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Jeff walker of product launch formula and Greg Clement of strategic real estate coach, have created a money getting system for internet marketers and real estate investors.
“PLEASE READ EVERY WORD ON THIS POST”
The U.S. Senate is considering a bill that would severely limit the way you do business as a creative real estate investor and, more importantly, is an inexcusable infringement of the property rights of all Americans.
HR 1728, which you can view in its entirety here, deals with a plethora of mortgage-related issues, mostly around limited terms and fees on residential loans.
But the heinous piece of the legislation is in section 101(3)(e), which defines the affected principals as:
(E) does not include, with respect to a residential mortgage loan, a person, estate, or trust that provides mortgage financing for the sale of 1 property in any 36-month period, provided that such loan -
(i) is fully amortizing;
(ii) is with respect to a sale for which the seller determines in good faith and documents that the buyer has a reasonable ability to repay the loan;
(iii) has a fixed rate or an adjustable rate that is adjustable after 5 or more years, subject to reasonable annual and lifetime limitations on interest rate increases; and
(iv) meets any other criteria the Federal banking agencies may prescribe;
Yeah, I know, confusing.
But here’s what it says:
You are NOT subject to the law as long as you DON’T sell more than 1 property with owner financing every 3 years!
Or, to put it another way, you ARE subject to the limitations of the law if you DO sell more than one property every 3 years via a land contract, owner-held mortgage or wrap-around mortgage… and who knows if they’ll define lease/options as owner financing, too?
So what does it mean to be “subject to the law”?
Well, at the very least, it means that you will have to comply with a long, confusing, and penalty-filled piece of national legislation.
Here are the types of transactions that you would be restricted from doing more than once every 36 months:
Yes, there will undoubtedly by ways to “get around it” – some have suggested that getting a mortgage broker’s license and then learning and following the vast new set of regulations would circumvent the “problem”.
But the bottom line is, this law has to be stopped and it has to be stopped NOW.
Here’s why:
We don’t give money to the “borrower” and wait for it to be paid back: we give a property to the borrower and wait for it to be paid off. Regulating this will have no effect on the foreclosure crisis.
The government does not have the right to tell us that we need special licensing to sell our own properties; nor do they have the right to further regulate the terms under which we can sell or burden small investors with a new set of rules that we can’t comply with.
Not only will this new law, if passed as written, effectively choke off owner financing as an exit strategy for you, it will also take away housing choice for your buyers. The millions of Americans who’ve been through foreclosure in the last 3 years can’t buy a house in any way OTHER THAN to negotiate owner financing with a seller – and HR 1728 would greatly reduce the number of properties available in this way.
Millions of potential home owners who would otherwise be able to re-start the process of paying off a home, and get the tax advantages of ownership, will be reduced to renting until they are able to qualify for bank financing.
Here’s What to Do Right Now:
This bill has already passed the house and is waiting for Senate approval. Please contact your senator via email and snail mail to let him know that this law MUST NOT PASS in its current form. You can get your senator’s contact information here:
http://www.senate.gov/general/contact_information/senators_cfm.cfm
As always in cases like this, you have an automatic handicap to overcome… the fact that you are a real estate investor and are therefore viewed as part of the problem. So when you write, don’t emphasize the nature of your business, just that you and your buyers would be greatly aversely affected by the new law.
We need THOUSANDS of these communications to go out in the next few days to have a CHANCE of stopping this in its tracks. So whether you’re a new or experienced investor, PLEASE take the time right now to write your elected representative!
Here are some sample letters or emails…
My name is [insert name here] and I am a life-long resident of [insert city name here].
I am writing you to encourage you to vote NO on HR 1728, the “Mortgage Reform and Anti-Predatory Lending Act”.
While many of the provisions of the act are positive steps toward mortgage reform, the inclusion of private owners in the act (see section 101(3)(e)) will enormously reduce the housing choice of [Ohioans] and the ability of home owners to sell properties in this already-slow market.
As a real estate broker, I have seen several dozen cases in the past year of home sellers and buyers coming to an agreement for an installment sale on a property that the owner desperately needed to sell (often to avoid foreclosure) and the buyer desperately wanted to buy, but could not raise the downpayment needed for conventional financing.
In all cases, these sales turned out to be win-win deals for the buyer and seller; the seller was able to get rid of an unwanted property to a buyer who loved it, and the buyer was able to get his new home at an affordable payment and interest rates with none of the usual costs (points, application fees etc) inherent in more conventional mortgage transactions.
