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101	Collecting Money Owed by a Tenant by Attorney William Bronchick Did you ever have to evict a tenant for non-payment of rent, then get stiffed for the bill? You may be able to collect what is owed to you, even years later. First, you need a court-ordered money judgment. If you filed for an eviction in court, you received a judgment and order of possession. The actual name of this court order may change slightly from state to state, but it's the same thing - a document signed by a judge that permits a local sheriff or constable to forcibly remove the tenants from the property. In most states you can also get a money judgment against the tenant, but this requires one of two things: 1) the tenant must have been personally served with the court papers or 2) the tenant must have shown up in court. If the eviction papers (the court papers, not the notice to pay rent) were posted on the door of the unit and/or mailed to the tenant, you generally do not get a money judgment from the court. What About Security Deposits? If you have a security deposit from the tenant, you can apply that against anything he owes you for back rent or damages. However, you still must comply with state law for notifying the tenant of your intent to keep the deposit. Even if you return the security deposit, you can still sue the tenant for actual rent owed and/or damages incurred to the unit. If the tenant left before the court date or you did not otherwise get a money judgment, you can always sue the tenant in your local small claims court for money owed and any damages to the property. The process is quite simple, and does not require a lawyer. You have to file the claim before the end of the statute of limitations, which generally ranges from three to six years, depending on which state you live in. Once you have a money judgment, you can collect it against all non-exempt assets of the debtor. Certain assets, such as retirement accounts, are exempt from collection by creditors. Also, keep in mind that assets of the debtor's spouse may be attached as well in states that recognize community property (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin). Cash in bank accounts is the easiest target. If you have a copy of a recent check from your tenant, you can file for a "levy of execution" on their bank accounts through the local sheriff (this is why it is a good practice to make copies of your tenants' checks each month to make sure you know where they are banking). If the tenant is working, you can garnish wages, but most states limit garnishment to 25% of the wages of the debtor. Still, if they have a steady paycheck, you will get your money back, plus interest. If you get a transcript and record the judgment in county records, the tenant will not be able to buy a house in that county without paying you off. If the tenant owns other real estate in his name (not likely, but always possible), the judgment will create a lien on that property as well. If you do not know where the tenants assets are located, you can start a debtor proceeding in court to make him appear in court and answer questions regarding his assets. Failure to comply may result in a warrant issued for the debtor's arrest. Depending on the amount of money owed and likelihood of collecting, this process may not be worth your effort. But, considering a judgment may be valid for as long as 10 years and you get interest on your money, why not make it a part of your business practice?
102	Commercial Real Estate: Analyzing & Due Diligence Commercial Real Estate: Analyzing & Due Diligence By Ray Alcorn
103	Commercial Real Estate Opportunities Commercial Real Estate Opportunities By Ray Alcorn
104	Commission Commission A quick word about commissions. Commissions are negotiable in many instances. They can vary between 4%-10%, depending on the type of property, current market conditions, and the sellers motivation. 6% seems to be most typical except in Australia where the commissions are generally set at 5% for the first $18,000 then 21/2$ of the balance plus G.S.T. Many people wrongly assume the whole commission goes to one person. Typically it is divided four ways: the listing agent, the listing agent's broker, the buyer's agent and the buyer's agent's broker. Referral fees and franchise fees many times are a factor also. 5% Commissions Getting your home listed at 5% may not net you more then if you listed at 6%. When a home is listed, the commission is split between the listing office and the buyers agent's office. When agents show properties to potential buyers, one thing they generally look at is how much commission is being offered. Agents typically will show homes offering 3% before the ones offering 2.5%. If your home is offering 2.5% to the other agents, it will get fewer showings meaning fewer people will even look at your house. The result: you will be helping other sellers get their homes sold first. If the listing office offers 3% to buyer agents on a 5.5% or less listing contract is the best of both worlds. This scenario reduces costs to you along with good marketing incentives for other agents.MLS fees, insurance and membership dues can run thousands of dollars a year for each agent. There is the cost of overhead, computers, office equipment, transportation, signs, advertisement and so on. It's a business with many expenses without a weekly paycheck.
