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Is Bank Of America Actually Offering Mortgage Principal Reductions | CA Bay Area Financing

March 25, 2010 By 1 Comment

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Bank of America Claims to be Offering Mortgage Principal Reductions. Have You Heard of ANY Success Stories?

Bank Of America to Reduce Principal for Distress Home Owners

Bank of America, the nation’s largest mortgage lender, on Wednesday announced a program to offer homeowners who owe significantly more than their homes are worth the opportunity to have their loan balances reduced.


 
 

I’ve done some personal research on this program and from what I heard on the news today it’s a very interesting. If a homeowner owes more than 120% of the value of their home but wants to keep it, B of A essentially forgives interest temporarily. (Another way to look at it is they set the interest rate at -0-.)

Then they set a payment they think the homeowner can afford, and 100% of the payment goes to principal reduction until…

The balance of the loan drops down to the then-current value of the home. Then interest kicks in again, presumably at the original terms, although I don’t know that for sure.

Note that B of A doesn’t give up any principal, but rather gives up interest — but only for a fairly short time.

Financing Trends

Here we are wrapping up Friday 3/25/2010. Mortgage rates are still extremely low. Some of the niche programs for first time buyers and tax credits are still available.

You can look at weekly rate trends Here | Popular Funding Programs

If you have financing questions, or want to learn more about what we are doing as Real Estate Investors? Or if you are looking for new income or lending sources… Don’t hesitate to get in touch with me anytime! Right now we have access to over 300 non traditional lenders looking to give you money for your real estate deal.

Connect with Jason Online!

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Until Next time Here is to your success! Jason Wheeler 925-285-2172

Filed Under: Mortgage Tips, Real Estate Investing Tips, Uncategorized Tagged With: , , , , , , , ,

$10000 & $8000 Home Buyer Tax Credit Extension in California | Get Approved Today

March 25, 2010 By 1 Comment

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California Tax Credit Extension | What You Need to Do to Recieve the Extended Funds in 2010


Great News for home buyers! Despite declining home sales for the entire first quarter of 2010 The CA house has decided to extend the home buyer tax credits. The Governor signed the bill in Fresno CA.

New California First Time Home Buyer Tax Credit Highlights How To Qualify

  • $200 million in funds available on a first come, first serve basis – could help over 20,000 home buyers
  • New homes for any taxpayer and new/existing homes for first time home buyers
  • “Qualified principal residence” means a single-family residence, whether detached or attached, that is purchased to be the principal residence of the taxpayer, is eligible for the homeowner’s exemption under Section 218, and has either never been occupied or is purchased by a first-time home buyer.
  • $10,000 tax credit or 5% of purchase price (whichever is lower)
  • Credit given in 3 payments to a taxpayer’s personal income tax returns over 3 year period

According to the San Francisco Examiner
The first-time home buyer tax credit extension and expansion has won Congressional approval and is on its way to President Barack Obama. He’s expected to sign the measure as early as tomorrow. The U.S. House of Representatives, this morning, voted 403 to 12 to pass the measure, following unanimous U.S. Senate approval yesterday. The measure was passed as part of unemployment benefits extension legislation H.R. 3548. The extension and expansion of the popular first-time home buyers tax credit gives both new and move-up buyers a tax incentive to buy a home until at least April 30, 2010, longer for military personnel.

So What Steps To Take in order to Receive the Home Buyer Tax Credit in California?

  1. Get in Contract on a Home – Before you can apply for the tax credit you must be in contract on a home. There are several steps you must take to be successful in finding and closing on a home in the California Bay Area and surrounding cities. The first step anyone should take in finding a home is find out how much you can afford without breaking the bank. Homes in the California Bay Area while very inexpensive relative to five years ago, are still very desirable and more expensive than many other places in the state or even in the entire country for that matter. The best way to find out what you can afford when buying a home is to get a referral or find a good qualified Mortgage Broker or Loan Officer in the local area that you plan to buy in. You can find a detailed how to step by step guide for buying a home at our 10 Essential Tips to Buying a Home in the California Bay Area!
  2. Apply For the State Tax Credit – You must fill out CA and Federal Tax Forms in order to receive the credit in a timely manner. You can learn more about and download the proper forms to receive the tax credit at the California Franchise Tax Board site.