In [Ohio], these transactions are already regulated by state law: a low maximum interest rate is already in place, and both the buyer and seller are protected by other regulations at the state level.
In defense of private property rights, owners should be exempted from the burdensome and unnecessary rules that this law foists upon them. In its current form, it would all but shut off the “owner financing” market that is the only way that many sellers can sell and many buyers can buy right now.
PLEASE DO NOT LET THIS RESTRICTION ON PRIVATE PROPERTY RIGHTS PASS THE SENATE. It is unnecessary to stop private buyers and sellers from transacting business that is beneficial to both of them-they are not the problem that the bill seeks to solve. HR 1728 would be extremely harmful to thousands of your constituents.
It will exacerbate the problem OF foreclosure, as fewer sellers will be able to sell their homes to avoid it, and CAUSED BY foreclosure, as fewer buyers who have recently experienced foreclosure will be able to re-start the process of home ownership inexpensively and easily by negotiating owner financing.
Thank you for your consideration;
Insert Name
Licensed Real Estate Broker license #
Phone #
email
My name is [insert name here] and I am a life-long resident of [insert city name here].
I am writing you to encourage you to vote NO on HR 1728, the “Mortgage Reform and Anti-Predatory Lending Act”.
While many of the provisions of the act are positive steps toward mortgage reform, the inclusion of private owners in the act (see section 101(3)(e)) will enormously reduce the housing choice of [Ohioans] and the ability of home owners to sell properties in this already-slow market.
As a professional housing provider, I sell several houses each year to home buyers on installment sale [or, if you have not purchased a property, add here: "I had planned to sell several houses this year on installment sale]-a practice that would become impossible under this law in its current form.
I find that in today’s slow market, the best way for me to help buyers who desperately want to become homeowners, but who cannot raise the downpayment or meet the other terms needed for conventional financing, is to allow them to make payments directly to me.
These sales are win-win deals for both the buyer and myself; I am able to turn over homes that I’ve bought and rehabbed (often from foreclosures) to buyers who love and can afford them, and the buyer can get his new home at an affordable payment and interest rates with none of the usual costs (points, application fees etc) inherent in more conventional mortgage transactions.
In [Ohio], these transactions are already regulated by state law: a low maximum interest rate is already in place, and both the buyer and seller are protected by other regulations at the state level.
Without the ability to sell homes in this way, I will no longer be able to invest in and renovate any of the tens of thousands of vacant, ugly houses placed on the market by the foreclosure crisis, and my small-but-beneficial business will literally be in ruins. Perhaps more importantly, the homeowner-buyers that I serve will be forced to rent rather than moving toward the American dream of home ownership.
In defense of private property rights, owners should be exempted from the burdensome and unnecessary rules that this law foists upon them. In its current form, it would all but shut off the “owner financing” market that is the only way that many sellers can sell and many buyers can buy right now.
PLEASE DO NOT LET THIS RESTRICTION ON PRIVATE PROPERTY RIGHTS PASS THE SENATE. It is unnecessary to stop private buyers and sellers from transacting business that is beneficial to both of them-they are not the problem that the bill seeks to solve. HR 1728 would be extremely harmful to thousands of your constituents.
It will exacerbate the problem OF foreclosure, as fewer sellers will be able to sell their homes to avoid it, and CAUSED BY foreclosure, as fewer buyers who have recently experienced foreclosure will be able to re-start the process of home ownership inexpensively and easily by negotiating owner financing.
Thank you for your consideration;
Insert Name
Perfect Properties, inc.
Phone number
email
My name is [insert name here] and I am a life-long resident of [insert city name here].
I am writing you to encourage you to vote NO on HR 1728, the “Mortgage Reform and Anti-Predatory Lending Act”.
While many of the provisions of the act are positive steps toward mortgage reform, the inclusion of private owners in the act (see section 101(3)(e)) will enormously reduce the housing choice of [Ohioans] and the ability of home owners to sell properties in this already-slow market.
In the past year, I have purchased and renovated several homes-made possible only because the sellers of these homes were able to sell to me using owner financing in an unrestricted way.
For many of these property owners, seller financing was the only way to unburden themselves of an unwanted property that, in some cases, was headed toward foreclosure before I purchased it.
