No Credit, No Money, No Problem! Getting Started in Real Estate Investing

Despite what the "no money down" courses suggest on television, having money does make real estate investing much easier. In real estate, cash is king.
When you have lots of cash you can buy properties at a deep discount by offering all cash. You can rehab a property easily. You can swing deals that just can't be done in time by someone applying for loans. Cash makes life easier.
What if you don't have any cash at all? Worse, your credit is destroyed and you have to work at McDonalds at night to pay your bills. You don't have much time, you don't have credit, and you don't have money. Are you just hopeless? Are your dreams of profiting from real estate dead?
No. You can still make money in real estate. Believe it or not, there are still lots and lots of ways you can profit. Let's cover some of them.
Partnering or investing with another person or persons is on method. Find someone with credit or cash. You offer to do all the work of finding the property, and put the deal together. They put up whatever cash is needed, and then you split whatever profits are made. It's much better to have 20%, 40% or 50% of something than 100% of nothing. Both you and your partner will profit.
Manage properties. If you have management skills you might offer to manage an apartment building in exchange for a management fee or even a free apartment. You can get a free apartment by managing storage units as well if you are willing to put up with constant interruptions.
If you manage a building successfully for a while, you might ask the owner for an option to buy the building should he or she ever decide to sell. They know you; they trust you, especially if you do a good job. A "no money down" sweet deal is in your future if you treat that owner right and do an excellent job.
Getting a license and working as a real estate agent is another way. A lot of people overlook this entry way into investing. There are many agents already in your area, and you would be new and inexperienced, so it could take time to earn a living. If you did it part time however you'll still know the market well and you'll have access to "players" or people that invest. They might be your future partner if you do a good job for them. Find an investor a few juicy deals and they will be your friend for life. Offer to partner with them in the future and they might just take you up on it.
Be a Notary Public. A Notary is just someone that has taken an easy test, licensed by the State, who can put their seal on documents to certify that the parties signing are who they say they are. It's super easy to become a Notary. Why would being a Notary Public help you in investing: for the contacts. Investors need documents signed and notarized sometimes in the middle of the night. If they know you can perform this service for them, they will come to you. They will have your business card with them at all times. Having people with money, especially real estate investors and agents, knowing your name can launch you into a nice investment if you play it right.
Wholesaling properties or bird dogging can make you instant income without credit, financing, or the need for cash. A bird dog finds run down properties, or even just great deals, for other investors. They either get the deal under contract then assign it to an investor for cash, or they sell the lead to an investor. Whole books and courses have been written on this method of making money with real estate.
As you can see, if you have nothing, you can still make money in real estate. Don't let anyone tell you it can't be done. It can.

Cape Verde Property Buying Guide

Emerging Cape Verde property market has been in conjunction with growing visitors to the tropical island with surfing and year round sunshine. Infrastructure expansion is greatly planned with an international airport, 4 or more tourist designated islands, road networks and inward investment relaxation of rules to accommodate foreign property buying. Cape Verde government is keen to attract many visitors on prolonged stays and as tourists to the number of islands earmarked for tourist development. Good returns for property developers that wish to build houses and apartments for holiday rentals to sell on or sit back and take high rental yields. Of course tax is due on rental profits, although substantial incomes can be made investing in the right property or land for development. Risk is always present buying property in an emerging market, although Cape Verde seems very promising as a long term property investment proposition.
Buying Process Cape Verde Property
Search for property and putting in an offer is the first stage of property buying. Estate agents and property developers can help with land and buildings for sale or you can locate property for sale on many websites and deal direct with owners and house builders and save money in the buying process. Good idea to conduct searches on the local area and property through Land Charge searches at the Municipal Authority and Land Registry Offices in Cape Verde. Searches here will provide a lot of information on the property:
- Debt attached to the property. Check to see all taxes, utilities is paid on the property as the new owner would inherit all financial liabilities.
- Restrictions on the property, property transfer and title.
- Valid habitation permit that goes with a valid conveyance of the property.
- Land register certificate "Certidao do Registo Predial".
- Map location of the property "Planta de Localizacao".
- Tax information on the property "Certidao Matricial".
Retain the services of a good lawyer who will arrange for the initial contract to be signed and agreed by both parties in property buying, and all other legal matters. Of course have a lawyer check all the details above and if the property is registered and in the sellers name and has the right to sell the property.
- Get hold of a tax card that is required when buying property and paying taxation due.
When signing the initial contract in the lawyers or builders (Promissory Contract of Purchase and Sale "Contrato Promessa de Compra e Venda") office a deposit is due and the contract is binding, meaning you must buy the property and the sellers must sell you the property. Contracts are as mentioned signed in a lawyer's office known as a Notary Public in Cape Verde.
When you have completed all the searches on the property and your lawyer says that everything is no problems with the property and the survey check on the property is all clear the final contact will require to be signed. Escritura is the final deed of conveyance that gets signed in a Notary Public in Cape Verde and provides the buyer of the property a document proving they are the rightful owner of the property. The Notary will register the title deed with the local land Registry and local Municipal Authority enabling enforceable title, also your lawyer can register the property. Final balance due on the property is due at this point.
Notary, lawyer, survey fees are also due, and stamp duty at present 2.5% of the final property buying price, all which are payable at the time of the final contract signing.
- Taxes are payable, please remember. Capital gains taxation when buying land for building is payable at different rates according to the sales price of the end user of the property. Sales vales in excess of 100% of purchase price of the land are then due, with other capital gains tax levels due if the increase in selling price is 30% or more.
- Transfer tax at 3% payable at the final contract signing stage.
- Annual taxes are due at present in excess of 3% per annum.
- Capital gains tax is also payable at 3% presently for the property and a "Declaracao de Mais Vallis" Capital Gains Tax Statement is also required to be sent to the Cape Verde Government within 30 days of the deed being issued.

