25
Aug

Homes Lost to Foreclosure is up 6% from Last Year

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Hi Friends,

I hear all this talk that our economy is coming back, foreclosures are down, and so on. It’s BS!  Over 11 MILLION people are in trouble and homes that are lost is up 6%!

In July, the number of homes lost to foreclosure surged.  Lenders foreclosed on 92,858 properties last month, up 9 percent from June and an increase of 6 percent from July 2009.  Imagine - almost 100,000 properties that went to the foreclosure sale - this doesn’t include new NOD’s or people who are just behind in payments.

Banks have stepped up foreclosures this year to clear out the backlog of bad loans. July makes the eighth month in a row that the pace of homes lost to foreclosure has increased on an annual basis.  Imagine - banks are trying to “clear up the backlog” - hello….people live in these backlogs and are trying to save their homes. Banks need to be working deals out with homeowners.

The latest information reflects a foreclosure crisis that continues to drag on as many homeowners struggle to make their monthly payments amid high unemployment, slow job growth, and an uneven rebound in home prices.

Economic woes, such as unemployment or reduced income, are now the main catalysts for foreclosures. Initially, lax lending standards - interest only and exotic loans -  were the culprit.  Homeowners with good credit who took out conventional, fixed-rate loans are now the fastest growing group of foreclosures.

Lenders are offering a variety of programs to help homeowners modify their loans, but their success rates vary. Hundreds of thousands of homeowners can’t qualify or fall back into default.

The Obama administration has rolled out numerous attempts to tackle the foreclosure crisis but has made only a small dent in the problem. More than 40 percent, or about 530,000 homeowners, have fallen out of the administration’s main effort to assist those facing foreclosure.

That program, known as Making Home Affordable, has provided permanent help to about 390,000 homeowners, or 30 percent of the 1.3 million who have enrolled since March 2009.

Among states, Nevada posted the highest foreclosure rate in July, with one in every 82 households receiving a foreclosure notice. The number of properties in Nevada receiving a foreclosure warning last month rose nearly 7 percent from June.

Rounding out the top 10 states with the highest foreclosure rate last month were: Arizona, Florida, California, Idaho, Michigan, Utah, Illinois, Georgia and Maryland.

Friends, if you haven’t starting investing yet - WHAT IS WRONG WITH YOU?  Foreclosures are crazy high and these homeowners need help.

Let me help you help homeowners.  You find the deal, we will short sale it, together we will sell the property and split the profit. TOGETHER we can help 1,000’s of homeowners who have no where to turn….

Be a Blessing,

Dwan Bent-Twyford

www.investorsedgeuniversity.com/shortsdoneforyou

 

 

 

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24
Aug

HEY - LISTEN TO MY RADIO INTERVIEW!

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Did you hear my KJAM Radio interview? If not listen to it at http://bit.ly/DwanTwyfordSpeaks 

Dwan Bent-Twyford

www.facebook.com/dwanbenttwyfordfans

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23
Aug

12 WAYS TO COLLECT RENT ON TIME

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Successful landlords use various strategies to collect rent on time. Here are 12 different strategies.

1. When I give keys to a new tenant, I give them 12-15 small yellow envelopes with my business address printed on it. Each month, my tenants buy a Money Order and a .44 stamp, and mail it to me using the 6×9 yellow envelopes. These envelopes are a bright Canary yellow for a reason,..they are a constant ‘visual monthly reminder’ for the tenants to use only to pay rent with. Plus, when the postal carrier delivers mail to my mailbox, I always pick out the yellow envelopes first. Duh.

2. I send out a monthly bill every month to my tenants with a self addressed, stamped, return envelope. They tear off the bottom portion of this bill and mail it back to me in that envelope. Also, on that tear off portion of the bill, there is a place for them to write in any repairs/concerns they have. I keep these stubs on file. If it ever came about that they complained I didn’t fix things to either myself or a judge, I have proof that they have had the opportunity to tell me each month that there was a problem and neglected to do so.

3. Select a popular bank (more branches the better) in your area, open a tenant deposit only account. (tenants feel their $$ is more secure if they make a personal deposit and get a receipt). Now all you have to do is go on line and check if the tenant made their rent deposit. And you can do this in your PAJAMAS!

4. I have a locked drop box at my multi-unit building. Give everyone the option of mailing to PO or dropping money order in drop box. I only have one person who mails. Everyone else drops theirs in the box. I just make one stop at the box and pick up the envelopes.

5. Automatic rent withdrawal on the 1st from their checking account. So far no problems. No more going to po or bank. I know by the 2nd if they don’t have money. So far that hasn’t happened. If it does, notice will go out by the 2nd.

