I know many investors step into the game of real estate investing with high hopes of landing the deal that will turn their financial situation around and yes some do and this is not for you - this is for the investors still looking for that first deal!

The best way starting out in this business, staying motivated and sticking to real estate investing has to do with one big factor!

Keep your JOB - Yes you may be “Just Over Broke” but real estate investing comes with no guarantees of doing a deal in 30, 90, or 120 days as a matter of fact deals come and they go. real estate investing has its good times and it’s bad times!

You need a source of income and without it the likely hood of failure will soon follow!

Having a stable income is the number one goal to having financial well being and your mental and emotional well being also.

How to stay motivated in this game of real estate investing until you succeed can be a process but in the end the benefits of a successful real estate business outweigh the time from beginning to success.

So number one on my list to staying motivated is to have a stable income - you can do real estate investing part-time!

We all have many demands placed on us from society, family, friends, work and our self that it can become vary confusing on the issue of priorities. With this said your number two goal to staying motivated is to get yourself organized in business and in your personal life as this helps in keeping control.

Without organization, you will loose your sense of motivation and procrastination will set in to help you down the road of failure.

It’s all about balance. Balance in your life, balance in your job and balance with your real estate business and yes this is a challenge and the best way to get balance is cut out the clutter in life. Those wasted hours we all have in our daily life such as watching TV.

Starting out in this game you will need to budget effetely and the best way to do this look for area’s that you can cut expenses so that you can put the extra funds into your business. Great areas to cut are eating out, cable TV, dropping extra telephone features such as caller ID & call waiting.

Look at it this way!

According to the Bureau of Labor and Statistics, American households in 2003 spent an average of $3,129 on food at home and $2,211 on eating out. This amounts to $260.75, just cutting down and spend $100 a month eating out you would save $160.75 per month.

The national average monthly cost of cable TV service and equipment in 2002 was $40.11 and the average for expanded basic service was $22.02 so cut back to expanded basic and save $18.09.

Just with a cut back on the two items listed about you would save $189.77 per month or 2,227.24 per year for your business. It’s not a home run but it can get you started.

The average pre-foreclosure in the Midwest is only behind $2,700 so you save up for a year and learn how to do subject 2 investing you can acquire a property around a value of $160,000.

By taking the simplest steps in life of stabilizing your current income, organization and budgeting in just a short time you can turn real estate investing into a reality.

Therefore, my fellow investors decide what and how you want your life to be! Make a promise to yourself to achieve what you want real estate investing to do for you and concentrate on what’s most important to you.

Spend less and enjoy the simple things in life that do not cost and let real estate investing take you to the level of success you are seeking.

This is just the beginning step of staying motivated as a real estate investor.

Author of Getting Started in Real Estate Investing http://jmichaelrei.com/html/getting_started_.html

“You will never do anything in this world without courage. It is the greatest quality of the mind next to honor.” By Aristotle, Greek Philosopher

John Michael
Investor/Teacher/Mentor/Author
Office - (775) 535-1341 or (417) 862-3164
Toll-Free: 1-877-225-5928 & enter 417862-3164
Fax - (775) 307-6541
Email: john@jmichaelrei.com
Web Site: http://www.jmichaelrei.com/

Vacant House Riches, How to find any owner.

Real estate investors, both those who buy and hold or buy and
flip, make money when they buy. One of the best methods of
getting good deals is through vacant homes. You may have little
or no competition.

If you have a systematic method of driving neighborhoods,
finding vacant houses is easy. What is not so easy sometimes is
finding the owner.

What I like to do is record into my Palm Pilot every vacant
address I come across and once or twice a week do my detective
work.

Where to start? In Florida, the place to start is the local
property appraisers web site.
http://www.myflorida.com/dor/property/appraisers.html ) In
almost all cases, you just put in the address and the site will
give you the owners name and address. You should then do two
things. First, you should write them a letter telling them that
you are interested in buying their home. Second, you should try
and call them.

Some web sites to get phone numbers are as follows:
www.switchboard.com www.whitepages.com www.yahoo.com people
search function

One thing I always do is just put in the last name. Husbands may
have died and the wife does not want to be listed. Also, they
could have gone to live with a relative of the same last name
but the phone is not listed in their name. If the last name is
the same as that listed on the property appraisers site just
call and ask.

