[Susan]

Wholesale in real estate is when you get a property under contract and then assign that contract to an end buyer. The end-homebuyer is usually a real estate investor, for a fee. This can be done right and make more than $20,000 per deal.

Here’s how: Find a motivated seller.

Distressed properties are physically distressed (needing repairs) or financially distressed (the owner needs to sell quickly because of financial problems). They’re often sold below market value.

Marketing strategies: Use direct mail, online ads, bandit signs, or “driving for dollars” (driving around neighborhoods looking for potential deals).

Negotiate a low purchase price: Buying low is the key to making huge profits. Aim for 60%- 70% of ARV minus repairs.

Get the property under contract.

Use wholesaling contracts: Draft contracts that allow you to assign your interest in the property to another buyer. Ensure there’s an assignment clause and a “weasel clause” or “escape clause” that lets you back out if you can’t find a buyer.

Set the assignment fee: Decide on this upfront. It should be factored into the price you negotiate. For example, if you want to make $20k, work backward. Figure out what an investor would pay, and subtract your contract price from the seller. Whatever is left over goes towards covering your assignment fee amount.

Find an end buyer

Build a buyers’ list: Network at real estate investment groups, connect with cash buyers, and use Facebook groups, Craigslist, or other online platforms.

Market property: Present details about the property. Details include the purchase price, repair estimates, ARV, and emphasized profit potential after repairs have been made while talking directly to the end-buyer contract. Once someone expresses interest in paying your desired fee, tell them they must agree to take over where the contract left off, thus becoming a new buyer under said terms.

Close the deal

Work with the title company: Choose a company specializing in wholesaling deals. They will handle the closing process, which includes ensuring the title is clear and transferring property from seller(s) to end-buyer(s).

Collect assignment fee: At closing, the end-buyer pays the agreed-upon purchase price, and you get paid your assignment fee. If all goes well during negotiating, this can easily exceed $20k.

Repeat the process

Scale business: After one successful wholesale deal, keep finding more motivated sellers and growing the buyers’ list. As you gain experience, you should start doing multiple deals simultaneously, increasing potential income levels.

Tips for success:

Due diligence: Always research the property thoroughly, including repair costs, market value, and the motivation level of the seller(s).

Negotiate effectively: The greater your ability to negotiate down the purchase price, the better your chance of having a higher profit margin available later on down the line. However, push only a little hard; otherwise, you could scare them away altogether, causing no sale to happen at all.

Build relationships: Having strong relationships with buyers, sellers, and other professionals, such as real estate agents or even title companies, is vital to succeeding in the wholesaling industry over the long term.

My last words about wholesaling are that it can be a profitable real estate investment tactic. You can make more than $20,000 in one deal. The trick is to find the right property at the right price and ensure plenty of buyers lined up who can close fast.

If there’s anything else I could help with or if anything needs to be clarified, just let me know!

[Susan]

What does the term 1003 Mortgage Application mean?

The Uniform Residential Loan Application, or the 1003 Mortgage Application, is a standardized document that financial institutions employ to collect data from individuals applying for home loans.

Facts Necessary on a 1003:

Personal Information: Name, address, and Social Security number.

Work Information: Past and present employment records.

Income & Expenses: Monthly income, debts owed (if any), and cost of living.

Assets & Liabilities:

• Bank account details.
• Investments like stocks or mutual funds.
• Outstanding loans, e.g., student loan balances.
• Credit card debt.

Property Information: The address where the property was purchased or refinanced, the type of property, such as a single-family dwelling or condo unit number, if applicable, and anything else the lender needs based on the borrower’s situation should be included here, too.

Declarations: Any other financial obligations not already listed above and other legal questions may also need answering here.

How to Complete a 1003:

Enter Accurate Data – Be sure to fill out each section truthfully.

Supporting Documentation– Pay stubs and bank statements must be provided along with this application.

Review thoroughly: Review everything more than once, looking for mistakes before sending it in.

Your loan officer will help guide you through these steps, ensuring everything is done correctly so that all necessary information is included and accurate on your application.

[Susan]

Eligibility For Investment Loans In Condominiums

Credit and Income: You need a good credit score of 680 or above + verifiable income.

Down Payment: It is usually 20-25% for investment properties.

Debt-to-Income Ratio (DTI): It should comply with the lender’s policy, generally under 45%.

Types Of Condominium Investment Loans

Conventional Loan: This is the most common type of loan for warrantable condos.

Non-QM Loan: Suitable for non-warrantable condos.

Warrantable vs Non-Warrantable Condo.

Warrantable condo: It meets all Fannie Mae and Freddie Mac guidelines, such as no significant litigation involving the whole building. No litigation on the condominium complex means these condos can be financed through traditional lending institutions such as banks or mortgage companies.

Non-warrantable condos do not conform to one or more rules set forth by FNMA and require special financing programs offered by certain lenders only specializing in this niche market segment.

Requirements For Eligibility

Property Eligibility: The property must meet warrantability criteria for conventional loan programs.

Down Payment: Expect it to range between twenty percent (20%) and twenty-five percentage points (25%).