6. Jeffrey (Mr. Landlord), taught me about automatic Bank Drafts. I will be forever grateful. I now get a email from the bank with routing codes. I will never argue with such a simple system.

7. I’ve been using ClearNow (directrentdeposit.com) for 5 years now and require tenants to participate with direct rent deposits as part of the lease agreement. Love it!!!

8. Separate bank account for each unit and they deposit it right into the account each month. Works like a charm with properties in five states.

9. I get one years worth of monthly POST-DATED checks from each tenant. No chasing around. I deposit them the first Saturday of each month. So far it has been great (2 years and counting).

10. Money orders delivered to The UPS Store lockbox.

11. Locally, our bank will now do “Designated deposit” - tenant tells teller the Landlord’s name, teller looks it up, makes deposit, and adds a memo to the deposit with Tenant’s house number. This shows on the deposit receipt to Tenant, and shows online for Landlord.

12. I have custom deposit slips with a code for each rental unit on it. I give the deposit slips to the tenants, they deposit the rent in the bank. I check the deposits on line which also give me date and time stamps. IF LATE they pay late fee. I’ve rarely had a problem.

Bonus Tip: My tenants know if the rent is not paid on time then they are getting a pay or quit and the eviction proccess starts (No Games). Stay on top of your tenants and notices…period!

SAYING THANK YOU CAN ADD TO YOUR RENTAL PROFITS!

A real estate investor recently remarked to me regarding landlording: ” I do not enjoy the people! Very demanding and I never hear a thank you!” My response: “Just a thought. When was the last time ‘you’ thanked one of your residents for being one of your valued customers.”

It seems to me that often landlords have the attitude that residents owe us something, when I believe the opposite is true. We do not show enough gratitude to residents for residing in our properties. And, then we are surprised that they end up moving after just one year. Customers/residents stay longer when they feel appreciated. Not only that, when people feel appreciated, they are far more likely to to remain loyal to you and refer other residents to you.

HANDYMAN or CRAFTSMAN? DON’T HIRE THE SKILLED GUY FOR GRUNT LABOR

One savvy landlord and regular MrLandlord.com contributor, shared the following helpful guidelines he uses when hiring handymen (He’s hired 147 contractors over the years). The actual numbers in the guidelines will vary from region to region, however, the point is quite valid that you should not hire the skilled guy for grunt labor if you are looking to keep expenses at a minimum.

“You get what you pay for” is an urban myth. You get what (who) you hire and you get what you specify. My worst experiences have been when I bit the bullet and hired the expensive guy to get it done. The following are averages of what I pay:
 
$8-9 for grunt labor, landscaping
$10-15 for technical stuff
$35 for licensed electrician
$.50 sf to lay laminate - comes out to about $15-20 per hour.
$40-50 to paint a room with closet.

I think the biggest thing is to try any new guy on a small task. If you like his work, let him do another task. Bigger and longer until you know his skills. Have him quote the task in writing, not estimate. To find possible handyman, here are a few tips:

Start at your Landlord Association.
Ask around at local Home Depot or Lowes, etc.
Ask a few pastors.
Ask a bigger contractor for any laid off workers.
Ask Manpower. They cannot work on ladders nor occupied homes.
Place a newspaper ad - Handyman, own tools, cell, truck. $15/hour”. You’ll be swamped with applicants.

Lots of dummies out there charging $35-50 per hour because they found a naive landlord and are milking them until the landlord figures out they’re being taken. Also tons of scammers. Make sure they sign Independent Contractor paperwork BEFORE they start. Visit the jobsite EVERYDAY and photograph the progress.
 
My best ones are actually the less expensive guys. It seems the prima dona effect directly relates to the amount paid. My favorite is a retired guy who likes to tinker and has the old school, honest work ethic. Only wants 4-5 hours per day.

LANDLORDS “CAN” AFFECT GOVERNMENT POLICY

I want to pass on one example of how landlords and real estate associations can make a difference in local government policies. The following story was shared by the president of the Lake County Property Investors of Gurnee, Illinois.
 
Government Can Work……At least at the local level.
 
I am happy to say, as a result of our Association’s involvement in a bit of local lobbying designed to eliminate the more onerous elements of a proposed North Chicago Ordinance.
 
The Lake County Property Investors Association recently joined together with the North Chicago Property Owners Association and the REALTORS Association of Northwest Chicagoland to issue a joint response to a proposed ordinance. That ordinance pertained to rental property licensing and inspection for properties in North Chicago.
 
