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Articles by Bryan Benson

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124 articles by Bryan Benson · showing 50

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By Bryan BensonApr 5, 20081 topic

How Do You Proceed In A Land Trust? Part I: In The Beginning...Making The Right Decision

Say you picked up a residential house just recently and you did not realize what a great deal you have. You knew you had a lot of equity in there, but you really didn’t realize what a great deal it truly was. So you have gone ahead and gotten the deed. And the next step is to file it in a land trust. So you should be clear, right? So what is your concern? nnThe previous owner is still occupying the home. Well, this could pose a slight problem. nAs far as repairs, you ne

Primary topic: Investing

602 views

By Bryan BensonApr 5, 20081 topic

Getting Your First Deal: Which Direction Should You Take? Part IV: Which Stage Will You Use For Your Sale?

Since I’ve taken you this far, I’ve decided to take you all the way! I can’t leave you hanging at this point can I? Okay, let’s re-cap. You have gotten your first deal, you have priced your unit(s) and now we are going to discuss what stage of selling you are in and how this will affect you and more importantly, how it will affect the sale. nnThe first stage I am going to talk about is something I like to call the purse stage. The purse stage is where

Primary topic: Investing

604 views

By Bryan BensonApr 4, 20081 topic

Getting Your First Deal: Which Direction Should You Take? Part III Entitlement Timeframes.

Say your state poses a bit of a challenge from an entitlement standpoint. As we discussed in parts I and II, you have worked on your first deal-and it is coming along! You have even gotten to the next stage of pricing your unit(s). Now you are ready! Bring on the contractors-right?nnHere is where you can get into trouble if you are not careful!nnYou may have a project that can take 18 months. Though that may sound like a long time, I have been told on past projects that timef

Primary topic: Investing

606 views

By Bryan BensonApr 4, 20081 topic

Getting Your First Deal: Which Direction Should You Take? Part II Pricing Your Unit/Property

How would you price your units?nnOnce you have gotten an estimate on your per unit value what is your next step?nnHow far are you in the process? What are your next steps? In part one we discussed the per units value (this was determined from broker in the area). But let’s say that you wanted to just take it to the point where you have the tentative track map approved and have actually sold it to a developer. How would you price that? Is there a kind of formula you can

Primary topic: Investing

578 views

By Bryan BensonApr 4, 20081 topic

Getting Your First Deal: Which Direction Should You Take? Part I

Are you working on your first deal? Have you come across an opportunity and you just aren’t quite sure which direction to go in? This can be a confusing and frustrating situation if you have a property with a variety of potentials. It’s enough to make you crazy! This isn’t something to take lightly either-really look at all of your options. Different options give different outcomes, which can alter the money you have the potential to make.nnLet’s take

Primary topic: Investing

650 views

By Bryan BensonApr 2, 20081 topic

Yellow Letter Campaign: How To Handle Your Calls

Are you having issues with your yellow letter campaign? Let me guess. You are getting a ton of calls, which let’s face it-that is wonderful problem to have. Are you unsure of how to really explain yourself? Many people find themselves in this situation. Think about it. They basically get the letter and they think you are some hick who drove through the neighborhood and stuck flyers in everyone’s mailbox. And then they call you…and you say…not sure what

Primary topic: Investing

827 views

By Bryan BensonApr 2, 20081 topic

Senior Housing: What To Watch Out For

When it comes to senior housing, there are a few areas you might want concern yourself with to avoid any pitfalls. In fact, maybe the city itself (the city you are dealing with) does not believe there is enough senior housing in their area-maybe they are welcoming it.nnThe first thing you need to remember about senior housing is the government requirements that go along with senior housing. You can have it zoned and get your permits for senior housing, but you will also need

Primary topic: Investing

634 views

By Bryan BensonApr 2, 20081 topic

Getting Started: What You Need To Know

Are you feeling concerned about starting your first deal? Not sure how to go about it?nnThere are a couple of things/questions you need to ask yourself when you are getting started. nnYou may be finding yourself in the same boat as many people who have started in this business. Are you limited to the things you can do to get started because of a lower income? You are not alone. There is a whole world of people out there making a ton of money. You need to figure out how to get

Primary topic: Investing

618 views

By Bryan BensonApr 1, 20081 topic

Promises, Promises. Promises Made...Promises Broken?

