View more photos and details.
Save up to $3K in closing costs with todayshomedeals.com.
Sunday, February 28, 2010
Today's Home Deal - $40K Plus Below Market - 4007 Calculus, Dallas, TX
View more photos and details.
Save up to $3K in closing costs with todayshomedeals.com.
Saturday, February 27, 2010
Today's Home Deals - Frisco Home For Sale - $30K Under Appraised Value.
View more photos and details.
Save up to $3K in closing costs with todayshomedeals.com!
Friday, February 26, 2010
Today's Home Deal - 5645 Bryn Mawr - $499K - Devonshire Area, Dallas, TX.
Posted by Troy Corman, todayshomedeals.com
This is priced to sell. At $186.68 a square foot, it's priced well below the neighborhood norm - prices are generally in the $250 a foot range. 4 beds, 3 baths, 2-car garage with 2673'. Lot is 70' x 126'. Contact todayshomedeals.com if you'd like to take a look and get closing costs reduced. 214.827.1200.
View 5645 Bryn Mawr property details
View 5645 Bryn Mawr property details
Thursday, February 25, 2010
Today's Home Deal = Today's Duplex Deal Under $144K! In Lakewood!
Dallas Duplex that needs work in desirable Lakewood area of Dallas. Lot is 50' x 150'. I looked at this one yesterday. Has hardwoods throughout, but needs quite a bit of TLC. The dirt is probably worth more than the asking price on this Dallas foreclosure. Could be a great long-term hold or a possible conversion to a single family home. Contract deadline is Monday morning. Let us know if you're interested in taking a look and getting closing costs reductions. Call todayshomedeals.com at 214.827.1200.
Wednesday, February 24, 2010
How To Finance Investment Homes In Today's Lending Environment.
Tighter lending standards now require investors to put down 20% on investment property. This will eat up an investor's cash in a hurry. However, there are a couple of strategies to get around this current dilemma.
One way is to buy investment real estate that needs rehab. In this case, we would aim to buy real estate and rehab it for 70% less than it's after repaired value, or ARV. A few banks and mortgage companies specialize in these investor loans. These loans are referred to as rehab loans, construction loans, or hard money loans. These are unconventional loans that are not backed by Fannie, Freddie, or guaranteed by the FHA. They are typically due in 6 months to a year.
Step 2 - after we complete the rehab, we then refinance the investment property into a conventional fannie mae or freddie mac loan so we can pay off the original rehab loan - which usually come with high interest rates, so we want to get out of those rehab loans as quickly as possible.
So as an example, let's say we buy a home with an after repaired value of $100K. We purchase it for $60K and spend $10K rehabbing the home. Thus, we get a rehab loan for $70K (70% of the after repaired value of $100K). So we've basically bought a home that needs some work for no money out of pocket other than closing costs. Once we refinance into the conventional long-term loan, we'll have to pay more closing costs, but you can see how we could pick up investment homes for $5K-$10K out of pocket - even in this tight lending environment.
Another strategy for those that are a bit flush with cash. Put cash into a bank and have an agreement with the bank that they are going to give you lines of credit for the cash you hold in their bank. Then, instead of using that cash to pay cash for a home - you use the line of credit to buy an investment home. This reduces your closing costs and finance charges, and gives you the same advantages that those that pay cash for homes enjoy - except it's easier to refinance more quickly into a conventional loan.
These are a couple of ways to continue to create wealth even in uncertain times. Remember, great challenges bring great opportunities. So get ready. 2010 is going to be ripe with investment real estate opportunities for those that are ready, willing and able, to take the tiger by the tail!
Monday, February 22, 2010
Extension of Home Buyer Tax Credit? Not Likely.
Although the National Association of Realtors is lobbying Washington to extend the homebuyer tax credit, it doesn't look likely.
Senate Finance Committee Chairman Max Baucas has been very vocal in his opposition to an extension and has said "it will expire on April 30, 2010, as presently scheduled."
Senator Johnny Isakson, a fomer real estate broker, who championed the NAR's cause last year is also apparently against another extension. I thought that with all of the turmoil going on in Washington that if would most likely not be extended, and that seems to be the case. It may make for an interesting and busy March and April, as buyers have been generally tepid to come back into the home buying market.
Daily Home Deals + Reduced Closing Costs = todayshomedeals.com.
