Real estate has made more millionaires than anything else in the US and one of the safest investment option you probably have in any economy. We just need to know the rules of the game. In my opinion there are many ways of investing wisely. But for now, I will only mention three of them:
The first one is to educate yourself by reading real estate books, attending real estate seminars, webinars, real estate club meetings. And if you are willing, you can invest from $25,000 to $80,000 in guru mentor-ships. In addition to countless hours of working and testing different markets. Making the prospect, analyzing the properties and performing due diligence for each. Creating strong relationships to create a dream team. And, going through the invaluable lessons of getting burned because of bad decision making and misjudgment the character of some individuals.
I am not saying this to discourage you in any way from getting into the real estate investment world. I just want to give you inside information that many gurus don’t mention when offering their books, CD’s and mentor-ships.
“Do not confuse motion and progress. A rocking horse keeps moving but does not make any progress. —Alfred A. Montapert “
The second option would be to partner up with an active and experienced investor. as a contractor, bird dog, real estate broker or agent. You want to look for an investor who is in the game in a daily basis, who knows the ins and outs of the local market…
In other words. Some one that has been through the good, the bad and the ugly in the real estate game.
Good judgment comes from experience, and experience comes from bad judgment. —Barry LePatner”
The third but not least, is to be the private money source ” the passive investor” the ” Private money” ” Hard money Lender” You just need to have very clear terms in writing and to always have the other party put some skin $$$ in the game. And, he or she needs to be an experienced and savvy investor, with a good reputation and a team that includes contractors,agents,title, escrow, property inspectors, bookkeeper, at least.
“In God we trust; all others bring data”.
If for any unfortunate reason, you end up in a car accident, Remember that, the most important thing you can do at this point, is to keep your calm / stay cool and collected. If you are with passenger, check that they are not in shock,
( The best way to confirm that they are not in shock, i
s by asking them several random questions, see if they respond in the same manner, as they normally do). If someone is injured or, in shock. Call 911 unmediated. In the other hand, If every one is fine, including yourself. Then, proceed with the intention of acknowledging the other individual (s) with the same concerns.
Watch out! If you are alone in the vehicle. Make sure you grab your purse, and place other important item like; cell,computer,i pad, etc, Out of harms way. Do this, before you get out of your car. The last thing you need is to have someone take advantage of your chaos. That is why staying calm and in charge of your surrounding is so important at all times.
Proceed to have a polite interaction with the other party. and follow some important guidelines in the next paragraph.
PS; Take picture of every angles of all the vehicles involved in the accident. (Key)
5 Legal Tips for Dealing with a Minor Auto Accident
If you have ever been involved in a minor automobile accident you know just how frustrating it can be. Here are some important tips for dealing with the aftermath of a minor accident:
1. Pull safely to the side of the road and out of the traffic lanes, if possible. If you cannot do so or you feel it is dangerous to move your vehicle, carefully exit your vehicle and move yourself to a safe location away from traffic until help arrives.
2. Even if your accident seems minor, call the police and file an accident report. Do not admit to guilt or responsibility for the accident to the police or other persons.
3. Exchange information with the driver of the other car or cars. Get the name, phone number, address and insurance carrier of the other drivers. If there are witnesses on the scene take down their contact information.
4. Retain all documents regarding your accident. This includes the police report; the other driver’s information; any insurance documents you receive from your insurance carrier or the other driver’s insurance carrier and any medical papers or bills associated with the accident.
5. Do not sign any documents or agree to any type of settlement without calling your LegalShield provider law firm to speak with an attorney. (That is. If you have legal Shield Service)
The Right of Rescission lasts for a period of three complete business days (72 hours from midnight the first day to midnight the third day) from the first day following your signing your loan contract. The Right of Rescission applies only to refinance transactions on a property that is used as the borrower’s primary residence. The Right does not apply on a purchase transaction or property that is being used for investment or a second home. The borrower may not waive his Right of Rescission.Subsequently the lender will not fund any loan until the Rescission period has expired. Be sure to check with your title company or settlement agent to determine when your rescission period ends because no funds will be disbursed prior to the end of the rescission period. This can affect paying off your previous mortgage as well as any other debts consolidated into the new mortgage. When trying to figure out when your loan will fund or when your rescission period is over you will count the 3 days beginning the day after signing. Monday-Saturday are all included as a rescission day however Sundays are not. Also legal holidays are not counted as rescission days. Rescission means the ability to cancel the contract. In relation to mortgage refinancing the law gives the homeowner 3 days to cancel a contract once it is signed and if the transaction used equity in the home as security. There is no Right of Rescission on primary residence purchase loans. With Non-owner occupied homes there is no rescission period.In certain states such as Texas rescission may be for a longer or shorter period of time. Your loan officer can help you answer this question for your state. You must exercise the right of rescission within three business days of signing the loan papers receiving all the loan disclosures and getting a copy of the notice that there is a right of rescission. The Right of Rescission is a federal law granted in the Truth-in-Lending to the mortgagors. It is meant to give the borrower a “”cool off”” period and to review the mortgage documents. In a refinance funding takes place after the 3-day rescission period. This period of time starts from midnight of the day of signing and goes until midnight 72 hours out. This means if you sign on Monday the loan will not fund until Friday. The rescission period is a federal right. You have 72 hours. However some lenders have decided to increase the rescission time. This is often done after getting the hand slapped for unfair lending practices. There are lenders now that will give you a 7 day rescission period. If a lender is offering you 7 days to rescind read your HUD 1 carefully for loan charges etc…Please note that most refinance transactions require that the lender provide you with a 72-hour time frame after the closing during which you may cancel the transaction. The money cannot be disbursed until after the 3- day “”Right of Rescission”” expires.””