The rules for mortgage modification have been eased according to FHFA. They would lower the interest rate to 1/2 % below going interest rates. (big deal) but would not include cn. Worse yet, missed payments would be added to the back end of the loan. Sounds like negative amortization to me.
I just did a great interview with John Fluker. John is a retired code enforcement official from the city of LA and Compton. He bailed me out of trouble several times. Dealing with code is like a good old boys party that you are not invited to. It was so frustrating. Every time the inspector came down, he found something else wrong. It was not until i hired John that things started to move along. He is some one you need to have on your team if you want to deal with properties that have code violations.
Time is the one thing that you can’t get back and is severely limited. Real estate is a business that takes time, like any business, and you have to treat it like such if you want to succeed.
Follow up is sooooo important. You need to keep track of every lead; where you are on it; and when you last spoke to them. Then you have to follow up on every deal that is in the closing process – who the parties are and what the important dates for compliance are.
I have been in the real estate business since 1986 and would like to share some perspective with people who are new to the industry.
The real estate business is just like any new business. First you have to gain knowledge, set up a plan and then take action. This is not a get rich quick scheme. It takes time to build, just like any other business. If you were setting up any other business, you would know that in the first year, you are successful if you break even. Why do people think this business is any different? True, you could be making deals within a few months of starting, but it doesn’t always happen that way. If it doesn’t, most people give up.