By Troy Corman, www.todayshomedeals.com
Todayshomedeals.com just launched Friday. The site allows users to see the lowest priced homes (based on square foot price) on a daily basis. We're connected to the Dallas/Fort Worth MLS and our data is fresh and updated daily - unlike some real estate sites that are updated weekly.
We still have several areas and neighborhoods to add in to the system, but eventually we will have thousands of daily home deals throughout the greater Dallas - Fort Worth metroplex.
The other compelling feature of the todayshomedeals.com concept is that we provide closing costs credits to home buyers. Qualified buyers can get up to $3,000 in reduced closing costs. We would rather put money into our clients' pockets, instead of putting that money into a fancy office. Reach us directly at 214.827.1200 to get your home buying search started and to reduce your closing costs.
Todayshomedeals.com just launched Friday. The site allows users to see the lowest priced homes (based on square foot price) on a daily basis. We're connected to the Dallas/Fort Worth MLS and our data is fresh and updated daily - unlike some real estate sites that are updated weekly.
We still have several areas and neighborhoods to add in to the system, but eventually we will have thousands of daily home deals throughout the greater Dallas - Fort Worth metroplex.
The other compelling feature of the todayshomedeals.com concept is that we provide closing costs credits to home buyers. Qualified buyers can get up to $3,000 in reduced closing costs. We would rather put money into our clients' pockets, instead of putting that money into a fancy office. Reach us directly at 214.827.1200 to get your home buying search started and to reduce your closing costs.
Friday, February 19, 2010
Todayshomedeals.com Now Live!
Visit http://www.todayshomedeals.com/ to view each day's top home deals in DFW. We showcase the lowest price per square foot homes by area. You can also create your own login and password to automatically save your most recent searches and post to the forums.
Todayshomedeals.com provides buyers cash back at closing. Motivated sellers that need to sell quickly and/or that have homes in repair can also list their homes for sale on the site to reach a larger home buyer audience. Take it for a test drive and thanks for visiting.
Todayshomedeals.com provides buyers cash back at closing. Motivated sellers that need to sell quickly and/or that have homes in repair can also list their homes for sale on the site to reach a larger home buyer audience. Take it for a test drive and thanks for visiting.
Thursday, February 18, 2010
Todays Home Deal - Foreclosed Duplex For Sale $140,000 Under Tax Assesment.
Historic duplex needs some work, but is resides on a nice size lot surrounded by development. Land is zoned multifamily 2 meaning developers can build townhomes, condos, and apartments to certain height restrictions on the land.
Bank has marked it down to $140,000 BELOW tax rolls. Should appraise for at least $100K above current asking price after repairs. Serious buyers - call Troy Corman ASAP at 214.690.9682.
Bank has marked it down to $140,000 BELOW tax rolls. Should appraise for at least $100K above current asking price after repairs. Serious buyers - call Troy Corman ASAP at 214.690.9682.
Wednesday, February 17, 2010
Todayshomedeals.com Launching This Friday.
In addition, we help qualifying home buyers reduce their closing costs up to $3,000. Please contact us at 214.827.1200 for program details.
Todayshomedeals.com leaders are experienced in DFW investment homes and distressed real estate renovation for those that need guidance in locating, negotiating, financing and renovating distressed DFW real estate.
Todayshomedeals.com is currently seeking motivated Realtors and mortgage loan officers to serve our clients across the entire DFW metro. Contact Troy Corman to schedule interviews at 214.690.9682.
Monday, February 15, 2010
Hard Money Loans Coming From Mysterious, Private Individuals
National Mortgage News Article Summarized By Troy Corman, todayshomedeals.com
Tighter lending standards in both residential and especially commercial lending, have fueled the growth of private, or "hard money" lending. The source of hard money loans are typically investors who have $1 million or more to play with. These loans are typically short-term and average 6-months to 2 years in maturity. The interest rates now are in the 9%-20% range and often require the borrower to pay points as well.