There are many things you may promise a seller. Of course you want everything to work out perfectly when it comes to a sale you are involved with. I’d like to give you an example you should be wary of and give you a possible solution. nnSay you have a short-sale happening and you should find out shortly if the seller is going to agree to your price. Now you know the seller has had a multitude of problems. He is considering giving you a big drop and handing the deed over

Primary topic: Investing

599 views

By Bryan BensonApr 1, 20081 topic

Finding The Right Pieces To Solve The Puzzle

Say you have a lease-purchase option on a property and a tenant-buyer in it. The tenant-buyer is wanting to purchase this in about three months; and now all of sudden you are having difficulties finding a closing attorney who will close this loan for you without the initial security being in your name. nnMy question (and the question of the day) to you is: Why aren't you getting the deed? nThat is right. Why don't you just get the deeds instead of doing a lease-option? nnI kn

Primary topic: Investing

594 views

By Bryan BensonApr 1, 20081 topic

Do I Buy Property That Includes Inventory?

Before you can even begin to answer this question you have to really ask what the property itself is worth. If you are sure (dead sure) about the value of the inventory, and you are also sure of the value of the property, then you do have a couple of options.nnI can try to explain it better for you. All you need to do is structure a deal with the seller to give him some money down that you can borrow against the real estate and then pay him the rest on a short-term note. Seem

Primary topic: Investing

729 views

By Bryan BensonMar 31, 20081 topic

General Questions

Is there a law that says you cannot give a car away if somebody buys a house? Think people-this is not a lottery. There is not a law that prohibits this practice. Do you need a HUD statement when you prepare the deed? It does not hurt to do this. If your closing agent is recommending it, then you should follow their lead (after all-they are paid for this). nnMost people think that everything should be notarized-everything! Is this true?nnDo you really need to notarize-affidav

Primary topic: Investing

646 views

By Bryan BensonMar 31, 20081 topic

Questions about Equity Spread

Many people have questions about equity spread (and what is considered a common equity spread).nnLet me explain it to you this way. If you have a home that is subject-to and is leveraged pretty high, how much equity spread actually still makes it a deal? Before you can answer that, you need to ask how high-priced the home is; sure you can go off a list price. You can even see what other homes that are similar to this house may be going for. But it goes deeper than that.nnThin

Primary topic: Investing

662 views

By Bryan BensonMar 31, 20081 topic

Get Your Situation Under Control

Has this ever happened to you? You have found the perfect house you want to purchase. And you are even able to find the owners. They had abandoned the home, but after talking with them and making them feel comfortable you were finally able to get them to sign an Authorization to Release Information. And yes, it is signed and notarized! Unfortunately some time has passed and you still would like to get into the house, but the locks have been changed and you cannot access anyth

Primary topic: Investing

686 views

By Bryan BensonMar 29, 20081 topic

Getting Down To Fundamentals

In general this can be a tough market-but it doesn’t have to be! Remember, it IS what YOU make it! With that being said, let’s focus on a couple of fundamental principles. These fundamental principals are basically a recap of things you may have already seen (or heard) but this valuable information should never be looked at as repetitive or boring. This kind of information is useful in all areas of this business.nnTabletop closingsnnMost people say stay away from

Primary topic: Investing

755 views

By Bryan BensonMar 27, 20081 topic

Approaching The IRS...Should You Or Shouldn't You?

Many people think that approaching the IRS to ask for a release of Lien is a negative or scary experience. Let’s really think about what we’re doing here. If you have obtained a property with a hefty tax lien, do you think you should really approach the IRS directly? Let’s take a step back for moment. If you have not even gotten the deed, then you shouldn’t even think about this situation. I’ve always said not to worry yourself until it is necess

Primary topic: Investing

650 views

By Bryan BensonMar 26, 20081 topic

Dealing With The Seller: Is It Your Choice?

