Posted on: April 17, 2008
Private Financing Opportunities Available Now– Use your Savings, or your IRA to invest at rates of 10%-12% today.
April 10th, 2008 12:16 PM
As the changes within the mortgage industry continue, we see an increased opportunity for private investors to lend on real estate deals. We are looking for individuals who want to earn a higher return on their current savings or IRA funds. WE HAVE DEALS RIGHT NOW, READY TO BE FUNDED.
All of our projects are solid, LOW LOAN TO VALUE (generally under 70%), projects in the local area. The terms on these loans generally consist of short term loans, secured with a first position lien (Mortgage and Deed of Trust) with interest rates in the 10-12% range.
We currently have first position loan’s that need immediate funding in the $25,000 – $5,000,000 Range.
Individuals who decide to lend privately tend to continue to lend over and over again, as the rate of return can far exceed the returns offered by banks in CD’s and Money Market accounts.
Below, is an example of a current lending need. Please call me at 360-606-5223 if you would like more details, or if you have questions regarding lending money privately.
Project Location: Long Beach, Wa
Project Type: Land Acquisition and construction of a 3 bedroom, 2 bath home (65% Loan To Value)
Loan Amount: $32,000 for land construction, $114,000 for construction costs (Construction loan is already approved, and a loan for land only can be accepted. Buyer will pay 2 points and 12% interest for a land only loan for a term not to exceed 3 months).
Loan To Value: Land valued as is at $45,000 (Current Appraisal on hand) Completed Project valued at $230,000 per full appraisal. Buyer has already paid for septic design, drainage plan, clearing permit and building permit, adding additional value to the land.
Notes: The construction loan that is ready to be funded is awaiting the final building permit. The lender will not fund the complete construction loan without the permit in hand ( a new requirement). The seller does not want to extend the sale of the lot by another 6 weeks (permit has been applied for and the county is currently 6-8 weeks out in issuing). The buyer is willing to pay a high interest rate of 12% to a private investor who will fund the lot loan until the construction loan pays that loan off in 8-10 weeks. Alternatively, the borrower is willing to pay a rate of 10% on the entire construction loan, if a private lender would prefer to lend on the entire project. The buyer has spent around $6,000 on this project to date. This means the buyer has almost 20% of the land purchase price invested already.
Other projects are available.
If you would like more information on private real estate investing, below are links to some articles I have found that I think will help you.
http://www.bizjournals.com/seattle/stories/2007/06/18/focus8.html
http://www.iraresource.com/articles/article0595
As a mortgage professional and real estate investor in the Pacific Northwest, Travis Wolfe has been active in the real estate community since 1997. He provides residential and commercial real estate loans, as well as real estate investment coaching. He can be contacted by phone at (503) 367-1109 or (360) 606-5223 and online at www.whitewolfemortgage.com .
WhiteWolfe Mortgage is a branch of Axia Financial, LLC. Travis Wolfe 510-LO-38773
Travis Wolfe operates WhiteWolfe Mortgage in Portland, Oregon. As a local mortgage professional and real estate investor, he has been active in the real estate community since 1997. He provides residential and commercial real estate loans, as well as providing aid to persons facing foreclosure. He can be contacted at (503)367-1109.
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Posted on: April 04, 2008
Over the last few weeks, we have seen mortgage rates slip even lower. Applications are up, and interest in homes seems to be increasing at a steady pace. Things are busy in our office again …
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Posted on: March 27, 2008
Contrary to popular belief, construction financing is still available!
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Posted on: March 06, 2008
Homebuyers, Mortgage Professionals and Real Estate Agents woke up to some exciting news this morning. FHA, the Federal Housing Administration, raised the loan limits in many counties across the United States.
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Posted on: March 06, 2008
Identity theft is the fastest growing crime in America and most of us are doing nothing to protect ourselves from its devastating consequences!
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Posted on: March 04, 2008
Over 20 million American renters can own their own homes today. Most just don’t know where to start. Come to a free seminar and discover your true potential. In just 90 minutes, you’ll learn…
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Posted on: February 26, 2008
“AH SUGAR…AH HONEY HONEY” The Archie’s made this the top song of 1969, and in fact, it was the only song recorded by a fictional band to ever reach #1. And like a child who has been overloaded on candy, Bonds have been “bouncing off the walls”, and appear all “sugared up”.
