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Articles from Svein Groem | Selfgrowth.com
- Are You an "Old School" Real Estate Investor, Yet? - by Submitted on Mar 29, 2011 from Svein GroemThis morning, I heard the reporters say the government is now considering increasing the minimum down payment to a whopping twenty percent (for real estate purchases). This is for the average home buyer, not just for people wanting to purchase investment properties. It does not take a rocket ...
Views: 656 - Why Is Your Fix and Hold Offer Wrong? - by Submitted on Mar 23, 2011 from Svein GroemIf you're a real estate investor like myself, you've most likely attended many seminars, workshops and the like. If these courses involved fix and flip real estate, they have undoubtedly included a formula to make offers to buy investment properties to rehab and resell. However, I cannot seem ...
Views: 588 - Why Is Your Fix and Flip Offer Wrong? - by Submitted on Mar 27, 2011 from Svein GroemIn the old days of a few years ago (smile), calculating fix and flip real estate offers was fairly simple. All you had to do was determine the after repaired value, give yourself a margin of error/profit, subtract off the repairs, and your offer was normally good to go. Today it is a lot ...
Views: 668 - What is a Short Sale, and What Are The Exit Strategies Available For Real Estate Investors? - by Submitted on Mar 18, 2011 from Svein GroemMost short sale transactions involve the investor finding a motivated seller, engaging the seller, negotiating an offer with the lien holder(s), and hopefully selling the property to an end-buyer for a nice profit. The steps can look something like: 1. Find prospects, through marketing, ...
Views: 608 - The Importance Of Using Correct Paperwork In Short Sales Real Estate Investing - by Submitted on Mar 22, 2011 from Svein GroemTwo events happened that dramatically changed my mind (and my paperwork!) about using these "generic" forms: First, I started closing many deals with a local real estate attorney who basically "shredded" my generic contracts. Second, the legislature in my State passed new foreclosure laws that ...
Views: 647 - Can the 75 Billion Dollar Bailout Stem the Flood of Real Estate Foreclosures? - by Submitted on Mar 12, 2011 from Svein GroemI know that $75 Billion seems like a huge pile of money for loan modifications. Let's work some numbers and see how big the problem really is. Let's say the median priced home in the US is about $240,000. According to the news, there are about $10 Million homes somewhere in the foreclosure ...
Views: 691 - For The Foreclosure Investor, Are Short Sales Worth The Hassle? - by Submitted on Mar 08, 2011 from Svein GroemI have been asked many times why I like working short sale transactions. My answer to this question is easy: It is the easiest of the real estate models to set-up and duplicate (local and out of area) and it requires no money of your own or maybe no private money. Done correctly, you do not ...
Views: 777(7 votes) - Do You Know Your Short Sale Exit Strategies? - by Submitted on Mar 08, 2011 from Svein GroemIf you are a short sale real estate investor working the foreclosure market, it is imperative that you understand your exit strategy. In simple terms, an exit strategy is a "how can I get paid if I do this deal" strategy. For example, if you purchase a property, whereby the debt is required ...
Views: 657 - Do You Have Your Short Sale Paperwork in Order? - by Submitted on Mar 08, 2011 from Svein GroemOne of the biggest mistakes that a real estate investor can make is to have nonexistent, ill-prepared, or insufficient paperwork that is used to close deals. With all of the legal oversight popping up in most State's foreclosure statutes, using the proper paperwork for the short sale investor is ...
Views: 800 - Why Do Short Sales Fail? - by Submitted on Mar 08, 2011 from Svein GroemAs a foreclosure investor working short sales, you've probably had some deals blow up in your face (I have). There are numerous reasons why short sale transactions can fail-even with all of your hard work and diligence. Sometimes the deal blows up and it is our fault, and other times it is not. ...
Views: 1041 - Five Ways to Keep Your Short Sale Deal From Failing - by Submitted on Mar 08, 2011 from Svein GroemIn my last article, I listed five common ways that short sales can fail. In this article, I'll make some suggestions on how to potentially save the deal from failure. There are last-minute corrections, which can be implemented that can save the deal. First Tip, when the buyer walks: Reduce ...
Views: 637 - Do You Own a Virtual Short Sale Business? - by Submitted on Mar 08, 2011 from Svein GroemHave you heard the latest information that foreclosure rates are running about 32% more today than for the same period in 2008 (a whopping 42% increase in California and a 75% increase in Florida)? For the savvy short sale foreclosure investor, that should translate into many more deals and ...
Views: 684 - Who is the Actual "Seller" in a Short Sale? - by Submitted on Mar 08, 2011 from Svein GroemI have never kept a running count of how many homeowners that I have spoken with, but I guess it could be around a thousand. Imagine that, having conversations with a thousand homeowners in foreclosure. One of the weirdest things for the average homeowner, who is looking to sell as a short ...
Views: 714 - Are Short Sale Double Closings Dead? - by Submitted on Mar 08, 2011 from Svein GroemOne of the mainstream strategies involved in working foreclosures and short sales is the "art" of the flip. The basic idea of a "flip" is to negotiate the purchase price with a foreclosing lender (that is based on their Broker Price Opinion and your negotiation skills) that is less than the ...
Views: 1240 - Are Short Sale Double Closings Dead? - by Submitted on Mar 08, 2011 from Svein GroemOne of the mainstream strategies involved in working foreclosures and short sales is the "art" of the flip. The basic idea of a "flip" is to negotiate the purchase price with a foreclosing lender (that is based on their Broker Price Opinion and your negotiation skills) that is less than the ...
Views: 673 - How to Effectively Bid on Bank Owned Properties (REOs) - by Submitted on Mar 08, 2011 from Svein GroemOne of the biggest secrets to successfully bidding on REOs, as a savvy real estate investor, is having a mechanism that provides for the ability to submit a lot of offers and an understanding of the process. I believe the process follows 4 Stages. In a normal week, we'll submit more than 600 ...
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