Why Thou Shalt Not Falsify Loan Records

Warning: This riveting story from Jill Lehn, a Minnesota Closing Officer/Realtor, will definitely hold your attention and will probably make you stop and remember those old Sunday School Lessons from the past concerning honesty.

Scales of JusticeWarning: This riveting story from [tag-tec]Jill Lehn[/tag-tec], a Minnesota Closing Officer/Realtor, will definitely hold your attention and will probably make you stop and remember those old Sunday School Lessons from the past concerning honesty.

 

Actually, it’s more of a confessional.  In four pages she describes what it’s like to wait for the call that it’s time for you to start serving your sentence.

 

The Sin?

 

Falsifying [tag-self]loan documents[/tag-self].

 

At only 39, [tag-ice]Jill  Lehn[/tag-ice] faces up to 71 months of prison during what would have been some of the most exciting years of her life.   

 

What happens when the FBI knocks on your office door? 

 

She tells us in her own tearful words.

 

 

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Learning Curve with My New Landlording Vehicle

Here’s an update on my new Landlording vehicle.

As many of you know I bought a little Chevrolet HHR. And I still love it.

I can drive it around my tenants and still increase their rents.

Antique Chevrolet

Here’s an update on my new Landlording vehicle.

(See Finding the Correct Car to Drive Around Tenants) 

As many of you know I bought a little Chevrolet HHR.  And I still love it.

 

I can drive it around my [tag-tec]tenants[/tag-tec] and still increase their [tag-self]rents[/tag-self].   

 

Except…

 

Actually it’s more of an  [tag-ice]Onstar[/tag-ice] problem.

 

At first it was fun to have Onstar for free (12 months’ worth) even if I never thought I’d actually use it. 

 

And I liked to brag that my car had e-mailed me right after it had  arrived in my driveway to inform me everything was fine.  All systems were “go”. 

 

What a smart little roadster. 

 

But I got really irritated this past  Saturday as I was making a tricky  left turn into traffic and suddenly my radio stopped playing.  A text message was flowing across it stating I had a phone call.

 

What?  Who would be calling my car?    

 

Of course it was a wrong number.  It took me a whole block to convince the caller I didn’t know him and he didn’t know me and to get off the phone, for crying out loud. 

 

Then I couldn’t figure out how to turn him off.  Or turn Onstar off.

Which button should I punch?

 

Whoops, wrong one. 

 

Now what?

 

That’s when the Onstar operator came on  repeating “Onstar, Onstar.”  Just like the  commercials.

 

I didn’t answer.  Maybe she’d just go away.

 

By then I was at a  red light and  feeling really stupid carrying on a conversation with  the rear view mirror.  What if another motorist were to think I was talking to myself?  

 

Here’s my point.

 

Why is it  everything has to have such a learning curve? 

 

I knew computering with this website would be a challenge. And we can’t even change channels  on our T.V.’s  any more without  first locating our complicated remote controls.

 

But driving a Chevrolet?  Who would have thought?

 

 

 

Secrets of Rich Investors

As you know property taxes is a subject that galvanizes me.

(Turns out even Warren Buffet had to fight city hall to keep the city’s appraised value of his home down).

Here is a very good article from Forbes on getting those taxes reduced, which is one of the subjects covered.

Money TreeAs you know [tag-tec]property taxes[/tag-tec] is a subject that galvanizes me. 

 

(Turns out even Warren Buffet  had to fight city hall to keep the city’s appraised value of his home down).

 

Here is a very good article from Forbes  on getting those [tag-ice]taxes[/tag-ice] reduced, which is one of the subjects covered.

 

The article also gives quite a few tips on why  some [tag-self]real estate investors[/tag-self] are rich and others aren’t. 

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Investing Technique of the Experts; Short Sales

As we’ve been discussing for months, these are exciting times for savvy investors.

Deals are out there. You just have to know where to look. And your friendly (or unfriendly) neighborhood bank may be just the place to find excellent properties at discount prices.

As we’ve been discussing for months, these are exciting times for savvy investors. 

 

Deals are out there.  You just have to know where to look.  And your friendly (or unfriendly) neighborhood bank may be just the place to find excellent properties at discount prices. 

 

Here’s a well written  article, Short Sales Secrets, by Dwan Bent Twyford and Sharon Restrepo. In it, they give an easy –to-understand summary of how to do a [tag-ice]short sale[/tag-ice]. 

 

There are other techniques you can use for dealing with [tag-self]banks[/tag-self], but [tag-tec]short sales[/tag-tec] is favorite among many investors.

 

 

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3 Ways to Get the Best REO’s at the Lowest Prices

We know the banks have them. And we know banks want to get rid of their increasing inventories.

Picking up good quality REO’s(Real Estate Owned by Banks) can be one of the most rewarding investment strategies you can ever accomplish with real estate. Question is- what exactly is the best strategy and how can you get started?

Big Dog Little Dog

We know the banks have them.  And we know banks want to get rid of their increasing inventories. 

 

Picking up good quality  [tag-tec]REO’s[/tag-tec]  (Real Estate Owned by Banks) can be  one of the most rewarding investment strategies you can ever accomplish with real estate.  Question is- what exactly is the best strategy and how can you get started?

 

1. Get a list of all the banks in your market.  Get the names of key people who work in the [tag-ice]foreclosure[/tag-ice] departments handling the REO’s.  They are your tickets inside the doors.

 

2. Introduce yourself as an investor who is interested in taking these problem properties  off their hands.  Either call or visit them in person.  Networking is vital so you need to get to know them and they need to get to know you. 

 

3. Research their lists of properties. Research any property that has possible potential for you.  Know what you want.

 

That means you need to know your markets thoroughly.  You need to have a working knowledge of exactly what properties are worth, square foot by square foot and dollar by dollar. 

 

Later , you will need to be ready to make your case to the [tag-self]bank[/tag-self] on why they need to sell each property below market price.  The research you do now will be the key.  

 

Tomorrow we’ll talk about how to make a short sale offer to the bank and why the bank will be listening to your offer.