Bankruptcy alone does not relinquish ownership of the property. The bank has to legally foreclosure on the investor in order to take back the property. This means the investor could actually keep collecting any rents received until the property is sold at auction assuming the bank does not assume the rents as they are entitled to. The main thing bankruptcy accomplishes is that it eliminates the right of the lender to collect a deficiency judgment from the investor when the property sells for less than its loan amount.

FHA Admits They are Hindering the Real Estate Recovery

The FHA has finally come to the realization that many investors buying and fixing foreclosures are taking much less than 90-days to rehab their homes.  Good rehabbers can actually have an ugly house ready for occupancy less than 30 days after its purchase.  So beginning February 1, 2010, the FHA is suspending the 90-day resale restriction imposed on sellers selling to buyers using FHA insured financing.

In order to re-sell a home to a FHA buyer in under 90 days, the following conditions must be met.

This chart was created using the information listed in the Waiver of Requirements of 24CFR 203.37a(b)(2) which is located on the HUD website at http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf.

Here are two more points not listed in the chart.

1. The 90-days flip restriction waiver will expire one… Read the rest

Real estate investing and especially rehabbing is not a one person show.  The interaction of several different real estate professionals is needed in order to operate a profitable real estate investment business.  In simple terms, real estate investors are basically project managers.  A project manager brings together and directs the right people to accomplish a goal.  The project manager has the vision of what the outcome will be, and it is his or her job to put to together the right team of professionals that can make that goal come to fruition.

The synergy of an effective team is always greater than the sum of the individual contributors.  This synergy is created by the real estate investor through his or her leadership, determination, and vision.

Here’s a tip:  You can find each one of these professionals at your local real… Read the rest