The joint communiqué resulted from extensive review of proposed ordinance by several LCPIA members and members of the other associations. The response was easily the most comprehensive of the comments provided to North Chicago officials. And, to the credit of those officials, they responded with extraordinary speed to modify the proposed ordinance in response to our recommendations.
 
And just what were we able to influence? In summary, a lot! Just some of our successful challenges included:

* Modifying several provisions of the ordinance that would have been unenforceable.
* Reduction of the onerous record keeping provisions.
* Reconsideration of the excessive fee structure associated with the licensing.
* Frequency of updating occupancy certificates and obtaining inspections.
* Residency requirements for property owners.
* Requirement for attendance at a property owner seminar (every three years).
* And more…
 
While we did not get everything we had hoped for, it was apparent that the local officials did listen to and consider our input. Moreover, I believe that one of the most beneficial aspects of our lobbying effort was to create awareness that we property owners are not the enemy. Well thought out ordinances, created with the cooperation of property owners, can help to maintain a healthy housing environment within a community.
 
But the effort needs to be continuous. Landlords are often stereotyped as being wealthy, greedy individuals who prey on those who can only afford to rent shelter for themselves and their children. I urge all of us to proudly let others know that we are landlords and that in most cases we offer clean, safe, comfortable housing to many families. Indeed, most communities could not survive without our investment in their neighborhoods.
Hi Friends,
Once a month, my good friend Jeffery Taylor offers some amazing landlord tips. Once again, jeffery doesn’t disappoint…
 

 

 

 

Thanks JEFFERY!

Be a Blessing,

Dwan Bent-Twyford

www.investorsedgeuniversity.com

 

 

The above tips are shared on the MrLandlord.com website and in the Mr. Landlord newsletter from website contributors, Jeffrey Taylor (founder) and real estate authors featured in our newsletter. To receive a free sample of Mr. Landlord newsletter, call 800-950-2250 or visit their informative Q&A Forum at MrLandlord.com, where you can ask landlording questions and seek the advice of other rental owners 24 hours a day.

 

 

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10
Aug

DON’T WALK AWAY FROM YOUR HOUSE - YOU HAVE OPTIONS!

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Hi Friends,

Are you an underwater investor or homeowner?  Are you thinking of walking away from your property?  If you are, don’t feel bad. They are estimating that 10 million people will be in some sort of financial distress in the next few years.  There are plenty of options to try before you just give up and walk away…

Have you tried these:

 

ü  Selling the property yourself

ü  Selling the property using a real estate agent

ü  A forbearance agreement

ü  A loan modification

ü  Tried to do your own short sale

ü  Had an investor try a short sale for you

 

And still nothing has worked?  Is your stress building again, do you feel hopeless, it is looking like there is no help in sight - we have great news - there are still a few options left to try before losing your property to the bank. 

            Let me cover some final options.  If none of these work, then foreclosure may be eminent.  Even with all your hard work, sometimes nothing can be done.  Often you run into logistical problems:

 

ü  The bank has too many foreclosures to process.

ü  The bank ran up a large bill with the attorney and wants to cut loses.

ü  The bank may have its hands tied until the next quarter.

ü  The stocks are dropping for the bank.

ü  The bank has decided to take the property and sell it retail.

ü  Many times the banks just have too many foreclosures to process before the sheriff’s sale.

ü  There are not enough loss mitigation reps to process all the short sales.

ü  You live in a state where the foreclosure process is very short – Georgia, Texas, Virginia and a few others.  Check with your local REIA group as foreclosure time-frames can change.

ü  Your loss mitigation rep quit before you could get the deal approved.

ü  The bank sold the note to another bank who does not do short sales.

            Sadly, the options that are left are not the easiest to deal with emotionally. 

 

            Deeding the house back to the bank can hurt your credit, living with negative cash flow may not be possible, renting your house out to someone else can be humiliating ….

            We started with what we consider to be the best options first - selling the house, doing a forbearance agreement, a loan modification or a short sale.  These options give you a cleaner break or a fresher start.  The options that are left leave you no choice but to go in the hole financially each month, deal with a tenant, or lose the house in foreclosure. 

            Remember what we keep saying – it is okay to walk away.  There is no shame in leaving a house behind, renting for a while, and then starting over when the time is right.  Henry Ford went bankrupt five times.  He completely failed and closed companies, lost employees, was ridiculed by others, yet kept going.  What gave him the determination to keep going?  We don’t know, but something inside drove him to success.  What drives you to succeed?

Bill and I wanted a good life for ourselves and our kids and were willing to bust butt to make it happen.  Every failure you have puts you one-step closer to a success.  The key is to keep trying.  Never give up, never let anyone tell you that you are not worth it, never sweat the small stuff.  In the end, it is all small stuff.