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Posted on: February 05, 2008
Hot on the heels of its surprise inter-session rate cut of 75 basis points last week, the Federal Reserve cut key interest rates again, the fifth straight cut since September 2007. In its statement last week, the Fed said it had decided to cut the federal funds rate “in view of a weakening of the economic outlook and increasing downside risks to growth.” In other words, economic data suggests the US is on the brink of recession, and the Fed is acting accordingly.
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Posted on: February 04, 2008
“A GOOD CONSPIRACY IS UNPROVABLE. I MEAN, IF YOU CAN PROVE IT, IT MEANS THEY SCREWED UP SOMEWHERE ALONG THE LINE.” Mel Gibson as Jerry Fletcher in the movie, “Conspiracy Theory” And those who believe in the conspiracy theory that the Fed has access to economic data in advance of the official release dates sure felt their position was proven correct last week…let’s take a look.
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Posted on: February 01, 2008
“COMMEND A FOOL FOR HIS WIT, OR A ROGUE FOR HIS HONESTY, AND HE WILL RECEIVE YOU INTO HIS FAVOUR.” Henry Fielding So honestly – was “rogue trader” Jerome Kerviel really solely responsible for costing French Bank Societe Generale $7.1 Billion Dollars…and for helping to trigger last week’s massive sell-off in global Stock markets? Or is the junior trader being played a fool, becoming the scapegoat to cover up financial mismanagement by the bank itself?
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Posted on: January 23, 2008
In the time it takes to count to ten, five new people will become victims of identity theft. In fact, according to the U.S. Department of Justice Statistics, identity theft is now passing drug trafficking as the number one crime in the nation—with more than 15 million victims every year.
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Posted on: January 21, 2008
“WHO ARE YOU? WHO, WHO, WHO, WHO?” When Pete Townshend and The Who penned this song back in 1978, they probably never imagined that it would come to mind during a Fed Chairman’s testimony to the House Budget Committee. But sure enough – one of the Representatives questioning Fed Chair Ben Bernanke actually mistook him for Treasury Secretary Paulson…and apologized by telling Bernanke that she got him “confused with the other one.” Great reminder to keep an eye on what our elected officials are telling us during this particularly important year, as they might just have their facts a bit confused.
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Posted on: January 15, 2008
“If you don’t like the weather, wait a minute”...That’s a saying heard often in places where the weather can turn on a dime, making it very difficult to forecast. And while the weather patterns can change direction quickly, the recent movement of stocks and bonds rivals the rides at an amusement park.
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Posted on: January 04, 2008
While we all hope that we never have to deal with a sudden medical crisis caused by the discovery of a life-threatening or life-altering illness the reality is that at some point, many of us will have to face this situation. As they say, life is a terminal condition. Good health is a gift that is often taken for granted, but when you are healthy is also the very best time to take a few simple steps to insure that you and your family, income and assets would be protected in case the worst would happen.
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Posted on: December 20, 2007
Over the last 5 years we have seen many opportunities for first time home buyers in the mortgage industry. Loan programs were easier to get, had lower rates, and fees were more competitive than ever. The only thing holding most homebuyers back was the cost of homes. Home prices soared, and often times a property listed at a buyers loan approval limit would sell for thousands more, driven up by multiple offers and bidding wars.
Today, buyers are truly in control of the process! Loan programs are still great, rates down in the 5.75% range can be had with 100% financing, and home prices have leveled, or even softened in the last few months. Buyers have a real advantage right now… they have leverage back!
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Posted on: December 19, 2007
RMLS™ market statistics for Northeast Portland, Oregon as of November 2007. Market absorption rates and interest rates also covered. Statistics covered include the number of active listings, new listings, expired/canceled listings, pending sales, closed sales, average sale price, and average market time for October 2007. Year to date information includes the number of new listings, pending sales, closed sales, average sales price, median sales price, and appreciation rate.
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Posted on: December 18, 2007
Pick up a newspaper, turn on the TV or even look around your email’s junk folder and there will no doubt be something regarding foreclosures for you to investigate.
What exactly is going on in with foreclosures you ask?