It’s the same old story. I have heard this story dozens and dozens of times. You have found the perfect house, located on a perfect piece of property in the perfect area. One problem…you have not found the perfect seller. In fact, you cannot even find the owner or seller.nnHaving a hard time locating your seller? Say you know the house you want to purchase is vacant. You know for a fact it is empty. And you also know that the owner is vacant from life as well. You

Primary topic: Investing

640 views

By Bryan BensonMar 26, 20081 topic

Short-sale: Don't Get The Short End Of The Stick!

Short sales can be very tricky. In order to benefit from a short sale, you must keep all of your ducks in row, and not focus on the sale but focus on yourself. Of course I’m not suggesting that you don’t focus on the sale-you always want to stay focused on the sale. But what I am also suggesting is that you focus on your actions as well.nnLet’s think about things for a minute. If your bank gets a loss on your sale can they do a deficiency judgment? Yes, they

Primary topic: Investing

651 views

By Bryan BensonMar 26, 20081 topic

Challenges Of Knowing Your True Value

Challenges you say? This business is filled with challenges around every corner. Here are some things you really need to look out for and think about before you start any kind of action. And remember-most importantly- before you start any action-you need a plan of action.nnWhen you are looking at developing land there are a couple of different stages you need to think about in your action plan. Maybe you are looking at land, or maybe you are looking at developing a project th

Primary topic: Investing

706 views

By Bryan BensonMar 11, 20081 topic

Developing Extra Sensory Perception

Most experts agree that most people have extra sensory perception or are able to develop it. Many of us have already experienced ESP. For example: Have you ever gotten the feeling the phone was about to ringâ¦and it does? You are singing a song to yourself when you turn on the radio and the song you are thinking about is playing. nnSome may attribute these events as coincidence, but then again perhaps there is something more taking place. Maybe there is no such thing as coin

Primary topic: Meditation

1,171 views

By Bryan BensonMar 11, 20081 topic

Meditation To Increase Brain Function

Meditation is a discipline where the mind is focused either on an object or on breathing. It has been described as âself regulation of attention, in the service of self-inquiry, in the here and now.ânnThere have been numerous articles in major magazines as well as in medical journals of the positive benefits of meditation from reducing stress to healing the physical body. Meditation has been known in eastern religions for more than 5,000 years as a quest for spirituality.

Primary topic: Meditation

832 views

By Bryan BensonMar 11, 20081 topic

Law Of Attraction And The Vision Board

A Vision Board is a simple tool you can create to help you with getting what you want out of life via the law of attraction and manifestation. It is the visual equivalent of your thoughts, of what you desire and want in life. Your Vision Board could be your idea of a dream trip you want to take or angreat house created in the form of photographs, paintings, drawings, sketches or magazine cut outs posted on a poster board. The Vision Board is another tool to manifest your goal

Primary topic: Law of Attraction

Law of Attraction

710 views

By Bryan BensonMar 10, 20081 topic

No Need To List With A Realtor

Hereâs a scenario you might be interested in. Suppose you are getting a lot of response on a property-it's not just from the ad in the paper, it's also from additional marketing. The issue in this scenario includes a high dollar amount loan (say $600,000.00) with a $4,000-dollar a month payment. This means the market rent would not be supporting this. So the strategy would be to take offers as often as possible. You would want to, as long as the offers make sense. nnWhat if

Primary topic: Investing

646 views

By Bryan BensonMar 10, 20081 topic

Dealing With Insurance

Letâs take a look at someone dealing with insurance on a propertyâ¦or lack of it. Say you received the deed recently on a property worth about $675,000. You thought you had a buyer for it so you went ahead and recorded the deed. But now you have a problem. You donât have insurance on it. You donât have a lot of money in it though. Should you be worried? Should you buy insurance for yourself?nnYou certainly should. Right now it's technically not insured. Thatâs right.

Primary topic: Investing

728 views

By Bryan BensonMar 8, 20081 topic

Confused About The Steps You Need To Take?

