Are you planning to start your very own real estate business? After all a real estate company can be a truly rewarding venture! But then before you plunge into this competitive market you need to do a little bit of serious planning. As experts like Harry Coker would suggest, you need to start off with a unique blend of anticipation and planning before you start with your own real estate business.
Harry Coker suggests some preliminary tips
* Remain in the company of like minded people who share the same zeal for creating a successful business like you.
* Gather a Team of professionals including an Attorney, an Insurance Agent, CPA, a Mortgage Broker, a Contractor, a Mentor, a Partner and an Escrow Company.
* Avoid talking to sellers who are not enough motivated to guide you on the right path.
* Be patient and determined as far as the business decisions and transactions are concerned.
* Remain updated with all the latest rules and regulations and be an educated entrepreneur for your own good.
* It’s no point loosing time and money in making mistakes while you can possibly avoid them with a little conscious effort.
* Tread the path to a successful business with a fool proof and well chalked out plan.
* Keep practical expectations from your business. Every business takes its own time to set up its ventures and start earning revenue. Treat the business with respect.
Steps to setting up your own Real Estate Business
After making all preliminary preparations as mentioned by Harry Coker, it is time to get on with the main course of your business setting procedure.
Know more about Harry Coker by visiting his site www.teachersbuyhud.com.
When the financial bubble burst, many people’s lives went spinning out of control. Unfamiliar with the fallout they would be facing, homeowners were scrambling for information. Unfortunately, the unscrupulous scammers were just starting to gear up their machines to reel in the catch.
The FBI defines mortgage fraud as “any material misstatement, misrepresentation or omission relied upon by an underwriter or lender to fund, purchase or insure a loan”, and there is a plethora of companies doing just that.
There are several organizations across the country that offer rescue plans for people in financial distress. However, incidents such as changing signed documents after the clients leave the office, or other acts of fraud, are all too common.
Some unethical companies may claim to be working in government-sponsored homeowner programs or agencies. Actual or fictional names of government agencies or other official-sounding terms could also be used as the scam artists do their best to appear legitimate.
There is help available for those who have been unfortunate enough to fall prey to these tactics.
If consumers think they have encountered a mortgage fraud situation, or are even suspicious, one of the first stops they can make is the Florida Attorney General’s Office. A toll-free Consumer Hotline has been set up, and there is a variety of mortgage- and fraud-related information on their website.
Through its Division of Real Estate, the Florida Department of Business and Professional Regulation sets rules and guidelines for real estate professionals and exercises disciplinary authority. A Consumer Complaints Section is available to report any incidents people believe to be unethical or illegal conduct by real estate professionals.
HUD, the U.S. Department of Housing and Urban Development, also offers consumers the resources they need to make intelligent decisions when it comes to their mortgages.
Here are some points to watch out for when dealing with rescue recovery plans.
Avoid up-front fees:
One prominent scam in play is the requirement for up-front fees by mortgage rescue firms. Consumers facing foreclosure are coerced into paying fees for loan modification or payment rescheduling assistance. All too often, these companies are not legitimate and do nothing to prevent a foreclosure from proceeding. In the end, the homeowner loses the fee, receives no assistance, and forfeits their home.
Because so many have been victimized by this fraud scheme, governments at all levels have put the brakes on these exorbitant fees. The FTC (Federal Trade Commission) recently put out a consumer warning to avoid any company that asks for a large fee in advance, noting it is definitely a red flag to consider. These fees are prohibited in 20 states, with more to come.
While there are a large number of nonprofit agencies that do offer homeowner assistance programs under government sponsorship (usually through HUD), they charge little or no fee for their services.
Leaseback/rent-to-buy scams:
In order to get the consumer to sign on for this scheme, the scam artist offers a deal to have the owner turn over the deed to their property in exchange for a rent-to-own agreement. Supposedly, this will allow the owner to stay where they are and at some point in the future, reclaim their home. Unfortunately, once the deal is signed, the owner may find there are a number of hidden fees and penalties, making it easy for the scam artist to void the deal and evict the owner.