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Until Next time Here is to your success! Jason Wheeler 925-285-2172

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Filed Under: Local Real Estate News, Mortgage Tips, Uncategorized Tagged With: , , , , , ,

Building Your Business and Real Estate Portfolio Locally and Nationwide

March 7, 2010 By 5 Comments

Article by Jason Wheeler | Read our Feed | 925-285-217

Our mission is to provide clients and investors with exceptional services through the intelligent application of real estate investing strategies and the latest mortgage financing options available today. We are dedicated to helping you build a profitable business and real estate portfolio.

Through many of our strategic partners we can help provide the following.

Call or Email Us now for a Quick Approval and Personalized Quote 925-285-2172


 
 

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  • Financing for Your Real Estate – If there is a loan product in the conventional market that you qualify for we will get it for you. We have no allegiance to any one bank and always work for you. We can also provide private transactional funding for your short term Real Estate investments.
  • Transactional Funds for Real Estate Investors as low as 2.25%
  • Real Estate Investment Education – Have you thought of creating an income through Real Estate Investment strategies? If so you can benefit from one of our FREE Events. Learn our unique model in real estate investments and create a long term source of wealth and security.
  • Foreclosure Relief – If you are in a hardship or cannot make your current payments you need to speak with us. Did you know that there are several ways you can avoid going through a foreclosure and often times save your home.

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Call or Email Us now for a Quick Approval and Personalized Quote 925-285-2172

REI Capital Solutions Group was founded by Jason Wheeler. Jason has been practicing in Real Estate Finance and Investments since 2003. His main passion is to help the average consumer create success through building a successful business foundation and real estate portfolio. Jason served his community in Pleasant Hill, CA in the East Bay Area as the Vice President of Government Affairs for the Pleasant Hill Chamber of Commerce Board of Directors from 2006 to 2009..

Jason’s key to success is always finding a mutually beneficial transaction for everyone involved in his real estate transactions and investments. Jason will help you get the knowledge you need to create a significant income in real estate investments and connect you with a network of thousands of investors nationwide that want to help you succeed in Real Estate Investing.

EDUCATION: Education is the key to having success in just about any endeavor or skill we believe that in order to be successful in Real Estate Investment endeavors you must understand the various strategies that you can implement including. We can introduce you to top notch trainers that specialize in strategies like Creative Financing, Buying without using you own money or credit, finding wholesale real estate deals and much much more. You will learn from successful practitioners in the real estate investment field that bring up to date start to money systems for you to implement.

CASH FLOW PROPERTIES: If you are interested in diversifying your investments to include income-producing properties, we can introduce you to a complete turn-key solution: a national network of real estate acquisition and management professionals who can deliver cash-flow-positive, instant-equity properties in great rental markets around the country with as little as 10% down. You can literally shop for great rental properties online. Key services include property acquisition, property management, tenanting services, incorporation and tax services, and much more .You will have direct access to full comps or appraisals, mortgage documents, photos of the property and full financial’s. Contact us for a free online tour of currently available properties.

INCOME: Do you have a strong sales and marketing background? Are you highly ethical, strongly money-motivated, and interested in learning investing? Contact us to find out how you can join our outstanding team. We do not put a cap on your up-side potential. We pay for results.

COMMUNITY: Do you believe that investing is a team sport? We do! We can introduce to you a network of over 12,000 investors, brokers, lenders, lawyers, accountants, agents, property managers, deal locators and instructors so that you always have someone to consult to provide support, mentoring, advice and assistance with your next deal.