A Traveler's Guide to Italy

Italy, a founder member of the EU, is a relatively young country which was only unified as a nation in 1861. It has land borders with Austria, France, San Marino, Slovenia, and Switzerland while the Vatican City is a separate state within Rome.
The country's long coastline, stretching some 7,600km, has contributed to problems with immigration control. Besides deep rooted problems, such as the need to import most raw materials, the country is also plagued by corruption and crime.
The economy is divided by the industrial north and less developed and poorer agricultural south.
As in much of Europe, property prices have been rising. According to the Royal Institution of Chartered Surveyor's European Housing Review 2005, the housing market has been on 'a sustained upward swing for five years'. Last year 'agents were reporting that market activity was still brisk - although it had fallen below its peak'.
Most Italian property is sold as freehold although Italian property law recognises various other property rights and tenures. Usufruct is a right to use the property of another for a fixed period but not to change its nature. Leasehold rights, which may be for a fixed period of 20 years or more or in perpetuity, allow the lessor to use the property as if he or she were the owner, subject to a requirement to improve the land and pay a rent. Building rights entitle the holder to construct a building on land belonging to a third party, or maintain a building standing on land belonging to a third party.
Building rights may be for a limited or unlimited period of time, but if for a fixed period, ownership of the building reverts to the owner of the land on their expiry. Italian property transfer processes have some similarities to France. Based on land registration, the state regulated process involves both purchaser and seller using the same state appointed notary to complete the transaction.
The process begins with a formal and nominally binding offer to purchase arranged through an estate agent. If accepted during the set period of the offer, this is followed by a preliminary contract signed by both parties (at which point a deposit will be paid). Finally comes formal completion.
The notary, in front of whom the completion documents must be signed, will verify that the documentation is correct, that the property is free from registered encumbrances and checks the identities of the parties involved. Searches beyond what is included in the registry are unlikely to be exhaustive. The notary also collects the taxes and duties involved. These vary between Non-resident property purchasers are treated differently to resident purchasers in a number of ways. In particular they will be obliged to pay higher registration fees, although residence can be claimed within a fixed time subsequent to the purchase.
Total fees and charges are likely to amount to between 5 per cent and 20 per cent, including estate agents fee, if applicable, registration fees or VAT if a new property, and the notary's fee. Fees in the order of 8 to 10 per cent are also payable on sale of a property.
Some charges are based on the registered value of the property, which is likely to be less that the actual purchase price. This also applies to local property taxes, the amount of which varies from region to region. The Imposta Comunale surgli Immobili is paid by both resident and non resident owners - although the amount is halved for property that is not habitable. In addition there are likely to be charges for local services.
Italian taxation is undergoing reform. From the start of 2005 personal tax rates have been set on a graduating scale ranging from 23 per cent to 39 per cent, with a 4 per cent supplement for income in excess of 100,000 euro.
Property owners are obliged to file annual tax returns but are only taxable on income arising in Italy. However, there tax is levied on the notional rental value of the property (based on its registered value) whether or not it is rented out. Both residents and non-resident property owners are subject to Italian inheritance law and tax. But the good news is that currently there is no capital gains tax to pay on property gains.

