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Profiting From Self Storage Units
One strategy that some developers and investors are beginning to consider during this Recession is investing in Class C Self Storage Lockers, as they are called in some areas or simply Class C Self Storage Facilities.
Class C Self Storage Facilities are generally defined as older properties in need of repair or updating, often first generation, single-level sites that may be unfenced, and they typically lack in security features and amenities commonly found in Class B or Class A Properties.
They may also possess a less desirable unit max and orientation with regard to door operation, upper levels, and lack of temperature control. They may also suffer from having poor access and limited visibility and subsequently, rental rates are lower than Class A or Class B Properties.
Which leads us to the question of how to go about finding these diamonds in the rough? For This blog Post – We’ll just focus on my favorite way – which is to buy a comprehensive listing of all Self Storage Lockers in a given market by purchasing directly from the numerous list brokers who have the names and addresses of all the facilities in a geographic area and then contact the owners directly with a mailing campaign, or just by cold calling the facilities in person or by phone after “Googling” all the facilities in your targeted market(s) for acquisition.
The laws for success in the self storage industry are always changing and buying Class C Self Storage Facilities or investing in Class C Self Storage Lockers has quickly become a very viable addition to a successful investing strategy – especially in this time where development has slowed to a crawl.
The merits of this strategy have proven to be very profitable to many operators who have chosen this path rather than focusing solely on development. And being one of those investors myself, I couldn’t agree more.
This article was written by Self Storage expert Scott Meyers.
Click Here for ways to profit from self storage units.
Tagged with: Class C Self Storage Facilities , Class C Self Storage Lockers , Scott Meyers , self storage industry , Self Storage Units
Turn in 100% Complete Short Sale Files
Turning in a file that is 100% complete is a demonstration of keeping your word and your commitment to the lenders. Where can we find the definition of a complete file, especially when different lenders have different requirements?
Is it possible to submit too much information? Can a file be marked as complete, only to be labeled incomplete at a different stage in the short sale processing timeline?
When submitting a short sale packet, it is a good practice to get the most recent copy of the lender’s short sale application, which will list specifically what documents are required.
Typically, these will include items such as a financial worksheet, hardship letter, bank statements, pay stubs, tax returns, listing agreements, and comparative market analysis.
Some will require more items such as the 4506-T form, Profit and Loss statements, retirement and brokerage account statements.
Once all of the “required” documents are collected, what other documents should be submitted. Be aware that the file may already be huge, typically 60-70 pages.
After the lender’s negotiator has received all of the requested pages, when does it make sense to submit more documents. Here are some suggestions of supporting documents that may make a difference:
Medical Documentation: While the specific medical condition is matter private to the seller, submitting partial information can help to demonstrate that funds are being diverted to medical care, or that the medical condition has led to a loss of job or a decrease in income.
In many cases, a serious medical condition can help to get a waiver of any potential deficiency judgements.
Contractor Estimates & Pictures: The lenders are selling the property in as-is condition, and may discount their valuation if you are able to demonstrate the repairs that are needed to sell the property.
Lenders do not want to own properties, especially those in need of repairs Short Sale Secrets. They would rather discount the property, rather than foreclose and take the responsibility of making the repairs in preparation for a REO (Real Estate Owned) sale.
Code Violations: Documentation from the city or county also gives the lender a reason to discount the property, because it is a risk they will assume in a foreclosure.
You may submit the penalties and fees for these violations, as well as contractor estimates for the work necessary to correct the violations.
Trustee Sale or Legal Documents: If there is a trustee sale, bring this to the attention of both the senior lienholder and junior lienholder. The senior lienholder may need to order a postponement in order to complete the processing of the short sale application.
The junior lienholder will also need to be aware of the timeline, and the time pressure may incentive them to move towards a quicker approval. Legal documents, such as the potential for bankruptcy, may also encourage the lenders to speed up their processing timeline. Ongoing Financial Documents: A file may be marked as complete, and then be marked as incomplete later. Why?
