Minnesota Real Estate Investors Association, Inc.

Minnesota Real Estate Investors Association, Inc.

FHA Suspends its 90 Day Seasoning Requirement for Flipping!


May 1, 2003 HUD imposed a 90 Day Title Seasoning requirement for all new FHA loans. This was their big idea to help protect the consumers from the Big Bad Flippers. It only took 6 years and a housing market crash to show the elitists the errors of their ways. Now they need our help to fix their mess.

They finally came to their senses and temporarily suspended title 24 CFR §203.37a(b)(2), which is the 90 Day Title Seasoning Requirement. This is only a temporary suspension. Starting February 1, 2010 and expiring on 1/31/2011, First time Home Buyers who apply for an FHA loan will not have the 90 Day Title Seasoning Requirement. However, we as investors will still need to follow a few guidelines in order to Resell (Flip) our Short Sales / REO’s and Flips to First Time Home Buyers who are applying for an FHA loan.

Wholesaling Real Estate For the Greater Good


Before we get into talking about the role of wholesaling in the world of real estate investing it would be fruitful to look at the real estate investor’s role in the bigger picture. It wouldn’t be unreasonable to say that real estate investors act as a floor for real estate prices, and in a way a recycling center for run down houses. On an economic scale we provide a demand where others aren’t with a particular specialty in renewing property and people. The first natural need a human has is shelter and with so many people in the population the numbers alone will inevitably lead to complications. Where those complications arise, an investor is equipped to step in and create a win-win-win situation to liquefy an otherwise viscous asset.

Real estate investors come in many, many forms, essential a form for each complication and a combination of the sort. Investors work together to create efficiencies to allow investors who have a comparative advantage to focus on those advantages and succeed in flushing out new leads to bring to the real estate investor community. The real battle that investors face is turning sellers and buyers onto the idea of creative financing and alternatives to foreclosure.

Understanding Real Estate Wholesaling


It’s hard to imagine a world where there is no wholesaling. To picture a world where wholesaling doesn’t exist almost seems unfathomable because it is such an essential part of business where the focus is on goods. Though it is nearly impossible to imagine a world without wholesaling, it is still something that is hard to give the appreciation it deserves.

Sure it is easy to refer back to the old common understanding that wholesaling is the matter of buying something and one price and turning around and selling it for more. We can all think of numerous examples of wholesaling outside of real estate and we understand what it is in terms of real estate. However, what lies beneath the surface of this seductively simple definition can provide you with your own set of understandings that will allow you to grow your business in ways others can’t… because they’re not you.

One key to success that I tend to trumpet whenever I get the chance is to apply differentiation to your business and the best way to differentiate is to understand the surrounding roles and factors of your field and where you fit in. Recognizing what you can do and where that fits in to the bigger picture is key!

What is the Internet to Real Estate Investing?: Part 3 – Networking and Education


In the first two installments of this series we covered how the internet can help supplement your core real estate tasks. However, for real estate investors the internet provides two incredibly helpful roles that every investor should take part in… networking and education! These are essentially two things that the inspired investor can’t ever get enough of.

If you’ve found your way to this blog post you probably have an idea of what the internet can provide as far as education goes, but for those of you who aren’t, this part is for you!

Now one of the most abundant sources of real estate education can be had at your local REIA’s home page which may feature audio of past meetings, replays of past webinars, and archived newsletters with articles galore. This is the information that you want to access first because not only will it be information geared towards real estate, but it’s also geared towards your market as every market is different. This will also expose you to the rest of the resources that are made available by your local REIA (always a good practice).

Weekly Training Recap: Using your Website Effectively


Last night we talked about Activating and Setting up your FREE Professional Real Estate Website.

Click Here to get Your FREE Professional Real Estate Website Now!

We also shared the benefits of using the Premium Features:

  • Create Custom Pages
  • Create Custom Special Reports – with Squeeze Pages
  • Control what links are displayed on your site and their location
  • Add Custom content to the Master Page Theme
  • Add Google Analytics Tracking
  • Use AutoResponders for:
    • Buyers
    • Sellers
    • Special Report Leads
  • Use your own images
  • And Much More...

Finally we discussed ways to generate traffic to your new Professional Real Estate Website. We talked about both online and offline marketing ideas that are either free or very cheap and effective.