Bank Reference Letters Treated As Suspicious Transactions

Executive Summary - It has come to our attention that the USA is starting to treat "Bank Reference Letters" as "Suspicious Transaction" events that require reporting to the USA government. We highly suspect that many other governments are doing the same thing with their banks when a reference letter is requested.
Many clients have noticed in recent months that many banks are reluctant to issue one and many banks outright refuse to write it. The banks are refusing to issue reference letters because they would then have to write a suspicious transaction report and they try to minimize the amount of these that they generate to avoid government audits and investigations. Panama banks all require a bank reference letter even if you are opening the account in person. This is the case with almost all the banks around the world. Do not do this. We can assist with opening a bank account where a bank reference letter is not required.
Apostille - The next alarm bell concerns getting documents apostilled. An apostille is a government worker who certifies notarized documents. Basically they are there to certify the fact that the notary is in fact a notary. In many countries the apostille works for the national government. In the USA the apostilles work for the various state agencies, generally found in the Department of State that each of the states has. Many offshore banks ask their new account applicants to notarize and then apostille documents like passports. Panama banks all require this unless you open the account in person.
Recently the apostilles in the USA are starting to ask the people to fill out a form explaining what the apostille is to be used for. This is similar to the bank reference letter in that it is probably being reported whenever anyone wants a copy of a passport to be apostilled. Do not get any ID documents or anything else you want to keep private apostilled. Notarized only. So far we have not been seeing any notaries report any suspicious events or even ask what the notarized document is to be used for. Do not use a notary at a bank, credit union, savings and loan, or a stockbroker's office. These are tightly regulated businesses that are required by law to report any and all suspicious transactions. No apostilles is the safest course of action.
Implications - It is a common practice for the offshore banks around the world to require a bank reference letter when opening a new account be it a corporation, trust or a personal account for a foreigner. It would be rare for a country to require a bank reference letter for citizens of their own country. Bank reference letters are required when opening a bank account in another country. It is the early warning flag to the government about an offshore account being opened. Opening bank accounts requiring a bank reference letter are now ill advised. Under no circumstances should one obtain a bank reference letter. We can arrange bank accounts that do not require such a bank reference letter in a few select banks located in tax havens with bank secrecy.

Buying Property in Buenos Aires, Argentina

From basic information to nuance
We feel that Buenos Aires is the kind of city that you would want to not only visit, but return to time and again; to the point that staying at hotels would make no sense. To the point, furthermore, that you would want to have a place of your own to hang your hat in, every time you came down.
Buying property in Argentina is both an exciting and complex procedure which, to be sure, involves time and prudence. This holds true not only for expats wanting to make an investment, but also for locals with a desire to own their first home.
This of course, becomes far simpler when you have the right people behind you; once that is done, all else falls into place. Here is all you need to know in a very basic outline;
Buying Property in Argentina, 101:
1. Searching for and choosing your home If it's happened that you visited BA and fell head over heels in love with the architecture, the inexpensive cost of living, the people and the food; well, then maybe it's time to consider having your own place here. Be it for living 2 months out of the year in upscale Recoleta; or renting out your single-floor apartment in stylish San Telmo to turn a profit, Buenos Aires' vast options for real estate have become a solid financial investment.
