eblackhurst

A few days ago I had a client, who’s world was coming apart, she wasn't sure if she should use a Contractor or a Handyman. After listening to her concerns I mentioned to her the following:

A Contractor it’s probably the best way to go, for quality, and they’re also insured. And, it’s a lot easier to hold them accountable when a project doesn't get done on time or to 100% satisfaction.

A Handyman, it’s great, AND THE BEST PART ITS THAT THEIR BIDS are normally anywhere from 12 to 18% less than a Contractors.

(Please note: this may not be the case in areas, such as NY City, Largest towns in California, Hawaii and Canada)

Where do we go to find them?

For both, the Contractor or Handyman, you could start by asking around, especially if you already have a Realtor (s), that’s where I would start.

A website that I like to use would be: www.angieslist.com a very user friendly site. What I like about this site it’s that those who advertise their services there (in this care our Contractor or Handyman) actually pay angieslist so they can appear in their site, and people like you and I go back and write reviews on how well or poor they've performed after a particular project is done. So, as you can see…If you’re totally new in an area and you don’t have Contractors or Handyman’s, you already have a to go place that you can thrust.

Please note, I don’t know if angiestlist.com works up in Canada.

Thanks-Edwin.

THE FIRST THING

-The most important thing will always be your cash buyers list, without having a proper & qualified list of buyers, you won’t be able to do much… More than often I have some of clients looking at properties that they liked, or that they thing would be great investments, sometimes they even get those properties under contract without having an exit strategy. Don’t be that individual, don’t waste your time, don’t look for properties base on what you like; unless you’re going to buy it with your own money.
If you don’t have any cash buyers, start with the list of cash buyers, by using your proptrend if you have access to it.
If you don’t start, with Craigslist & start posting ads, another thing you can do with Craigslist its that you can simply enter We buy houses and it’ll give you a list of many investors who buy properties, many of them are looking for you.
You could also go to Google Maps and enter “We buy houses” & enter the area you want to work with and you’ll have a ton of names & phone numbers you can start working with.
There are many, many ways for us to find those cash buyers, if you need assistance of don’t know how to find them…Call me Edwin Blackhurst, I’ll be at office mostly in the afternoons until closing.

Am I still good to buy Real Estate?

Investing in real estate is no longer a no-brainer, whether you are buying to live in it or as an investor.

That’s pretty much the message to draw from current measures of value in many metropolitan markets.
The fundamentals have changed from six months ago, when some economists and analysts said that low prices and low mortgage rates made it a great time to buy a home in most of the U.S.

The latest thinking is a reflection of how far and how fast home values have climbed. In the year ended in November, home prices rose 14%, as measured by the most-recent S&P/Case-Shiller 20-city composite index.

Some markets, such as Las Vegas, Los Angeles and San Francisco, saw prices rise by more than 20%. In some cases it has gone up to 30% or even higher.
So, are we still good to invest in real estate? Yes, we started to rise, and we’ll be in pretty good shape for the next 5-7 years based on how our economy it’s growing.

You may not want to go to Las Vegas, Los Angeles, and San Francisco, mainly because you will not be able to find cheap properties as we did a year ago or longer; but you can still find great areas where the market is recovering a lot slower than the previous areas.

Am I still good to buy Real Estate?

Investing in real estate is no longer a no-brainer, whether you are buying to live in it or as an investor.

That’s pretty much the message to draw from current measures of value in many metropolitan markets.
The fundamentals have changed from six months ago, when some economists and analysts said that low prices and low mortgage rates made it a great time to buy a home in most of the U.S.

The latest thinking is a reflection of how far and how fast home values have climbed. In the year ended in November, home prices rose 14%, as measured by the most-recent S&P/Case-Shiller 20-city composite index.

Some markets, such as Las Vegas, Los Angeles and San Francisco, saw prices rise by more than 20%. In some cases it has gone up to 30% or even higher.
So, are we still good to invest in real estate? Yes, we started to rise, and we’ll be in pretty good shape for the next 5-7 years based on how our economy it’s growing.

You may not want to go to Las Vegas, Los Angeles, and San Francisco, mainly because you will not be able to find cheap properties as we did a year ago or longer; but you can still find great areas where the market is recovering a lot slower than the previous areas.

Add us to the buyers and sellers list asap.
God bless you always.

Am I still good to buy Real Estate?

Investing in real estate is no longer a no-brainer, whether you are buying to live in it or as an investor.

That’s pretty much the message to draw from current measures of value in many metropolitan markets.
The fundamentals have changed from six months ago, when some economists and analysts said that low prices and low mortgage rates made it a great time to buy a home in most of the U.S.

The latest thinking is a reflection of how far and how fast home values have climbed. In the year ended in November, home prices rose 14%, as measured by the most-recent S&P/Case-Shiller 20-city composite index.

Some markets, such as Las Vegas, Los Angeles and San Francisco, saw prices rise by more than 20%. In some cases it has gone up to 30% or even higher.

So, are we still good to invest in real estate? Yes, we started to rise, and we’ll be in pretty good shape for the next 5-7 years based on how our economy it’s growing.

You may not want to go to Las Vegas, Los Angeles, and San Francisco, mainly because you will not be able to find cheap properties as we did a year ago or longer; but you can still find great areas where the market is recovering a lot slower than the previous areas.