An invaluable tool is an old phone book to look up numbers the
old fashioned way. Your goal should be to try and have one phone
book for each five-year increment for the last 25 years. Stop at
estate and garage sales and ask if they have any old phone books
you can have.

These are the easy ones. What if this does not work?

First, I check to see if the tax bill is being sent to a
different address than recorded on the property appraisers web
site. Many times it is. You start over.

Second, you call the local utility company and find out where
the bill was last sent.

Third, you put the persons name in the Clerk of the Courts look
up page to find out if there have been any recent legal actions.
Is there a recent probate or foreclosure action? If so, there
will be addresses and names of other people for you to contact.

This is where most people stop. And this is where if you
continue to see the same vacant place you can find gold.

The easiest place to start is to knock on all the neighbors’
doors and take one of two approaches. One, just say “what is the
story with that house?” and point to the house. You can usually
find a neighbor who will give you clues or answers. If you get a
nice person who you think was friendly with the owner just ask
for the number. If the house happens to be vacant because the
owner is in foreclosure, you might want to say “I have some
money for Joe Owner, do you know how I can get in contact with
them?” You want to use this approach if you think they are
protecting friends from bill collectors.

You can also use a couple more web sites in your search. Use
www.people-finders.ws to get a history of where people have
lived and birthdays. You can use find.intelius.com to get spouse
and children names.

In Florida, you can also get a Social Security Number off of the
older mortgages recorded in public records. It was printed right
on the mortgages. If you have this you can almost always find a
person using a paid service like findtheseller.com.

If all else fails do something very crazy. Put a FOR SALE sign
in the yard. If the owner or any relative lives anywhere near
they will call. You just say you are sorry, your sign person
must have put it up in the wrong yard. You then say, ” I buy
homes, are you interested in selling?”

Just peruse through the Sunday newspaper, real estate books or
scan various Realtor websites and you will see alot of hype.

Largest Producer!
If we don’t sell your home we will
buy it!
Your home sold in 39 days or we will sell it for
free!
We will advertise your home until it is sold!
We
guarantee to save you $5,000 on your next home purchase!
We
will sell your home for 1% 2% or 3%!
#1 Real Estate
Agent!

Real estate is a cutt thoat, competitive industry. Realtors are
always trying to find new ways to attract home buyers and
sellers. With so many to choose from Realtors are constantly
trying to make themselves stand out from the crowd. With this
desire to be different we naturally create alot of hype.

Let’s go through a few of the more common ways Realtors try to
grab your attention.

Largest Producer!

People should be impressed by any agent that is the largest
producer. Right? What if that Realtor is in a 2 or 3 agent
office? It is not as impressive anymore. What if the agent was
the largest producer for just one week? They don’t advertise
that information. Again, not as quite as impressive. Most people
just assume that the agent is the either the largest producer
ever or for atleast a long period of time like a year.

If we don’t sell your home we will buy it!

Are these Realtors so confident in their ability to sell your
home that they will buy it if it does not sell? Not really. If
you read through the details you will see that the chances of
the Realtor buying your home are slim to none. Most of the
agents who advertise this have never bought one of their
client’s homes. In order for the agent to purchase your home
there are usually numerous requirements such as them buying your
home for the appraised value minus various costs like financing
and marketing (broker commissions) fees. In the end, it does not
make much sense for the home owner to sell to the Realtor.

Your home sold in 30 days or we will sell it for free!

This one is similar to the above hyped program. Typically, there
is a list of things the homeowner would have to do to get the
Realtor to sell his house without a commission. In reality, it
rarely happens. Typically, the Realtor requires that the
homeowner price the property at a value given by an appraiser or
by the real estate agent. Other requirements may be:

the asking price of the home needs to be dropped frequently when
the home sells the homeowner would be required to buy his next
house through the same real estate agent the home would be
required to be in showing condition all of the time the home
would also be required to be easily seen on short notice.

If the homeowner does not perform on any these tasks then the
Realtor would not be required to sell the home free. There are
all kinds of caveats that the agent can have to get them out of
selling your home for free. Some of them are very entertaining.

