TruHome Trucks Hitting the Road
We could not be happier with how our Logo looks on our trucks! Be on the lookout for us around Evansville and the surrounding areas! Please follow us on FaceBook!
TruPodcast Episode 2 Chasing Happiness
In this episode, I talk about how the Corona Virus has and will make HUGE impacts on our economy. And how we can use common sense when it comes to protecting ourselves from getting it. The first thing we need to do is to stop raiding stores for basic supplies! The world is not coming to an end, and you do not need a lifetime supply of toilet paper, paper towels, and top roman. The panic that we are displaying is just crazy, and when we start using common sense we will start seeing things change for the better! With all this panic going on there is a huge group of people that are being impacted by this virus. Small business owners all over the USA are wondering if they will be open when this all passes. We need to band together and help each other out and find ways to support small business owners around our great country. We at TruVest will do whatever we can to help other fellow small business owners. We are here for you!
The Good, The Bad, and The Ugly About Contract Sales!
This is your opportunity to learn how a typical real estate investing in underserved communities does social good, by generating multiple revenue streams for investors. TruPodcast series host and investor Ryan DeMent candidly shares his personal experiences and current industry insight that you won't find elsewhere. Let's get right to it. Ryan DeMent here from TruVest.
Hope you're having a great day. Today's topic owner financing contracts. I have to say I'm fired up because I get anywhere between five to 10 calls a week on contracts and guess what? They're worthless. And the reason why is because they're not recorded. They don't give you any type of home ownership. If that contract that's put in writing and it's not recorded with your county assessors office and you become the actual owner of the property, you're getting no benefits. And the other piece of it is probably 90% of the contracts that are recorded or put together don't even get reported to your credit.
So that balloon came that you have 12 to 24 months down the road. Guess what? You have to go get a real mortgage from a bank that potentially is not going to actually finance you because your credit is not good. So why do you want to do a contract? Good question. I don't have an answer, but I can tell you this. If a contract is done right, it should benefit you. It should one list you as the owner. Two, it should be serviced by a mortgage entity to where you send your payments to three, it's reported to the credit bureaus. So you get positive and negative tradelines for your payment history and the fourth, you should be able to write off the mortgage interest on that property when you're making those payments annually.
Evansville Promise Zone Partnership Announcement
If you are available please join us on Monday, February 11th at 1:30 pm CST to announce our new affordable housing partnership. The Promise Zone has formed a partnership with TruVest to rehab 25 homes in the Promise Zone in 2019. They are working with local realtors, the Evansville Land Bank and the Promise Zone to locate houses suitable for rehab. People with credit scores of 600 or more will be eligible for mortgages through Old National Bank (other qualifications may apply). If a person does not qualify for a conventional mortgage, TruVest will provide financing based on each individual situation. The press announcement will be at 723 East Oregon Street. Hope to see you there?
How to Build a Mountain of Wealth Outside of the Stock Market
Seems like every time I either turn on the TV or read business articles all I see is that the Market is approaching a correction.? To me, that does not mean much as I have not been one that places all my financial eggs in one basket.? I like to have multiple streams of investment income when it comes to my financial future. One of those streams that I found 5 years ago was purchasing performing and non-performing mortgages.? I can hear you saying?What the heck are you talking about? I can invest in mortgages?? Yes, you can just as hedge funds and banks do.? Of course, on a smaller scale, and you too can own real estate without all the hassles of being a landlord.
Mortgages A.K.A. notes can be bought directly from banks, credit unions, lenders, and private sellers. To buy directly from banks and credit unions you would have to have established connections. Do not fret, the third option and that is purchasing notes from private sellers works just fine for us average investors. Full disclosure, my Company TruVest sells notes to interested investors. ?And I am not trying to pitch you at all.? I want to share and educate you on a different world that most investors do not know exists outside of the Stock and Bond Markets.
