2015 has again signaled the willingness of Fannie Mae and Freddie Mac to purchase loans with a 3% down payment. Until just recently, most mortgage brokers asked for a 5% down payment, unless you are in a USDA area. You could then apply for a VA loan, or your state offered local housing down payment assistant help.
Continue reading Smaller down payments pave the way for first-time home buyers
A mastermind group can be an effective tool to help you accomplish your goal, virtually any goal. It does not matter if it is a business or personal goal.
Many of the Mastermind Groups consist of two or more people, who work together in perfect harmony, to help each other to attain a specific goal. If two heads are better than one, five or six can kick it into high gear.
Members are committed to each other
The key to a great Mastermind Group is that members are committed to each other and are willing to hold each other accountable. Meaning that you will do what you commit yourself to do and that you are attending the scheduled mastermind group meetings. Depending on the group, a meeting could be in person, video, or a phone conference call, monthly or quarterly.
The group members need to be committed to meet. Less than that will be a waste of everyone’s time and effort. One of the main goals for all the mastermind group attendees is to help each other to get things done.
Attending a mastermind group can be a time commitment depending on the group size.
Each of the members should be given 15-20 minutes of time to discuss challenges, progress, or goals. They should have another 10-15 minutes to give their feedback, thoughts, and possible discussions about the given information. The larger the group, the more diverse the discussions or exchange of ideas could take. Due to that it is good to keep the group small. Maybe 5-10 members.
It is all about accountability and trust
To keep the flow going, make one of the members a facilitator. Make certain that no one member gets stuck in the facilitator role. Have the facilitator role rotate between members. The facilitator will keep everybody on track and make certain that no one member dominates the conversation.
When a Mastermind group is formed or new members are added, the facilitator also gives everyone the ground rules the group will work under. This should include attendance, format of the meeting, confidentiality, making decisions, and dealing/settling conflicts. When needed, outline grounds for dismissal from the group, such as after missing a certain number of meetings or violating confidentiality.
You also should meet in an area where outside distractions are limited.
Chemistry of a Mastermind Group
Many times a mastermind group is formed without it actually being called a Mastermind group. This happens through casual networking or you happen to bond and feel comfortable and great around or with certain individuals. When you are looking for a mastermind group, look for groups who give you that exact feeling and when you cannot find a group like that start your own.
You might start with one person that fits the criteria you are looking for in an individual and together build your group.
First let me quickly explain what notes are. A note is a legal document and the explanation per the free legal dictionary is as follows: “The mortgage note, in which the borrower promises to repay the debt, sets out the terms of the transaction: the amount of the debt, the mortgage due date, the rate of interest, the amount of monthly payments”.
There comes a time when a fence makes for a good neighbor, especially when property rights of the individual owner is not being respected. You as the property owner have the right to deny entry to any individual that has no contractual interest in the property you own. Continue reading Sometimes fences make good neighbors.
Just the other day I ran across a sellers disclosure from a property that was listed for sale. The seller had just marked one line through all the items that needed to be disclosed as “Do Not Know” and in a small memo box indicated that the seller never lived in the property. Continue reading “Do Not Know” Residential Real Estate Sellers Disclosure
Many new real state investors are getting into real estate investing and are bombarded with many terms and terminologies they don’t understand. Continue reading What type of investment property is for me?
Since the mortgage meltdown, it has become harder and harder for Real Estate investors to receive financing through a traditional lending company and many of them have to find additional means to finance their investment properties. Continue reading Paying for your investment properties
Last week we did not publish the Settles Report. We questioned some of the reported numbers that where subsequently corrected, but too late for us to publish the report during that week.
The house is listed. It is online with the MLS and various other websites. The sign and informational box is in the yard. You are planning for your open house. Continue reading Things to consider when you and your REALTOR holds an open house
Ever since the mortgage rule changes that went into effect in 2009, a small but ever growing title wave has been building. Individuals who lost their jobs during the downtrend of the market and decided to go back to school to earn a different degree, or updating their personal education, to put them into a better position for a better paying job. They are not only facing an ever tighter job market but also have put themselves financially behind the 8 ball when it comes to being able to qualify for a mortgage.