Well, the way I see it, there are many different situations on the rise, and foreclosures will be around for the duration! I could write about all of them for hours, but let’s address just a couple here.
Currently, we are seeing rising foreclosure rates across the country. Some people blame the subprime mortgage industry for the rise in foreclosures. In fact, this is the easy target most magazines and local newspapers decide to focus on. I have to disagree here!
Now don’t get me wrong, I am certain that many folks in foreclosure have subprime loans. In fact, I know it to be true. We (the loan industry) have been writing loans to people with no credit, no cash reserves and sometimes even no jobs! These loans have to have a higher default rate than the guy who’s been on the same job for 20 years, has a middle FICO score of 820 and buys a house with 20% down… right? Yes, and no.
Yes, they have a higher default rate, that’s why the investors who allow these types of loans charge a higher interest rate. The higher rate allows them to offset the risk. They calculate a certain number of non performing loans into the equation when they set the rates.
And No, the subprime borrowers are not the only ones going into foreclosure. Remember the guy mentioned above? The one with the 20 years on his job, the high credit score and the 20% down? Lets say he worked for Intel, Nautilus, HP or any of the other stable companies that have laid off high paid workers in the last year and sent their jobs overseas. What happened to him? Or what about the auto workers in Detroit? Check out those foreclosure statistics! They aren’t all subprime borrowers. These are blue collar, hard working folks who simply don’t have an income anymore.
Sure, the guy with the 20% down may stand a chance at breaking even on his home. Recent declines in the market may claim 10% of his homes value, while taxes and real estate commissions claim the other 10%. So he’s better off than the guy with the zero down, interest only mortgage… right? Well the bank is, but he’ out his hard earned cash. How the heck is he better off? Sure, his credit is not blemished, but his bank account sure is. He may have taken a hit on his 401k already, and now he is a new “renter”.
My honest opinion? The media has done a great job of scaring us all into a foreclosure boom. They hyped that “bubble” so much, everybody was waiting to hear it pop. And sure enough, at the first sign of slowing (a healthy and expected occurrence in the real estate market) everybody panics! Home buyers stop buying, investors start dumping houses as quickly as possible… and so the spiral begins. Then, the media strikes again. Here it goes they say, with slick story taglines such as “risky loans” and “risky real estate”. Next, Wall Street reacts to the media attention. They stop buying mortgage backed securities and the secondary mortgage market tanks. Who gets stuck here? The subprime mortgage industry. They go to securitize on Monday, and are out of business Tuesday. Nothing fuels a panic fire better than multi-billion dollar industries shrinking by the minute.
All of a sudden the subprime mortgage lenders and borrowers are the bad guys. Never mind that the lenders have enabled more Americans to become homeowners than any other segment of lending in history! Never mind that MOST of the homeowners are paying on their mortgages on time just fine, and will continue to do so for the next 30 years. Never mind that some of these fine folks have interest rates down in the 5’s and 6’s!
The foreclosure market is definitely on the upswing… or the downswing, depending on how you look at it. Personally, I am fortunate that none of my clients have called to ask for a “foreclosure bailout loan”. If they do, we will have to talk about options. A bailout loan may be available, but does that really solve the problem? Most likely not. That is where careful consideration must be given to the problem, and the solution. Today, people in these situations have options.
We, as mortgage professionals, need to be educated! Not only in lending, but also in the foreclosure process, forbearance agreements and loan modifications. Because not all foreclosures are caused by people who can’t manage finances properly, some of these options can help many people get back on track. In cases where the property must be sold, a short sale may be the best option.
A well negotiated short sale can alleviate future financial obligations related to the foreclosure, and can result in a great deal for a new buyer. Check in later for more information on short sales.
Travis Wolfe operates WhiteWolfe Mortgage in Portland, Oregon. As a local mortgage professional and real estate investor, he has been active in the real estate community since 1997. He provides residential and commercial real estate loans, as well as providing aid to persons facing foreclosure. He can be contacted at (503)367-1109.
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Posted on: December 18, 2007
“LIFE IS NEVER BORING…BUT SOME PEOPLE CHOOSE TO BE BORED.” Wayne Dyer Yet even if Traders had wanted to be bored last week, the financial markets had other plans. Volatility reigned supreme, with large swings throughout the week in Stocks, Bonds, and home loan rates — and once the smoke cleared, home loan rates were slightly worse than where they began the week.