We will advertise your home until it is sold!

Most Realtors will do this one without too many caveats. Most
agents know that advertising rarely sells a home. A very small
percentage of people buy the home they originally called on. The
main purpose of advertising by a Realtor is not to sell your
house directly. Advertising generates phone calls and some of
those people become clients of the Realtor. Over time this
builds up a list of home buyers looking for property. Another
reason Realtors like to advertise is to get future listings.
People thinking about selling will usually interview agents that
advertise heavily. So when an agent tells you how much they plan
to advertise your home keep in mind that most of that
advertising benefits the Realtor and not your house.

We guarantee to save you $5,000 on your next home
purchase!

Most home sellers have a built in cushion in their asking price.
Here in Sarasota, Florida on the average a home will sell for
about 97% of list price. If I sell a home for $350,000 chances
are that the home was listed for $360,000 - $365,000. In this
situation it would be pretty easy for the selling agent to say
he saved his buyer $10,000 - $15,000. Was the agent such a
shrewd negotiator that he got the seller to drop his price? Most
likely not. The seller probably just factored a 3-5% cushion
into their asking price.

In many instances, especially in hot markets, homes sell at or
above their asking price. Most Realtors who advertise these
guarantees either give you something small such as a home
warranty or a some other type of buyer credit if they do not
help you negotiate a lower price.

We will sell your home for 1% 2% or 3%!

This is another hook that Realtors use to attract home sellers.
Usually this 1% 2% or 3% is the listing agent’s fee for selling
your home but it does not include any co-broke fees.

Depending on the market, sellers will list their home anywhere
from 5%-7%. What happens now is that the listing agents goes to
the Realtor community via the Multiple Listing Service (MLS) and
offers a co-broke fee (usually 3% or half of the total
commission). If the other agent brings the buyer he is paid the
co-broke fee. The majority of real estate transaction involve 2
Realtors. Therfore, the 6% total commission is split between the
two agents. Often times when an agent advertises 1% 2% or 3%
they are only advertising their fee but the commission goes up
if you want your house listed on the MLS. Most of the time it is
crucial to have your home listed on the MLS.

#1 Real Estate Agent!

#1 at what? Are they the absolute best Realtor in the world?
Have they sold the most real estate? Are they always the biggest
producer? Did they sell the most homes last week, last month,
last year?

I see Realtors throw this one around alot. Any real estate agent
can #1 at something on any given day. There are so many
statistics in this industry that it would be pretty hard not to
find an agent to be #1 at something. I think agents use this one
because it tends to grab people’s attention more.

I think it is normal to see this type of marketing in a highly
competitive industry. I feel it is the nature of the business
and there is nothing wrong with it. Many successful agents have
used or are currently using these marketing ideas. When looking
to find an real estate remember not everything is as it seems.

Car
pinteria Real Estate has a lot of diversity. It ranges from
the very expensive properties on the beach at Sandyland Cove and
Padaro Lane to the older residential stock just inland of the
beach. Then the row of Condos along Carpinteria Avenue, to the
homes built in the 60’s and 70’s on the North Side of the
Freeway. Farther North along Foothill there are a number of
rather large newer homes on good size slots. Then finally there
is still a substantial amount of agricultural property all along
the Foothill corridor. All of this gives you a wide range of
properties to choose from.

Right now there are only 27 Single Family residences for sale in
Carpinteria from a low price of $885,000 for a 2 Bedroom 1 Bath
home to a high price of $12,900,000 for a 4 Bedroom 4 Bath home.

Some other properties currently for sale * A 4 Bedroom 3 Bath
home for $9.6 million * A $7.995 million dollar home with 3
Bedrooms and 2 Baths * A 4 Bedroom 3 Bath home for $2.5 million
* And a $1.095 million dollar home with 2 Bedrooms and 2 Baths

Right now in Carpinteria there are 3 Single Family homes in
escrow with a low price of $650,000 for a 3 Bedroom 2 Bath home
to a high price of $3.995 million for a 4 Bedroom 4 Bath home.