105	Common Sense Mortgage Tips by William Bronchick, Esq. Your Own Real Estate Is Your Best Investment. You probably have heard the concept of making extra principal payments to reduce interest and payoff your mortgage early. The concept may be simple, but it is often overlooked and rarely practiced. A typical promissory note amounts to incredible interest over thirty years. For example, on a thirty year $100,000 loan at 9%, you will pay over $189,000 in interest. If you have a positive cash flow on your rental properties, consider using it to make extra principle payments. By making extra principle payments, even small ones, you can save significantly on interest. This is because interest is charged on the outstanding balance owed. For example, if you paid an extra $50/month the loan described above, you would save $49,000 in interest and pay off the loan balance six years earlier. If you paid an extra $100 per month, you would save over $75,000 in interest and pay off the balance ten years earlier. Save Money on Late Fees. If you are in danger of paying your mortgage late, send your payment via overnight mail. The cost of doing so is probably much less than your late payment. For example, a 5% late penalty on a $1,000 payment is $50. Sending the payment via Federal Express will cost you less than $15. A Few Tips if You are Holding a Mortgage in Default. If you sold a property and took back a mortgage (or you bought an existing mortgage), you have an alternative to the foreclosure procedure . . . sue on the promissory note. Remember that a mortgage is security for a note, and you can always forego the foreclose proceeding and sue the borrower directly for nonpayment on the note. This may be desirable if the property has little equity and the borrower has other assets to attach. Keep in mind, however, that you have to elect one remedy or the other; once you choose to sue on the promissory note, you waive your right to foreclose the property (and vice-versa). Watch for Bankruptcy. A borrower in default can run into federal court and file for bankruptcy to stop your foreclosure proceeding. Once the federal bankruptcy petition is filed, the state court foreclosure proceeding is subject to an automatic "stay" (which means you must stop all collection efforts). This will delay your foreclosure, but not deprive you of your rights. As a secured creditor you will have first crack at the property over unsecured creditors (credit card debtors, etc.). Simply have your attorney march into federal court and ask the judge to have the stay lifted against you. However, if the debtor files for chapter 13 reorganization, he may be able to ask the court to force you to accept a payout plan. Either way you will get paid, even if it means having to wait. Consider a "Deed in Lieu of." If you are in a mortgage state, a borrower can delay the proceeding for months by simply filing an answer to the complaint, raising any number of defenses, including improper service of the summons. If you are on speaking terms with the borrower, try and work it out. It may be cheaper for you to waive the back payments and even pay him to give you a deed in lieu of foreclose. That is, he gives you the property back and you spare him the embarrassment and credit devastation of a foreclosure (as well as a possible deficiency judgment against him). Time is money when it comes to foreclosure, so use it wisely!
106	Comparable Sales and Your Offer Price Comparable Sales and Your Offer Price Determining Your Offer Price Comparable Sales in the Public Record Comparable Sales in the Multiple Listing Service Comparable Sales - Pending Transactions
107	Competitive Lenders Offering Mileage, Bonus Points Competitive Lenders Offering Mileage, Bonus Points Source: M. Anthony Carr - July 18, 2003 During a real estate buyer's market, you’ll see all sorts of crazy offers being put out there by sellers...
108	Complete Home Rehab in 10 Days! Complete Home Rehab in 10 Days! Dan Auito:
109	Consumers Don't Know The Score Consumers Don't Know The Score Source: Broderick Perkins - August 6, 2003 Consumers with the most to lose know the least about credit scores and credit reports and that contributes to them paying more than necessary for credit...
110	"Convert More Listings with a Strong Marketing Plan" "Convert More Listings with a Strong Marketing Plan" by Bernice Ross, MCC and Byron Van Arsdale, MCC
111	Converting a Lease Option into a Subject to Deal Converting a Lease Option into a Subject to Deal By David Finkel
112	Cool Options For Summer Home Sales Cool Options For Summer Home Sales Source: Al Heavens - May 16, 2002 If we could sell our houses under ideal conditions, our lives and those of our real estate agents would be much easier...
113	Counting The Extended Cost of Homeownership Counting The Extended Cost of Homeownership Source: M. Anthony Carr - September 20, 2002 Can you afford to buy a home? The first person you’ll want to talk with about your qualification will obviously be a lender or real estate agent...
114	Create Solutions by Working with Partners Create Solutions by Working with Partners By Wendy Patton
115	Creating A Solid Financial Foundation Creating A Solid Financial Foundation Lee Phillips:
116	Creating Wealth Rehabbing Property! Creating Wealth Rehabbing Property! Pete Youngs:
117	Inexpensive Facelift for Kithens & Bathrooms Inexpensive Facelift for Kithens & Bathrooms Pete Youngs
118	Credit Counseling 'Crisis' Chiseling Consumers Credit Counseling 'Crisis' Chiseling Consumers Source: Broderick Perkins - April 25, 2003 Overburdened with indebtedness, consumers who seek help from the new generation of credit counseling agencies are putting their trust in a largely unregulated industry rife with the potential for worsening, not improving, consumers' indebtedness problems...