These are ideal loans for investors who want to buy and rehab Dallas' bread and butter investment homes. These homes that we target for investors and ourselves are worth around $100K to $115K ARV, or after-repaired-value. Hard money lenders nowadays will often offer 70% of the ARV. As an example, let's say the home has an after repaired value of $100K. The hard money lender loans you $70K (70% of the ARV of $100K). You buy if for $60K, and rehab it for $10K. Thus, you would just have to pay the closing costs on the loan. Next, you rent out the home, and then refinance into a more favorable conventional loan at $75K - $80K so you can pay off the hard money loan. In essence, you may have $5K - $10K out of pocket on an investment that's going to make you $200 to $300 a month in positive cash flow, give you about $10K annually in tax refunds, and is worth $20,000 to $25,000 more than you owe on the loan. Ask your financial planner or stock broker if he can beat that.
Gordon Albrecht of FCI Lender Services, says his Irvine, California-based company services roughly $2 billion worth of private money loans, in all 50 states, making it the largest in the US. He says hard money sources include movie stars, entertainers, well-heeled private businessmen, and what he calls "private mortgage funds". But he's not naming names, as he fears those private money individuals would be overwhelmed with requests.
For specifics on Dallas hard money lending, or help buying Dallas investment real estate, contact Troy Corman at t2realestate.com.
Tighter lending standards in both residential and especially commercial lending, have fueled the growth of private, or "hard money" lending. The source of hard money loans are typically investors who have $1 million or more to play with. These loans are typically short-term and average 6-months to 2 years in maturity. The interest rates now are in the 9%-20% range and often require the borrower to pay points as well.
These are ideal loans for investors who want to buy and rehab Dallas' bread and butter investment homes. These homes that we target for investors and ourselves are worth around $100K to $115K ARV, or after-repaired-value. Hard money lenders nowadays will often offer 70% of the ARV. As an example, let's say the home has an after repaired value of $100K. The hard money lender loans you $70K (70% of the ARV of $100K). You buy if for $60K, and rehab it for $10K. Thus, you would just have to pay the closing costs on the loan. Next, you rent out the home, and then refinance into a more favorable conventional loan at $75K - $80K so you can pay off the hard money loan. In essence, you may have $5K - $10K out of pocket on an investment that's going to make you $200 to $300 a month in positive cash flow, give you about $10K annually in tax refunds, and is worth $20,000 to $25,000 more than you owe on the loan. Ask your financial planner or stock broker if he can beat that.
Gordon Albrecht of FCI Lender Services, says his Irvine, California-based company services roughly $2 billion worth of private money loans, in all 50 states, making it the largest in the US. He says hard money sources include movie stars, entertainers, well-heeled private businessmen, and what he calls "private mortgage funds". But he's not naming names, as he fears those private money individuals would be overwhelmed with requests.
For specifics on Dallas hard money lending, or help buying Dallas investment real estate, contact Troy Corman at t2realestate.com.
Thursday, February 11, 2010
Stately Mansions On Swiss Drenched In Snow.
I decided to take a few shots this morning of my favorite street in all of Dallas - Swiss Avenue. I love this old, classical architecture. View more photos on my facebook page.
Wednesday, February 10, 2010
Fannie Mae Giving 3.5% Of Final Sales Price In Closing Costs Assistance Or Appliances.
By Troy Corman, todayshomedeals.com
WASHINGTON, DC — Fannie Mae (FNM/NYSE) announced today that people purchasing a Fannie Mae-owned HomePath® property will receive up to 3.5 percent of the final sales price to be used toward closing cost assistance or their choice of appliances. The offer is available to any owner-occupant who closes on the purchase of a property listed on HomePath.com before May 1, 2010.
"Attracting qualified buyers to the market and reducing the inventory of vacant homes is critical to stabilizing neighborhoods and helping the market recover. Many families are taking advantage of the federal homebuyer tax credit to buy a new home so this is a great time for Fannie Mae to offer some additional help," said Terry Edwards, Executive Vice President of Credit Portfolio Management. "Homebuyers have the option to choose between financial assistance toward closing costs or new appliances for their home."
Properties eligible for this incentive are listed on HomePath.com and most listings include detailed property descriptions, photographs, community and school information and more. In addition, many Fannie Mae-owned properties are eligible for special HomePath Mortgage and HomePath Renovation Mortgage financing which offers homebuyers an opportunity to purchase with as little as 3 percent down.
WASHINGTON, DC — Fannie Mae (FNM/NYSE) announced today that people purchasing a Fannie Mae-owned HomePath® property will receive up to 3.5 percent of the final sales price to be used toward closing cost assistance or their choice of appliances. The offer is available to any owner-occupant who closes on the purchase of a property listed on HomePath.com before May 1, 2010.