Say you just got your first deed subject to deal, and you are a little bit confused about the steps you need to take. You already, applied for title search. So that's happening, and things are on their way. nnThe seller's sign all of the documents. One of the things that you didn't understand that they told you was regarding the lender. They told you that their lender has included the closing cost in their mortgage. You arenât really sure how this might affect your lease op

Primary topic: Investing

838 views

By Bryan BensonMar 8, 20081 topic

Planned Unit Development

Is your land Planned Unit Development (PUD) approved? Do you have land that can be used to put condos or other housing on?nnSay you have about 10 acres, has the city approved you putting condos on it or is that just something youâre thinking about doing? Are you sitting on a goldmine? Could you stand to increase the worth of your land? Donât waste your time just thinking. You need to take action. This could be an important step for you. Maybe you are in a town or city who

Primary topic: Investing

761 views

By Bryan BensonMar 8, 20081 topic

Good First Deal?

Letâs take a look at this scenario from a guy in San Diego. He thought he had a good shot on his first deal-a luxury condominium in down town San Diego. The guy owning the property was one of his past clients. He had some unfortunate things happen in his business where he's willing to let the pass go for what he owes on it now. nnThe amount he owes is 1.6 million. The property will actually appraise at closer to 2 and a quarter to 2 and a half million. He will let you have

Primary topic: Financial Freedom

Financial Freedom

740 views

By Bryan BensonMar 5, 20081 topic

Managing Your Properties

What are the best policies and procedures when it comes to managing your properties? Are you getting tangled up in the words? Every time there's a hiccup in the business people run like flies. nnIf youâve made a lot of money on the lease purchase (and not sure how to circumvent this) you should think about selling it in an all inclusive trust deed. Another option is you can sell it on a wrap around mortgage, in other words you can accomplish almost the same thing. The bad n

Primary topic: Entrepreneurs

762 views

By Bryan BensonMar 5, 20081 topic

If They Say They Will Sell For What They Owe

If the seller says they will sell for what they owe, understand that you are taking over their debt. One of the things you want to make sure that you do is to cash them out and only pay what they owe at that time; keep in mind that is all you can pay. nnRemember, you'll pay the bank directly; the seller is no longer a part of this. They are going to deed you the house and youâll never have to see them again as long as you live. nnNow if they're afraid of the loan staying in

Primary topic: Entrepreneurs

694 views

By Bryan BensonMar 5, 20081 topic

How Do You Title The Trust, The Trustee And The Beneficiary?

If youâre thinking about making the seller the trustee, you don't want to do that. Why you ask? Because the seller is out of this, their business is none of your business and vise versa. We know what you might be thinking, what if I can avoid the due on sale clause by making them the trustee and then the next document they sign is their resignation as trustee and Iâll become the trustee. nnThe problem with this is it doesn't avoid the due on sale clause. It hides it. If y

Primary topic: Entrepreneurs

885 views

By Bryan BensonJan 17, 20081 topic

Deed to Property: What You Need To Know

To clearly understand the relationship between a buyer and a seller it is necessary to understand what is involved in the purchase of a property. A deed to property is an essential document by which the land is passed from the seller of the property to the buyer. This legal document is necessary in transferring the ownership of the property at the time the deed is transferred to the buyer. Although this sounds like a simple process, there are several things you have to consid

Primary topic: Investing

749 views

By Bryan BensonJan 11, 20081 topic

Money Saving Tips

The yellow letters are great. They do not need changing in any way, and if you follow the instructions exactly as they are given, you will get a return from them.nnGetting these letters written and the envelopes stuffed is something that you can do yourself. Some have chosen to get someone to do it and to pay them for it. Unless you find someone who will do this for cheap, it is probably not recommended as it will cost you unnecessary expenditures. There are other options for

Primary topic: Investing

759 views

By Bryan BensonJan 10, 20081 topic

Filing A Quiet Title Suit

Stay in this business long enough and you will one day be able to say that there isn’t much that you haven’t seen. In fact, you may find that the time may come when you see much more than you wanted to see. On occasion, you may come across a property where the owner has completely left it only to have the mortgage company come and repossess it. For whatever the reason may be, you may find it difficult to buy the property when there really isn’t someone there