When a short sale takes many months, and the lender has a requirement for the “most recent” bank statements and pay stubs, the original ones may no longer be valid, and we will need to submit a new set of bank statements and pay stubs.
Stay in communication with the sellers, to make sure they continue to provide you with ongoing financial documents during the short sale process.
Look out for our future blogs/articles from our Short Sale Leadership Series content.To view our blog updates, visit www.whbsolutions.com/blog.
How to Spot Short Sale Fraud
Short sales are a huge topic of discussion these days, but you may not have heard any talk about short sale fraud. You would think that this type of fraud would be hard to do, but there are actually a few types of short sale fraud that occur every single day. We’ll talk about a few of them in this article, and how they occur.
The first and biggest concern with the occurrence of short sale fraud is that it is happening with the lender. Sounds a little crazy right? Let me clarify; short sale fraud has occurred as a result of second mortgage lien holders requesting money outside of the closing. The primary lien holder always gets priority over the second because they obviously have first position, and get paid first. So, if there is a second mortgage the short sale has to be negotiated out of the funds that the first lien holder gets in the short sale. According to Diana Olick, an expert in real estate, did a report that gained attention as a special with CNBC back in January. It was slowly discovered that the second lien holders have been asking for money off the HUD settlement statement. They were requesting the money on the side from the real estate agents or the buyers in the short sale, and they were asking for this in cash. The idea behind this arrangement was to ensure that the first lien holder never saw it. The money was requested in the form of a cashier’s check prior to the closing. Once they would receive the payment, they would allow the short sale to go through. RESPA says it’s not legal, and as Diana Olick stated, they know firsthand that there were representatives from CitiMortgage and JP Morgan Chase involved in this already. While these companies made claims to support their companies, this is still under investigation.
It is sad to think that even in a time where we would all like to see things get better, people are still doing what they can to cut corners, and do it dishonestly. The second form of short sale fraud is happening when the perpetrator creates a straw buyer. This is the form of short sale fraud that seems virtually impossible to commit, but it happens. In a short sale scheme, no one has to bid on the property competitively, so they can use short sales to recycle for future schemes. They are hard to detect since the lender agrees to the transaction, and the extent of this form of short sale fraud is unknown. The perpetrator uses a straw buyer to purchase a home for the sole purpose of defaulting on the mortgage loan. The hard part to understand is how this loan is approved with fraudulent documentation and income regarding the straw buyer. Then, the payments are never made on the mortgage causing it to default.
Prior to the foreclosure sale the perpetrator offers to purchase the property from the respective lender in a short sale agreement. Unfortunately, the lender agrees to the short sale, never knowing that this short sale is premeditated.
This is truly sad, given the situation that we are in today, and the weight of this economic crisis is staggering, yet people are still interested in thinking only of themselves. It is hard for us to understand why this would ever happen, but it happens every day. While we can’t control what others do, we can make good decisions for ourselves.
With the stress and emotional pain that you are already experiencing you need an expert to help you handle this. The short sale process requires a professional that you can trust.
When beginning the process you may not know where to start or who to speak with, so it’s important that you have someone working with you that has a vested interested in helping you and your family. For more information, go to www.inlandempireshortsaleresource.com.
About the Author
As a real estate executive and philanthropist, Mayer Dallal provides valuable counsel to individuals and families dealing with economic uncertainty. The advice Mayer Dallal gives his clients is to have options, to navigate this difficult economy with knowledge and confidence.
Building Wealth Flipping Land
Here’s an article my friend Jack Bosch wrote that I thought you would like…
Often my clients and students ask me how I made a fortune in Tax Delinquent Real Estate Investing. The answer is obvious, by making over 5000 Real Estate Transactions since 2002 and making money an virtually all of them.
But then I realize that there is more to it than just making deals. The proper mindset also needs to be there in order to consistently make money and in order to build that Fortune up over time.
And this is when I usually get blank stares from my students. All many want to do is do a deal that nets them 20K or 10K or 50K and then go and use that money to buy the Doo-dads and toys they were craving for. While I own a lot of toys and “doo-das”, this is not what I recommend any starting investor do.