2. The broker in Argentina The broker in Argentina works just as he would in the US: he gets to know what your tastes are, shows you around different neighborhoods, searches for apartments that may be to your liking, and finally - if and when you find something you've set your eyes on - sells you the place. Brokers in Buenos Aires charge anywhere from 2% to 5% commission. Also, don't forget that brokers may look friendly and act friendly, but the bottom line is that they are in this for their commission; once they collect it, they will disappear from your life, never to be seen again. Be wary of what he may want you to sign.
3. Procedure for purchase and payment of your apartment Here is where you will find the largest of all cultural differences, when buying real estate: the operation is handled entirely, 100% in cash. Simple as that. We do not have 30 year mortgages, or bank loans that can be paid over a period of time. Bear ths in mind: cash means cash, not checks or any other manner of money. The dollar bills are stacked neatly one by the other and given to the seller. You will find yourself paying the entirety of the property you have purchased in one fell swoop, within a period of days established by you and your counterpart. We handle this negotiation together with you, in order to work it out in the amount of days which best suits you.
4. Notary, escrow company & insurance company all rolled into one:
The Argentine Notary public or Escribano The work entailed by the bank, the escrow company, and the notary public in the United States is incumbent upon one person in Argentina: the notary public (known here as escribano); all responsibility is deposited on him. It is his duty - and his alone - that the deed is drawn up in a timely manner for you to sign. This, however, is the least of his responsibilities; it is incumbent upon him to give every assurance that the property is legally available for sale, that the seller has no embargos to his name, and that there are no debts on the property to be purchased.
As far as building inspection goes, even though there is many a legal ordinance to that effect, they are not heavily enforced. For this reason we recommend having the unit visited by one of our architects and/or engineers to give you every assurance that your investment is structurally sound.
5. Property taxes The city of Buenos Aires has two taxes - which in practice are unified into one bill - that are paid on real estate: a) ABL (Alumbrado, Barrido, Limpieza) which is the tax paid to the city for public sweeping, cleaning, etc., and street lights; and b) the tax on the property itself. As per local regulations, the impuesto municipal and the ABL tax are paid bi-monthly. Property tax represents less than 1% of the value of the property.
6. Utilities costs Apartment services are, for the most part, very inexpensive. You will find yourself paying, on average, a grand total of (no more than) U$ 150 on a monthly basis for gas, electric, water and phone services. Again, very inexpensive as compared to costs and utilities in any given US home.
Maintenance fees for the unit you purchase will vary, as happens in the US, depending on: a) total square footage of unit, b) age of building where you purchase your unit, c) area of the city where you purchase your unit.
7. Most popular neighborhoods The following indices show values of property in the three most popular neighborhoods (by tourist standards) of Buenos Aires. The value of any given apartment in Argentina is measured by way of a Dollars-to-square meters ratio.
For instance, if a two-bedroom apartment in the heart of Recoleta costs U$ 120.000, and has a total size of 75 square meters (807 square feet), this means the cost of a square meter for that area of Recoleta is of U$ 1600;
U$ 120.000 / 75 square meters = U$ 1600.
The list is in order of neighborhood popularity.
· Recoleta
· U$ 1700 - U$ 3000 per square meter on new property
· U$ 1500 - U$ 2000 per square meter on used property
· San Telmo
· U$ 1100 - U$ 1200 per square meter on new property
· U$ 800 - U$ 1000 per square meter on used property
· Palermo Hollywood
· U$ 1500 - U$ 2000 per square meter on new property
· U$ 1000 - U$ 1200 per square meter on used property
This is all the basic information you may need. Contact us and we'll be happy to meet with you in our offices and further discuss the particulars of property in BA.