119	Credit Score Boosts Credit Score Boosts Written by Pamela Hoppers Everyone wants to boost their Credit Score, right? I mean, why would anyone want to pay a higher Interest Rate, whether it’s for a home, a car, or the credit cards? Whether you have good credit, or are credit challenged, the following information is designed to help you boost your Credit Score significantly over a period of months. Are you ready to form a few good habits? Let’s get started. First, we’ll take a look at what your Credit Score (aka FICO Score) is based on. In other words, these are the factors the Major Credit Agencies use to compute your rating. Payment History 30% Outstanding Debt 30% Length of Credit History 15% Recent Credit Inquiries 10% Types of Credit In Use 10% We can see immediately that Payment History and Outstanding Debt determines a full 60% of your Credit Score. We’ll take a look at Outstanding Debt first. In the eyes of the Credit Rulers that be, there is Good Debt and Bad Debt. Yes, Good Debt and Bad Debt. Good Debt is anything with underlying value, or the potential of either a return on the investment, or investment growth. Real Estate Debt (home loans and mortgages, yes, even your Time Share) and Education Debt (Student Loans, College, Trade Schools) are Good Debt and (when paid on time) actually increase more than your social standing. They increase your Credit Score, as well. What about that sports car or luxury sedan in your driveway? Isn’t that valuable? Wouldn’t that be considered Good Debt? No, it’s value decreased appreciably the minute you drove it out of the Dealer’s Lot. Unless it’s a world recognized collector’s item, in the credit world, it is nothing more than a beautiful ride and it falls directly into the Bad Debt category. Bad Debt is the Luxury Car, the retail jewelry purchased with a credit card, the unpaid credit card balances – in short – Bad Debt is consumer debt, which is usually incurred via credit cards. Don’t worry, almost everyone has some Bad Debt. If it isn’t out of hand, it can also be used to boost your Credit Score. Good Debt usually carries a fixed balance. No problem. Pay it early, or on time, and it will be the firm foundation of a good Credit Score. Bad Debt is a bit different. Let’s take a look at using it to boost your score in a relatively quick period of time. First of all, if you have more than two or three credit cards, single out those you can afford to pay off completely – as soon as possible. Next, you want to make sure that you never carry more than 30% of the maximum balance on any one credit card. In other words, if your credit card maximum is $3,000.00, never allow yourself to max it out. Keep it at $900.00 to zero, at all times. This applies to every card you have. Many people pay their bills on time, but keep their credit card balances over 30% or have charged them to the very limit. Though they never miss a payment, their Credit Scores are significantly lower than those who keep their balances to a minimum. Spread your balances out, using whichever cards can bear part of the credit load. If you can manage to lower the balances carried to 30% or less on each credit card (and, of course, pay the payments early or on time) you will watch your Credit Score jump in just a few months. An even greater strategy, if you can afford it, is to completely pay off those credit cards, but keep using them – every month. Yes, I said every month. You will also pay the full balance owed every month. It goes like this: Charge everything with your cards (even groceries). Pay every balance off monthly using the cash you would have spent for those same expenses. Keep using the cards, keep paying the cards, keep the balances at zero. Even if you have a few credit dings, this strategy alone will boost your Credit Score 40 – 50 points in no time. Now let’s talk about Payment History. If you are used to paying your bills on time, this part is easy. Simply pay them a week or so earlier. In addition, if you’ve only been making the minimum payment, pay a little (or a lot if you’re able) extra toward the balance. This is the ”Early and Over” strategy. If you are using the “Charge and Pay” strategy above, paying “Early and Over” will boost the results even higher. Whether it’s Good Debt or Bad Debt, no Lender will have a problem with a larger payment. Yes, even your Mortgage Company is happy to apply an extra $100.00, or even $50.00, towards your home loan balance every month. If you’re just one of those people who has the money, but sometimes forgets to put the check in the mail on time, make a phone call and have the bill scheduled for automatic debit from your Checking Account, and request an early payment date. If you’d rather, you can even arrange to pay your bills online. Do it a week early, and watch your Credit Score jump. The “Early and Over” strategy will also boost your Credit Score significantly in a matter of months. Okay, almost done. Let’s take a look at those last two credit rating factors: Credit Inquiries and Types of Credit. Remember that time you were in the Department Store and they offered you a discount on your purchase if you applied for their credit card? Good. Don’t do it ever again, please. It hurts your Credit Score, and it’s another bill to manage, or debt acquired. Thanks. Now, Credit Types were already covered, but it’s worth saying again: Please have only two or three major credit cards open and carrying balances. If you have more than that right now, that’s okay. Use the strategies provided, get them paid off, and keep them at zero balances. Request their closure, if you’d like. Please just don’t let it be the Credit Company that closes the account due to non-payment or dreadful payment history. Another Thank You. This about sums it up. Not only will the above strategies give you fairly rapid Credit Score boosts, they are excellent life time habits, worth developing as soon as possible. Practiced long-term, they will not only produce a stellar FICO Score, they will help you manage your finances, keep your options open, and pay your debts off faster. “Keep my options open? What does that mean?” you ask. Well, someday you may need unplanned for funds. With a stellar FICO Score, all doors are open to you, and at a far lower Interest Rate than to those with lesser scores. “But what if I have Bad Credit? Can these strategies help me?” Even if you’re somewhat credit challenged now, implement these techniques as soon as possible. Make them lifetime habits. Eventually you will have better credit, and all it cost was paying the bills you had to pay anyway. Not a bad deal. In fact, not a bad deal, at all. Pamela Hoppers is a Loan Consultant advocating client support and education, and ethical lending practices. Please feel free to email her, or to visit the RBFC Financial Articles section at http://www.rbfcloans.com/ for further informative reading. View their website at: http://www.rbfcloans.com/
120	CSW - Real Estate Research. The site includes some free articles and forecasts for real estate prices. CSW - Real Estate Research. The site includes some free articles and forecasts for real estate prices.
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