An explanation of why preconstruction condotels and condo hotel conversions make more sense than a single family home for the savvy investor. [PRWEB Aug 21, 2005]

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OPM - The Art Of Leveraging

by: John Michael

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Equity lender, hard money lender, private investor or what ever term one uses can be a great source of funds to do real estate transactions and the question of how to find them comes up often!

There are numerous ways to do this, and no two investors are exactly alike, so it’s important to be innovative and customize your proposal to the specific “hot buttons” for each funding source.

One of the greatest advantages of real estate investing is the power of leveraging other people’s money.

When a property appreciates, it will appreciate on the value not on the original investment. Therefore, if you leverage the property with “OPM”. You can make an investment even more valuable by having the property rented out. The monthly mortgage payment is being paid by the renter and someone else is paying for your equity growth in the property.

“Money is a terrible master but an excellent servant.” - P.T. Barnum

The best source of cash for your real estate business is other people’s money.

Perhaps one of the greatest “secrets” of the richest people in the world is summed up in those three words: Other People’s Money OPM for short. The majority of most successful people launched their fortunes using OPM.

Your goal is to not use your own cash. The most successful real estate investor tends to use OPM (Other People s Money). Keep this in mind as you start to invest. Hold out for the limited money down or no money down deal rather than tying up a ton of money in one property. Leverage, terms and long loans can be great friends. Keep these principals in mind:

• Leverage is simply controlling a lot of real estate with little or none of your own money. The more the better.

• You should attempt to get the maximum loan to funding possible with each property.

• The best loans have fixed interest rates and are assumable without qualifying.

• Keep your equity as low as possible so you can keep more cash available for investing.

You can find “OPM” by writing to various lenders asking them if they would be interested in your real estate loan. By calling lenders in your area who might be interested in lending on your real estate proposal. By visiting in person lenders whom you think would be willing to help you. By looking on the Internet for real estate lenders who might work with you on the deals you have. By reading the Real Estate Section of your local large-city Sunday newspaper, looking for ads run by lenders in your area.

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Find properties that has been sold in the past few months by searching the public records at the county recorder’s office. Find property that sold to real estate investors by banks, credit unions, HUD, VA, FNMA, or any other major source and if the buyer is not an individual but say a corporation or partnership you have most likely bagged an investor.

The deeds should give the mailing address of the new buyer. Send them out a letter and tell them about your ability to locate real estate or better yet give them a call if listed.

Any one who has money could be a source of funds for your real estate purchases such as Doctors. Another great source is checking your recorders office again looking for individuals who holds mortgages on property. This has provided me a great source for hard money loans.

Retirement plans are a great source of real estate investment funds. Many people don’t even know they can use their retirement plans funds to invest in real estate, mortgages and trust deeds. Many, once they stash it away, forget they even have money in a retirement account.

Many investors think that money (or lack of money) is what stops them from closing a deal. This is not true it is a myth that holds some investors back. Understand that money is NEVER an issue - IF the deal is right, the money will come. Simply think creatively, go to the source of funds and simply ask for money. The worst that can happen is you get a “NO”. Each no only places you closer to a “YES”.

To your success,

John Michael

Copyright 2005 JMichael Investments

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Should you sell your home yourself? Yes and no. Yes, you should leave the option of selling on your own open and no, you shouldn t rule out using the services of an agent to help you sell. There are a considerable number of advantages of using an agent to sell your home but their services do come at a price up to 6% commission on the sale price! That s quite a sum, a precious $6,000 for every $100,000 your home is worth. Agents are not indispensable. With the advent of the Internet, a fairly sizeable number of owners have been able to successfully sell on their own. Statistics have it that 80% of home buyers begin their search for a home online. So, putting your home details on the Internet is one effective medium of advertising your home and reaching out to a large number of buyers.

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So now, how would you go about doing the yes and no at the same time? Well, agents may not tell you about this but there is a type of listing arrangement you can have with them, known as an Exclusive Agency Listing . Under the terms of this listing, they would be the exclusive agents handling the marketing of your property and should they or another agent find a buyer for your place, your listing agent would be entitled to a full commission. This type of listing would also have the agent put your property on the MLS (Multiple Listing Service). The other side to this listing arrangement is that, if you find a buyer yourself, you don t have to pay any commission to your agent! So, the answer to yes and no lies in going for an Exclusive Agency Listing. You would be keeping the option open of finding a buyer yourself, through the Internet listings of your home, while on the other hand, should your listing agent find you a buyer, you would have to pay the commission but you re getting your home sold in the process.

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So where should you advertise and list your home? There are plenty of websites which offer to list your property. Two well-known and frequently visited sites are ChoiceOfHomes.com and ForSaleByOwner.com. I suggest not listing on only one but listing on at least a couple of these sites, if not more. It doesn t cost much and especially when you consider the money you d save in commissions from finding a buyer through these sources.

Happy Home Selling!

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About the Author

Sameer S Panjwani is the CEO and Founder of ChoiceOfHomes.com - Real estate listings of homes on sale and rent.

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