Italy Property - Guide to Buying a Property in Italy

Overview
The Italian Property Market
An increasing number of foreign nationals have taken to purchasing real estate in Italy over the course of the past fifteen years. The increase in real estate purchases in Italy by foreign nationals really took off following the integration of Europe into the EU. With the advent of the European Union, more and more foreign nationals began purchasing different types of real estate within Italy. This included commercial, residential and speculative investment purchases by foreign nationals.
The vast majority of foreign nationals who have taken to purchasing and owning real estate in Italy are from within one or another of the European Union nations. With that said, British investors have been particularly active in buying and investing in real estate in Italy during the past five to ten years.
The prime real estate purchases in Italy by foreign nationals in recent years have been concentrated fairly heavily in rural regions of the country
Investment Property in Italy
As with the other nations that are members of the European Union, Italy has seen a growth in the number of foreign nationals making real estate purchases within that country since the inception of the EU. The common marketplace that was formed with the development of the EU is deemed to be the primary reason as to why there is so much activity in the arena of real estate buying and selling in EU nations such as Italy.
A significant amount of the movement in regard to real estate in Italy involves the buying and selling of property for investment purposes. A significant amount of activity when it comes to investment real estate has involved two primary types of property: commercial or industrial property as well multi-family properties that are used for residential and vacation purposes.
There are no real restrictions on foreign nationals purchasing real estate in Italy beyond a bit higher purchase registration tax that will be discussed later. This holds true for investment real estate as well as other types of real property in Italy.
Residential Real Estate in Italy - Single Family Properties
The biggest rush of selling when it comes to residential property has occurred outside some of the major cities in Rome. Many foreign nationals have involved themselves in this particular buying spree. Indeed, particularly people from the EU have actively made the purchase of homes and villas in rural areas of Italy to be used as second homes.
These people maintain that they are attracted to the easy going and relaxing lifestyle of life in rural Italy. (There have been some motion pictures in recent years set in such environments that many real estate experts in Italy maintain have further spurred the sales of rural residences in the Italian countryside.)
Residential Real Estate in Italy - Apartments in Italy
When it comes to finding private residences in the larger cities in Italy, apartments remain one of the most popular types of residential property bought and sold in the 21st century. Take for example the city of Rome. Apartments remain one of the most often conveyed forms of real property within the Italian capital city. (Of course, the limited amount of living space and the ever growing population of Rome have combined to make apartments invaluable residential assets in that city.)
Many foreign nationals have invested in apartments in the more major Roman cities over the course of the past decade for two primary reasons. First, these apartments are allowing these foreign nationals a second and oftentimes more affordable residence in one or another of the Roman major cities for their own purposes. Second, many people from other nations are making the purchase of these apartments in the larger cities in Italy to then be let or rented to other individuals.
Generally speaking, these investors who are purchasing apartments in Italy are renting to people who will be in Italy for an extended period of time on business. In the alternative, they are renting these apartments to individuals and families who have elected to spend an extended period of time in Italy, in one of the major Italian cities, on holiday.
Holiday Property in Italy
Vacation real estate remains a proverbial hot property in Italy at the present time. The demand for real estate in the major resort communities in Italy have sent the costs of real estate in those communities through the roof. With that said, many of the more healed foreign nationals continue to attempt to make the purchase of nicely situated real estate in the resort communities in Italy.
One of the other areas in which vacation real estate is selling at a brisk pace is in some of the more rural spots in Italy. As mentioned previously, many foreign nationals are taking to purchasing real estate and graceful homes in rural parts of Italy to be used for their second homes. Likewise, many foreign nationals are purchasing real estate in more remote and rural areas of Italy for use on family or other types of vacations and holidays.
In addition to using these properties for their own personal holiday or vacation purposes, many of these same foreign nationals are leasing these properties to other foreign nationals during those times of the year in which these owners are not occupying the properties themselves. As a consequence, many of these foreign nationals have been able to make their vacation properties pay for themselves. Indeed, there are some foreign nationals who have gone so far as to purchase more than one residential property in different locations in Italy. These individuals will use one or another of these residences at different times during the year and let them out to others the remainder of the time. These individuals have found this type of investment to be profitable.
Specific steps to buying real estate property in Italy
The real estate sales and purchasing process in Italy is fairly streamlined and not particularly complex. For the most part, a foreign national stands in the same shoes as does an Italian citizen, with one exception. When it comes to the purchase of real property in Italy, a foreign national must pay a 11% purchase registration tax after the sale itself is consummated. An Italian citizen must only pay a 4% purchase registration tax.
In Italy, the first step towards the purchase of real estate is the initial agreement between the parties. Once the initial agreement is signed and executed, there are some primary tasks that must be completed by the parties. For example, the buyer must obtain appropriate and sufficient financing. The seller must work to make certain that title to the property is free and clear of any and all encumbrances so that it can be conveyed to the buyer.
When this initial agreement is signed, the seller will post a deposit in the amount of at least 10% of the total purchase price of the real estate being sold. It is not uncommon in Italy for deposits to run as high as 50% of the overall purchase price of the property. Deposits in Italy tend to be higher than what is seen in many other countries around the world.
Generally speaking, the deposit is not refundable if the buyer simply decides that he or she does not want to buy the property. Indeed, the only real circumstances in which a buyer can obtain a refund of the deposit -- even a hefty deposit of upwards to 50% of the purchase price -- is when the buyer backs out of the deal or in circumstances when clear title to the real estate cannot be obtained within the time set forth in the initial agreement between the parties.
The real estate purchase process is overseen by a notary in Italy. The notary actually has more duties than is normally associated with a notary involved in real estate transactions in other countries the world over. For example, the notary in Italy is responsible for carrying out title searches to work to make certain that the title to the property is free and clear of any obvious defects or liens.
Many real estate experts in Italy recommend that a purchaser take the time to hire what is known as a geometra. The geometra will survey the physical boundaries of the property for sale to make sure that it actually does comport with what is listed on the legal description that is subject to a contract for sale. (These experts maintain that this particularly is important when it comes to older properties in Italy.)
The real estate purchasing process can take upwards to six months to complete in Italy. For this reason, unlike in many other countries around the world, it is a commonplace occurrence for a purchaser to move into residential property after the initial agreement is signed. In most countries around the world, the purchaser does not take possession of the property until the final agreement is executed and the deed to the property is transferred from the seller to the buyer