Instead of taking the profits from your first deal and spending it on that new car, you should take that money and reinvest it in your business. By doing this, you effectively and massively SUPERCHARGING your pool of money to work with an with time can go after more and more and bigger and bigger deals and make more profits.
Did you know that $10,000 invested with a 30% return (something easily available in the Tax Delinquent Investing World) over only 10 years leads to over $137,000, whereas if you take the even only 20% of the profits each year off you will only end up with less than $2600? That is the power of compound interest. Use it and you will succeed, work against it and it will KILL you.
So if you goal is to buy that new car for $40,000 you should not use the first profits right away to buy it but instead you should re-invest it into your business, continue driving that old car you have until you have made enough money that taking a chunk out for that new car barely affects your portfolio.
That is how the rich get rich, and how they drive their cars. Most rich people actually don’t drive big cars, because they know what it will do to their future earning. Taking out $50,000 of your investment pool today could translate to “missed earnings” of several million down the road.
CLICK HERE to see how Jack can help you create a massive incoming cash flow stream investing in land for pennies on the dollar.
How The Little Guy Can Profit Using Today’s Foreclosure Market
I wanted to introduce you to an investor from Tampa
whom I really respect.
At the time this fellow started investing, he was only
24 years old and like most people he made all the
mistakes you can make.
He almost went bankrupt because he got caught up in the
Guru circuit and was trying to implement all kinds of
old strategies that didn’t work.
He quickly realized that continuing to follow this path
was a slow road to nowhere.
So over the next 6 years, he assembled a team and developed
a system where he could acquire properties without making
down payments, without making monthly payments and without
using his credit.
Since then, he’s brought in as much as $100K a month working
exclusively with luxury home short sales.
He shows how working in that marketplace is actually a lot easier
than one might think, and how it can be a lot more profitable than
many other niches out there today.
He’s recently produced a video called:
“VSSI Unleashed: How to make maximum money in a down market”
This video gives you an inside look at how he’s doing this in
his business.
CLICK HERE to Watch The Video!
This is the most eye opening video I’ve seen on how to leverage
available resources and how to make a killing in taking advantage
of the current recession we’re in.
CLICK HERE to watch the video and see how this can help you jump start your
real estate business.
Warm Regards,
Mark~
Tagged with: DC Fawcett , foreclosure property , Mark Walters , real estate investing , short sale real estate
Finding Money Lenders Hidden In Public Records
One of the fastest ways to get funding for your Bank REOs,
short sale and other distressed real estate deals is to talk to
a person who is ALREADY loaning money to other real estate
investors in your town.
He’s already in the biz of lending money to people like YOU.
Nothing to explain to him about the process. No resistance to
overcome.
Click Here to Watch this video for more info and case studies.
It’s the opposite. He’s looking for new customers like you with
good deals.
Just bring the deal, and he’ll often loan you the money…
…as long as you’re buying at the right price with a fat discount,
of course. Don’t bring skinny deals to that guy.
How do you find such a person in your town?
Simple… in public records. If they loaned money, the mortgage
documents were filed at the county recorder’s office.
With private lender’s money you can utilize strategies that will
pay you on day #1, at closing when you buy the property.
Click Here to watch this video for more info and case studies.
If you’re looking for potentially a lifetime source of money for
your real estate deals, then you’ve got to watch this video!
Warm Regards,
Mark~
Tagged with: bank REO , Mark Walters , private financing , private lender , private money , short sale
LIVE Short Sale Negotiating Phone Calls, Webinar Replay & Workbook Download
Watch the replay of the webinar I did with Dean Edelson,
one of the country’s leading experts on short sale NEGOTIATING
with banks.
On the webinar Dean plays back some phone calls he recorded LIVE
as he negotiates short sales with banks. COPY WHAT HE DOES so you
can do more deals and make more profits.
Dean put together a small but detailed workbook for you to use to follow
along during the call. He will fill in the blanks you see inside with expert
short sale negotiating insight that is rare to find.
Click Here to download the workbook and watch the webinar replay right now right now.