This year in Carpinteria 48 properties have closed escrow with a
high price of $26 million for a 25 bedroom 9 bath property and a
low price of $725,000 for a 2 Bedroom 1 Bath home.

Some other properties that have sold this year include: * A 2
Bedroom 2 Bath home for $12.5 million * A $10 million 5 Bedroom
5 Bath home * A 3 Bedroom 2 Bath home for $6.995 million * And a
$3.7 million 4 Bedroom 3 Bath home

Yes you can. There are two ways to make a mortgage payment with your credit card.

The first way is to use the convenience checks that credit card companies send out every so often. These checks work like those you would write from a checking account, but they draw against your credit rather than available bank funds. You can write, sign and mail these off to mortgage companies.

The second way is to use an online billpay feature (such as the type available at MBNA). This allows you to pay a certain amount to the specified company. The amount will be drawn out of your available credit and paid to the mortgage company similar to a check.

The downside to these two methods?

You won’t receive any cashback, miles, points or other credit card rewards for these transactions; which is the main reason for paying with a credit card anyway.

So, is there a way to pay with a credit card and still get the bonuses?

Yes there is. Well, there was.

There was a time when you could purchase Charter One gift cards using your credit card. These worked just like ATM/Debit cards and could be loaded with up to $500 each.

Basically you just needed to purchase these gift cards, take them to an ATM and pay the withdrawal fee (around $3) and pocket the $497 cash, while still receiving your credit card bonuses. You could then deposit enough cash to pay your mortgage and write a check to cover the payment.

Of course, this all required a lot of planning, but being able to get cash from a credit card without paying huge cash-advance fees AND still getting your bonus rewards is a huge plus.

Naturally, this program was abused in this way, and when they realized they weren’t going to make much money from it, the program was cancelled.

But be on the lookout for another loophole like this, because they come up all the time!

Ryan is the owner of FinanceMaze.com, a great resource for personal finance advice and tips

Nothing to stress over. Adjustable mortgage just means you’ve negotiated an adjustable rate or ARM, with your lender. These loan programs allow for a change of interest rates throughout the life of the loan adjusted by the terms agreed to between the lender and borrower - usually once or twice per year.

There are four basics for adjustable mortgage rates (ARMs):

1. The Index
2. The Margin
3. The Adjustment Period
4. Rate Caps

The index is what your interest rate is tied to. In other words, your index can actually be anything you agree upon, but most ARMs are indexed to a 1-year treasury, or something called LIBOR (London Inter-Bank Offered Rate). The LIBOR index is released each business day and is the index by which banks lend money to one another over the short term.

The margin is the difference between your mortgage rate and your index. The index is what your rate is based upon and the lender adds a margin to it to arrive at your note amount. This is also called your fully indexed rate, the number reached when you total your index to your margin.

Common margins can range anywhere between 2 and 2.75 percent, although some loans let you pay extra fees, such as a discount point to get a lower margin.

The adjustment period is simply the period after which your rate can adjust. At the end of each adjustment period, your margin is added to the current index to get your new rate.

Sometimes the rate won’t change, but can very often along with the index.

Rate caps refer to how high your rate is permitted to change during each adjustment period. This is often a welcome point of any adjustable mortgage rate, as the consumer is protected from wild swings in their loan index by limiting the increase from adjustment period to adjustment period.

Some caps are called lifetime caps which means just that - no matter what, the interest rate can never be higher than the cap. Other types of adjustables have an initial cap, meaning that at the very first adjustment period the cap is 5 percent or 6 percent, or whatever the agreed-upon loan arrangements actually are.

Though large banks and mortgage firms try to tell you how easy it is to apply for and get a mortgage, the bottom line is: If you don’t ask the right questions and have a basic knowledge of how mortgages work, you’re not really going to get the best deal. Your application may even be rejected.

Learn what your options are so you can find and secure the best loan - whether adjustable mortgage rated or not.