"Attracting qualified buyers to the market and reducing the inventory of vacant homes is critical to stabilizing neighborhoods and helping the market recover. Many families are taking advantage of the federal homebuyer tax credit to buy a new home so this is a great time for Fannie Mae to offer some additional help," said Terry Edwards, Executive Vice President of Credit Portfolio Management. "Homebuyers have the option to choose between financial assistance toward closing costs or new appliances for their home."
Properties eligible for this incentive are listed on HomePath.com and most listings include detailed property descriptions, photographs, community and school information and more. In addition, many Fannie Mae-owned properties are eligible for special HomePath Mortgage and HomePath Renovation Mortgage financing which offers homebuyers an opportunity to purchase with as little as 3 percent down.
How Texas Real Estate Investors Should Position Themselves For 2010.
By Troy Corman, todayshomedeals.com
Cash is king. That's why I think now is the time to liquidate assets and raise as much cash as possible. We keep hearing about a huge pipeline of foreclosures that have yet to hit the market. Washington is facing increasing scrutiny as their pork-laden stimulus measures have produced far too little and have been far too costly. The tax payers are sick and tired of crony capitalism, where the government decides which companies to save, and which to ignore. And the liberals in Washington are finally beginning to learn that the vast majority of Americans aren't ready for socialism or fascism.
That's why I believe 2010 will be a year of reckoning. And there will be deals galore for real estate investors who have the cash, the experience and guts to take action. Banks have clung to bad loans hoping that time would bail them out. But sooner or later, someone has to pay the piper.
With super-low interest rates, and the government home buyer tax credit deadline quickly approaching it's drop-dead date of April 30, entry level and inexpensive homes should be in demand in the next 2.5 months. That's why I think it's time for real estate investors to liquidate assets - because I think the really great deals are about to come.
So get ready. Get cash. And reload.
Monday, February 8, 2010
Beware Of Scumbags.
By Troy Corman, todayshomedeals.com
I recently worked on a listing for some friends who had a lower income house to sell. The owner of the house for more than 30 years, needed to cash out to get funds to help her with living expenses in her retirement years. I offered to list it and help market it for basically nothing.
I told another investor that I had just met about the home and he puts me in touch with "his guy". I tell this guy that he can buy the house for X amount. This guys gets on the phone with me and attempts to convince me that investors will only buy the home at a certain discount, blah, blah, blah. I tell the guy, "look, you can buy it at the price I quoted, or not" but I'm not going to get into this negotiation ploy, so I basically inferred to him to quit wasting my time. He says ok, and he'll send a contract with me repping him as the buyer.
So the next day, I get a contract from this joker with an offer price of less than half of what I quoted him as the rock-bottom price. Needless to say, I haven't responded, nor will I ever do business with this creep. My guess is that this guy is a "wholesaler" who goes out and takes advantage of the elderly and the weak, and then flips his basically stolen loot to a real investor. These guys give real estate investors a bad name, so if you're ever approached by one of these scumbags, beware. His parents must be extremely proud.
I recently worked on a listing for some friends who had a lower income house to sell. The owner of the house for more than 30 years, needed to cash out to get funds to help her with living expenses in her retirement years. I offered to list it and help market it for basically nothing.
I told another investor that I had just met about the home and he puts me in touch with "his guy". I tell this guy that he can buy the house for X amount. This guys gets on the phone with me and attempts to convince me that investors will only buy the home at a certain discount, blah, blah, blah. I tell the guy, "look, you can buy it at the price I quoted, or not" but I'm not going to get into this negotiation ploy, so I basically inferred to him to quit wasting my time. He says ok, and he'll send a contract with me repping him as the buyer.
So the next day, I get a contract from this joker with an offer price of less than half of what I quoted him as the rock-bottom price. Needless to say, I haven't responded, nor will I ever do business with this creep. My guess is that this guy is a "wholesaler" who goes out and takes advantage of the elderly and the weak, and then flips his basically stolen loot to a real investor. These guys give real estate investors a bad name, so if you're ever approached by one of these scumbags, beware. His parents must be extremely proud.
Wednesday, February 3, 2010
A House Next Door To My Rental Was Sold In Distress. Glass Half-full Or Half-empty?
