The first time I learned about the land flipping business (when I really took the time to understand what it was all about) – it seemed like the biggest no-brainer investment strategy I’d ever heard of.
The concept seemed so simple, and when I realized I could find mind-blowing deals and make serious money with such a basic type of property, I couldn’t believe this wasn’t more of a well-known, mainstream business model that everyone and their brother was doing.
Make no mistake about it – the land investing business can be a CRAZY profitable investment strategy, and it really does deserve more attention from the masses… but at the same time, I’ve found that a lot of people get into this business with the underlying misconception that it’s EASY.
- Easy to find deals.
- Easy to get them sold.
- Easy to manage the business.
- Easy to make money.
The problem with “easy” is that it’s a very subjective word. [click to continue…]
In case I’ve never said it to you personally, I want to take a minute and say it right now.
Earlier this month… it occurred to me that the REtipster Blog is officially 4 years old.
I can still remember vividly, back in November of 2012 when I started this whole adventure.
At the time, nobody knew who I was or cared about my background… I was just one of the millions of real estate investors in the world trying to make a name for myself. All I had as a computer, a website, and a desire to help people through the struggles that inherently come with the real estate business.
As I look back on that past few years – it’s incredible to see how far this site has come. Now sitting at 186 articles and pulling in over 120,000 visitors per month, it has been an amazing ride. [click to continue…]
Back in 2011, I had my first introduction to the concept of video emails.
At the time, it was a pretty revolutionary new idea and almost nobody was doing it.
I still remember it vividly. The first time I opened my inbox and saw a VIDEO that someone had prepared and personalized just for me, it blew my freaking mind.
As someone who was thoroughly accustomed to getting the same, boring, monotonous emails every day, I was AMAZED at the way this video email commanded my attention.
The sender had called me out by name and talked for a few minutes, introducing himself and explaining his points to me. By the time I got to the end of the video, I felt like we were old friends! When I realized how impactful this video had been on me, I was instantly hooked. [click to continue…]
Something that causes IMMENSE confusion for many real estate investors is the issue of seller financing.
Whenever I talk with other investors around the country, I consistently encounter two things that trip people up:
Issue #1: What’s the appropriate loan instrument to use in the closing process (Land Contract? Promissory Note & Deed of Trust? Mortgage? Something else?)
Issue #2: If a borrower stops paying, how does the foreclosure process work in each state? What’s the standard procedure? How much does it cost? How long does it take? etc.
These are two separate issues, but they go hand-in-hand for several reasons. [click to continue…]
When you’re selling real estate with owner financing, there’s one critically important question you should be asking yourself:
As the Seller, what type of loan instrument should I be using?
It’s an important question, because the answer can vary greatly from state to state.
In several states around the U.S. – the Land Contract (aka – Contract for Deed) is the most commonly used instrument for seller financed deals, because based on the laws of those states, this instrument allows for the cleanest, easiest foreclosure process in the event that the borrower defaults on their payments to the seller. It also keeps the property titled in the name of the seller until the loan is paid off.
In several other states around the U.S. – the Deed of Trust (aka – Trust Deed) is more commonly used for seller financed real estate transactions, because based on the laws of those states, this instrument is FAR easier to foreclose with. Some states have laws that will allow the Seller/Lender to do a non-judicial foreclosure and avoid an expensive, time-consuming court procedure (but this is only available if the Lender uses a Deed of Trust with the proper “Power of Sale” language included). [click to continue…]