Financing Secrets of a Millionaire Real Estate Investor

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Financing Secrets of a Millionaire Real Estate Investor, William Bronchick, 206页， 8.69M

1.
Introduction to Real Estate Financing 1
Understanding the Time Value of Money 2
The Concept of Leverage 2
Owning Property “Free and Clear” 5
How Financing A ffects the Real Estate Market 6
How Financing Affects Particular Transactions 7
How Real Estate Investors Use Financing 8
When Is Cash Better Than Financing? 9
What to Expect from This Book 10
Key Points 10
2.
A Legal Primer on Real Estate Loans 11
What Is a Mortgage? 11
Promissory Note in Detail 12
The Mortgage in Detail 14
The Deed of Trust 15
The Public Recording System 15
Priority of Liens 16
What Is Foreclosure? 17
Judicial Foreclosure 17
Nonjudicial Foreclosure 18
Strict Foreclosure 19
Key Points 19
3.
Understanding the Mortgage Loan Market 21
Institutional Lenders 21
Primary versus Secondary Mortgage Markets 22
Mortgage Bankers versus Mortgage Brokers 23
Conventional versus Nonconventional Loans 25
Conforming Loans 25
Nonconforming Loans 28

Government Loan Programs 28
Federal Housing Administration Loans 29
The Department of Veterans A ffairs 30
State and Local Loan Programs 31
Commercial Lenders 31
Key Points 32
4.
Working with Lenders 33
Interest Rate 33
Loan A mortization 34
15-Year A
mortization versus 30 -Year A mortization 36
Balloon Mortgage 37
Reverse A mortization 38
Property Taxes and Insurance Escrows 38
Loan Costs 39
Origination Fee 39
Discount Points 39
Yield Spread Premiums: The Little Secret Your Lender
Doesn’t Want You to Know 39
Loan Junk Fees 40
“Standard” Loan Costs 41
Risk 44
Nothing Down 45
Loan Types 46
Choosing a Lender 48
Length of Time in Business 49
Company Size 50
Experience in Investment Properties 50
How to Present the Deal to a Lender 51
Your Credit Score 52
Your Provable Income 56
The Property 56
Loan-to-Value 58
The Down Payment 59
Income Potential and Resale Value of the Property 60
Financing Junker Properties 60
Refinancing—Worth It? 61
Filling Out a Loan Application 61
Key Points 62

5.
Creative Financing through Institutional Lenders 63
Double Closing—Short-Term Financing without Cash 63
Seasoning of Title 65
The Middleman Technique 67
Case Study #1: Tag Team Investing 69
Case Study #2: Tag Team Investing 70
Using Two Mortgages 71
No Documentation and Nonincome Verification Loans 72
Develop a Loan Package 75
Subordination and Substitution of Collateral 76
Case Study: Subordination and Substitution 77
Using Additional Collateral 79
Blanket Mortgage 79
Using Bonds as Additional Collateral 80
Key Points 82
6.
Hard Money and Private Money 83
Emergency Money 83
Where to Find Hard-Money Lenders 84
Borrowing from Friends and Relatives 85
Using Lines of Credit 86
Credit Cards 86
Key Points 87
7.
Partnerships and Equity Sharing 89
Basic Equity-Sharing Arrangement 90
Scenario #1: Buyer with Credit and No Cash 90
Scenario #2: Buyer with Cash and No Credit 91
Your Credit Is Worth More Than Cash 91
Tax Code Compliance 92
Pitfalls 93
Alternatives to Equity Sharing 93
Joint Ventures 94
Using Joint Venture Partnerships for Financing 94
Legal Issues 95
Alternative Arrangement for Partnership 95
Case Study: Shared Equity Mortgage with Seller 96
When Does a Partnership Not Make Sense? 97
Key Points 98

8.
The Lease Option 99
Financing A lternative 100
Lease—The Right to Possession 100
Sublease 100
Assignment 100
More on Options, the “Right” to Buy 101
An Option Can Be Sold or Exercised 102
Alternative to Selling Your Option 102
The Lease Option 103
The Lease Purchase 103
Lease Option of Your Personal Residence 104
The Sandwich Lease Option 106
Cash Flow 107
Equity Buildup 107
Straight Option without the Lease 108
Case Study: Sandwich Lease Option 109
Sale-Leaseback 110
Case Study: Sale-Leaseback 111
Key Points 112
9.
Owner Financing 113
Advantages of Owner Financing 115
Easy Qualification 115
Cheaper Costs 116
Faster Closing 116
Less Risk 116
Future Discounting 117
Assuming the Existing Loan 117
Assumable Mortgages 117
Assumable with Qualification 118
Buying Subject to the Existing Loan 118
Risk versus Reward 119
Convincing the Seller 120
A Workaround for Down-Payment Requirements 121
Installment Land Contract 122
Benefits of the Land Contract 124
Problems with the Land Contract 125
Using a Purcahse Money Note 125
Variation: Create Two Notes, Sell One 126
Another Variation: Sell the Income Stream 126

Wraparound Financing 127
The Basics of Wraparound Financing 127
Wraparound versus Second Mortgage 130
Mirror Wraparound 132
Wraparound Mortgage versus Land Contract 133
Key Points 133
10.
Epilogue 135
Appendix A Interest Payments Chart 139
Appendix B State-by-State Foreclosure Guide 141
Appendix C Sample Forms 143
Uniform Residential Loan Application
[FNMA Form 1003] 144
Good Faith Estimate of Settlement Costs 148
Settlement Statement [HUD-1] 149
Note [Promissory—FNMA] 151
California Deed of Trust (Short Form) 153
Mortgage [Florida—FNMA] 155
Option to Purchase Real Estate [Buyer-Slanted] 171
Wrap Around Mortgage [or Deed of Trust] Rider 173
Installment Land Contract 174
Subordination Agreement 176
Glossary 179
Resources 187
Suggested Reading 187
Suggested Web Sites 188
Real Estate Financing Discussion Forums 188
Index 189

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