            A while back we read about a woman who committed suicide over her pending foreclosure.  The article said that her foreclosure sale was scheduled for 5:30 that day.  At 2:30 she faxed a suicide note to the bank stating that she would be dead by the time the auction was held at 5:30.  The bank sent the police to the house and they found the woman dead of a gunshot wound to the head.  We were so sad to read that. 

            Folks – this is a piece of property, it is an object, it does not have feelings, it does not love you back, and it can be replaced.  If you were told today that you had cancer, the house would be the least of your worries.  Please don’t lose another minutes sleep over this situation.  You will recover and you will be better than you were before.  We are living proof.

            Let’s look at the final options you have left.  Again, whether an investor or a homeowner, these options will work for you: 

 

ü  Do a deed in lieu of foreclosure

ü  Ride out the storm

ü  Live with negative cash flow

ü  Rent the house

ü  Or simply walk away and start over

 

For more information on real estate investing, riding out the storm, the many options you have, or what to do if you are an underwater homeowner or investor – pick up my books. 

Ø  Short Sale Pre-Foreclosure Investing – How to Buy “No Equity” Properties Directly from the Bank at Huge Discounts

 

Ø  How To Sell A House When It’s Worth Less Than the Mortgage – Options for Underwater Homeowners and Investors

 

Dwan Bent-Twyford

www.investorsedgeuniversity.com

303-838-5474

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10
Aug

RENTING VERSES BUYING

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Hi Friends,

My sexy husband wroye an article for us…it’s great!

It’s still much cheaper to rent than to own the same size and quality home in the same school district. On the coasts, annual rents are 3% of the purchase price while mortgage rates are 6%, so it costs twice as much to borrow the money as it does to rent the same house. Renters win and owners lose! Worse, total owner costs including taxes, maintenance, and insurance come to about 9% of purchase price which is three times the cost of renting and wipes out any income tax benefit. Buying a house is still a very bad deal in the richer neighborhoods, but it does make sense to buy in some relatively lower income neighborhoods where prices have already fallen into line with salaries and rents.

The only true sign of a bottom is a price low enough so that you could rent out the house and make a profit. Then you’ll know it’s safe to buy for yourself because then rent could cover the mortgage and all expenses if necessary, eliminating most of your risk. The basic buying safety rule is to divide annual rent by the purchase price for the house:

annual rent / purchase price = 3% means do not buy

annual rent / purchase price = 6% means borderline

annual rent / purchase price = 9% means ok to buy

 

What is our example above?  Is it over 9%?  Let’s look at it…13,200/50,000 = 26.4%.

We know where to buy and how to buy.

For example, it’s crazy to pay $200,000 for a house that you could rent out for $1,000 per month.  That’s $12,000 per year in rent. If you buy it with a 6% mortgage, that’s $12,000 per year in interest instead, so it works out about the same.  Renters are completely safe from falling house prices when interest rates are low, like now.  Home prices fall as interest rates rise, because a fixed monthly payment covers a smaller mortgage at a higher interest rate. Since interest rates have nowhere to go but up, prices have nowhere to go but down.  The way to win the game is to have cash on hand to buy outright at a low price when others cannot borrow because of high interest rates.  

It is MUCH BETTER to pay a low price with a high interest rate than a high price with a low interest rate, even if the mortgage payment is the same either way.

  1.  
    • Your property taxes will be lower with a low purchase price.
    • A low price gives you the ability to pay it all off instead of being a debt-slave for the rest of your life.
    • As interest rates fall from high to low, house prices increase and you can sell or refinance.
    • Paying a high price now may trap you “underwater”, meaning you’ll have a mortgage larger than the value of the house.  Then you will not be able to refinance because there will be no equity and will not be able to sell without a loss.
    • Even if you get a long-term fixed rate mortgage; when rates go up the value of your property will go down. Paying a low price minimizes your damage.

Buyers have already borrowed too much money that they can’t pay back.  They spent it on houses that are now worth less than the loan. However, since the banks have friends in Washington, they get special treatment that you do not have. The Federal Reserve prints up bales of new money to buy worthless mortgages from the most irresponsible banks, slowing down the buyer-friendly deflation in prices and socializing bank losses.

 Big bank cash flow will never run out as long as the Federal Reserve exists.

The Federal Reserve exists simply to protect big banks from the free market. Banks get to keep any profits they make; however, the bank will have losses and the FR will print more money and buy the bad mortgages. This will get passed on to you as inflation. 

