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209 Fast Spare Time ays to Build Zero Cash - Tyler T.H.

Tyler T.H. 209 Fast Spare Time ays to Build Zero Cash - John Wiley & Sons, 2004. - 290 p.
ISBN 0-471-46499-6
Download (direct link): sparetimewaystobuildzero2004.pdf
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What will your working conditions be as a Loan Correspondent? You will:
• Be typically paid a commission by the lender of 40 percent of the lender’s loan fee, though this amount can vary between lenders.
• Be an “Independent Contractor” for the lender. This means you will not be on the lender’s payroll. And you will pay your own expenses—telephone, auto mileage, medical and dental insurance, and other expenses.
• Be working under the lender’s real estate license. You do NOT need a separate real estate license for yourself.
• Be earning anywhere from $12,000 to $50,000 per year, depending on how many home loans you close each year.
You can also be a Loan Correspondent for commercial real estate loans. The difference between being a Loan Correspondent for home loans and commercial loans is:
Save Time and Build Your Real Estate Fortune Faster
• Commercial loans are fewer in number than home loans.
• Commercial loans usually take longer to close than home loans because the amount borrowed is usually larger and the deal more complex.
• Commercial loans pay a higher commission than home loans but there is usually more competition from lenders for these loans.
• Commercial loans take experience to close. It’s best for you to
gain skills and know-how with home loans before trying commercial loans.
Estimated time for your project: Find lender to be a Loan
Correspondent for: 1 month; Be trained by lender: 1 month; Get
your first loan applicant approved: 1 month. Total estimated time:
3 months.
Get Loans and Grants from Little-Known Sources
If you plan to invest in rural real estate in lightly populated areas of the United States, you should know about the United States Department of Agriculture Rural Housing Service (RHS) which offers:
• Rural Housing Guaranteed Loan Program (Section 502) for
loans up to 38 years (at this writing), depending on the borrower’s income, with no down payment required. But the family must be able to afford the monthly mortgage payment, including interest and taxes. Interest rates may be subsidized to as low as 1 percent. Under the terms of the program, an individual or family may borrow up to 100 percent of the appraised value of the home, eliminating the down payment.
• Rural Housing Site Loans (Sections 523 and 524) are loans made to provide housing for the purchase and development of affordable housing sites in rural areas for low- and moderate-income families. Eligible groups include nonprofit organizations, public bodies, and federally recognized Indian groups.
• Multi-Family Housing Development (Sections 515 and 538) provide loans and grants to finance rental and cooperatively owned housing of modest size, design, and cost for very low, low- and
Chapter 12
moderate-income households. Under Section 515, RHS makes direct loans to developers of affordable multi-family rural rental housing. Funds can be used to build new rental housing complexes or to repair and rehab existing units. Loans are for up to 50 years at a very low interest rate.
• Multi-Family Section 538 Direct Loans are intended to fund construction of multi-family housing units to be occupied by low-income families.
Other programs you might wish to look into include the Farm Labor Housing Program, Housing Preservation Grant Program (Section 533), and Housing Application Packaging Grants. To learn more about these and other programs, call the Program Support Staff at 202-7209619. Or write Rural Housing Services, 1400 Independence Avenue SW, Washington, DC 20250.
Estimated time for your project: Finding suitable property for
one of these programs: 6 months; Negotiate loan or grant: 4 months.
Total estimated time: 10 months.
Make an Excellent Income Upgrading Older Rental Units
Many older rental units don’t have the amenities that today’s tenants want, namely:
• Fiber optic lines for speedy communications.
• High-speed copper wiring for fast services.
• Coaxial cables for TV access.
• Internet access at high speed.
We all live in a wired and wireless world today. So today’s tenant wants access to these services as part of the rental agreement. What’s more, most tenants are willing to pay extra for these services. So you can increase your income as a real estate owner by offering wired services. Or, as a contractor, you can install these services and earn a good fee for doing so.
Here’s how you can earn extra income from your properties as an owner by giving older rental units a new life: Decide to offer wired and
Save Time and Build Your Real Estate Fortune Faster
wireless services for today’s information age using your roof and other unoccupied spaces for:
Cable television Fax machines
Internet access Computers—desktop, laptops
Telephones—all types Entertainment systems Satellite television High-speed data transmission
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