Reserves: Six months’ worth up to twelve months’ worth may be required depending upon the overall risk assessment conducted during the underwriting process. Various factors are considered, including the borrower’s credit profile, loan amount requested, and relative value of the subject real estate securing transaction.

Contact Gustan Cho Associates – At Gustan Cho Associates, our loan officers are experts in providing financing solutions for condominiums.

[Susan]

Even if you have a house in Upstate New York, your wife might still be eligible for first-time homebuyer programs. Here’s what we’re talking about:

Definition of a First-Time Homebuyer

Typically, individuals are considered first-time homebuyers if they haven’t owned a home within the past three years. Your wife has never owned any residential property under her name. So she could be regarded as such even when you’ve been an owner.

Qualification Standards for First-Time Homebuyer Programs

Single Application: If your wife files for a mortgage alone, she stands a high chance of qualifying as a first-time homebuyer. Her earnings level, credit rating, and debt-to-income ratio will largely determine this.

Joint Application: Nevertheless, whether or not co-signing with you would still enable her to qualify for first-time homebuyer status depends on particular program requirements. Some schemes may disqualify her from applying if another homeowner acts as a co-signer, while others could allow it provided she meets additional criteria.

Co-Signing Considerations

Debt-to-Income Ratio: Your income and debts will also be factored into the computation when you decide to become her loan co-signer, affecting either positively or negatively, depending on how strong or weak both are financially.

Ownership Structure: If both your names appear as owners on the new property, then this might affect her entitlements to enjoy the benefits accorded to those buying homes for their very first time in life upstate New York through different programs run by various institutions or government agencies at local levels.

Programs in Upstate New York

SONYMA (State of New York Mortgage Agency): This agency offers lower interest rates plus down payment assistance, among other things, designed exclusively for people purchasing properties for the first time within certain income brackets, so they may allow her to provide she applies alone, but through them.

Local and County Programs: Check out county-specific and city-based incentives that target fresh entrants into the real estate market upstate New York.

If she decides to make an individual application, then there is a high likelihood that your wife will benefit from first-time homebuyer programs in Upstate New York. However, co-signing should only be ruled out partially as it may still help her qualify depending on rules set by various schemes. Therefore, one would need advice from lenders dealing with such products to pick the best option.

[Susan]

Yes, both Chapter 13 bankruptcy payments and deferred student loans can count in Debt-to-Income (DTI) calculations, depending on the type of loan and lender guidelines.

1. Chapter 13 Payments: The monthly payment you make under your Chapter 13 bankruptcy plan is typically included in your DTI calculation because it’s a required debt obligation.

2. Deferred Student Loans: For most mortgage loans, lenders will include a percentage of the outstanding student loan balance in your DTI calculation, even if the loans are currently deferred. The amount of the percentage used on deferred student loans is 0.50% of the outstanding student loan balance.

3. Income-Based Repayment: If the borrower has and IBR payment set up with the student loan provider, then the IBR payment is used no matter how little the monthly payment is.

Specific guidelines may vary depending on the loan program (FHA, VA, Conventional, etc.), so it’s essential to consult with a lender to understand how these factors impact your DTI ratio for your specific situation. VA loans exempt deferred student loans as long as the student loan has been deferred for longer than 12 months.

[Susan]

To create a business name representing your roles as a real estate agent and mortgage loan officer within California, it is necessary to adhere to California’s DRE and NMLS regulations. This involves balancing branding requirements against legal constraints. Here are some suggestions on how you can go about this:

Legal Requirements And Compliance

Rules of California DRE: – The designation of a licensee in real estate must be evident in the name.

• If using a Doing Business As (DBA) name, it should be registered with the California Department of Real Estate (DRE).
• The title must be clear and suggest being a broker to obtain such a license.
• If you use your name for your company’s appellation, like “Chad Bush Realty,” ensure it complies with DRE rules.

National Mortgage Licensing System Regulations:

• On the mortgage side, words that show one is an authorized Mortgage Loan Originator (MLO) must appear in their official business names.
• Names implying the provision of goods or services not covered by your licenses should be avoided.
• State and federal authorities require NMLS registration.

Branding Considerations

Reflecting Dual Role:

• Consider including both parts of your business in one name, e.g., “California Property & Finance Solutions” or “Golden State Realty & Loans.”
• Use keywords that resonate with these industries, such as Realty, Loans, and Finance Properties.

Simplicity and Memorability: Keep it simple but professional enough so people don’t forget easily. Avoid names that are too complex, which might be difficult for clients to remember or spell correctly.

Domain Name Availability: Check if an available domain matches the desired web address for your business site. Ensure consistency between the domain and its corresponding company name.

Examples Of Potential Business Names

1. Golden Gate Realty & Loans
2. California Home & Finance Solutions
3. West Coast Realty & Lending
4. Golden State Property & Finance
5. Pacific Realty & Mortgage Solutions
6. California Property Finance
7. Fictitious Business Name (DBA)

If you decide to use a DBA, it must be registered with the county where your office is based. Ensure that it complies with both DRE and NMLS.