Congress authorized vast amounts of TARP bailout cash, taken from taxpayers, to be loaned directly to the worst-run banks; those that already gambled on mortgages and lost. The FR and Congress are letting the banks “extend and pretend” that their mortgage loans will get paid back.

It is necessary that YOU be forced deeply into debt and therefore forced into slavery for the banks to make a profit.  If you pay a low price for a house and manage to avoid debt, the banks lose control over you.  This is unacceptable to them.

Bill Twyford

303-838-5474

www.investorsedgeuniversity.com

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11
Jul

$10,000/ $17,000/ $26,000 Respectively…

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Hi Friends,

 

I always love it when you take the time to write and share your success.  I received this just today and am thrilled for Mike & Tammy’s success:

 

 

We started investing in real estate in 2005.  In 2006 we were being tutored by a self proclaimed “expert” in real estate investing. We bought another ½ dozen properties being told that they were good deals. 

 

In 2009 we discovered Dwan & Bill Twyford and soon learned what true real estate experts and mentors are.  With their books, teaching materials, boot camps, webinars, and coaching we have learned how to make real money in real estate. 

 

 

We’ve been shown truly great deals and have bought a few, with plans to buy even more.  Their Florida Cash Cow Deals are the best deals in real estate today.   The Twyford’s are not only experts in real estate (with literally having done thousands of deals between the two of them) but they are passionate about teaching others how to be successful real estate investors. 

 

 

They are also some of the nicest people you will ever meet.   With their wide variety of programs, we now know how to do short sales, how to calculate if a property is a “good” deal, how to find properties, how to find buyers, what to say, how to say it, what forms to use and how to help homeowners who are in distressed situations.  We own most of their programs. 

 

 

We’re regular attendees of their workshops and boot camps.  We belong to their Inner Circle Program. We participated in their Apprentice Training Program.  We listen to their weekly coaching calls and educational webinars.  Dwan and Bill are genuine real estate gurus.  They have helped us build our real estate investing business. 

 

 

We are currently working on 18 short sale deals, with several in the last stages of turning into successful transactions.  We have completed 3 deals with profits of $10,000/ $17,000/ $26,000 respectively.  We’re able to make this kind of money in a market where the median home value is only $110,000. 

 

 

We’ll be closing on at least one more before the end of the month. We’ve increased our cash flow.  We’ve added to our real estate portfolio.  Because of our success, we’ve established a good relationship with a few lenders and increased our borrowing ability.  And most importantly, we’ve been able to help a number of homeowners. 

 

Dwan & Bill are the real deal.If you’re serious about real estate investing, get their programs, go to their boot camps, listen to their webinars and follow their advice.   With their help, you can be successful.  Do what they tell you to do and you WILL be successful.

 

We owe our current success and the fact that our dreams are within reach to Dwan & Bill.  Thank you for all your help and advice.  And most of all, thank you for your friendship.

 

Mike & Tammy Collins

Blue Grass, Iowa

Students since April 2009

 

WOW - and people ask me why I teach:-)…It doesn’t get any better than this.  Thanks Mike and tammy for making my day!  We love you guys, too!

 

Be a Blessing,

 

Dwan Bent-Twyford

www.investorsedgeuniversity.com

 

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01
Jul

FORECLOSURE ALTERNATIVES PROGRAM – IS IT WORKING?

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Hi Friends,

The government has come up a ton of new programs, hasn’t it?  Many have been in place well over six months.  The new question we need to pose is, “Are these programs working?”

 

We talk to distressed homeowners all the time who say they have tired several of these programs and didn’t qualify.  The FAP comes into play after the homeowners have been turned down  by other programs.

 

In theory - this programs looks good.  As you talk to homeowners, what are you seeing?

FORECLOSURE ALTERNATIVES PROGRAM –

Responding to the call of the National Association of REALTORS®, the Obama Administration announced incentives and uniform procedures for short sales under its new Foreclosure Alternatives Program (FAP). For borrowers who are unable to retain their home under the Making Home Affordable Loan Modification Program, the servicer may consider a short sale or, if that is not successful, a deed-in-lieu of foreclosure. Participating servicers must comply with program requirements so long as they do not conflict with contractual agreements with investors. Since May, the Treasury Department has been developing guidelines and forms necessary to launch the program.

 

Borrowers (Homeowners). Borrowers/homeowners qualify under the FAP if they meet minimum eligibility requirements for the Home Affordable Modification program but are unable to retain their home under the program. Before proceeding with a foreclosure, servicers must determine if a short sale is appropriate.