Primary topic: Investing

1,947 views

By Bryan BensonJan 8, 20081 topic

Media Advertisement

If you are someone trying to buy homes, then using something like television commercials to find potential sellers goes against everything taught by FFN. If you have the appearance of being a business or company owner, it will be an immediate turn off for the seller.nnIn some markets, buying homes is not the problem: selling the homes is the problem. So creatively thinking outside the box is necessary to find the right buyer. And under these circumstances, using television ad

Primary topic: Investing

725 views

By Bryan BensonJan 4, 20081 topic

Implementing PATLive

PATLive is a telephone answering service offered to a wide array of businesses. Studies have shown that people prefer talking with a person and not an automated IVR system. The service was founded in the early 90’s in Tallahassee Florida. It has expanded nationwide and has services that have also moved internationally. The company offers its services to businesses ranging from home offices to government agencies. nnIn the business of real estate, everybody has trouble f

Primary topic: Investing

761 views

By Bryan BensonJan 2, 20081 topic

Working With A Mortgage That Is In Forbearance

A forbearance agreement in real estate is an agreement by the lender not to exercise the legal right to foreclose in exchange for an agreement by the borrower to a payment plan that will cure the borrower’s delinquency. This is something that can be actively pursued by someone who is possibly facing foreclosure and wants to stop it. nnIn a forbearance agreement, the payments will usually stop for a period of time, but during this time, the borrower is still responsible

Primary topic: Investing

658 views

By Bryan BensonJan 1, 20081 topic

Understanding MAO

When lenders agree to do a short sale in real estate, it means the lender is accepting less than the total amount due because the balance due on the loan is more than what the property will sell for. Not all lenders will accept short sales or discounted payoffs, especially if it would make more financial sense to foreclose.nnWhen you intend to raise cash and raise capital once the bank accepts your offer. Or maybe you intend to involve a private lender. Then you will need to

Primary topic: Investing

893 views

By Bryan BensonDec 28, 20071 topic

Over Leverage Or Short Sale?

An over leverage home is one that you want to stay away from… meaning that the amount owed is more than what the house is worth, even more than the AVR. About the only thing you can do with these homes is list them.nnAn exception might be if there is significant damage to the home, for example if there is fire damage. Under these circumstances, selling the home by traditional means may not be an option. The average buyer does not want to buy a house that needs repairs,

Primary topic: Investing

788 views

By Bryan BensonDec 27, 20071 topic

An Extra Lot

With all the things that may come into a deal, sometimes what might be included in the deal is an extra lot, a smaller piece of property with dimensions that are so abstract and a shape to the property that may make it difficult to sell or to build on.nnProblems that you may have with lots like this (an example might be a lot that is sized at 50x150) is that it may not be buildable. That is, unless someone wants to build a house shaped like a french fry. Even if it is in a ve

Primary topic: Investing

761 views

By Bryan BensonDec 17, 20071 topic

Ron's Magic Yellow Letter

The infamous “yellow letter” has brought success in some way to everyone that has implemented it in his or her business. Putting it into your business is a time consuming process, but it is well worth the time and money.nnThere are a few important details to remember that are crucial to the success of using this letter. First, be sure you use the yellow letter exactly like it is on the website. Don't get creative and try to change the letter around at all. There i

Primary topic: Investing

1,152 views

By Bryan BensonDec 17, 20071 topic

The Perfect Short Sale Candidate

Many wonder what the ideal short sale candidate might look like. With all the different and unique situations that you may run into, here is an example to compare to.nnIf a potential seller’s asking price is the total amount owed between a first and second mortgage together and is several payments behind on both mortgages, and if the After Repairs Value is several thousand about his asking price, then this buyer is a prime candidate for a short sale deal.nnYou will want

Primary topic: Investing

1,898 views

By Bryan BensonDec 17, 20071 topic

The Nightmare Property

At first glance, it looks like a great investment and prospects of a fantastic gain are everywhere. You’ve got a great house, very good looking, everybody who sees it loves it. It's in a very promising area, you’ve got the deed on it, and you’ve been trying everything you know of to either get a tenant buyer, under a owner finance, a lease option, a straight purchase, anything. Lots of people love it, people just don't have the money.nnInitial response might

