Get Rich Education

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324: How To Find Deals At Property Foreclosure Auctions

Direct download: GREepisode325_b.mp3
Category:general -- posted at: 4:00am EDT

Mon, 21 December 2020

Learn mistakes to avoid and how to buy a distressed property at a discount at a foreclosure auction.

First, the average borrower now has $194K in home equity due to high recent home price appreciation. Only 3% have a negative equity position.

Freddie Mac shows home prices up 9.7% year-over-year.

First American’s Real House Price Index accounts for home prices, interest rates, inflation, and affordability. The surprise? Real prices are down 26.8% since January 2000.

Today’s guest, Colin Murphy, is an acknowledged expert in buying properties at foreclosure auctions. He reveals how it works in some Florida counties.

Death, divorce, drugs, and unemployment can all lead to a borrower missing mortgage payments and having their property fall into foreclosure.

Foreclosure auctions have moved online in states like Florida (but not Texas). Often, you must give a 5% deposit at bid time, 95% balance paid same-day.

2 minutes of bidding per property.

Learn how high one should bid on a foreclosure property. You can find mortgage, lien and permit information online. You must know how to estimate renovation costs. Assume the worst.

Foreclosure moratoria have created low inventory levels in the market.

Resources mentioned:

More about Colin Murphy:

ColinInvestments.com

FATCO’s Real House Price Index:

https://www.firstam.com/economics/real-house-price-index/

Recent Homeowner Equity Gains:

https://www.cnbc.com/2020/12/10/homeowners-gain-1-trillion-from-pandemic-driven-housing-boom.html

Show Notes:

www.GetRichEducation.com/324

Mortgage Loans:

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New Construction Turnkey Property:

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323: How To Qualify For A Mortgage Today with Caeli Ridge

Direct download: GREepisode324_.mp3
Category:general -- posted at: 4:00am EDT

Mon, 14 December 2020

The deal is the debt. Why? Because mortgage rates are at all-time lows. People are buying property like crazy.

Learn why 30-year fixed rate mortgages are a great deal for the borrower and a bad deal for the lender.

Caeli Ridge, President of Ridge Lending Group, tells us about qualifying for income property loans today.

Your first 10 loans single / 20 loans married for 1-4 unit properties have the best rates and terms: 20-25% down, 50% max. DTI, super low interest rates.

For more loans, called “non-QM” loans: $135K minimum size, 75% LTV, higher interest rates.

Opinion: Fannie & Freddie will stay in conservatorship, keeping mortgage rates low.

Conforming loan limits will increase from $510,400 to $548,250 (SFH), and higher for 2-4 unit properties.

Rate & term refinances - SFH: 80% LTV | 2-4 unit: 75% LTV

Cash out refinance terms - SFH: 75% LTV | 2-4 unit: 70% LTV

We get an update on appraisal climate. I educate you on the three appraisal approaches: cost, income, comparison.

Ridge does loans in 43 of the 50 states, all except: AK, ME, ND, NY, VT, WV, WY.

Resources mentioned:

Mortgage Loans:

Phone:

(855)747-4343

E-mail:

info@ridgelendingroup.com

Show Notes:

www.GetRichEducation.com/323

Top Properties & Providers:

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322: Real Estate vs. Bitcoin

Direct download: GREepisode323_.mp3
Category:general -- posted at: 4:00am EDT

Mon, 7 December 2020

How would you value a four-plex in bitcoin?

The world’s largest cryptocurrency, bitcoin, needs more stable pricing to gain faith for widespread currency use.

Crypto pros: Generational, international, blockchain, increasing faith.

Crypto cons: Security, not widely accepted, short history, volatile, government intervention fear, no price bottom.

Learn the pros and cons of buying rehabbed & tenanted turnkey property vs. doing it all yourself. Find property here: www.GREturnkey.com

Three big reasons people don’t invest in real estate:

They don’t understand the rates of return.
They don’t know about turnkey real estate.
Many think you must be a flipper or landlord.

Turnkey pros: Save time & hassle, leverage economies of scale, leverage professionals, geo-diversification.

Turnkey cons: Higher initial cost, risk of suspicious pre-placed tenants.

I explain why it’s best to own properties in 3 to 5 different markets from www.GREturnkey.com.

Resources mentioned:

Show Notes:

www.GetRichEducation.com/322

Top Properties & Providers:

Mortgage Loans:

EQRPs: text “EQRP” in ALL CAPS to 72000 or:

eQRP.co

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