By Troy Corman, todayshomedeals.com
Just this week I had to tend to a repair on a rental home I own. I noticed that someone next door was doing construction, and it looked like the previous owner had left in a hurry. My first reaction was, "crap", (because I'm sure it sold for a low price) "that's going to make a horrible comp". But then, I met the new owner, an investor, who showed me how he was taking a house that was in bad disrepair, and completely improving and renovating it - and thus improving the neighborhood. Once he sells it, it will probably bring the highest sales price on the street. And my house is right next door.
While the politicians go on and on about the blight of foreclosures, I've always held that in the end, the home is usually bought by someone who renovates it, improves it and makes it a much more valuable asset. And even though I've always held that belief, I forgot it, for a brief moment.
Too bad Uncle Sam and the lenders don't "get" this. They shouldn't worry about investors and risk takers making a buck off of the housing downturn. In fact, they should encourage it. The sooner investors fix the run-down, beat-up foreclosures and short sales homes, the sooner we can get through this pain.
But let's not focus so much on what Washington is or isn't doing. Focus instead on what you can do. Remember, you're the captain of your own ship. And you can't just float your way to sunny shores and blue waters. You have to grab the wheel.
Just this week I had to tend to a repair on a rental home I own. I noticed that someone next door was doing construction, and it looked like the previous owner had left in a hurry. My first reaction was, "crap", (because I'm sure it sold for a low price) "that's going to make a horrible comp". But then, I met the new owner, an investor, who showed me how he was taking a house that was in bad disrepair, and completely improving and renovating it - and thus improving the neighborhood. Once he sells it, it will probably bring the highest sales price on the street. And my house is right next door.
While the politicians go on and on about the blight of foreclosures, I've always held that in the end, the home is usually bought by someone who renovates it, improves it and makes it a much more valuable asset. And even though I've always held that belief, I forgot it, for a brief moment.
Too bad Uncle Sam and the lenders don't "get" this. They shouldn't worry about investors and risk takers making a buck off of the housing downturn. In fact, they should encourage it. The sooner investors fix the run-down, beat-up foreclosures and short sales homes, the sooner we can get through this pain.
But let's not focus so much on what Washington is or isn't doing. Focus instead on what you can do. Remember, you're the captain of your own ship. And you can't just float your way to sunny shores and blue waters. You have to grab the wheel.
Monday, February 1, 2010
Texas Home Sales Prices And Volume Up In Q4 2009
February 1, 2010 - Austin.
Release From Texas Association of Realtors Summarized by Troy Corman, todayshomedeals.com
The Texas A&M University Real Estate Center has released data that show that Texas' sales volume increased 16% from the fourth quarter of 2008. The average home price also jumped 2.35% to $143,400 from $140,100 in the previous year.
Jim Gaines, Ph.D., and economist with the Texas A&M Real Estate Center said, "while figures throughout the first quarter of 2009 were positive compared to 2008, they were particularly positive in October and November, which makes it clear that the first-time homebuyer tax credit is having an impact in Texas. The increase in median price also stands out, particularly compared to national figures, which are down substantially."
Texas also enjoyed a decrease in the number of homes of inventory on the market. It dropped from a 6.6 months' supply to 6.5 months. The Texas A&M Real Estate Center typically uses 6.5 months' supply as a target point for a healthy, balanced market.
To view the Texas Quarterly Housing Report for 2009, visit texasrealestate.com.
Release From Texas Association of Realtors Summarized by Troy Corman, todayshomedeals.com
The Texas A&M University Real Estate Center has released data that show that Texas' sales volume increased 16% from the fourth quarter of 2008. The average home price also jumped 2.35% to $143,400 from $140,100 in the previous year.
Jim Gaines, Ph.D., and economist with the Texas A&M Real Estate Center said, "while figures throughout the first quarter of 2009 were positive compared to 2008, they were particularly positive in October and November, which makes it clear that the first-time homebuyer tax credit is having an impact in Texas. The increase in median price also stands out, particularly compared to national figures, which are down substantially."
Texas also enjoyed a decrease in the number of homes of inventory on the market. It dropped from a 6.6 months' supply to 6.5 months. The Texas A&M Real Estate Center typically uses 6.5 months' supply as a target point for a healthy, balanced market.
To view the Texas Quarterly Housing Report for 2009, visit texasrealestate.com.
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