Exclusive Inverview with Bob and Bonnie Hoyer
Listen to these Michigan Real Estate Investors Tell Their Story in this 2 Part Series
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You need a 3 point check lists:
1st - before you go into house, walk up and down the street, look at the exteriors of houses, windows, entry doors, yards, trimming, mailbox, light post in the yard and driveways to determine best or worse house on the street. Check out the house with the best curb appeal and take pictures.
2nd - Look inside and get a feeling of space, is it enough or are the rooms cut up and small, look at basement and does it smell mesty, water laying around and my favorite look at the drain covers on the floor and are they rusted, corroded or gone. On your way up stairs spot by the washer / dryer area and look at the tub, vents & tub feet for rust.
3rd - If it has a strange design - don’t just stay away, run quickly before those pesky foreclosures take a bite out of you!
On Friday, we were working with a partner in Flint area looking at Michigan Real Estate Foreclosures. We have found a couple of golden nuggets. We are now calling contractors to come to the property to provide estimates for each repair. Once those numbers are on my desk, we will prepare an offer and off to the real estate office we go!
We spent Saturday in a Real Estate Workshop which covered Renovations to Marketing. The speaker was in from Connecticut. She has renovated 243 houses with as much as 51 houses in one year. She gave some great points on different topics for speed on renovations, marketing, buyer qualifications and quality of materials.
Today, as the ads are running, the phone calls are coming in for Lease Options houses for sale, Retail Sales, and buyers wanting to get their first investment property; off we go to find those Pesky foreclosures. We have a number in process and also need to stop and cost out repairs on several others at the same time. This day should be a very productive working with a few partners from the City and friends.
Michigan Real Estate Investing is getting better and better. The guess speaker recognized the potential we have in Michigan. She likes what we have in properties specially the FSBO and REO’s available. Stay tuned as we continue to hunt those Pesky Foreclosures.
This Bob, signing off for now!
Sometimes we prepare for all circumstances we can think about and we believe we can ride those waves until we reach calm waters. What really matters is when ruff seas are upon you, do you know what to do and how to survive in those moments of panic.
Port Huron Times Hearld … ‘ The team from Chippewaof Algonac took second in its class and second overall on the PHRF Shore Course, beating the times of 63 other competitors. The victory was costly and nearly dangerous as strong winds lashed the boat and crew near Saginaw Bay. “We tipped over and our cockpit filled with water,” said skipper Robert Wall. Wall momentarily went overboard in the rough weather but quickly was able to crawl back on deck. “It was absolute chaos,” said Wall, who in addition to flags has bruises and cuts to show for his team’s effort.
Are we prepared to do something about your financial success. Robert Kiyosaki, author “Rich Dad, Poor Dad”, talks about Financial Intelligent. We must train ourselves to become financially intelligent. We train ourselves just like an athlete does but financially.
So, how would one do this? Guess what we offer are many articles for you now and in the future on Michigan Real Estate Investing. We focus on REO’s which are Real Estate Owned by Banks. Foreclosed properties that a bank has taken back from a home owner who fell on bad times and did not know what was the correct method or where to turn to find that deck. In the midst of the storm, the home owner swam the wrong way and drowned aka foreclosure.
Nerves about getting started, don’t worry, we have the Turn-Key model for those investors who are very busy, have the money but don’t have the time. Face it, not everyone can dedicate time to finding the deals, determining market value, contacting those contractors, getting estimates from 3, following up on them constantly, preparing the offers, once accepted closing then starting the renovations, marketing and much, much more.
I would encourage you to contact us to discuss the options for you and ourselves. Like any good sailer, its time to store the gear and take a break.
This is Bob, signing off for now!!
If you are earnest about creating wealth from real estate, building a Michigan real estate investment team will payoff in many ways. Who will you constitute in this team? When building a real estate investment team, first, you need a mentor – an initial guide for the learning curve and a pro who will be a sounding board for everything you do. Next, you need attorneys, accountants, contractors, mortgage and insurance brokers, property managers, title checkers, realtors, sales managers and the like.
While building a real estate investment team, a key member will be an attorney. Choose an attorney who focuses only in real estate and foreclosures. Your gain is two pronged – one, he will help you legally.
Second, you can use his network for finding and buying foreclosures. A professional realtor with an ear on the market place will lead to undervalued but attractive properties that have a good potential. Insurance brokers can aid in choosing and buying flexible insurance coverage too. A properly conceived rehab plan with clear specifications on quality of work and quality of materials to use mean less frustration while you team up with a contractor.
As poorly designed mortgages can cripple you financially when building a real estate investment team, getting the right mortgage brokers means locating finances and getting good loan plans. Clever accountants can unearth wealth creation through tax benefits – like depreciation and interest write-offs – while keeping a tab on cash flows. Similarly, other members of the team have equally important roles.