Primary topic: Investing

692 views

By Bryan BensonDec 14, 20071 topic

Foreclosures And Short Sales

Attempting to do a short sale may be a challenge when there a foreclosures on homes with multiple mortgages. For example, there may be a situation where the foreclosing lender with the highest amount due is in the second place, and the second lien holder with a substantially lower amount is in first place. This can happen because the second lien holder got to the courthouse first and recorded ahead of the larger mortgage holder. nnIn these situations, the largest mortgage hol

Primary topic: Investing

893 views

By Bryan BensonDec 14, 20071 topic

Information On Rent-to-Own Properties

People have asked, “What's the difference between a rent-to-own versus the owner financing?”nnThe answer – nothing. It’s just about the way you say it and the way it is perceived. nnWhen buying a higher dollar house, buyers are not going to want a rent-to-own situation. Generally speaking, rent-to-own works best when you are dealing with a lower-priced home. The higher the price home buyer would want to go with owner financing… no banks needed an

Primary topic: Investing

655 views

By Bryan BensonDec 14, 20071 topic

Is The California Realtors Contract Assignable?

This is a question that has been asked to us several times in the past… members wanting to know if the California Realtors Contract is assignable, or will they have to close on the contract themselves and then close with buyer. We’ve also been asked if the buyer's cash covers the cost of the first contract or will separate financing have to be obtained. nnThe only time you'd be using the realtor's contract in California is if you're making an offer through a realt

Primary topic: Investing

771 views

By Bryan BensonDec 13, 20071 topic

Don't Quit Your Day Job

So many times, we run into rookies who are fed up with their regular 40 hr week job. After hearing all the stories of people getting rich with real estate, they are ready to throw in the towel on their regular job, tell their boss what they think of him, and jump full time into the business of buying and selling homes.nnIf you fall into this category, don’t do it.nnDon’t do it, you say? That’s right. You better be very careful about giving up a job before yo

Primary topic: Career Transition

Career Transition

773 views

By Bryan BensonDec 13, 20071 topic

Capital Gains

In finance, a capital gain is profit that results from the sale or exchange of a capital asset over its purchase price. If the price of the capital asset has declined instead of appreciated, this is called a capital loss. Capital gains occur in both real assets, such as property, as well as financial assets, such as stocks or bonds.nnGains or losses from the sale or exchange of a capital asset are considered capital gains or losses. Per the IRS, almost everything you own and

Primary topic: Investing

741 views

By Bryan BensonDec 13, 20071 topic

Tips For Advertising In The Newspaper

Everyone seeks maximum exposure when trying to sell a property and to attract a tenant or potential buyer. Many different methods are available to choose from when you are looking to bring maximum exposure to your property.nnWhen your signs are being taken down by mischievous teenagers and home owner associates, and the postcard mailers that sent out aren’t yielding many positive results, placing an ad in the newspaper is going to be your best recourse. Actually, this s

Primary topic: Business Start-up

Business Start-up

620 views

By SelfGrowth ContributorDec 13, 20071 topic

Making The Most Of Your Jazz Guitar Lessons

Many of us had this dream when we started learning to play jazz guitar. We saw ourselves on stage under bright lights whipping out this great improvised solo. Maybe our dreams went into even more details. We saw the other band members, the equipment (like jazz guitar amps) and the people who would listen to our music. nnSo like any newbie, we decided to trot off and do what it took to learn how to play. We enrolled in lessons and things started off with a bang, but as the wee

Primary topic: Learning

972 views

By SelfGrowth ContributorDec 12, 20071 topic

Can't Find The Deals In A Heated Market?

This is actually a pretty common thing that is addressed often. What do you do when you know that your market is hot, appreciation is going up faster than ever, yet you can’t seem to find the right deal out there?nnReally it all comes down to marketing. More importantly it comes down to not listening to everybody around you who is whining because the market is hot. The good news is of course that in areas where property values are going up about 3% per month, it's obvio

Primary topic: Investing

714 views

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