 

Incentives. Incentives include: (1) $1,000 for servicers for successful completion of a short sale or deed-in-lieu of foreclosure; (2) $1,500 for borrowers/homeowners to help with relocation expenses; and (3) up to $1,000 toward the cost of paying junior lien holders to release their liens (one dollar from the government for every $2 paid by the investors to the second lien holders).

 

Standardized Documents. The program will include streamlined and standardized documents, including a Short Sale Agreement and an Offer Acceptance Letter. The goal is to minimize complexity and increase use of the short sale option.

 

Property Valuation by Appraisal or BPO. Servicers will independently establish both property value and minimum acceptable net return, in accordance with investor requirements. The price may be determined based on an appraisal or one or more broker price opinions (BPOs), issued no more than 120 days before the date of the short sale agreement.

 

Timeline. In the Short Sale Agreement, servicers must give borrowers/homeowners at least 90 days to market and sell the property, or up to one year, depending on market conditions. Property must be listed with a licensed real estate professional with experience in the neighborhood. No foreclosure may take place during the marketing period (at least 90 days) specified in the Short Sale Agreement.

 

Commissions. The Short Sale Agreement must specify the reasonable and customary real estate commissions and costs that may be deducted from the sales price. The servicer must agree not to negotiate a lower commission after an offer has been received.

 

No Borrower Fees. Servicers may not charge fees to borrowers/homeowners for participating in the FAP.

 

Program Expiration. The program is in effect through 2012.

 

Deed-in-Lieu of Foreclosure Option. Servicers have the option to require the borrower/homeowner to agree to deed the property to the servicer in exchange for a release from the debt if the property does not sell within the time allowed in the Short Sale Agreement (plus any extensions).

 

It’s a good idea to have a real estate agent on your team if you have to go through this process.  When you need someone to do listing agreements for you, you will be prepared.  The bank is giving plenty of time to try to sell the property which means you have more time to market as well!

 

With the bank, homeowner, and junior lienholders all getting money, everyone should be happy.  A double closing is necessary and you will need transactional funding.  We like to close Part A at the banks title company and Part B at our title company.  Makes things go a lot smoother:-).

 

For more up-to-the-minute real estate information, go to www.investorsedgeuniversity.com/members-area and click on FORECLOSURE NEWS.  We update daily!

 

Be a Blessing,

 

Dwan Bent-Twyford

www.InvestorsEdgeUniversity.com

 

 

 

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29
Jun

BANK OF AMERICA HIRES DEFAULT MANAGERS

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Hey Friends,

Well, there are a few news jobs:-)…Bank of America is hiring people to help distressed homeowners.  Kinda sad though because as they hire new people it means foreclosures are still on the rise.  There are thousands of new defaulted mortgages each and every day.  Check this out:

Bank of America the second- largest U.S. home lender, added 2,000 employees since April to work with borrowers having trouble paying their mortgages, a senior executive said.

The lender now has more than 18,000 workers in “default management,” a 60 percent increase since January 2009, Barbara Desoer, president of Bank of America’s home-loan and insurance unit, said in testimony prepared for a congressional hearing on U.S. housing policy tomorrow. Those workers handle 100,000 calls a day, she said. Wells Fargo & Co., the largest U.S. home lender, Bank of America and other companies have hired thousands of employees or shifted staff from other departments to work with borrowers who have lost jobs or experienced declining incomes. Banks repossessed a record 257,944 homes in the first quarter, 35 percent more than a year earlier, according to Irvine, California-based RealtyTrac Inc. More than a fifth of U.S. mortgage holders owed more than their homes were worth, Seattle- based real estate data provider Zillow.com reported last month.

“Given the depth of the nation’s recessionary impacts on homeowners, a considerable number of customers will transition from homeownership over the next two years,” Desoer said in the testimony. “We must compassionately and responsibly help those customers who have exhausted all their options and can no longer afford to stay in their homes.”

Handling More Calls

Bank of America, based in Charlotte, North Carolina, handles almost 14 million home loans, or about one of every five U.S. mortgages, more than any other U.S. servicer, Desoer said. Payments on 1.4 million loans are more than 60 days late, she said. Investors or government-sponsored entities such as Freddie Mac and Fannie Mae own most of those loans and pay servicers fees to handle billing and collection.

Banks are adding employees to deal with a growing volume of calls and the complexity of programs that modify loans by extending maturities, reducing interest rates or cutting principal balances, Bank of America and other lenders have said. Bank of America has reported $8.4 billion in losses in its home- loan unit since 2008 because of higher defaults.