Until Next time Here is to your success! Jason Wheeler 925-285-2172 | Come to a FREE Event |

Testimonials and Reviews for Jason Wheeler

Call or Email Us now for a Quick Approval and Personalized Quote 925-285-2172

Until Next time Here is to your success! Jason Wheeler 925-285-2172

Leave a Comment or Question Below we Answer Each One!Until Next time Here is to your success! Jason Wheeler 925-285-2172 |
 

Filed Under: Mortgage Tips, Real Estate Investing Tips Tagged With: , , , , , , , , , , , ,

The Seven Best Ways on How to Get Real Estate Investing Deals

December 19, 2009 By Leave a Comment

If you are new to real estate investing, you are probably wondering “where am I going to find my first real estate deal”? There are actually a number of very effective methods you can use. Below I will touch on 7 different methods to find deals. They are a pre-foreclosure listing service, major newspapers, post cards & fliers, bandit signs, MLS, a realtor, and a wholesaler.

Method one is to purchase a list of pre-foreclosure homes from a listing service. Here are just four such services: Foreclosure.com, RealtyTrac, Default Research, and ForclosureS.com. However, one of the drawbacks to a listing service is the cost. Also, be aware that some services have more recent information than others.

Another method would be to look into the classified ads section of major Newspapers. Their classified sections are on the web. You want to search the ads to find words such as “divorce”, “desperate”, “must sell” or “estate sale” to name just a few examples of keywords that indicate the seller is desperate. Think of some on your own and have fun with it.

Another method would be to send Postcards and fliers to targeted homes. However, it is highly advisable that you find someone who can do what is called good copywriting. Good copywriting is combining words, fonts, phrases, pictures, a call-to-action, etc. that will compel your potential home buyers to call your number. Make sure you do this type of marketing correctly otherwise you will be wasting your hard earned money.

Method number four is the use of bandit signs. A bandit sign is a small sign that is posted near major streets with a simple phrase to let home owners know that you buy houses quickly. Don’t forget to have your phone number listed in large letters, so distressed owners know who to call. Just be aware that in many places bandit signs are not allowed.

Another method that is more obvious is to look for a real estate investing deal is the MLS (Multiple Listing Service), however, you must be a licensed real estate agent in order to gain access to the MLS database. A word about the MLS, I know some real estate investors who swear by it and I know others who say it’s not worth your time. Who’s correct? Well, believe it or not, both are right. If you are a licensed agent who can jump on a property that is a good deal when it is put on MLS, you have a good chance to finds deals, otherwise, it will be more difficult.

Method six is to enlist the help of a realtor. If you don’t know anyone who is a realtor, you can find those who work with real estate investors, just by going to realtor.com. You will need to find a realtor who is willing to work with you and to email you a listing with your criteria. What sort of criteria do you use to search for a property? Again look for words like “divorce”, “desperate”, “must sell”, “condemned”, “gutted”, “mold” and any other word that would be undesirable for regular buyers, but a potential deal for a real estate investor.

Finally, there is another method that is simple, yet very effective. Get your deal through what is called a wholesaler. A wholesaler is one who controls or purchases a property at a deep discount and passes the savings on to you, the real estate investor. They typically send the deal right to your email box where you can read about the deal, do your due diligence and then make an offer.

So, as you can see there are various methods that you can use to find your deals. You may be wondering how may deals does it take before an offer is accepted? Well, I know many who say there is a 100-10-1 rule. It says it takes looking at 100 deals to make 10 offers to get one accepted. Choose a method or better yet, a set of methods that works for you and your budget.

About The Author

James O’Bannon is a real estate investor who is committed to finding the best real estate training for investors. You can learn more about his free training offers, as well as receive a free report on real estate investing secrets by visiting www.GreatDeals4Buyers.com. Author grants full reprintrights to this article. You may reprint and electronically distribute this article so long as its contents remain unchanged and the author’s byline remains in place.

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