Am I still good to buy Real Estate?

Investing in real estate is no longer a no-brainer, whether you are buying to live in it or as an investor.

That’s pretty much the message to draw from current measures of value in many metropolitan markets.
The fundamentals have changed from six months ago, when some economists and analysts said that low prices and low mortgage rates made it a great time to buy a home in most of the U.S.

The latest thinking is a reflection of how far and how fast home values have climbed. In the year ended in November, home prices rose 14%, as measured by the most-recent S&P/Case-Shiller 20-city composite index.

Some markets, such as Las Vegas, Los Angeles and San Francisco, saw prices rise by more than 20%. In some cases it has gone up to 30% or even higher.

So, are we still good to invest in real estate? Yes, we started to rise, and we’ll be in pretty good shape for the next 5-7 years based on how our economy it’s growing.

You may not want to go to Las Vegas, Los Angeles, and San Francisco, mainly because you will not be able to find cheap properties as we did a year ago or longer; but you can still find great areas where the market is recovering a lot slower than the previous areas.

BOG in Sacramento

A few days ago I remember a client calling very frustrated from Sacramento California, claiming he had done everything and looked everywhere and had no luck finding properties. I explained to client that if he kept pushing forward and would follow our advice he’d be able to find properties, the client wasn’t very happy but he thanked me and hang-up.
On Wednesday, I had the opportunity to assist a Boots On The Ground Event in Sacramento California, and when we got to the “looking for properties” I was a little worry that maybe we weren’t going to find properties to go look at on Sunday, but we did what we teach to our clients, and in no time, we had a few properties, more properties than what we wanted and were able to actual go look at. We found some amazing deals that I couldn’t believe where still there; available for the grabbing and that they were available in California; one of them the seller was asking 40% off…the arv.
This goes to show that if you can still find tons of properties in Sacramento California, in a very, very hot area… There’s no reason why you won’t be able to find them elsewhere.

Unless you live in a tiny, tiny town in that case you may want to look outside your town.

Thank you-Edwin.

The Bandit Signs Don’t work…!!! YES THEY DO…!!!!

 I sometimes hear people complaining that finding buyers through the Bandit Signs process don’t’ work and I sit there and listen to more than anything else excuses. Please keep in mind that, if you place, 4, 6, 8 or 10 signs on the streets… you’re not even hitting the minimum. We advise ALL our clients to place at least 25 signs out there. Please note, that that’s the minimum, my advise its go place 50 of them or more (as long as money isn’t an issue)
 Go to Google and search for Bandit Signs and see where you can get them for the cheapest. Also, please remember that those signs should be at least 18 x 24 or bigger. You may go bigger but not smaller.

Thank you-Edwin Blackhurst.

A few things to consider when working with Hard Money Lenders

1. What is the process for Hard Money Loans?
Hard Money Loans provide Investors access to capital to purchase investment properties. They can fund quickly, typically within 72 hours of receiving the final docs from the Title Company. Hard Money is available for adequately collateralized loans on single-family residential houses and other Real Property including commercial projects.

2. What is the interest rate?
The interest rate depends upon the Lender. The rate will range from 10% interest only to 18% interest only annual interest rate payable monthly in most cases. Some Lenders will defer interest payments to payoff, benefiting investors that do not want payments during rehab.

3. What Loan-to-Value are Hard Money Lenders looking for?
Typically a loan does not exceed 70% of the after-repaired-value (ARV). This figure is calculated by an appraiser and consideration of repairs.

4. How long is the loan for?
Typically write the notes from 3 months to 12 months depending on the Lender and your needs. Longer the term can lead to increased costs or interest rate.

5. What are the costs?
All loans will require Title Policy, Insurance, and Appraisal. These services come with fees that can range from a few hundred to a couple of thousand dollars. Most require origination points ranging from 2 to 10 points.

6. Can I get money pay for repairs?
Yes. Most Lenders require a “Draw Request” form to be filled out to identify the completed repairs to the property, copies of the invoices from the contractors or sub-contractors. After work is inspected, draws can be dispersed. Typically work is not paid in advanced.

7. Does my credit matter?
Maybe. Hard Money Lender do check credit, not necessary for credit scores, but to check for bankruptcies, foreclosures, charge offs and collections. They look for ability to repay. The loan is more collateral based, which means they look really closely at the property.

8. Do I need to put any money down?
In most cases, Yes. Most lenders want to ensure that you have enough resources to finish the repairs and cover the costs of the loan plus any surprises. Expect to pay all origination/discount points and other costs at or before closing. If you cannot afford to close you typically cannot afford to take out this type of loan.

9. Can interest to be deferred to the end of the loan?
Sometimes. Most have interest payable monthly. Again, if you cannot afford to close you typically cannot afford to take out this type of loan.

10. How does Hard Money compare to a traditional non-owner occupied investor loan?
This would be like comparing apples to oranges. Hard Money has a very specific purpose. Typically these loans are for quick turnaround or after repair situations. Conventional financing is used for your traditional rentals and long term hold scenarios. As the foreclosure market increase you will find investors to use Hard Money as way to secure the property in a short period of time then refinance into Conventional finance.