February 2009 Monthly Archive
February 27, 2009
I Buy Houses
As a private investor I buy houses on a regular basis. On average, I view around 100 houses per month. Every day, I hear incredible stories of the life struggles people are facing. Many of the homeowners are facing foreclosure or bankruptcy. Others are going through a divorce or have recently lost their spouse due to illness or accident. Some need to sell their house because they have lost their job.
When I entered the "I buy houses" arena, my primary goal was to make money. I didn't realize that buying houses would ultimately offer distressed homeowners the opportunity to make a fresh start. While making money is fun, helping people out of bad situations is even better!
Real Estate Investing article on "I Buy Houses"
February 25, 2009
Buying Houses
Not so long ago people were buying houses at neck-breaking speed. Today, few people qualify for a mortgage loan. There is no doubt the housing market is in a serious slump. Lenders are carrying billions of dollars worth of non-performing loans and bank owned properties. Many homeowners are in serious financial distress; unable to make their house payments and waiting for impending foreclosure.
When I began buying houses, my primary goal was to locate distressed properties below market value. I engaged in house flipping and purchased rental properties. It was rewarding and profitable.
Real Estate Investing article on "Buying Houses"
February 23, 2009
Buy House for Cash
"Buy House for Cash" programs are quickly becoming a popular way to buy and sell real estate. Although there can be drawbacks to paying cash for houses, real estate investors oftentimes obtain significant savings for a cash offer and sellers can unload their property in a stale market.
The primary downside of buy house for cash transactions is the loss of mortgage tax deductions. In many cases, investors purchasing homes with cash are using them as investment properties. Others are obtained for the purpose of house flipping.
Real Estate Investing article on "Buy House for Cash"
February 21, 2009 | Comments: 1
We Buy Houses
Today, "We Buy Houses" signs dot the horizons of communities across the nation. The majority of these signs belong to private real estate investors or investment groups looking for cheap houses and distressed properties.
At Simon Volkov, we buy houses that are average or above average. Why? Because there are few resources available for homeowners with houses priced $300,000 above median or who carry mortgage notes higher than $500,000. There are a significant number of people who bought overpriced houses using subprime loans. Today, these people are facing foreclosure because their mortgage payment went up and their property value went down
Real Estate Investing article on "We Buy Houses"
February 19, 2009
Probate Estate
Probate estate is a term used to describe assets belonging to a person who has died. Probate is the legal process used to determine rightful heirs and establish a value for financial and real estate holdings. Everything the person owned must be transferred to the probate court before distribution to heirs can occur.
The process for transferring probate estate assets typically lasts several months. Much depends on the size and value of the estate. If the decedent established estate planning the estate can pass through probate relatively quickly. However, if the decedent died without executing a last will and testament, the process will take longer
Real Estate Investing article on "Probate Estate"
February 17, 2009
Bankrupt
The word 'bankrupt' refers to a person or business that is financially ruined. Both people and companies can rebound from being bankrupt, but their chances for success are limited if they don't take time to investigate what caused them to become bankrupt in the first place.
Today, there is an abundance of bankrupt people and businesses. From automakers and lending institutions, to the corner grocer and your neighbors. Everywhere you turn there is news of gloom and doom, a failing economy, and unemployed people
Real Estate Investing article on "Bankrupt"
February 15, 2009
Bank Owned Properties
Bank owned properties refer to real estate which has been returned to the lender. Also referred to as real estate owned or REO, bank owned properties can consist of land, single dwelling homes, condominiums, apartment buildings, manufactured homes and commercial real estate.
Bank owned properties can be sold directly through the lender or a licensed realtor. Most REO property is priced under market value. In some cases, buyers can purchase bank owned real estate at savings of up to 40-percent. However, the average savings hovers between 10- and 15-percent
Real Estate Investing article on "Bank Owned Properties"
February 13, 2009
Probate Process
The probate process is used to validate a person's Last Will and Testament; pay outstanding debts; and distribute estate assets to beneficiaries. When a person dies intestate (without a Will), the probate process can be prolonged while heirs are located and notified of the decedent's death.
The duration of probate process depends upon the complexity of the estate and behavior of heirs and beneficiaries. Heirs are direct lineage relatives, while beneficiaries can be anyone. Heirs are automatically entitled to assets unless the decedent specifically disinherits entitled relatives within their Will. If heirs contest the Will, the probate process can be prolonged for months or even years.
Real Estate Investing article on "Probate Process"
February 08, 2009
Probate Cash
Probate cash refers to money obtained from a funding source using probate assets as collateral. Probate assets include financial and real estate holdings left to beneficiaries through a Last Will and Testament. In order to obtain cash in exchange for probate inheritance, a series of events must occur.
Probate cash is available through either inheritance cash funding companies or private investors, such as Simon Volkov. These entities or individuals are referred to as the Funding Source. When a funding source provides probate cash, they assume a considerable amount of risk.
Real Estate Investing article on "Probate Cash"
February 05, 2009
Irrevocable Life Insurance Trust
An irrevocable life insurance trust is a useful tool for your estate planning arsenal. Not only does a life insurance trust exclude death benefits from estate taxation, it also keeps life insurance proceeds from undergoing the probate process.
Upon establishment of an irrevocable life insurance trust (ILIT), your life insurance policy is held inside the trust. A contract is used to administer the policy and assigned benefits for designated beneficiaries. Although the life insurance policy cannot be changed once the ILIT is established, the owner retains control over how beneficiaries will receive their benefits.
Real Estate Investing article on "Irrevocable Life Insurance Trust"
February 03, 2009
Bankruptsy
Bankruptsy is one of the most common misspellings of the word 'bankruptcy'. Regardless of how you spell it, bankruptcy can provide relief for individuals and businesses struggling with outstanding debts.
There are six bankruptsy chapters including: 7, 9, 11, 12, 13 and 15. Personal bankruptcy chapters include 7 and 13. Chapter 9 and 11 are usually limited to businesses including corporations, partnerships and sole proprietors. Chapter 12 is reserved for farmers and fishermen; while Chapter 15 is used when debtors possess dual citizenship in a foreign country.
Real Estate Investing article on "Bankruptsy"
February 01, 2009
Wills and Probate
Wills and probate are two crucial elements of estate planning. Wills are legal documents which outline distribution of assets to designated beneficiaries. Probate is the legal process used to ensure the decedent's wishes are followed and adhere to probate laws.
The validation of will and probate process generally takes six to nine months. During this time, the designated Estate Administrator named in the Will, works with either the estate planning attorney or probate lawyer retained by the decedent. The Administrator is responsible for organizing documents, handling financial matters, contacting creditors and inventorying all estate assets
