How to get your offers accepted to buy properties

The biggest challenge facing most real estate investors is making acceptable offers, especially when buying properties is the basic foundation of real estate investing.



Unless you buy properties, you cannot make any money.



Here is how to make offers that get accepted.



The offer you make depends on the type of property you are buying.



1) Buying from motivated sellers



If you buy houses from motivated sellers, it is necessary to have the following pieces of information:



a) Market Value



Do your due diligence to find out conservatively how much the house would be worth in perfect condition. You must have this information before you can make any offer.



b) Mortgage balance



You must get this information before you can make an offer. A seller who is not willing to disclose this information is not motivated enough. Move on to a motivated seller.



The mortgage balance must allow you to buy the house and still leave you with a profit. It must allow you to make a profit and own it free and clear.



c) Repairs needed



It is possible to estimate repair costs with the information provided by the seller.



You must know how much you need to fix up the house before you can make an offer. Of course, I like to see the house and do my own repair estimates.



d) Asking price



If the owner is asking for too much money given the above 3 pieces of information, the dealmight never happen.



A good asking price must take into account the market value, mortgage balance and repairs. You can then make an offer based on the asking price. Make an offer if the mortgage balance allows you to make a profit.



Even though it is necessary to consider the seller's needs, no offer can be too low. If they are facing foreclosure, then they probably need some money to move, or their asking price might be just enough to get away from the property.



If the mortgage balance is too high compared to the value of the house, it does not make sense to make an offer. Move on to the next deal.



There is no bad offer, except the one you have not made. Always make the offers that make sense to you. You'll be surprised how many get accepted.



2) Buying foreclosed properties



The asking price and repairs are the only important considerations to make in this case. Banks selling these properties are willing to negotiate.



Most REOs are listed below market value. Depending on your exit strategy, if the numbers are close to making sense, by all means make an offer.



Lastly, remember to make your offer lower than the asking price.



by: Simon Macharia

http://www.articlecity.com/articles/home_improvement/article_6984.shtml

Shape your financial future by checking your credit report and scores

Do you know what's on your credit report? Do you know your credit scores? If you don't, you're not alone, but now is a good time to better understand how they work before you go apply for that loan. By waiting to check your report and scores until you want to buy a car or house, you may discover too late your financial history forces you into strict loan terms with high interest rates, or, worse, disqualify you from getting any loan at all. How can you avoid this situation?



Responsible past credit behavior, a healthy credit score and understanding your debt picture all play crucial roles in achieving your overall financial goals. So reviewing your credit report and knowing your VantageScore credit score and how you compare to others is essential. By reviewing your report, you can verify the information in it, and take actions to correct any item that may require it. If you have any negative marks, now is the time to take action to address those issues and increase your credit score.



Perhaps the biggest misconception about credit scoring is that all the three major credit bureaus - TransUnion, Equifax and Experian - produce the same score. Although similar, there are many different scoring formulas, so variations can occur.



The three major credit bureaus partnered to develop VantageScore credit score to make credit scores more consistent and predictable across all three credit bureaus.



VantageScore credit scores fall within a range of 501 to 990 and include a letter grade from A to F. the higher your score, the better. Even though new methods provide more consistent formulas, there may still be variations across the three credit bureaus because information on individual credit reports may differ from bureau to bureau. Furthermore, each company is provided updated information from creditors on different days of the month, so an increase or decrease for one might happen on the first day of the month while another may not occur until the 15th.



These differentiators are why it's important to know all three of your scores, which you can easily get with a paid TransUnion membership. If you find the scores you have are lower than you'd like, there are some key things you can do. Most credit scores are derived by looking at these five attributes. By understanding what makes up these five factors, you can begin to change your behavior to improve your credit scores.



1. Payment history: A good record of on-time payments will help increase your credit scores. Review your credit reports closely and regularly. Late payments and other negative marks typically remain on your credit reports for up to seven years from the date of first delinquency. If you do find a mistake, take the proper steps to correct it so you can increase your scores.



2. Credit account history: An established credit history makes you a less risky borrower. Keeping old accounts that you have paid off can also help because keep your debt-to-credit ratio more favorable. Think twice before closing old accounts before a loan application.



3. Outstanding debt: High balances in relation to your credit limits can lower your credit score. Aim for balances less than 35 percent of your total available credit. You can determine your debt-to-credit ratio by reviewing your credit report now.



4. Recent inquiries: When a lender or business checks your credit in response to an application, it causes a hard inquiry on your report and may result in a slight ding to your credit score, so apply for new credit in moderation. Remember, viewing your own report and score is counted as a soft inquiry and doesn't change the score one way or another.



5. Types of credit: A healthy credit profile has a balanced mix of credit accounts and loans. It shows you have paid bills in the past and know how to manage different types of credit obligations. By reviewing your current credit reports and learning what your three scores are, you'll set yourself up for financial success in the future. Visit www.transunion.com for more information.

Inspirational Quote of the day by Tony Robbins

It is in your moments of decision that your destiny is shaped.