How will you find good team members? You can use your network or check with the local real estate associations or investor clubs. Besides these clubs, you can look at specialized places – for instance, if you are looking for a lawyer, check the bar association. Yellow pages and classified ads in local newspapers can also lead to many sources. Once you locate one good team member, he might lead you to others.
Even as you go on building a Michigan real estate investment team, persistence will be your biggest virtue. Your team develops gradually – not in a single day or month, but some times years. One issue that keeps cropping up while you are building a real estate investment team is the pay. Like everyone, if you look to short-term savings through cut-rate service, quality and long-term relationship will be difficult to achieve. Strike a balance and your team will earn you wealth.
Above all, you will have fewer headaches as you create wealth in building a real estate investment team.
Port Huron Red HOT Foreclosure List
Now you’re only minutes away from being able to receive listings as they become available to us…(we get them before most people even hear about them).
By being on this list you’ll have access to some of the best deals as they become available for:
OR
I have noticed a lot of people are still thinking in the Horatio Alger tradition when approaching business and real estate investing strategies. That is they pool all their money with that funds they can borrow from friends and perhaps they get a loan from the bank. They find a house in the neighborhood that needs some work and buy it. They work on it themselves, after work and on the weekends adding on to their already busy schedule.
When they finally get it done and hopefully have not run over budget on repairs, they put a sign out in the yard for sale or rent. Hopefully a qualified buyer comes along that can qualify . for a mortgage and they can close in a reasonable amount of time. If the new investor decides to rent it, they put a tenant in and they have to deal with rent collection, calls at night for repairs, extra tenants showing up, pets being smuggled in and clean-up after their tenants move out. Hopefully they have made a profit. This is what a lot of the late night info commercials teach.
OR
You can invest using an information age business model. You team up with people who are successful in investing in their local market. They have the relation networks already established. They know how to market the house for short term or long term profits before they even buy the property. They understand how to negotiate the deal to get the best price. They have the contacts with local contractors to get the foreclosed or distressed property repaired quickly.
And they have the contacts with financing institutions to get the best type of loans for the person buying your investment for short term profit and if its long term profit, the best loan for you the investor for maximum cash flow. There are also property management arrangements available. You can learn as little or as much of the process that you are comfortable with. You are kept informed of your property’s progress through email, photos, personal phone calls and site tours if you wish.
This is a turnkey investment business in full operation. This is what I and my team do, run the turnkey operation for our in-state and out-of-state investors.
To Find out more fill out the information for the free report and check out the links for more useful articles.
It’s day two of the PH to Mack race. Just what we did not see coming was a storm from the Northwest to Southeast. Boy, this beauty will help those Sail boat racers reach Toledo Ohio today. Oppps! Wrong direction.
So are the winds of your financial economical situation blowing you in the wrong direction. Just take a moment to see. Start by writing down your goals. Secondly match up your financials with those goals. Hopefully, you will see your financials matching or exceeding your goals.
Second way to test goals & financial matching is look at your job & income. The magical question, look at your boss and see his financial situation might be by looking at his house, neighborhood, cars and etc for material things. Here is the true question, how is he personally, joyful, happy, excited, encouraging, etc. Secondly, will you ever get to his level in the company and at what cost: time, compromises, and stress.
Sometimes we find ourselves thinking we are on the right track at work, busting our butt day in and day out giving up vacations for the good of the cause and slam comes the door on your finances … “You only put in 100 hrs a week for the last 52 weeks, no vacation, YOU CAN DO MORE says the Boss “No raise this year.’ Wow, did you get that message from the boss.
Well, the time is now to learn all you can on Michgian Real Estate investing. Define what you want to do with Real Estate. Don’t know, email me, I’ll share thoughts. Once defined, then find people doing the same thing you have defined. Build a relationship with them and follow along. Not everyone is on target so choose your mentors very carefully.
This is why we offer a TURN KEY approach to Michigan Real Estate Investing. We see the junk that is happening in the work place, we see the neighbors who drive off to work early and come home late with no smile. They have nice things but their life sucks. Don’t fall into that rut.
The time is here and now to change all those circumstances into opportunties to drive you to new levels and heights in your life, your relationships and your financial intelligents. Your home lifestyle becomes better and you get to spend time with the ones you love not the ones you have to
As you read through the blog you will see that we provide you with how to articles to get you familiar with real estate investing. Be sure to fill out the information for your free report and check out the links for more information.
This Bob, signing off for now!
A fellow investor Rita Dalian found this very useful link.. Great time saver for Michigan real estate investors:
Thanks Rita.
The bank is still mulling over my offer. I should hear if by friday is the bank is willing to play on this foreclosure.