REP Premium Members can watch the replay of last night’s training call at: www.RealEstatePromo.com/MyAccount/WeeklyTraining

Register for a Free Account and Signup for the Weekly Training Webinar @ www.RealEstatePromo.com

Webinar: Using your Website Effectively


With so many new members on Real Estate Promo who now have a Professional Real Estate Website, it is time we talked about how to use your website Effectively. So tonight we will be doing just that.

The first thing we will do tonight is go over the details of your FREE Real Estate Website.

Then we will demonstrate so advanced features with the Premium Real Estate Websites.

And to wrap things up, we will cover some strategies to drive traffic to your new Website.

So join me tonight, you can even ask your question, live on the Webinar. Register at: https://www2.gotomeeting.com/register/731517611

What is the Internet to Real Estate Investing?: Part 2 – Finding Sellers and Private Lenders


In Part 1: Presence and Finding Buyers we’ve covered what kind of role the internet has in developing a presence and finding buyers. One important distinction to make between finding buyers online and finding sellers and lenders online is that finding buyers on line is much easier because they don’t need as much convincing. Getting seller leads online is an interesting task that has a number of strengths and weaknesses, same goes for finding private lenders, but with the correct approach and understanding you spring a leak of leads in an otherwise concrete wall.

To dive into the heart of the matter we must acknowledge that in both cases you are wise to not start your model up online and hope for it to work. I recall a scenario painted by Than Merrill where he discussed the story of a motivated seller in denial that would wake up in the morning to see your ad in the paper that you buy houses. The mailman comes by and they receive your post card and before long they are off to work and at the first turn see your “We Buy Houses” sign. The scenario goes on to include everything from billboards and bus stop benches to flyers on a bulletin board. Most of these ad contacts are involved when the prospect is on the run, coursing through their day, however people in foreclosure are troubled by their situation and the more they’ve come across your web address in your traditional forms of advertising, the more likely they’ll be able to recall it when they sit down at the computer and make an effort to do something to remedy their situation...

What is the Internet to Real Estate Investing?: Part 1 - Presence and Finding Buyers


Compared to the significantly long history of land acquisition and real estate the time that the internet has existed measures up to a mere blip on the timeline. However, the significance of the internet and it’s utility is anything but a blip and it’s here to stay. So one may wonder “What does the internet do for those who live by real estate?” If you look at what goes into investing you’ll see that the internet plays an ever growing role in the way things are done and where you can take your business up a notch. In general real estate investors have 6 different concerns: Presence, Finding Buyers, Finding Sellers, Finding Private Investors, Networking, and Education.

In this section I will be covering how to utilize the internet to increase your presence and to find buyers to increase you buyer’s list. Fortunately these also prove as a good introduction to facilitate your understanding of the latter four concerns.

Building a presence; without a presence in this business you are simply without business and that is something that you want to overcome immediately. With the proliferation of internet users the internet has become a first stop for the population at large for information on services, products, and information. With this in mind we are looking at traffic, and not just any old traffic, but traffic that is looking for real estate. Whether its information, properties in their area, or someone that can help them with their short sale the numbers are out there. Thus, you want a presence where you can put your best foot forward 24/7, 365 where all the traffic is.

Weekly Training Recap: Contract For Deeds


Last night we covered an old Seller Financing Strategy that is making a comeback in a big way. Contract for Deeds / Seller Financing used to be very popular back in the 1980’s and 1990’s. They went away in the early 2000’s when it became easier and cheaper to get a loan to buy a house than it was to rent a place. So Seller Financing wasn’t necessary over the last several years. But that is changing.

With the credit requirements and down payments needed to buy in today’s market, Seller financing will become the most popular choice of buyers and real estate investors in the near future. Another industry that went by the wayside in the early 2000’s is the Note Buying industry. A lot of Note Buyers were buying Contract for Deeds and other Seller Financing instruments (Paper). I believe that this business will make a comeback as well over the next few years.

REP Premium Members can watch the replay of last night’s training call at: https://www.realestatepromo.com/MyAccount/WeeklyTraining/2009-11-30/Default.aspx

Webinar: Contract for Deeds


On tonight’s Training, we will be covering Contract for Deeds (Land Contracts & Agreement for Deeds). This was a very popular tool used during the 1980’s and 1990’s but fell out of favor in the 2000’s when it become so easy to get a mortgage, that no one needed to buy or sell using contract for deeds. This is no longer the case.

So join me tonight, you can even ask your question, live on the Webinar. Register at: https://www2.gotomeeting.com/register/939331179