Bank of America is stalling foreclosures until borrowers exhaust efforts to modify terms or make other arrangements to resolve the loan, such as a short sale or deed-in-lieu transaction, Desoer said. In a short sale, a home is sold at a price less than the balance owed. In a deed-in-lieu transaction, borrowers hand over properties without going through lengthy legal processes.

Top housing executives from Wells Fargo, Citigroup Inc., and JP Morgan Chase & Co. are scheduled to appear with Desoer at tomorrow’s House Committee on Oversight and Government Reform hearing.

NOW is the time to begin your real estate investor career.  You have hundreds of thousands of people to help. 

For more information on how to become a successful investor check out - www.investorsedgeuniversity.com/coaching for details.

Follow me at www.twitter.com/dwantwyford

www.facebook.com/dwanbenttwyfordfans

www.youtube.com/dwanbenttwyford

Be a Blessing,

Dwan Bent-Twyford

Don’t forget…we have a smoking members only website - just $1 to try it out. www.investorsedgeuniversity.com/members-area

 

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23
Jun

2010 Extention of $8,000.00 for Homeowners

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Hey Folks!

I found this great article: http://www.savingtoinvest.com/2009/02/15000-first-home-buyer-tax-credit-in.html

They are trying to approve extending the $8,000 home buyer credit! I really think everyone should keep up with this story to see how it all turn out! But, you all can start reading below:

[Update June 2010] Possible September 30th, 2010 Extension to Home Buyer Credit as Builders and Home Owners Struggle to Complete Home Transactions by the current June 30 2010 Tax Credit Deadline.

The U.S. Senate has approved a provision to H.R. 4213 (a jobs and tax bill) to extend incentives for first-time home buyers. H.R. 4213  in it’s entirety still needs to be approved by the Senate, before returning to the House for a final vote. The provision to extend the home buyer credit would give buyers an extra three months to close on their house. The bill is expected to be finalized by the end of the month.

Construction crews are working around the clock to meet tight deadlines to finish houses by the end of June so purchasers can get a federal home buyer tax credit of as much as $8,000. Home buyers are similarly anxious to get settlement on an existing house or the keys to the new home before the credit expiry date. To qualify, home buyers had to sign a contract by April 30 (intention to buy) and must complete the transaction by July 1st (June 30 is the last eligible day). To complete a newly constructed home sale, builders in most of the U.S. are required to have a certificate of occupancy from local officials attesting the house is finished or at least conforms to building codes. Mortgage lenders usually require the document before closing on a loan.

To finish this story go to the link above!

Also, don’t forget to read the great articles we post on our Member Site! We have the latest and greatest in foreclosure news and lots of tools to help you in your real estate deals!

Be a Blessing,

Dwan Bent-Twyford

http://www.theIEU.com/members-area

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16
Jun

NICHE MARKETING

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Hi Friends,
Dwan here…here is another Landlord update from our good friend, Jeffery Taylor.  This one is amazing…
NICHE MARKETING
 
Having trouble filling a rental vacancy? Try “niche” marketing. Niche Marketing is when you reach out to a specific or particular segment of the population. If you are one of the few landlords or perhaps the only landlord in the area which goes after a particular market, that target market alone may be enough to keep your place(s) rented. The following are nine examples of niche marketing to which some landlords have marketed successfully:
 
1) One niche market that has worked well in some of rentals are those who work/clean for nearby hotels.
 
2) I try to provide full service for college renters who are willing to pay top dollar (or who have parents willing to pay top dollar. We provide lawn care, wall color choices beyond basic white, free furniture, firewood, maids, anything they could possibly need. Shuttle to the airport. It keeps my places full.
 
3) Hospital employees
 
4) Military personnel
 
5) Large employers - Corporate rentals
 
6) Older / Retired Individuals
7) Immigrants of various ethnic groups. If you have a good rental relationship with one of them, word will quickly spread through their community by word of mouth and you will have continual referrals. When one leaves a friend of theirs will want the place.
 
8) If you’re in a good hunting /fishing area advertise to to those who may want to retire in that area.
 
9) If you’re in an area without a lot of restrictions, advertise to truckers that want to park their rig close to the house.
 
THERE ARE NO DO-OVERS WHEN SHOWING A RENTAL                   
 
Once you have prospective residents come calling, it’s important that you don’t lose them over something like a little “dirt”. Early in my landlording career I learned a valuable lesson about the importance of cleanliness and first impressions. I had just arrived at my rental property for a management inspection when a rental prospect asked to see a vacant unit. The rental prospect was a local college student who was looking for an apartment with her mother. I told my manager to go ahead and show the rental unit, and I would follow along if they didn’t mind.
 
I followed along and observed the prospective tenant and her mother as they were given the rental tour. The yard was very well maintained and the manager was doing a great job getting to know the prospect’s needs.
 