Without this ability, I can not continue to buy and renovate properties in the neighborhoods that so need me and my colleagues to invest our time, energy, and money in rehabbing properties. Bank financing is not an option for these properties because of the condition; only financing carried by the sellers will suffice.
Section 101(3)(e) would keep my sellers from utilizing this method of getting rid of unwanted properties in today’s market, should they have more than 1 to sell.
In defense of private property rights, owners should be exempted from the burdensome and unnecessary rules that this law foists upon them. In its current form, it would all but shut off the “owner financing” market that is the only way that many sellers can sell and many buyers can buy right now.
PLEASE DO NOT LET THIS RESTRICTION ON PRIVATE PROPERTY RIGHTS PASS THE SENATE. It is unnecessary to stop private buyers and sellers from transacting business that is beneficial to both of them-they are not the problem that the bill seeks to solve. HR 1728 would be extremely harmful to thousands of your constituents.
It will exacerbate the problem OF foreclosure, as fewer sellers will be able to sell their homes to avoid it, and CAUSED BY foreclosure, as fewer buyers who have recently experienced foreclosure will be able to re-start the process of home ownership inexpensively and easily by negotiating owner financing.
Thank you for your consideration;
Insert Name
Perfect Properties, inc.
Phone number
email
Thanks to Peter Conti for article content & for bringing this to my attention.
Filed under Real Estate Financing by Sam
Joel Bauer Discusses how to differentiate yourself through something as simple, however important as a business card. This is not B.S. pay attention to the way he describes the features of this business card and the purpose that it serves!
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Filed under Free Training Videos by Sam
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Hey I hoped you enjoyed the video, and I guess you seen the big red arrow telling you about some free real estate investing info. Well my friend Mr. Dan Auito has hooked me up with a sneak peek to the “proverbial bible of real estate” CLICK HERE to see what this is all about. I had to sneak the table of contents so you could take a look and see why you won’t need to buy another Real Estate Book in 2009. If you want to see the table of contents you can click on the link below TABLE OF CONTENTS!!
Also I received like (20 Bazillion) emails about the first REO Search engine and deal analyzer REOGoldMiner. If you have not had the opportunity to see this game changing software I suggest you go take a look. If you want to find REO’s at lighting speed and have them analyzed for you in mere seconds look no further, the answer to your prayers is finally here. Click on The Picture to see REOGoldMiner in action
REO Gold Miner
Filed under Sam Bell's Video Blogs by Sam
Now broadcasting live from my cell phone
http://qik.com/video/1647943
OK Look I have to admit that this has been one of my secret weapons that has helped me absolutely crush the search engines and make passive affiliate checks in obscure niches that have absolutely nothing to do with real estate. I will not even try to get into the details of this tool, just watch the stinking video and discover why this is a must have. CLICK HERE TO GET THIS TOOL!!
P.S. Thanks Ed Dale and the 30 Day challenge for turning me on to this http://thirtydaychallenge.com/
Filed under Internet marketing by Sam
I had the opportunity to discover something simple, but revolutionary that was revealed to me by none other than Mr. @stephen_pierce (CLICK HERE TO SEE MR. PIERCE SPEAK) himself. Its the concept of simple patterns as it applies to business, life, and Internet marketing. Meaning that all business opportunities, whether Internet marketing, or real estate related can be broken down to the least common denominator of (Who, What, How).
The who is simply who is our target market, if its real estate are targets are motivated home sellers and, home buyers. If we are speaking in terms of IM the who would be determined by what niche we are going after. The what is what strategy are we going to use in real estate, lease options, subject to, rehabs. As it applies to Internet marketing will we be doing affiliate marketing, CPA offers, or selling our own products. Finally the how is what medium will we use to market our products in services. Now of course if we are doing Internet marketing we will be using the Internet, but what IM strategy, ppc, seo, co-reg, jv ect.. In real estate it can be a combination of online and offline methods, which I believe you should be doing both to maximize your opportunities.
Now I know this may seem like a very simple and obvious concept, however it is one that is overlooked all the time. Just look at the number of people out there who may have 1 or 2 pieces of the puzzle figured out however they never accomplish what they set out to do, and it does not matter if its real estate or Internet marketing. If you do not have all the pieces of the puzzle its very difficult to achieve the desired outcome. We should all take time to make sure that we have a clear picture of what we want to accomplish and have the foundation laid out as clearly as possible, and that foundation starts out with the (Who, What, How).