-Tony Robbins

Do-it-yourself weekend warrior survival guide

(BPT) - It's the do-it-yourself dream: deciding on the perfect DIY project just as the weekend finally arrives. All the supplies have been purchased and you're ready to dive right in. However, the enthusiastic start of the project doesn't always end in completion.



"Knocking out a big home improvement or do-it-yourself project in one weekend can be a rewarding task, but it is also challenging and can be taxing on your knees, feet and back when standing in the same position for several hours," says Mark Clement, home improvement expert and co-host of the national radio show MyFixitUpLife.



Whether you are woodworking at your workbench or staining a piece of furniture in the garage, Clement offers these tips to make the most of your DIY weekend projects while also feeling comfortable enough to successfully finish them:

• Focus on form and technique. When learning a new technique, go slowly, step by step, until you've mastered it. Allow your body to become accustomed to the various motions required. Moving efficiently is one of the best ways to avoid injury.
• Stay hydrated. Make it a priority to drink at least 125 ounces of cold water each day. Staying hydrated is important when exerting DIY energy, especially in the summer heat. So whether you're digging up the garden, roofing the shed, or wrenching in a no-AC garage, keep a water bottle or sports drink close by.
• Create a comfortable workspace. Be conscious of how long you are standing in the same spot working on your project and how your back feels. To relieve pressure and soreness on feet, knees and back, use a durable matthat is engineered with an optimal balance of cushion and support.
• Dress appropriately. Flip-flops and sandals do not offer the balance, protection and support that a sturdy closed-toe shoe or work boot does while tackling home improvement projects. Even if you have the grace of a ballerina in the workshop or yard, it is remarkably easy to drop things on your feet and it only takes a small distraction to create a big problem.
• Know your limits. When you only have a weekend to finish a big project, you might be feeling the pressure. Before the project even starts, accept that it may not all go according to plan. Plan for a few different scenarios and remember that you can always ask for help.
• Have a first aid kit. Even if you are being extremely cautious, accidents can happen and it's best to be prepared. Keep a first aid kit with all the essentials (antibiotic ointment, bandages, burn cream, etc.) near you at all times and seek professional medical help if necessary.

Strategies for managing and reducing debt

Before you take any action, however, you need to know exactly where you stand financially. Look over all your outstanding debt - credit cards, car payments, mortgage or rent, student loans - to help you determine where you are and which obligations have priority. These tips from Wells Fargo can help you responsibly manage your debt and strengthen your credit situation.



* Organizing debt: Not all types of debt affect your finances equally. Collect recent statements from all your creditors. Write down the creditor, amount owed, monthly payment and interest rate on your account. Knowing which debts have the highest minimum monthly payments and interest rates will help you determine which debt is costing you the most.



* Prioritizing payments: -Examine where you can cut back on expenses, and put that money toward your debts. Try paying off your debts with the highest interest rates as quickly as you can, while continuing to pay at least the minimum due on all of your other debts each month. Once you've paid off the credit card with the highest interest rate, put that money toward the next highest.



* Calling creditors: If you can't make a payment or need to make a partial payment, talk to your creditors about setting up a payment plan you can afford. You may be surprised - many creditors will be willing to work with you to find a solution.



* Refinancing your mortgage: If interest rates have dropped since you took out your mortgage loan, consider refinancing to lower your monthly payments. If refinancing isn't an option, consider other options to repay your loan more quickly. For example, sending additional principal payments with your regular payments decreases the loan balance and reduces the overall interest owed.



* Seeing a credit counselor: These professionals will need to see all your financial material so that they can help you explore your options and make a plan to get you out of debt. To find a reputable credit counselor, visit the website for the nonprofit National Foundation for Credit Counseling, www.nfcc.org.



* Consolidating your debt: You might want to consider combining all of your debts into a single loan. This allows you to pay off your debt with one monthly payment, which could be lower than all of your previous monthly payments combined. It will also make it easier to keep track of your debt. Keep in mind that a debt consolidation loan simply transfers the debt to a new lender - you'll still have debt. Additionally, if your consolidation loan has a longer repayment period, it could increase the total amount you repay. You can pay the loan off faster, of course, by making more than a minimum payment each month.-



There is hope if you are in debt. Creating a manageable plan to chart a path out of debt can give you confidence in knowing that you are in control of your finances and improving your credit health. For more information, visit the Wells Fargo Smarter Credit Center, www.WellsFargo.com/smarter_credit.

Tips on how to finance a college education

Borrowing to pay for college is commonplace today as the Chronicle of Higher Education reports that more than 60 percent of America's 20 million college students rely on student loans to finance their education. A college student today graduates with an average of $24,301 in student loan debt, according to the Federal Reserve Bank of New York, which also projects that there are approximately 37 million Americans who have outstanding loan accounts.



