Real Estate Education from Granite Real Estate Investment Club » real estate investor

Senate Passes Homebuyer Tax Credit Extension

admin — Fri, 18 Jun 2010 23:42:36 +0000

The Senate has passed a bill to give homebuyers another three months to close on their homes and receive tax credits up to $8,000. The Tax Extenders Bill would apply to homebuyers who met the April 30, 2010 deadline with a signed contract to purchase a new or existing primary residence. The amendment would extend the deadline to September 30, 2010 for homebuyers to close on their real estate transaction. The previous deadline was June 30, 2010. The bill now goes to the House of Representatives, where it is expected to pass.

The National Association of Realtors estimates that as many as 180,000 homebuyers have qualified for the tax credit and met the contract deadline of April 30, 2010, but might not be able to close their transaction by the June 30, 2010 deadline due to the sheer volume of loan applications in the pipeline.

At this point many homes are selling quickly in Santa Clara County, but this should help to create some more momentum in the industry and get some loans closed.

ABC News thinks Real Estate Investors Vultures or Not?

admin — Tue, 28 Jul 2009 17:21:35 +0000

One of my most admired Real Estate Investor associates, Bruce Norris, was interviewed by ABC News. ABC could not believe that we Real Estate Investors who go out and buy abandoned, ugly houses, fix them up and rehab properties and then rent them for long term wealth. Hummm….sounds pretty natural to me, I’ve been doing this for over twelve years . A great interview to watch and I’m giving you the exclusive interview below. Check out the face on the news anchor woman when she sees beautiful granite counter kitchen tops as the ‘after’ picture of the rehab when she just came out of a previous buy which is a total dump…

Leave some comments and tell me about reactions you have received from naysayers after you rehab’d a property and showed people the beautiful after effects of a rehab.

So, are real estate investors “vultures” who purchase properties at a deep discount, only to rehab them and rent/sell for profit. Hit me up with your thoughts.

Is that darn pesky House bill 1787 a Black Cloud for Investors?

admin — Sun, 14 Jun 2009 04:22:37 +0000

The truth about House Bill 1787.

Give me your thoughts.

This just in from Bill Bronchick, Real Estate Investor and Attorney.

From: Bill Bronchick
Date: 11 June 2009 18:33:35 BST
Subject: The truth on House Bill 1787
From: Bill Bronchick

Re: The truth on House Bill 1787

I’ve received a number of emails from people claiming that House
Bill 1787 will eliminate owner financed deals to once every 36 months.

This is patently FALSE.

Become an informed citizen and read it yourself:

http://www.govtrack .us/congress/ bill.xpd? bill=h111- 1728

This bill aims to include owner financed deals within the definition
of “Truth in Lending” law. I’ve always instructed in my courses and
seminars that you should comply with Truth in Lending, which
requires just a few simple disclosures.

The bill also would, in theory, make a person who sells a home a
“mortgage originator”. This would require compliance with RESPA,
which I’ve always instructed in my courses and seminars that you
should comply with anyway.

Finally, the bill would require that you actually qualify your
buyer. It prohibits, “lending without due regard of the mortgagor’s
ability to repay”. Duh! Only a fool would put someone in an owner
financed house deal without checking their income, debt and credit.

All in all, there’s nothing to worry about here for investors, it’s
just a matter of compliance with some federal rules and a couple of
disclosures.

Any comments or questions are welcome.

Your partner in success,

Bill Bronchick, Esq.

so hit us up with some comments and let us know what you think.

Oh, our next Real Estate Free Seminar starts again second Wednesday

of the month

http://www.RealEstateGranite.com/meeting.html

Yous in Success !

Should you take the REO Bus Tour?

admin — Fri, 13 Feb 2009 01:13:32 +0000

Now is the time to buy area investment properties!

Why? Buy low and sell high is how you succeed in real estate.

Don’t follow the pack that is running away from real estate.

The adjustment to area home prices and the continued cooperation of low interest rates makes 2009 the perfect time to buy an investment property. Now you can use a conventional loan, private money or hard money loans to acquire these properties and have your tenant pay your mortgage off and put extra money in your pocket every month.

Right now the best deals you can get are BANK OWNED Properties (REO’s).

Join us as we tour area investments that we are hand picking for you. We will teach you about the REO process during our tour…everything from how the bank reclaims the property, steps the bank takes to get it sold, repairs, finding a property manager and so much more!