Check out the illustration to help get my point across. You can CLICK HERE TO SEE STEPHEN SPEAK
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Filed under Internet marketing by Sam
Happy Easter,
I wanted to take a short moment to share something with you that struck a chord with me today in Easter service. The preacher delivered a message that put emphasis on not only today which is the Day Jesus Christ rose from the dead, but also the 2 days leading up to this special day.
Now these two days are very significant because in order for Jesus to rise from the dead he had to endure the suffering, brutality, and persecution that preceded his death on Friday. He also had his faith tested on Saturday by allowing his suffering to continue even though HE KNEW his death was eminent.
He did these things because he knew his death had a purpose, and that in order for his purpose to be fulfilled all the pain and suffering had to be endured if our souls were to be saved. By Jesus dying on the cross for our sins, he gave us the opportunity for eternal life.
I know you maybe saying “Well Sam I already know this I do read the bible”, however this has a significant message for your life as well as mine. Through life we will have our own Fridays where we have been beaten up by life, or affected by tragedy that at times seems almost unbearable. Whether that be a major financial crisis or an unexpected ailment or even worse an expected death in the family.
When tragedy such as these happen our faith is being tested like never before. We may even question our own existence and purpose for living, and why are these things happening to me. You may say ” I’m a good person, I treat others well, I go to church and pay my tithes, I will do anything to help anybody, WHY ME”.
Certain things must happen in life that we don’t necessary want or like, and that’s because we are being prepared for the THIRD Day in our own lives, our own Easter Sunday {metaphorically speaking}. The day in our lives when we can look back and say It was all worth it. Every trial and tribulation, every obstacle, every financial crisis, the unexpected loss of love ones, everything that you have gone through to reach that THIRD Day in your life.
So the next time you have a FRIDAY just know you are being prepared for your SUNDAY. Have a blessed Easter and continue to always move forward no matter what your circumstances are.
Recently, buying foreclosure properties appears to be for everyone. Everybody seems to want to profit from the foreclosure market, including foreigners, and even very inexperienced novice investors from all over North America.
There is no denying the profit potential hidden in the foreclosure market, but you cannot start happily buying foreclosure real estate without prior research and advice.
You have to study the market and inspect the foreclosure property thoroughly, whenever possible, before taking important investment decisions.
Find the best professional team
If you want to focus on buying foreclosure properties, you will need to engage your own team of experts: lender, lawyer, and rehabilitation professionals.
You should be able to rely on a real estate agent with experience in foreclosures, because the research that you have to do on your own requires many hours.
In the business of buying foreclosure properties, a team of experts is necessary, because there are more aspects to it than meets the eye.
Foreclosure investments and financing highlights
Take good care to have access to conventional and private lending services. You will need them if the foreclosed property requires extended fixing before you can actually sell the house.
It is not uncommon that foreclosure houses call for replacing the plumbing or the wiring, or both. You need thus to have a financing system in place for such repair work. Enhancing the foreclosed home will make you a good profit in the end.
Find legal assistance before you buy foreclosure property
Further, having a lawyer for consultation can open to you some real estate operations that you would not dare on your own. Attorneys can put together all the necessary documentation for a certain deal in a breeze if you happen to find out about pre foreclosures that you can purchase before being put up for sale in an auction.
Furthermore, an attorney is almost indispensable to obtain up-to-date information about the property title, taxes, liens or claims against the house, if any. Investors experienced in buying foreclosure properties will never buy unless they know exactly if there are any liens that could lower their profits significantly.
Buying foreclosure properties calls for alertness and attention to detail in the first place. Secondly, novice real estate investors must take into account that it is not always possible to inspect the foreclosure properties from the inside. Therefore, access to specialized legal help is necessary for them.
Last but not least, before buying foreclosure properties you want to scout out the area to be well informed about the prices of the properties around.
Briefly, as long as they are able to gather a good team, buying foreclosure properties is not closed to newbie investors.
Filed under Uncategorized by Sam
Mark Jackson and I had to use the internet to do our coaching calls while we were docked in Guadalupe. The only problem was we had NO Euros to pay for the service. Check out the video to see how we solved the problem of being broke in a foreign country. After you watch the video check out this new software we are developing its pretty darn cool to say the least CLICK HERE FOR REO AUTO PILOT. Give me your feed back by making comments below.
Filed under Sam Bell's Video Blogs by Sam