Become the best landlord you can!

Landlord Seminar

Featuring national motivational speaker Greg Pinneo of Reach Returns, an expert real estate entrepreneur discussing Real Estate Investment, Negotiations and Finance.

Local experts presenting:

• Month to month contracts
• Lease options
• The eviction process
• Tenant screening
• Crime free rental housing program

Open to all YVLA  members and non-members too!

Saturday, May 21, 2011
Holiday Inn & Conference Center
802 E. Yakima Avenue
9:00 am – 5:00 pm

Cost:  Pre-registration: $25/person
At the door:  $35/person
Includes lunch and light snacks

www.YakimaLandlords.org
509-457-4770

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Residential and commercial loans available at Quality Funding Source:

• 100% financing for their deals
• No upfront fees with our programs!  The only thing upfront is the $12.00 to check their credit.

Their residential plans are 100% financing.
Our residential property definition is single family home or 1-4 units on a multi-family.

They also have a private property list which doesn’t require a credit score.  This program is great for realtors as you will have more closings per year.

Quality Funding Source operates nationwide and also doe transactional funding.

Anthony Linder

alinder@qualityfundingsource.com
815-401-8230
www.tl.qualityfundingsource.com

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At our February 22nd meeting we welcomed back Summer Pineda as our guest speaker from Yakima National Bank.

Summer shared information on what makes up a credit score, what we can do to improve our credit score, and how a credit scores affect interest rates.

Yakima National Bank does:

• Conventional loans
• FHA
• VA
• Construction loans
• Bridge loans
• USDA Rural Housing
• Homepath
• and more…

They can help investors who would like to own up to 10 financed properties.

Updates for their Investment Products:

Underwriting Requirements:

• No history of bankruptcy or foreclosure in last 7 years.
• No delinquencies (30 days or greater) within the last 12 months on any mortgage loan.
• Rental income must be fully documented.
• Rental income from other owned properties owned by the borrower must be supported by 2 years federal income tax returns.

Reserves:
Must document reserves for subject property and for other properties currently financed by the borrower.

When a borrower owns 1 to 4 financed properties:
(including the subject property)

• 2 months on subject property
• 6 months on subject if it is an investment property
• 2 months for each other fincnced second or investment property.
• *6 months reserves will be required if the borrow does not own multiple properties.

When the borrower will own 5 to 10 fincnced properties:
(including the subject property)

• 2 months on subject property if it is a second home.
• 6 months on subject if it is an investment property.
• 6 months on each other financed second home or investment property.

(Note – Important – reserves will be based on the monthly housing expense of the financed property.)  All reserves must be liquid and the housing expense must include: principal and interest, hazard, flood, mortgage insurance, taxes, ground rent, special assessments, any owners association dues and subordinate financing.

For more information on maximum loan to value and minimum credit score for purchasing or refinancing loans contact:

Summer Pineda
509-654-7517
spineda@yakimanationalbank.com

From The Blog Of Joe Crump – Real Estate Investment Strategies & Tips

Over the past few months I’ve been getting emails from a lot of real estate teachers claiming that the new Federal S.A.F.E Act means the end of seller financing. Because of those emails, I’ve been flooded with frightened questions from my own students about this issue. “Am I breaking the law, Joe?”

The claim is that if you sell a property with any kind of seller financing, you will be breaking the law if you aren’t licensed to do so.

This is simply NOT true.

Seller financing is alive and well today for those who understand how to structure deals even if you DON’T have a real estate or mortgage license.

It’s scary enough starting a new business without someone telling you what you are doing is illegal. Today, in this blog post, I’m going to try and ease your fears about this issue.

Here is my take on the new Federal S.A.F.E. Act.

I do not believe it is going to affect the folks who are using my techniques. Here is why…

SAFE Act Info Regarding Selling On Terms

This is taken from the Legal Hotline newsletter put out by the Indiana Association of Realtors for Brokers.

It is directed at agents and brokers, but addresses the issue of dealing in Land Contracts and Lease Options specifically.

BEGIN QUOTE
“Furthermore, land contracts will not fall under the SAFE ACT requirements since legal title in a land contract does not pass until the end of the payments. With seller financing, the difference is legal title passes from seller to buyer at closing. If your client wants to sell property under a land contract, there should be no legal issue under this Act.

If title does not pass from seller to buyer, it is DFI’s position that it is not subject to licensure. Similarly, a lease with an option to purchase or other agreement where title does not pass is not subject to licensure.

IN SUMMARY, a seller will be exempt from this Act if:

1.) Owner is selling own residence vs. a rental property;

2.) If the seller never lived in the home (investor), seller is still exempt if the property is being sold on a land contract or lease with option;

3.) If title does not pass, owner is exempt.
END QUOTE

DFI is the Department of Financial Institutions and can be found online at:
http://www.in.gov/dfi

Although this is Indiana specific, you could check with your own local board of Realtors to find out how they interpret it.

But keep in mind, all of these regulations are based on the Federal SAFE Act which required compliance in all States. So other than a few amendments here and there, the State by State legislation is not going to be much different anywhere you go.

What this means to me?

The only difference that we have to keep in mind when using the things I teach is that you should no longer sell a property “subject to” if you are not the owner residence of that property. That is not a problem if you use my techniques. We don’t sell “subject to” we BUY “subject to” and then sell with a Land Contract or Lease Option. Once you understand my hierarchy of zero down structures, all this is very clear.

Ultimately, if you do what I teach, you won’t have to worry about this issue or this legislation.

And the beauty of having this legislation now – it will probably quiet down the political storm around mortgages for a while and forestall any other more onerous legislation (at least that is my hope).

Hope this answers the question. Keep in mind this very….

IMPORTANT NOTE: I am not an attorney. I do not even play one on TV. Don’t count on my advice as legal advice. One of the things I find is when folks are frightened about a particular issue, it makes them freeze up and hesitate to take action. If you are not comfortable with this issue, be sure to speak with a local attorney.

The bottom line? If being afraid means you don’t action, being afraid means failure.

If you have questions or comments, leave them below and I’ll make an effort to answer them.

As always, you have my very best wishes,

Joe Crump

PS – I’ll be teaching all of these techniques to my mentor students at my upcoming Two Day Buying Event. It’s just a few weeks away on November 13th and 14th, 2010. For full details, go to the web pages below.

Mentor Program Info
http://www.ZeroDownInvesting.com

Two Day Buying Event Video
http://www.JoeCrump.com/twoday

What I’ll Be Teaching At The Event and How I Partner With My Mentor Students
http://www.JoeCrump.com/partner

You can also learn my techniques in my home study program here:
http://www.PushButtonMethod.com

Reach Returns 1 Day Seminar Oct 9th

Topics that will be covered
• How to create passive income.
• How to structure SMART deals in a STUPID economy.
• How to maximize your efficiency .
• How to understand and negotiate private money.
• How to find the RIGHT opportunity among a sea of possibilities.
• How to take control of your life & finances and “LIVE DELIBERATELY”

This is a life changing event that you will not want to miss!

CWREIA members wanting to attend please contact Debbie – dschulte2001@aol.com

All others wanting to register, go to www.nwreia.com.

Registration begins at 8:00 and the meeting begins at 8:30 and goes to 5:00 with a Q&A afterwards.

Double Tree Hotel Lloyd Center
1000 NE Multnomah St
Portland, OR 97232