Everything was going great, and it seemed almost certain that the prospect would become our newest tenant. When we began to show the rental unit, things immediately went south. The entryway had a few cobwebs and there were small signs of dirt in various parts of the home. The interior of the home had not been inspected or touched up for at least one week.
 
I could immediately sense a 180-degree shift in the interest of this young lady and her mother. Up to that point, they had been very positive and been talking about how soon she could be approved and move in. Suddenly, they stopped asking questions, barely answered any, and became very noncommittal.
 
The lesson I learned? That the cleanliness of the rental unit is paramount, and that you should never show a rental unit without having gone through it yourself just prior to the showing.
 
Cleanliness sells. And the primary people you want as renters are the ones who will only accept dirt in their home as a temporary condition. Pay particular attention to the kitchen and baths. A dirty or grimy kitchen and bath can be a real turnoff to a potential tenant. Be sure that you clean and regrout the title, completely caulk round all countertops and bathroom fixtures, and clean the single dirtiest spot in most rental properties - the shower door track. Another final touch is to install a new toilet seat and place a paper sanitary ring around the toilet indicating that it has been professionally sanitized.
 
It’s important to also understand that if a rental unit doesn’t smell clean, it won’t matter how diligently you’ve cleaned it. Use a pine oil or lemon disinfectant and cleanser to neutralize any bad odors from the prior tenants. Baking soda in the refrigerator and drains, plus a lemon in the garbage disposal can suppress any bad odors. I understand that for many rental property owners, the thought of cleaning up after someone else is too much to bear. Luckily, there are many local cleaning services in every city that will do a great job for a very reasonable price. Remember: You don’t have to do everything yourself. Missing out on a potentially good tenant will cost you far more than the cost to have someone do a thorough cleaning.

TIME FOR A SMALL IMPROVEMENT?

Is one of your rentals starting to have that “tenant occupied” look on the outside? Have you made any improvement to the exterior of the property lately (even a minor improvement)? It’s amazing how a fresh coat of paint on just the front door of a rental can change not only the appearance of a home, but also the pride level of the residents in maintaining the exterior of the property. Below are just a few good examples of improvements that other landlords are doing to add to the pride factor, tenant upkeep and value of their properties.

1) I had a front door and three sets of shutters painted…The helper worked on it for three hours and the house has been renting easy. The first impressions are very good from the street.

2)  I installed artificial turf in the front of my 10 unit last summer. Sure does look nice and fresh. Low to no up-keep. I also re-landscaped the courtyard. The pride of home base has been increasing with every improvement I have made. I have 50% long term tenants in that building. My longest term tenant is 38 years. Three others are 15 years plus another at 7 years. Improvement of the exterior areas of a property also improves the landlord’s pride level! That is always a good thing.

 
3) I know a local landlord who puts big pots of flowers/ferns on the front steps/porches of the houses they have for rent. They go for the colorful flowers which sets off the rental unit nicely from the street.

4) I am the only landlord that buys shrubs (Encore Azaleas) and flowering plants for his rental units. You would be amazed at what happens when you hang a $6.00 flower basket from the front porch. It is an attention getter and you will have more applicants than you know what to do with. I am huge believer in curb appeal. If you look at any of my 10 houses, you will notice I have the best looking house on the block and this explains why I am the highest paid  landlord on that block as well. When other landlords on the block are only getting $400.00/month, I am the one that gets $500 plus a month. And that extra $100.00 adds up over time. Good curb appeal attracts better quality tenants.

 
5) We put in fresh mulch, painted the front door, touched up the garage door, pressure washed the front porch slab, and put two window boxes and a pot with flowers out front (which they ARE watering - left a gallon milk jug for them to use for that purpose). 

6)  At the multi-unit buildings, I always try to keep the garbage picked up, the dumpster area clean and neat with nothing laying around, some fresh bark mulch each year and pull the weeds.

 
7) I spent $6 for some new white stone lining the walk and got a very approving look from the building inspector and those prospective renters. Yea, for the small stuff… Small details make a BIG difference.

THANKS JEFFERY…ALWAYS A PLEASURE…

Be a Blessing,
Dwan Bent-Twyford

The above tips are shared on the MrLandlord.com website and in the Mr. Landlord newsletter from website contributors, Jeffrey Taylor (founder) and real estate authors featured in our newsletter. To receive a free sample of Mr. Landlord newsletter, call 800-950-2250 or visit their informative Q&A Forum at MrLandlord.com, where you can ask landlording questions and seek the advice of other rental owners 24 hours a day.

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