Property in Poland its getting better for the investor

International Property investors are now looking towards Poland as a place to invest . Poland is attracting attention for a whole host of reasons Poland or Polska has a population of just under 40 million and can be viewed as an emerging economy with great potential. With European Union accession granted in May 2004 Poland is well position between Eastern and Western Europe to capitalize on the expanding EU trade.
In summary overseas buyers are attracted to the following
o Large market of almost 40 million consumers
o Low unemployment in capital cities
o Its location between emerging eastern countries and the capitalized west
o Properties sold after 5 years or monies re-invested into property have no capital gains tax
o VAT is not applied to properties over 5 years old
o Strong GP and FDI growth
So how does an overseas buyer buy property in Poland? The buying process in Poland is a little different than in most other countries, so it is important to understand it before jumping in. EU and European Economic Area citizens may buy property in Poland fairly easily, but residents of other countries must first obtain permission from the Polish Ministry of Interior and Administration. There are some situations in which EEA citizens must obtain permission, such as for certain second homes - not their primary residence - and some agricultural lands. Check with an agent or lawyer to make sure if you need to acquire permission before proceeding to buy.
A buyer may use the services of an estate agent when buying existing property in Poland, and this person can do much of the legwork involved. Because the agent works for the buyer, the buyer pays any commission to the agent. It is not customary to use a lawyer, but as a foreigner it is always a good idea to have one review the paperwork, and apply for a permit if necessary, to make sure everything is okay.
Once you have found a property you wish to purchase, price negotiation is usually done face to face with the seller. After agreeing upon a price, a notary will draw up the initial contract. This sets out the terms and any conditions, and a 20% deposit is paid. The notary typically serves as the legal authority, carrying out any property checks and searches.
Once everything is okay according to the notary - and with your lawyer, if you have one - then the final contract is written up and signed in front of the notary. The buyer makes the final payment and the seller must present a letter or document stating that there are no outstanding loans or debts on the property. This is very important, and it should be dated the day of sale. There is a civil transaction tax that must be paid, typically 2% of the sale price, at the time of sale. Once everything is complete, you may register the property with the Land Registry.

Short Sale Genius of the First Meeting With Homeowners

A little preparation, some short sale genius and following the points below, it's a cinch to make a hit of that first meeting with the homeowner. You have three steps to follow in preparation of the short sale deal meeting.
1. Head to the County Courthouse: This is where you'll find the General Warranty Deed and get the Power of Attorney signed. These two documents have a gap that needs your work to put in additional information. Go to your county recorder's office, look for specific information (You can find what you need to get at Real Estate Investor.com), and copy & paste this information into the documents.
2. Make two copies: Make two copies of your research and all your papers and put your copies into separate manila folders. This serves as a hedge against losing time and effort in lost paperwork.
3. Find a Notary: The warranty deed and power of attorney require a notary stamp when they are signed. This is more of a step to complete right after the meeting about your short sale deal with the homeowner. It's a good idea to make sure you have a notary in place that you can visit.
There are plenty of public places to meet the homeowner in; like a coffee shop or bank. Banks have a notary on the spot and it's free. We suggest doing the meeting in the person's home since people are hesitant to talk about their private matters in a public area.
Short Sale Genius Tips for the Short Sale Deal Meeting
You can easily understand the flow of the preforeclosure meeting with your clients by looking at it in four separate segments.
1. Creating a Bond: This is just like walking into the house, doing a little tour and greeting family members. Make small talk and look up some topics to discuss beforehand if you are shy or nervous about the meeting.
2. Collecting the Homeowner's Documents: Collect the six documents you need in order to get started on the short sale deal. If you have documents that need to be filled in, give them to the homeowner to work on during the meeting.
3. Sign the Documents with the Homeowner: Some Homeowner start to get nervous when it comes time to sign with you. They'll find this part of the preforeclosure deal scary, so it's important you make this as painless as possible.
4. Wrap up the Meeting: End the meeting with your clients, so you can get back to the office and get started on the next steps of your short sale deal.
Just to make certain you hit every note right when first meeting about the short sale deal with the homeowner here are a few more of our short sale genius tips:
o Show that you understand the homeowner's situation and care, but don't feel sorry for them.
o Be up front and don't throw surprises at people. Let the homeowner's know all the good and the bad about your short sale deal. Also make sure you disclose all essential business information with them.
o Mirror the homeowner's gestures-if they talk fast, you talk fast; if they slouch, you slouch, etc. Not too much though, or you'll end up making the clients uncomfortable by mimicking.
o A checklist is great. Check things off one at a time and keep track of what you've done as the meeting progresses.
o Give praise when something is prepared properly and on time by the homeowner. When they don't have things ready, don't scold them, but let them know that they should have had it ready.
o Don't waste time at the meeting. Once you're done with bonding and rapport don't waste time chit-chatting while doing the short sale deal paperwork.
o The financial document can take a really long time. It's best to get the information you need and complete the short sale deal document yourself later.
o Do not stare at the homeowners. You don't want people to feel like you can't wait for them to sign. The homeowners are always wondering if they are going to get scammed in preforeclosure situation. To make them feel more comfortable, you might want to excuse yourself and go make a phone call. This is short sale genius!
o Be absolutely clear that they can take all the time they need. People can get very nervous when they have legal documents in front of them.
o Confirm that the client understands all the documents and processes. Tell them about REIShortSales.com where the homeowner can check the status of their preforeclosure if you are working with us.
o Go through all the documents again and make sure all the lines are properly filled out and everything is signed for this short sale deal.
o Give the homeowners a business card. No matter how many contacts you have in place, like the website, the homeowners need to know that you care.
Used properly and followed to the letter, these short sale genius steps and tips will help ensure that you have a homeowner signed on for your short sale deal. There are a lot of tips here, but if you keep them handy and read through them before each meeting they'll stick in your mind and help that meeting go well.