Just put an offer in on this pretty REO this afternoon. I will know in 24 hours if it is a go or not.
Finally somebody has written a decent article about self directed IRA in a mainstream magazine like Fortune. You can read the whole article here -
One of my mentors Mark went to the DK Super Conference in April. He said it was pretty funny to see a room full of really smart entrepreuners act surprised upon learning that they can invest in real estate with their IRA. The Equity Trust owner was doing his presentation and everbody kept on saying “Is this legal?” and “How come my CPA / Financial Planner has never said anything about this to me before?”
Well off course the CPA’s are clueless about how to make money, all they can do is to look and analyze what has already happend in your business. The financial planners have a vested interest in making you buy as many stocks and bonds a possible so why would they tell you that you can make much better returns in real estate. Truthfully, I dont think they really know anything about using the self directed IRA to invest in anything other than stock, bonds and mutual funds. I feel that the foxes are in charge of the hen house most of the time after talking to most financial planners.
Here’s another thought to mull over, if someone is working with private money in Michigan for real estate investments, like I am; there are a alot of people with early buyouts or have been laid off from the Big Three automakers- like a good friend of mine-who have substantial 401Ks that can be rolled over to a self directed IRA. Then they lend me the money for a real estate project and the profits back to them are greater than returns on stocks, and how I choose the properties alot safer investment for them and best of all tax free. Sweet deal for everyone.
Family news: William, my nephew is recovering nicely from his surgery and should be able to start working with me in 2 more weeks.
Agency Sounds Warning On Stated-Income And Interest-Only Mortgages
by Kenneth R. Harney
An important mortgage market player has sounded an alarm about limited-doc and interest-only features in a growing percentage of home loans, especially those made to purchasers with subprime credit.
In an advisory issued last week, Wall Street’s Dominion Bond Rating Service, which assigns risk ratings to mortgage-backed securities pools, expressed “concern” about lenders’ potential “easing of credit standards” to boost origination volumes in the post-refi boom climate of 2005.The rating agency cited interest-only and “stated documentation” loans in new subprime mortgage pools as especially worrisome. “Stated” doc mortgages generally do not require homebuyers to provide hard evidence of income and assets to support their applications. Interest-only loans allow home buyers reduced monthly payments — there is no principal reduction for an agreed-upon initial period — but then convert to full amortization for the balance of the term.
Dominion said “mortgages underwritten (with) minimal documentation sometimes account for as much as 50 percent of mortgage pools” in the subprime arena. Yet the no-doc/stated-income concept was originally designed to assist self-employed, business-owning homebuyers with solid credit histories who preferred not to divulge their full financial details. The idea was not designed for buyers with marginal incomes and credit.
No-doc “has since been expanded to include salaried borrowers who cannot or will not show proof of income,” said Dominion in its advisory. Some analysts have called such mortgages “liar loans” because the income or assets claimed by the applicant may be illusory or fraudulent. That potential, in turn, raises the chance of future delinquencies and foreclosures.
Dominion is hardly alone in its opinions. Last spring, two major mortgage insurance companies blew the whistle on “NINAs” — no income, no asset verification loans — and curtailed issuance of new insurance to no-doc borrowers with low downpayments.”
It may be stating the obvious,” said Curt Culver, president and CEO of Mortgage Guaranty Insurance Corp. (MGIC), the largest underwriter in the industry, “but you can’t document what you don’t have. In many instances (NINAs) are allowing borrowers to do just that. Why wouldn’t a borrower choose to fully document their income to assure that they get the lowest possible rate?”
Another insurer, United Guaranty, stopped underwriting non-docs after investigators found that in 90 percent of NINAs that defaulted, mortgage or realty professionals working with the home buyers knew in advance they really didn’t have the income or assets necessary to afford the house.
Dominion’s concerns about interest-only subprime loans centered around the fact that the industry has “only a limited performance history” on this breed of mortgage. Other analysts have pointed out that interest-only mortgages have a heightened propensity to default because of possible “payment shocks” after the initial low-payment period expired.
For example, say a home buyer takes out a 30-year $333,700 hybrid ARM with an interest-only period of five years. The lender sets the initial fixed payment rate at 5.25 percent — or $1,460 a month. But in the 61st month, the loan morphs into a one-year LIBOR-indexed adjustable with a standard 2.25 percent margin. With the onset of principal reduction, plus a compressed 25-year remaining amortization term, the monthly payment due from the homeowner would shoot up by 30 percent overnight — to $1,895 — if market rates remained flat. But if rates in the economy overall rose by just 1.5 points during the five-year period — a scenario not unlike what could happen under current Federal Reserve monetary policies — the payment due in the 61st month would jump by 50 percent to nearly $2,200 a month. That might well be too great a jolt for the homeowners to handle.