Consultation And Legal Review

Legal Counsel: You should consult an attorney specializing in California’s real estate and mortgage law to review any chosen name(s) for compliance.

Check with DRE/NMLS: Before settling on one, check if it’s compliant and unused through California’s Department of Real Estate (DRE) or National Mortgage Licensing System (NMLS).

By following these steps and considering the guidelines, you can create a business name that accurately represents both sides of your professional life while staying within all necessary legal boundaries.

[Susan]

What is this I hear about Kamala Harris getting her start in politics due to Former San Francisco Mayor Willie Brown. Can anyone please explain the fact that Kamala Harris had a romantic relationship with Mayor Willie Brown, who was married at the time and Kamala Harris knew the fact that Willie Brown was married. How did Willie Brown help Kamala Harris rise up the ranks of the political chain of getting Harris a job as a deputy district attorney to getting elected to District Attorney in San Francisco, to getting elected to Attorney General of California, and again getting elected to the U.S. Senate to eventually becoming Vice President of the United States. Is Kamala Harris still sleeping with Willie Brown? Is getting involved in romantic relationships the way Kamala Harris gets promoted in politics? This is very concerning.

https://www.youtube.com/watch?v=goFckRGfwvM&ab_channel=KRON4

[Susan]

He doesn’t say much else, but his eyes seem to hold a lifetime of stories.

You sit with him for hours and listen.

He tells you about growing up in the South during the Great Depression and working as a sharecropper from an early age.

He describes the struggles of his family and neighbors to survive, the racism they faced, and the bonds they formed in their poverty.

He shares memories of picking cotton all day under a scorching sun, never having enough to eat or wear.

The older man speaks with a mix of resignation and pride. He acknowledges the unfairness of his circumstances but also recognizes his resilience and those around him.

It’s clear that these memories are painful for him to relive, but he says it’s important to remember where he came from.

This encounter is deeply moving for you because:

It reminds you how much history can be contained within one person’s life story.

It shows you that people may carry hidden depths beneath their outward appearances.

It reinforces your belief in the power of empathy and listening to others’ stories.

He never had kids because he wasn’t home enough and didn’t stay.

But he said he liked it when I sat with him, and we could look at the sky.

It was diabetes, mostly blind.

Occupation: Sailor. Navy at 16. WWII vet.

He missed the ocean and talked about how much he loved it. He’d close his eyes and talk about things like salt air, wind, sun on his face…even whale songs.

Hasn’t sailed in about thirty years or so now.

When that canopy flaps, it reminds him of sails; it connects where he is now to where he came from, you could say. Haha

You told him you’d return to see him next time you’re here with your uncle.

There are a few things this interaction brings up for me:

How important it is to take time getting to know people – especially elderly folks

The fact that each person carries such a deep history within them, often hidden by what sits right in front of us

Adaptability (i.e., finding comfort in wind/flapping canopy)

Memories/senses as identity-keepers

Peace is complicated. It seems like the older man is quite okay even though he’s alone and can barely see anymore…

Something tells me you don’t get asked about yourself too often, kid. It’s good to have your ears worked every once in a while…you never know what’ll fall out!

I’m sorry if this isn’t exactly what you were expecting. I hope I didn’t scare you off or nothin’! I’ve been thinking lately about how stories are everywhere around us; they’re just missed most of the time.

Next month’s visit was sad without my dear Zio Alfonso. The daydreamer who took over my thoughts when my body went numb from pushing that wheelchair round and round our patio. I looked through the older man in the chair from where I sat across our yard, and he knew I was there when that canopy flapped.”Hey, kid, sit with me for a while.I’m sorry about your uncle.” Thank you, sir. He was my last elder.””

He left me something, which surprised me because I didn’t know he had anything to leave behind. It wasn’t much—ten thousand dollars and a note in Yogi Berra-isms:”Do something good for someone… or do someone something good”

This experience changed you in some way, too.

[Susan]

Crucial and Money-making Kinds of Electronic Advertising: Digital advertising is important to any business worldwide. It can touch many people, focus on specific groups, and measure campaign success. Here are some crucial and profitable kinds of digital advertising that work in any country:

Search Engine Optimization (SEO)

Significance: SEO enhances website visibility on search engines, increasing organic traffic.

Profitability: Long-term investment with high returns as it attracts targeted traffic without continuous ad costs.

Content Marketing

Importance: Creating and sharing valuable content to attract the audience’s attention.

Profitability: Establishes brand authority and drives long-term customer engagement, leading to more conversions.

Social Media Marketing

Significance: Uses social media platforms for product promotion and customer interaction.

Profitability: Provides extensive reach with precise targeting options, thus resulting in high engagement rates, eventually converting into sales.

Pay-Per-Click (PPC) Advertising

Significance: Allows businesses to display their ads on different websites or search engines but pay only when someone clicks on them.

Profitability: Immediate traffic can be measured in terms of ROI, making it ideal for targeted campaigns.

Email Marketing

Importance: Sending personalized emails to prospects or customers who have given their consent so as not to violate any privacy laws

Profitability: Highly cost-effective since you target potential buyers directly; therefore, it has better ROI, especially during upselling or retention stages towards existing clients.