Short Sales>>How to deal with agents and brokers

I have people sending me messages on face book about how to deal with agents that won't use their short sale (option) contracts. I have a few pointers. Either don't work with them. Move on to the next one and work with investor friendly agents. There's a lot of agents out there that just won't get it. And never will. Don't let that discourage you. And If you come across an agent that won't use the option contracts. That's fine. Use their contract with an addendum. Stating that you are an investor who intends to resell the property for a profit. You can add more, however I recommend that you go over it with an attorney first. Every state has certain guide lines. I hope this helps out. Peace!

Wholesaling

I've been getting a lot of questions about wholesaling. Especially how to find deals. I recommend a few approaches. One is advertise on Craig's list and post that I buy houses! Secondly go out and post bandit signs in areas that you want to invest in. Make sure you check with local ordinances some areas won't let you post any kind of signs. You can find cheap bandit signs for around 45 cents to up to a dollar. You can also go to the county clerk and find the nod list or lis pendens. Send mailers or post cards to homeowners that are behind on their mortgage. Take action my friend and ride the wave. Until then PEACE.

Short Sale Disclosures

I am not giving you legal advice, but I want to let you know that you need full disclosure on your short sale deals.

WHAT DOES THAT MEAN?

It means on your "A to B" contracts that disclose to the shorting lender that you intend to resell the property to a third party for a profit. Disclose this on your transaction. By doing this you can close your short sale simultaneously without any hassle from the bank because it was disclosed in your contracts. And your transactional lender will fund your deals.

If you are using the ever popular OPTION CONTRACT it probably has it in there already

Please make sure any contract you are submitting has disclosures in it.

Now go flip a house!

Las Vegas Apartment Rents Reach Four-Year Low

Here's an article from LasVegasNow.com.

Las Vegas is a renters' market. Research firm Applied Analysis reports asking rent prices are now about $770. That is a four-year-low.

Garry Cuff with Commerce Real Estate Solutions says rents are down about 150 dollars a month on average from where they were a few years ago. That is because demand for apartments is low. Cuff says apartment owners are lowering prices to attract renters, but they are also using other incentives. "Not only (are they offering) a free month's rent if you sign a lease, but sign a lease today, and we'll give you a 32 inch television," he said. "Anything and everything is on the table."

Restrepo Consulting Principal John Restrepo blames a plethora of options available to renters. "What's happening is a traditional apartment complex is being negatively affected, because it's got to compete with these individually owned homes and condos," Restrepo said. "People prefer to rent a home if they can, (especially) if they have kids and pets. Now, you can get it with a pool." Renters can now get into a home for close to the same monthly rate as an apartment.

Restrepo says he doesn't see any relief for the apartment market any time soon. "It's a good time for renters, not so good for apartment owners," he said. Experts say a recovery will not start happening until the economy recovers. Many believe that will happen with more job creation.

My viewpoint:

In retrospect it's a good time for investor's in Las Vegas to buy and hold properties. Prices for houses in some areas of Vegas you can easily cash flow $200-300 hundred a month or MORE!!! Over time you'll build equity!! If if takes time who cares!! you're cash flowing. That's how you build wealth over time. Don't listen to the MEDIA!! Network with other investors, go to REI meetings. Educate yourself before you start investing. Or better yet get a mentor that's still in the game. Until then PEACE!!!