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Principal Writedowns on Loan Modifications from Diana Olick

Olick points out that the decline in home sales was expected – “home sales were spiked by several shots of government stimulus in the second half of 2009, and as that stimulus starts to wear off, sales activity has nowhere to go but down.”  With the homebuyer’s credit expiring just as the 2010 season gets rolling in April, and Bernanke making noise about raising interest rates, she suggests that home buyers are likely to think twice before leaping into the market.

But Olick is most concerned about the potential for principle writedown:  “Most agree that the government’s mortgage bailout program (Home Affordable Modification Program or HAMP) is at best unsuccessful and at worst detrimental. So now I’m beginning to hear more chatter about principal writedown, and more specifically, government-funded principal writedown.  The idea is to give folks equity back in their homes so they don’t walk away from their mortgage commitments. It would also help borrowers who don’t qualify for modifications because they are so far “underwater” on their mortgages.

The arguments are plain and simple: Bite the bullet to save the greater housing market or don’t because the moral hazard is far too untenable. Anyone who’s ever read this blog before knows where I stand. I would honestly rather see my home’s value go down than see the guy next door (figurative: my neighbors are lovely and fiscally responsible) who made a poor/negligent financial decision get a mulligan at my expense.”

Please comment and give us your opinion.

Dealing With the Fear Monster

by Alan Cowgill

Let’s face it, the reason most investors don’t have any private lenders is fear. It’s as basic as that. It’s a fear of the unknown. How do I know that? I’ve been there too. I was comfortable doing things the way I had always done them. I went to the bank, I jumped through their hoops of proving I was qualified for their loan, they gave me the money, and I paid them back the way they said. It was a familiar routine in my business of buying and selling homes.

However, when I became a full-time investor and wanted tons of quickly accessible cash, the bank’s painstakingly slow process was no longer acceptable.

Even when I knew for certain what I wanted, I procrastinated. I was not able to do nearly as many deals as I wanted because I waited so long to take action. The thing is if there is something you are afraid to do, you can always find a reason to not do it.

Sometimes we won’t even admit to ourselves that we are afraid. We just can’t get to it because we are too busy, too tired, or focused on other “more important” issues.

But then, that didn’t solve the whole problem. I was still too shy to approach people who I knew would benefit from my program.

I remember sitting in my doctor’s office and being too uncertain of myself to tell him about my program. I didn’t have the nerve to ask for the money. That day, we both lost. I wanted money to run my business and he missed out on earning a tremendous interest rate.

Once I recognized what was holding me back, I became educated in learning how to get what I wanted and how to handle private funds once I got them. That gave me the foundation of knowledge.

I am so grateful today that I got a solid real estate education so I can now confidently let potential private lenders know that I have a great opportunity for both of us

Read Full Article Here: http://www.reiclub.com/articles/dealing-with-fear-monster

Credibility Building

by Alan Cowgill

I named my company “Integrity Home Buyers” because the word Integrity has meaning for me. It is the way I run my business and my life. The people around me know this. When I decided to take my business to the next level, I was in a situation where people didn’t know me. My challenge with “Credibility Building” was to convey my philosophy to those people. What I was asking those people to do was give me large sums of money and trust me to do what I said I would.

My credibility building strategy consisted of using these tools: 

a.) Newspaper article

b.) Credibility kit

c.) Better Business Bureau

Let’s look at each of these in more detail.

Newspaper article

About a year ago the Springfield Sun interviewed me. They did a long article with lots of great information about what my company has done and it also had some information about our lender program. Recently the reporter came back and did an article focusing on the lender program. Talk about credibility! The whole city saw the article. That is powerful!

At my lender luncheons I always made sure my prospective lenders had a copy of the first article. Now I am adding the second article to my packets as well.

To grow your business, you want your name out there. You want the prospective lender to say, “Hey, I’ve heard of you.” or ” I’ve seen the t-shirts on the Little League team you sponsored “or” you’re the ‘I Buy Houses’ guy. That familiarity makes an impact. And, this recognition conveys credibility.

Credibility Kit

My Credibility Kit is a 30 page, spiral bound book. It has a nice cover with colored pictures of over a dozen houses that I have bought and rehabbed. Right from the start before they even open the book they see the before-and-after pictures that show I have a seasoned real estate business. This is evidence of my work that they can go drive by.

Inside the book they see an introduction that tells them about me, the company philosophy, pages of testimonials, certificates from training I have completed and special reports.

They see page after page of information that sends the strong message that I know my business.

Better Business Bureau

Since this is a serious, responsible business, I joined the Better Business Bureau. I am authorized to use their logo on my material, which further conveys my credibility.

People frequently check with the BBB before making a major decision. To be a member of the BBB you have to agree to “follow the highest principles of business ethics and voluntary self-regulation” and “have a proven record of marketplace honesty and integrity.”

When finding private lenders I believe one of the main keys to success is to build credibility.

Read Full Articles Here: http://www.reiclub.com/articles/credibility-building

Fractionalizing a Foreclosure – Part 1 of 2

Great news.

I finished the first video on fractionalizing a foreclosure, short sale or subject-to. I have to warn you in advance that the video is a little long (12 minutes), but I cover some pretty cool stuff.

Its amazing that you can now get control of a high end vacation home that you could not normally buy and never risk your credit or put up any money into the deal.

I will cover the remaining parts in a future video.  So stay tuned.

Please let me know what you think or if you are interested in doing one of these yourself.  Just click the comment button.

3 Different Techniques For Using Private Money

by Alan Cowgill

Say you have some issues with your credit. You might think there is no hope to ever buy an investment property. Well I come around and tell you that it can happen when using private money or maybe your own IRA money. Either way it’s like Christmas in July! Say I buy a $100,000 home and sell it for $150,000 after repairs. Using seller financing, I charge eight percent interest. I put a thirty year amortized loan on this thing.

If I buy with private money, I’ll put a short term balloon on the deal so I can get the private lender paid back. But if it’s my own IRA money, I don’t want a balloon because I want the monthly payments to go on for 30 years. Wealth is built slowly over time. I am spending $100,000 of my IRA money and if you do the match on a thirty year amortized loan, you will see that I am making some good money.

Say my buyer is making the $1,000 payments on this $150,000 home in monthly mortgage. I get that money and often I set it up so it goes right into my IRA. Now if I go the IRA route, it will take time to get the money back on my $100,000 investment. But IRAs are retirement plans. So, by the time I retire, I have had this money pumped into my account. I can live on a beach somewhere.

This is also the type of idea that you can share with potential private lenders. This is a very cool investment. They might want to see some sort of visual aid. So be it, if you’ve taken them out to lunch, use the napkin and a pen. They use their IRA to purchase one of your properties. You make some quick cash and they get a long term investment.

Now there is a fear with this for the private lender. It is a healthy fear. They wonder about what happens if the homeowner stops paying. Well, that just means the property is foreclosed and you can start all over again. i.e. you make more money!

So there you have it. Three basic options to make you money.

Option 1: Buy with a private lender, and sell with owner financing with a short term balloon.

Option 2: Buy in your IRA, then sell but you are the bank and the monthly payments go to your IRA for 30 years.

Option 3: Find a private lender that wants to be a real estate investor and use their IRA to buy your property and you make a couple bucks.

To Your Wealth,

Alan

Read Full Article Here: http://www.reiclub.com/articles/3-techniques-using-private-money