Listen in as Dean plays back some recorded calls he made while
negotiating short sales.
Are you one of the many who would like to…
* Get your deals approved faster?
* Blast through lender objections?
* Create bigger profits?
* Deal confidently with difficult mitigators?
* Negotiate like a Jedi Master?
* Slam past loss mitigation roadblocks?
* Create bigger spreads?
* Cut response time in half?
* Close more deals for more profits?
Then CLICK HERE to watch the webinar replay and get the workbook download
to follow along.
Dean has been a full time short sale investor for 7 years.
His expertise is in negotiating with loss mitigation…blasting through
lender objections and getting massive discounts from the banks.
Dean’s negotiated short sales all over the country.
He’s negotiated tens of millions of dollars of mortgage debt and liens,
saving hundreds of homeowners from foreclosure and creating healthy
profits and commissions for investors and realtors.
He is known as ‘the go-to guy’ for both novices and the top guns when
it comes to negotiating debt with banks, lenders, the IRS, and creditors.
His negotiating system is used by some of the nation’s top short sale gurus,
top producing negotiating companies, highest producing investors, and top
producing short sale realtors.
Now, as you know, there are many steps in the short sale process:
Marketing for leads, talking to sellers, the offer submission, listing the
property, selling the property, backend marketing, funding the deal,
and other steps.
But the most integral part of short sales is negotiating, and Dean is an expert
at that. Dean’s going to share with you some of his killer strategies on how
to negotiate with lenders to close more deals for bigger profits and more
commissions.
CLICK HERE to watch the webinar replay now.
Warm Regards,
Mark~
Tagged with: Dean Edelson , loss mitigation , negotiating , short sale
Find Pirvate Lenders Video
Have you ever wondered about how to raise private money?
If you want to discover the exact strategies of how to raise real
money from real private lenders, you’ll want to take notes on this
detailed video right now…
CLICK HERE TO WATCH PRIVATE LENDER VIDEO
I had dinner last weekend with my friend Richard Odessey, Ph.D.,
who’s a long time real estate investor and private lender himself.
In this video he put together on how to find private money, he
lets you in on how private investors think and what buttons to
push to get them to write you a big check.
Richard’s method requires no credit, no qualifying and no cash
down.
Plus there are no fees, no points, and you can actually get cash
when the deal closes.
You should really listen to what Richard has to say in this video!
CLICK HERE TO WATCH PRIVATE LENDERS VIDEO
Remember, whatever it is you’re trying, I know YOU
can do it!
Warm Regards,
Mark~
Tagged with: find private lenders , Mark Walters , money for deals , Ph.D. , private lender , private money , real estate investing , Richard Odessey
Wendy Patton Interview on Lease Options
Enjoy my exclusive interview with real estate expert Wendy Patton:
Wendy is my good friend and “go to expert” when I have
questions relating to investing in real estate using Lease Options.
This interview lasted about an hour and we covered only
solid nuts-and-bolts information.
NOTHING IS BEING SOLD!
Just good pure content…
CLICK HERE to get the FREE DVD Wendy offered
people in the interview that covers even more
ways to profit with lease options.
Listen to my interview and watch Wendy’s DVD so you’ll
have a number of ways to profit with lease options in
our current market while keeping most of your money in
your pocket!
Please share this with people who are looking for ways to
invest in real estate no money down…
Warm Regards,
Mark~
Tagged with: is being sold
Secret Real Estate Market with HUGE Profits
Psst…
Come here real close. I want to whisper something
in your ear so nobody else will hear…
Check out this SECRET real estate niche that’s GAINED
30% over the last 2 years…
http://www.CashFlowInstitute.com/shhh
My buddy is working this market under the radar and
he earns six figures a year while “working” just 6 hours
a week!
Watch his video now by going to…
http://www.CashFlowInstitute.com/shhh
Warm Regards,
Mark ~
P.S. Think you can guess what this
Secret Niche is? You’re going to
be shocked when you find out…
http://www.CashFlowInstitute.com/shhh
Tagged with: campus rentals , Mark Walters , real estate investing , student housing
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