For this post, I just want to introduce you to real estate notes and how they can help you solidify your financial future.? Below are some basic key descriptions:
Real estate notes are also known in the industry as the following:
? Deed of Trust
? Land Contract
? Bond for Title
? Mortgage (Fixed or adjustable, First or second)
? Promissory Note
Typically, lenders refer to real estate notes in the following four distinct categories:
1.Residential Notes ? Those obtained by borrower(s) for use as a home or investment
2.Commercial Notes ? Those acquired by a business entity to have a location to perform business functions from or investment
3. Performing ? The borrower(s) are actively repaying the note within the note?s term and requirements
4. Non-Performing ? For whatever reason(s) the borrower(s) have ceased making the note?s required payments.
Mailbox Money or Risk Taker?-My favorite Question
?There are several avenues that you can explore.? The first question to ask yourself is are you looking for mailbox money or are you a bit more of a risk-taker? If you are looking for mailbox money, then you need to be looking at performing notes.? If you are a bit more of a risk-taker and are looking for a more substantial ROI then you want to look at non-performing notes.? Each of these investments can return double-digit returns in as little as 6 months. My last statement is solely based upon my experience investing in real estate notes. ?And I will share some of my deals in my upcoming posts.? I am going to leave you here for this post and next week I will be sharing more in-depth on performing notes and a few horror stories of mine from my note investing journey.
About the Author:
Ryan is an Executive Level Manager with over 20 years of progressive management experience in all aspects of; finance, compliance, divisional & product management, operations, advanced technology development, and real estate related investment opportunities. TruVest, infuses cutting-edge technology to identify non-performing assets that will generate multiple streams of revenue. Utilizing proven models and processes, TruVest consistently turns non-performing assets into performing, resulting in consistent solid returns.
Is There a Shortage?
I hope you had a productive week.
For some reason this week there was a ton of articles on the spring housing shortage. Is there truly a shortage? Or have our expectations gotten out of control? Can you spend a little more time finding a house that needs some "TLC" in a good neighborhood? On the other side of the equation, mortgage rates are going up, but rates are still respectable to where homeownership is not out of reach. I know from our perspective that some markets are tighter than others, but we are always able to find houses to purchase.
Is there a shift in mentality needed for homebuyers that are entering the market this year? I would like to hear your thoughts on the topic. Until next week, let's all be part of bringing Wall Street to?YOUR?Street! Have a great week and I look forward to speaking with you soon!
Transparency = Caring
I hope you had a great week!
For the past few weeks, we have been finishing up one of our properties in Indiana.
We have agreed to sell it with owner financing to a local family. This family has a special needs child. We were supposed to close the transaction this week, but there was an emergency with their child to where they had to take him to OH for surgery. We had the family scheduled with our Title Company to sign documents and close. With this emergency, they could not close and the Title Company charges a fee for "No-Shows". I was able to talk to our title representative and explain the situation. She was very thoughtful and wiped out the fee. She then told me that when the family comes in to close next week she had a few gifts she wanted to give them. It really touched me, and I thanked her many times. She said something that reminded me why I am in the business " Ryan, we all go through tough times in life, and if we cannot help one another why are we on this planet".
One of the core values we live by is "Doing The Right Thing". This situation definitely falls into that category! I am really excited to get this family?into?their home next week! I will share some pictures with you once we get them in.
What a Week!
Let's all be part of bringing Wall Street to?YOUR?Street! Have a great week and I look forward to speaking with you soon!
Have You Ever Felt Lost?
Have You Ever Felt Lost?
It seems like I misplaced my Crystal Ball
Has this ever happened to you?
That is how I felt this week, and all that I needed was just a little time to reflect
I started The Platform Journey several months ago, and I had no clue how it would turn out
This journey has taken me down several paths. Some have been good, and some have been not so good
However, this journey finishes I know two things: I have put everything that I have spiritually into this journey, and the Platform that is launched will provide great VALUE to you
Thank you for allowing me to share my personal journey with you
Have a great week, and I hope your own journey is going well!
This Week Has Been Challenging!
This week has been Challenging and Rewarding
The Platform is coming to LIFE!
Dashboard has gone from mock-up to development
Had a Discussion during the week with an individual that watched the dashboard video (https://lnkd.in/g_t6zaT ) from last week
The conversation went well, and he provided some great feedback and improvements. That all have been documented for future releases (I will share our conversation in an upcoming post)
Platform Lesson #1 from the week
Functionality is critical
And this is something I know, but this week the details got the best of me
I was too focused on getting three aspects of the platform completed and I lost sight of the end result
Providing automation and functionality for you.? I hate when I lose focus on the end result.? My passion and perfectionism got the best of me!
Which leads me down the road of tangents.? Can you say SQUIRREL!!!!
Platform Lesson #2 from the week
Never lose sight of your why
From the beginning of this journey, I have been focused on providing value
If myself and our team cannot provide this to you then we have failed
This is what drives me every single day.? I love the challenge!
What is driving you on your journey? Would love to hear from you!
I look forward to connecting with you next week!
Cheers!