Hispanic Marketing for Attorneys

After attending law school in Latin America and through my years of experience with Hispanic marketing in the US, I have been able to identify several useful suggestions for lawyers who wish to market to Hispanic clients, which will make their practice more successful.
Here are 5 things to take into consideration when marketing legal services to Hispanics:
1. Explain the difference between a notary and a lawyer -In Latin America a lawyer and a notary are basically the same thing. However, in the US you do not have to have a law degree to be a notary. As such, recent Latino immigrants might believe that US notaries hold a law degree when in fact not all of them do. It is important for lawyers to educate the Hispanic consumer about the difference between notaries and lawyers and about the services each one of them can provide.
2. Hire a bilingual assistant - There is a shortage of Spanish-speaking lawyers in the US, therefore an attorney who takes the time to target this segment will have great return on investment. Even bilingual Latinos appreciate having an attorney who speaks both English and Spanish. Spanish-speaking and bilingual Latinos feel more confident having someone represent them who can communicate with them on a personal level in Spanish, yet also represent them in English, the language of the American legal system. If you don't speak Spanish you can hire a bilingual assistant to provide that personal touch.
3. Get your own certified translator - Translation fees have to be taken into consideration when targeting Latinos. Attorneys have to keep in mind that there might be a series of documents that were originally executed in Spanish and will have to be translated into English to have legal validity in the US. Translation costs can raise your overhead and the residual expense that gets passed on to your client, which make your rate less competitive. You can create a strategic partnership with a certified translator to get discounts for your clients or even better have you're a translator in-house as opposed to sending your customer to find a translator of his or her own.
4. Do not charge by the hour - The Latino community will always prefer to be charged by results or project rather than by the hour. Hispanic costumers do not like to be "on the clock" when it comes to legal services since sometimes it's hard for them open up and share personal information with you. A long lunch might be a better meeting than a 30 minute appointment at your office. If you can't do this then just be mindful that conversations, consultations or interviews tend to last a little longer with Hispanics.
5. Include family and friends - Schedule meetings with more than one family member at a time. When it comes to legal matters, Latinos may not make decisions entirely on their own. You can save a lot of time by allowing and inviting the people who will be involved in your customer's decision-making process to your meetings. This way you can ensure everyone gets the correct information and your client will have fewer reservations about your services, feeling that the important people in their lives are adequately informed.
Follow these tips and you will be more successful in marketing legal services to Hispanics. For more tips or questions about how to market to Hispanics visit http://www.HispanicMarketing.CO

Sell it in Spanish thrives on the belief of its founder, Sofia Echeverria Keck, who came up with the vision of, "integrating Hispanic culture into the heart of your business and becoming a part of the Hispanic community."
Sofia has extensive experience in marketing and customer relations in Latin America and the United States. Furthermore, she attended Central America's most prestigious Law School, Universidad Francisco Marroquin and holds a degree in Economics from the University of San Francisco.

