be thirty, sixty, or ninety days or more. If you do not buy the property within the option period (i.e., thirty, sixty, ninety days) you lose your option amount. But this amount is so small compared to the value of the property you control, and the profit you might make on its sale, that people shrug it off. For example: 
 
You find a multi-family building priced at $200,000. An option to buy it costs $100 with a sixty-daytime period. You believe you can resell this property for $250,000 in less than sixty days. With a bit of advertising and a few phone calls you are able to sell the apartment house for $248,000. So your profit after expenses (including your option cost of $100) and closing costs of $11,000 is $248,000 - $11,000 - $200,100 = $36,900. Thus, for an investment of $100, you earned a profit of $36,900. And even if your option cost you $1,000 (which it probably would not), you'd still have a nice profit for a few days' work. Further, if you were unable to sell the property in sixty days, you would lose only $100 in the first instance, or $1,000 in the second instance. 
 
All of your dealings with an option can be done from home—except for visiting the property you want to buy. 
 
Never take an option on real estate without seeing it with your own eyes! You might—if you wish—have a trusted partner or relative check a property for you. But—if you can—you're much better off checking it out yourself. 
 
Some options can cost as little as $1. Such options are on property that is not in great demand. So while your option costs you little, the chance of selling the real estate will be smaller (usually) than for properties whose option costs more. (We've even heard of options that cost nothing—-just your signature on a piece of paper—but the real estate sold fairly fast.) 
 
To help you understand options better, you should read the Example of a Typical Real Estate Option shown at the bottom of this post. 
 
The option shown is a general example of one that might be used for your deals. Since every transaction is different, your proposed option should be tailored to your specific deal; don't use this option without the guidance of a competent real estate attorney, who will prepare your option for you. 
 
What will be your game plan for making money from home in real estate options?
 
Here's your ten-step game plan: 
 
1. Decide what type of property you want to work with—that is, option and then resell either the property or the option itself. 
 
2. Look for such properties in your area by regularly scanning the ads in your Sunday newspapers, and in any other local real estate publications you can find. 
 
3. Contact sellers of suitable properties when you find one advertised. It is best to deal directly with a seller, instead of going through a real estate broker who might not approve of your offering an option on a property. 
 
4. Get full data on the property from the seller. This will be supplied free of charge to you and will include the asking price, amount of down payment, income, expenses, real estate taxes, utility costs (water, sewer, etc.), and other important financial data on the property. 
 
5. Explore the sales possibilities of the property. Is such property in strong demand in your area? Can you raise the asking price to a level where you can make a profit on this property? A real estate broker can help you answer these questions. (Note: A real estate broker may discourage your buying a property with an option, but the same broker will be happy to work with you on the sale of an optioned property. Why? Because he or she earns a commission on the sale!) 
 
6. Offer the seller an option to buy the property if the numbers (your cost, potential selling price, and demand) appear to be satisfactory. 
 
7. Try to pay the least amount for the option and get the longest time—more than thirty days and at least ninety days, if possible—for the option. 
 
8. Put the property on the market quickly—the same day you and the seller sign the option. Use every means you can to get the property in front of its potential market. 
 
You want to sell as quickly as possible, even though a quick sale may produce a slightly lower price for the property. 
 
9. Get competent legal advice every step of the way. Why? Because real estate today has many potential problem areas. Only with an experienced real estate attorney at your side can you avoid the traps that might exist. 
 
10. Go on to your next option deal. Only by moving ahead can you build a big income from your home in the options field. You can—if you wish—pause and enjoy your profit from your first deal. But the best way to earn a large income in this field is to continue deal after deal! You can earn big money in “paper” real estate from home. Just follow the ten steps outlined above to see what you can achieve without having an office, a large payroll, expensive machines, or any other problem-makers! 
 
A Real·Life Option Success from Home

To show you how you might make big money in options, here's a real-life story from one of our IWS newsletter readers: 
 
"1 took an option on thirty-three single-family homes for 120 days for zero dollars—no money changed hands. The option cost of these homes at the end of the 120 days would be $796,000. If I could not come up with this much I would lose the houses. But by using creative advertising and sales methods I was able to sell fifteen of the houses for $748,000; my cost for these 15 houses was $392,000. So my profit, before ad expenses, was $748,000 - $392,000 = $356,000.1 had the buyer pay the closing costs. The other eighteen houses sold for $565,000. My cost for these was $404,000; my profit before expenses was $161,000. So my total profit before minor expenses was $517,000. That's not bad for just about four months' work! Even if my expenses ran several thousand dollars (which they didn't), I'd still have a nice year's income.” The way this wealth builder accomplished this real-life deal working from his own home (he showed me all the paperwork) was by: 
 
  • Knowing the area these homes are located in.He carefully studied values and sales in this location for a long time.

  • Offering his buyers good value for the price they paid,making it a win-win sale for the buyers and the seller—plus the issuer of the option.

  • Arranging the financing so the buyers could get mortgages that were affordable and allowed them to earn money from the homes they bought.

  • Holding to his asking price even though the buyers tried to “knock him down” in price to get a better deal. 

------------------------------------------- 
 
EXAMPLE OF A TYPICAL REAL ESTATE OPTION

Below is an example of an option to purchase real estate written by a homebased wealth builder. Note: Any proposed option MUST be written by a qualified real estate attorney. Each option must be tailored to fit the parameters of the specific property and proposed transaction. Don't use this example as-is for any actual real estate transaction.

OPTION TO PURCHASE REAL ESTATE
[Date]
I hereby offer to buy the real estate located at [Address] and described in the attached copies of deed and title, within the next [Number] days, ending on [Date] In the event I do not purchase the above-described real estate within the next [Number] days, this purchase option will expire and any and all rights I have in this Purchase Option will become null and void, and the earnest money of [$ Amount] will be kept by the seller with no possible recourse by myself. 
 
Signed—Optionee (You)
Date
Signed—Optionor (Seller)
Date