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Posted on: December 12, 2007
Ideas to improve and simplify your holidays
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Posted on: December 11, 2007
“SURVEY SAYS…?” Richard Dawson’s classic line on Family Feud is exactly the question that was on many minds at 8:29am ET last Friday morning, awaiting the official results of the November Jobs Report. After Automatic Data Processing (ADP) had released their hot numbers earlier in the week, indicating well over 200,000 new jobs created – traders and analysts began to wonder if Friday’s official number might not come in far higher than the expectations of 70,000.
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Posted on: December 07, 2007
“WE’RE SO BUSY WATCHING OUT FOR WHAT’S JUST AHEAD OF US…THAT WE DON’T TAKE TIME TO ENJOY WHERE WE ARE.” Bill Watterson in the comic strip, Calvin & Hobbes And while these are certainly wise words for the upcoming holiday season – they also aptly describe the mood in the markets, as Bond Traders look ahead to the end of the coming week, with the arrival of the important Jobs Report.
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Posted on: December 03, 2007
Thanks to recent tax law changes, self-employed individuals (including those employed by their own corporations) now have better retirement plan options than ever before.
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Posted on: December 02, 2007
Ah yes, the Holidays, that time of year when we have way too much to do and not enough resources to do it. These particular holidays are often fraught with expectations. The period after the holidays, which I usually refer to as the “Post Christmas Poop Out” is often likewise filled with depression and let down. So what goes wrong, and – worse yet – what happens to our money during and after this season?
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Posted on: November 21, 2007
Act quickly to trim your personal and business tax bill…
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Posted on: November 11, 2007
We’ve all by now have heard of the Law of Attraction, and we know of physical laws such as the Law of Gravity. I’d like to bring your attention to another one. Like the Law of Attraction, it’s been around forever, and like the Law of Gravity it just is. But it will actually be of value to us only if we use it consciously.
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Posted on: October 02, 2007
This month I’ve been playing with the concepts presented in the book “Now, Discover Your Strengths”, by Buckingham and Clifton. One of the reasons I really love the book, is that it’s taking a perspective I have always had and expanding on it. See, I’ve always wondered why we take someone’s talents and demean them. We want people to swim upstream, fighting the current. It’s so odd. It’s like asking the violin protégé to set aside music and become a computer programmer.
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Posted on: September 21, 2007
I attended a teleconference class yesterday. Something I have been meaning to do, but just needed to commit the time. I am glad I did. It functioned very much like a class, except I was sitting at my desk which meant I didn’t need to get in my car, deal with traffic, and find parking just to get some great information. A huge time-saver, indeed!
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Posted on: September 21, 2007
I was on Raincityguide.com today and found this interesting article about a new personal finance program called Mint. Here’s a video about it.
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Posted on: September 20, 2007
Credit scores (often referred to as FICO scores) are used by lenders and others to assess the credit risk of borrowers or existing customers to help them make credit and marketing decisions. These scores are derived solely from the information available on credit bureau reports. You have three FICO scores, one for each of the three credit bureaus–-Experian, TransUnion, and Equifax. Each score is based on information the credit bureau keeps on file about you. As this information changes, your credit scores tend to change as well.
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Posted on: September 13, 2007
Money in our lives often gets associated with words that we don’t think of as money oriented words. I have offered a teleclass titled “Charge What You Are Worth”. There’s a money word: worth. And we also associate that word as meaning deservedness, esteem, a reflection of our value in the world.
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Posted on: September 06, 2007
I write about a money question or story each month; this month’s money question is, “How do you go about raising the level of your thinking about money when everyone around you seems duty-bound to keep you “grounded” in their level of thinking?”
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Posted on: August 28, 2007
Many of my readers have heard me talk about our relationships with money. Yes, it’s true. You, I, everyone has a relationship with money. We treat it as if it was a person, and frequently we treat it as if it was someone we didn’t like very much. Someone, in fact, that we would rather not be in relationship with at all. The truth is, you are going to be in a relationship with money for the rest of your life. People may come and go, but money will be affecting you, always.