Joe Bella is a prolific writer, author and speaker. And he loves anything having to do with financing, auditing and mortgage adjustments. Weird, huh? Adjustable Mortgage Rates and Auto Refinance Loans

It is relatively easy to apply for online mortgages. The Internet is a wonderful tool to use when looking for the best deals in online mortgages. There are many online mortgage lenders who offer competitive packages. Many websites even offer free online mortgage quotes for you if you are on the look out for great online mortgage deals and loan programs. Aside from that, some websites offer free online mortgage calculators to help you estimate the costs and savings of a particular loan.

Online mortgages have made it possible for consumers to stay involved in their mortgage dealings. With traditional mortgage lenders, not enough information might be passed on to the customer. Getting online mortgage information is easy and quick. This is one of the reasons why an online mortgage application is preferred by borrowers.

An online mortgage application may even be the best way for you to get the mortgage that suits you perfectly. Online mortgage brokers charge lower fees compared to traditional brokers. Rate of online mortgages are also updated everyday, thus keeping you aware of the movements of interest rates. An online mortgage application takes about 4 minutes to finish. And approval for an online mortgage is given within 24 hours. In this regard, applying for online mortgages reduces the time spent. An online mortgage application is a streamlined process, thus letting you cut down on paperwork and glut as well.

But despite the many benefits of online mortgages, a lot of people remain hesitant to apply for an online mortgage. Because of the faceless nature of online mortgages, people find it hard to keep their trust on the transaction. Yet, despite the low volume of online mortgage applications, recent events in the economy have caused an increase in the online mortgage activity.

How Does Online Mortgage Work?

In applying for an online mortgage, the task is pretty simple. Online mortgage applicants are given a quick form to fill up. These online mortgage application form will ask for their personal details, including name, address, and contact number. An online mortgage application form may also require some loan information details, like the amount of loan, interest rate desired, and type of loan. Once these online mortgage applicants send in their details through the Internet, a loan processor will review their application. Upon approval of the online mortgage application, customers are contacted via phone.

Free Online Mortgage Calculators To Help

If you are simply shopping for online mortgages or comparing prices, the Internet also features several online mortgage calculators that are offered for free. These free online mortgage calculators may be used to determine your amortization schedule. Free online mortgage calculators can also be used to calculate the monthly payments of each type of loan, total interest yield, and total costs. Some free online mortgage calculators even have special features that would help you estimate the amount of savings you can gain from a particular loan.

Free Online Mortgage Quotes

Several websites offer free online mortgage quotes as one of their important web features. These sites are more often than not online mortgage companies who offer the services of their loan advisors to generate online mortgage quotes for their customers. Websites that offer free online mortgage quotes may not always be online mortgage lenders. Sometimes, these websites are only associated with a network of online lenders. When a consumer uses their free feature, the online mortgage quotes that they provide comes from these associated lenders.

Dean Shainin is a consultant specializing in home loans, strategies for loan financing, home equity loans, and consolidation loan information. To see a list of recommended loan companies, tools, resources, free quotes and articles, visit this site:
http://www.homemortgageloantips.com

Get free valuable online tips for saving money from his: Home Mortgage Loan website.

Buying a home is usually the largest purchase any of us will make in a life time. When choosing a home, you want to find one that suits your families needs best. Take the same steps when choosing a mortgage company!

When you are looking for a mortgage company, do your homework! Interview the loan officer and ask him what he or she has to offer you in terms of savings, interest rates and mortgage loan products.

Ask for a Good Faith Estimate of Settlement charges. Ask the lender if there is a lock fee and for how long?

A good lender should discuss with you the different programs that they offer. Most lenders offer VA, FHA and Conventional mortgage financing. You should discuss with the lender your future plans, such as how long you plan to live in the home. This will help them determine if a fixed rate or an adjustable rate mortgage works best for you.

With interest rates still at record low, most homebuyers are taking a fixed rate mortgage if they plan on living in the home more than 3 years. Adjustable rate mortgages have many different terms that the rate is fixed, 1, 3, 5 and 7 years are the normal terms that are offered. Fixed rates assure you that the rate is fixed for the entire term of the loan. Loan terms offered are usually 15 or 30 years, however 10, 20 and 25 years are also available.

Choosing the right mortgage company will help you make an intelligent decision and make the transaction go a lot smoother.

Choosing the wrong mortgage company can result in higher rates, terms that you didn’t understand and overall stressful experience.