While many students believe that loans are worth the investment in their future, a growing number of borrowers are defaulting on their student loan debt. The Federal Reserve Bank of New York estimates that about 5.4 million student loan borrowers have at least one past-due student loan account.-



Economists and policymakers alike worry about the long-term impact on recent graduates burdened with loan debt - many of whom may face challenges down the road in securing financing to buy a house or start a business.



To help parents and students learn more about college financing, FindLaw.com, the nation's leading website for free legal information, offers a free, downloadable mini-guide on student loan debt. Here are some additional tips:



Start early. Really early - From the moment your child is born, start putting away a little bit each month toward his or her education. Use a state-run 529 plan or an IRA Coverdell account to save for college education tax-free. Regardless of when you start saving for college, it's never too late to put money aside to pay for college expenses.



Apply to colleges you can afford - Carefully weigh the costs and benefits of an expensive school to a less costly institution. Students who graduate with little or no debt may have more freedom to take career risks, such as moving to a new city or taking a low-paying internship that offers valuable work experience.



Explore financial aid options - Research and apply for all financial aid opportunities, even if you think you may not qualify. You can apply for federal student loans by completing the Free Application for Federal Student Aid.



Compare financial aid packages - As you receive acceptance packages from colleges and universities, pay close attention to the financial aid programs offered by each school to determine which offers the best option to finance your college education.



Research scholarships - Continuously apply for scholarships throughout your college years to defray expenses. Keep your eyes open for opportunities. Professors, for example, are often aware of scholarship opportunities and are an excellent source for references when applying for certain scholarships or aid packages.-



Consider the job prospects for your major - Before declaring a major, research post-college career prospects. What types of jobs are people getting with the major you're interested in? How much are they making in your part of the country? For example, if you need to take out $50,000 in student loans to obtain a degree that results in a job that typically pays about $35,000 per year, you may want to rethink your major.



Understand your loans - Not all student loans are the same. Some have higher interest rates. Some offer different terms to defer payment while a student is pursuing another degree. Some allow you to start paying the interest immediately, while you're still in college, to lower the loan's overall cost. Before considering student loans from a private lender, seek information and apply for federal student loans such as Stafford, Perkins and PLUS loans. Also talk to your college to see if it offers an institutional student loan program. Private loans can come with higher interest rates and more fees, so it's best to explore your options.



Think twice, parents - Parents who co-sign for a child's loan are responsible for that debt in the event that their son or daughter can't pay it. While you may want to help your child achieve his or her dreams, don't put your retirement years in jeopardy by cosigning on expensive private loans with high interest rates. Instead, help your child start building a positive credit history in his or her teenage years, and teach kids to take financial responsibility for the debt they incur.



To learn more about student loans and student loan debt, visit FindLaw.com.

Details on carpet stain removal

Carpet stain removal can be a daunting task. It should also be done with much care and precaution to prevent damage on the carpet. While using the vacuum cleaner will do fine, it will only remove the dirt. Stains are different, thus, they should be treated differently.



Regardless of the approach employed in removing the stains, it is best to act immediately and quickly. If you wait in doing the cleaning, you risk ruining your carpet for good. Whether oil, wax, solid or liquid substances are spilled on the carpet, you need to grab a clean cloth to remove the solid substances or what can be removed from the stain.



Then you have to blot out as much of the stain as possible. If a liquid substance spilled the carpet, there might occur wicking. Wicking means that the liquid substances have pooled at the bottom of your carpet. Hence, it will weaken the fiber of your carpet, causing the stain to spread and resurface; and eventually, serious damage is done on your carpet.



To prevent wicking, you need to cover the area with a thick dry cloth, and weigh it down with thick books or something that is heavy. Leave it overnight and remove the stain as normal in the following day.



In the morning, when you are certain that no more liquid or staining material will come out, blot out the stain using a dampen cloth or sponge. Avoid scrubbing the carpet as it would weaken the fiber and cause the stain to spread to other areas.



Blotting the stain gently will remove the stain without causing further damage to the carpet. If the stain remains after blotting it with water, you may want to squirt mild dish washing liquid onto it to clean. Blot the stain gently and let it sit for an hour before you blot again with a cool damp sponge or cloth until the stain is totally removed.



There are many carpet stain removal products available in the market in case you do not like to use dishwashing liquid detergent. Commercial products designed for removing stains vary based on what types of stains on your carpet.



For them to be effective, you need to figure out what type of stains your carpet has. If it is greasy like oils for cooking, body, automotive or moisturizing, use grease-based stain removal products.



If the stains are acid-based like coffee or urine, your choices are oil-based or acid-based products. In oil-based, the stains are dissolved, while in acid-based, the chemical quality of the spots are changed in order to make them easy to remove.



If you are not certain on the type of stain your carpet has, choose the all-purpose type of carpet stain removal product.



In all your undertakings, it is best to test the carpet stain removal product in a corner of the carpet or in any out-of-the-way area of the carpet, lest, you may risk creating a faded spot that may look more hideous than the stain itself.



by Rudy Silva

http://www.articlecity.com/articles/home_improvement/article_6257.shtml