Debt-elimination schemes
In this scenario, the scam artist often claims to be able to eliminate the homeowner’s debt by way of secret laws or other financial trickery known only to his company. When the homeowner buys into this plan, it usually involves a fee for advice, and the owner is convinced to halt their mortgage payments to participate in the false program. This puts the homeowners in a dire position as they end up in a far greater debt situation that is difficult to resolve.
Under Florida law, a homeowner’s answer to a foreclosure complaint may include the affirmative defense that the plaintiff lacks legal standing to obtain a judgment of foreclosure.
Because many plaintiffs have no direct relationship with the original lender, they are sometimes unable to produce the original loan and assignment documents that are required of plaintiffs who request judgments of foreclosure. Because many loans were frequently bought and sold by various loan servicers during the past several years, the loan and assignment documents have, in some instances, been misplaced. This presents an opportunity for homeowners who are trying to stop a foreclosure sale.
The following is an example of how the “standing” defense may be asserted as an affirmative defense in a homeowners answer to foreclosure:
Plaintiff lacks standing to commence this action. My original mortgage was with _______Â . This is not the same entity that commenced the instant action. Plaintiff has failed to provide the original, or certified copies of, the note and mortgage and all relevant assignment(s). In Florida, only the owner and holder of the mortgage and the note have standing to commence a foreclosure action.
Â
The “legal standing” defense is just one of several affirmative defenses that homeowners should consider when responding to a foreclosure complaint. Other affirmative defenses that a homeowner should consider include; (a) violation of the Truth in Lending Act; (b) Fair Debt Collection Practices Act violations; (c) incorrect notice or service of process; and (d) lost payments.
A homeowner should carefully review the lender’s complaint. Under the Florida Rules of Civil Procedure, a plaintiff seeking a judgment of foreclosure is required to attach a copy of the Note to its complaint. A Florida homeowner who is served with a foreclosure complaint without a a copy of the Note should assert this as a defense. This may stop the foreclosure action until the lender can supply a copy of the note. In foreclosure actions, any delay in the proceedings can be beneficial because it gives the homeowner an additional opportunity to find alternatives to foreclosure, including a short sale or loan modification.Â
In virtually all circumstances, it is beneficial for a homeowner to file an answer when served with a foreclosure summons and complaint. Â Failing to answer a foreclosure complaint may result in the forfeiture of the legal defenses that are described above.
Some states in USA are encouraging their residents to ‘think green’ and offering education on this subject. Perhaps the most forward thinking of these states was Florida, who pioneered such thoughts in the early 1990s.
Because of the diminishing land fill area, Florida brought in their first solid waste laws in 1994. At that time, each County was required to reduce the amount of its disposed solid waste by 30%. The people of Florida were taught how to re-cycle and compost. Leaflets were printed on how to build your own composting bin and shop-keepers were forced to add one penny onto any cans, bottles and jars they sold.
One reason that the residents were converted early was because Florida’s soil is particularly permeable due to the high water table. Suddenly cutting down your garbage volume by 30% is a tall order! But it is one that we could all put into practice. One of the easy ways to cut down the amount of solid waste to be disposed of, is to compost it.
The University of Florida published a pamphlet called ‘Construction of Home Compost Units’, back in 1991. In Florida, residents are allowed to participate in ‘backyard composting’ but large scale operations needs permits.
However, if you are just composting from your own kitchen scraps, and your compost will be used again in your own yard, there are no rules to meet.
Composting has probably been practiced since the beginning of time, and some of the methods of composting are quite sophisticated. However, many of us can remember our Grandmas using a simple method.
Each day, the vegetable cuttings and kitchen waste went into a bucket, and at the end of the day they went onto a pile in the garden, which was covered with a tarp. Each week this was covered in leaves (preferably a dry mix of leaves) or straw, or paper and topped with a sprinkle of lime and soil and a liter or so of water, (if the leaves are all soggy, skip the water.) Then the procedure was repeated the next week.
After two or three weeks it was mixed up and tossed into a bin to ‘heat up’. This heating up process often produces steam, but it is all part of the transformation of your garbage! It changes from moldy food into rich compost, ready for your vegetables and flowers next year. .
If your area starts cutting down on your garbage volume, this is one way you can cope. The world is running short of topsoil, so you really will be doing your ‘green’ bit!
My 1 page contract and Your State’s Real Estate Laws – Wholesale – Flip Houses – The Flip Man