If you would like to know more, please visit my website. My website contains loan payment tools and calculators to help you understand more about what you can afford. You can also apply online. My contact information is on my website. Please feel free to visit us at www.thebestmortgageguy.com

Glenn Keller is a veteran in the mortgage industry and is associated with Affordable Home Funding at 1204 Hospitality Ave. Kingsland, Georgia 31548. For contact information, please visit our website at http://www.thebestmortgageguy.com

A lot of home sellers, particularly those who opt to sell their property without the aid of real estate agents, make the mistake of setting the sale price too high. Home sellers do this because of two probable reasons: they expect home buyers to negotiate and offer to purchase the unit at a lower price; or they simply want to earn more.

It is very important that you set the right price for your property. If you put a very high price tag, your house would take longer to sell. If you decide to reduce the value to what it really is worth, by the time you do it, the excitement of potential home buyers would have waned. In addition, buyers who once looked at your property will think, once they get wind of the price reduction that you are getting desperate and are eager to sell.

In case you find a buyer who is willing to purchase your property at your initial asking price, don’t get your hopes up just yet. Most likely, the buyer will get a mortgage (as very few people can pay for homes in cash) and lenders often require that the property in question be appraised. If the figures gathered by the independent appraiser show a significant discrepancy with your asking purchase price, the financing company may refuse to go on with the sale. When this happens, you will be forced to drop your price and renegotiate with the buyer (if he is willing to enter into a renegotiation with you). Else, you will find your house back in the market once again.

It really pays to set the right price for your home. Naturally, since it is your property, to you it is priceless. If you’re selling your home, you have to stop thinking of it as your home and start seeing the property as just a house. If you do not know how value it, request a valuator or appraiser to visit your property and to help you draw up the right amount. The valuator will take several things into consideration when pricing your home, and these include the age and condition of the house, and the area where it is located, among others. Securing professional services may entail an additional cost, but knowing that the price stated is indicative of all the similar properties in the vicinity and that you have a higher chance of getting what your home is really worth, makes the additional expense all worth it.

LegalHomeForms.com provides Real Estate Forms and Contracts for buying and selling property. Download a Real Estate Contract today.

When you’re struggling to make your mortgage payment each month, there’s no doubt that an interest only mortgage can sound very appealing. It would almost certainly make your repayment lower! But there’s a lot more to think about when it comes to interest only mortgages.

In a lot of ways, interest only mortgages have as many options and variations as standard home mortgages. You can choose a fixed interest rate loan, or adjustable rates, just like you can with a standard loan.

However there’s one main difference - with an interest only mortgage, you never pay anything off the loan. So although it may make life easier to have a lower monthly repayment on your mortgage, at some point you will have to do something about the outstanding loan balance.

That may mean that you take an interest only mortgage out for 5 years, as an example, knowing that after 5 years you and your partner will have finished having children, and both of you will be back in full time employment. At that time you will be able to afford higher repayments, and so can refinance into a standard home loan.

It could also be that your work tends to require you to move states on a regular basis, so paying off your loan isn’t really important to you - you’ll probably have to sell your home in a couple of years time anyway.

Choosing an interest only mortgage may also enable you to borrow more, and so buy a more expensive home. Or, if you’re keen on investing in property, interest only loans may help you to buy more than one property, because you don’t need to pay so much out of your pocket for each one.

These are only a few possible scenarios, but they do begin to show the vast range of reasons why people will opt for an interest only mortgage.

When you’re considering an interest only mortgage, check out the features of the loan, and of course the fees and charges. One feature worth having is payment flexibility. At some point your income might increase, or you may receive a lump sum - in which case it’s good to know that you can pay it off the loan balance without penalty. Be careful, though, as some loans will limit the total amount extra you are able to pay in a 12-month period.

You may also want to have a cash out or redraw facility. Basically, this means that if you have made extra payments off the loan balance, at some point down the future you can then withdraw them again. This is really handy if you have a financial emergency.

In the end, only you can decide if an interest only mortgage is appropriate for your life circumstances. But for many people, they can make taking out a home loan much simpler and cheaper.

Find more great home mortgage information at Home Loan Zone Central