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Posted on: August 24, 2007
This is a fantastic story. How one creative person decided he wanted to trade a house for one red paper clip. Have you seen this? If not, you need to.
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Posted on: August 16, 2007
I gave a teleclass earlier this year about the word ‘afford’ and how that word
controls us. I started to think about other aspects of ‘afford’, those of pattern, habit and belief. Our beliefs around what we can and can’t ‘afford’ come, like all our money beliefs, from our parents. We learned by observation what was affordable, and what wasn’t.
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Posted on: August 06, 2007
A discussion of how you acquired your money attitudes and beliefs
Our beliefs about money affect our lives every day. They color our relationships; they shape our homes and careers. We relate to money based on the attitudes and beliefs we have about it. Often these beliefs don’t really serve us. Yet, we often unconsciously cling to these beliefs, which we acquired as young children.
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Posted on: August 02, 2007
We all know money is actually a symbol, a concept given form. But are we truly aware of how pervasive that symbol is? Money originally evolved as a bartering tool. I give you money so I can buy your goat rather than having to exchange my wheat for the goat, since you really don’t want the wheat.
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Posted on: July 25, 2007
Consumer prices edged up by 0.2% in June, the best showing since January and far below May’s 0.7% surge, the Labor Department reported July 18. Core inflation, which excludes the volatile energy and food sectors, also rose a modest 0.2% in June. For June, clothing prices fell by 0.6%, while new car prices were flat. Airline ticket prices, however, jumped by 0.9%.
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Posted on: July 16, 2007
Just as you might register in a store for wedding gifts, the FHA Bridal Registry Program lets couples register with their lender and open up an interest-bearing account for a down payment on your new home.
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Posted on: July 16, 2007
U.S. mortgage applications rose 1.1% for the week ended July 6, the Mortgage Bankers Association reported July 11. Applications were 10.5% above their year-ago level.
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Posted on: July 03, 2007
Sales of new single-family homes fell 1.6% in May, far better than the 6.2% decline Wall Street had anticipated, the Commerce Department said June 26. The median price of a new home fell 0.9% to $236,100 in May, down from $238,200 in May 2006.
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Posted on: June 27, 2007
Today the federal Open Market Committee begins its two-day summit to decide how it will set rates. Analysts interviewed by BBC expect rates to remain constant despite concerns about inflation.
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Posted on: June 26, 2007
Construction of new homes in May fell to a seasonally adjusted annual rate of 1.47 million units, a 2.1% drop from April and a 24.2% decline from a year ago, the Commerce Department reported June 19. The decrease matched economists’ expectations, and reflected weakness in the South and West, which offset construction gains made in the Northeast and Midwest.
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Posted on: June 25, 2007
In the past month, I have been asked this question on a number of occasions. Providing a clear answer to this question can be difficult as the interplay between our economy and interest rates is very complex. Some of the most brilliant economists spend their careers analyzing these dynamics. In an attempt to provide some explanation, here is an oversimplification.
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Posted on: June 19, 2007
I had lunch with another real estate agent today, and the subject of rising foreclosure rates as an indication of market conditions came up. Yes, I have been watching the trend, and it does signal an economic slowdown; recently the rate has been climbing steadily and mostly reflects the default of risky loans that were written during the late 90’s and early millennium real estate frenzy. But not until I read the recent NY Times article about the rising foreclosure rates, did I understand the far reaching effects of foreclosure rates.
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Posted on: June 18, 2007
Fueled by a surge in gasoline prices, May’s Consumer Price Index increased 0.7%, its fastest pace in 20 months, the Labor Department reported June 15. However, core consumer prices, which exclude volatile food and energy costs, rose only 0.1%, slightly lower than the 0.2% analysts had predicted.
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Posted on: May 11, 2007
Write-Offs: They’re the government’s way of rewarding you when you’ve done something they like. And to judge by the write-offs, the government likes it when you borrow money to buy a house.
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Posted on: April 12, 2007
Preparing your paperwork for your lender will make the pre-qualification process much quicker and less overwhelming. Here are the forms a lender will need in the application process:
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Posted on: March 20, 2007
When you’re thinking about making a move, one of the first steps in the home buying is finding out how much you can qualify for and deciding the type of financing that will work best for you.
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