The Property Sales Completion Process In Portugal Explained

Portugal is one of Europe's most exclusive holiday, retirement and leisure destinations. Buying a property here is straight forward as long as you know the correct procedure. There follows information about the contractual and legal steps taken for buying a property, from agreeing a price to completion and the costs involved.
PRE CONTRACT
Once your Portuguese estate agent has successfully negotiated a deal on your chosen property, a professional company will send a letter of intent that will outline the details of the sale. This will include the price, date of exchange and completion of contract. It should also state what is included in the sale (furniture and furnishings, golf membership etc) and any other conditions. The letter of intent is passed to the buyer's legal representative as a reference to the agreed terms of the sale by both parties.
EXCHANGE OF CONTRACT
Both parties should be represented by a local lawyer in Portugal and it is the buyer's lawyer who will prepare the Promissory Contract (Contrato Promessa de Compra e Venda). Before this is drafted, your legal representative will carry out all the necessary legal searches on the property. Finally, the lawyer will ensure there are no outstanding charges against the property for utility and maintenance costs such as infrastructure charges, property tax and condominium fees. Your lawyer is now ready to finalise the Promissory Contract, which is a legally binding contract and will be signed by both parties in the presence of a Notary in the Algarve.
A 10% non-refundable deposit must be transferred to your lawyer's clients' account in time for the signing of this contract to take place. The Promissory Contract will confirm who the buyers and vendors are, details of the Algarve property, including clear title of ownership, completion date, schedule of payments, and if applicable an inventory list will also be attached. It will also include standard penalty clauses in the event that any of the parties do not fulfil the contract. Under Portuguese law, if the vendor does not fulfil the contract they are liable to pay back double the deposit to the purchaser. If the purchaser does not fulfil the contract, their deposit is non-refundable.
COMPLETION
There is usually a period of time between the signature of the Promissory Contract and the signing of the deeds. This will vary from purchase to purchase and depends on the agreed terms. At this stage, as a purchaser you will require a Portuguese Fiscal Number. Your fiscal representative should apply for one and your Algarve lawyer can help and advise you on this matter.
The Escritura is the official deed of transfer from the vendor to you, the new owner. It is a document, which is signed either by you or your lawyer (if you have opted to give them Power of Attoney) at the Public Notary and stays in the hands of the Notary. The Notary reads aloud all the particulars of the deed before everyone signs it. If you do not speak Portuguese your lawyer will check that you understand exactly what is going on at each stage. Once signed, the Escritura gives you official ownership but the property still has to be registered under your name in the Land Registry (Registro Predial). Buyers should request a copy of this registration for their files, this is done by your lawyer. And finally, on completion your lawyer will also change the utility contracts from the old owners into your name.
LEGAL EXPENSES
Lawyers' fees vary anywhere from 1 to 2% of the purchase price. There are also additional legal expenses connected to the transfer of ownership at the land registry and fiscal department when buying a property in the Algarve, Portugal. These include Notary, stamp duty and registration fees and will amount to around 1% - they need to be paid by the purchaser upon signature of the deeds.
IMT (FORMER SISA)
This is the Portuguese Property Acquisition Tax and should be paid by the purchaser prior to completion. The amount payable varies according to the price of the property. If it is for habitation, the cost is worked out on a sliding scale up to 6%. If it is a plot for construction, the IMT applicable is always 6.5% of the price without any variation. Your lawyer will always advise you of these costs.
PROPERTIES OWNED BY OFF SHORE COMPANIES
Luxury properties in Portugal are often owned by overseas companies (such as Malta or Delaware) and the buyers will purchase the shares of said company. Although the transaction takes place under the jurisdiction of the company's domicile, both parties still require a local lawyer to carry out the searches on the property in the usual way. The lawyer will prepare a Share Purchase Agreement and a 10% deposit is paid to the vendor's lawyer and a completion date is agreed upon.
Depending on the location of the company, some Portuguese taxes, like IMT, may or may not apply. It is important to check the jurisdiction where the company is incorporated, as Portugal has produced a list of 83 jurisdictions that the Portuguese Government considers as "tax havens", to which higher yearly tax rates are applied. Again your lawyer in the Algarve may help you to decide which is the best option for you.
NON-RESIDENT MORTGAGES
Mortgages in Portugal are available up to 80% loan to value (LTV) with a few banks, with the majority at 75% LTV. Interest rates will vary between 0.35% over euribor to 2.5% over euribor. Mortgage repayment periods will vary between 15 years to 40 years, dependent on the bank and the client's age. The normal maximum age is 75 but one or two banks will lend to age 80.
Some Portuguese banks will allow interest only periods for 3 to 5 years, some offer capital and interest payments only and a smaller number of banks will offer longer periods of interest only payments. Finance is also available to build or renovate a property and three banks are currently offering mortgage finance to UK, Delaware or Malta companies to purchase a property, or for the client to purchase a company already owning a property. Interest rates are higher for this type of mortgage, normally between 2% and 2.5% above euribor with a maximum loan to value of 75%.
The banks charge administration fees, normally up to €1,000 and if it is a company loan, there are additional legal bank fees. The banks charge early repayment fees, normally of 0.5% of the amount repaid but this can vary if it is a company loan.
The Portuguese, particularly at the higher end of the market, have for many years considered the option of purchasing a property through a lease purchase scheme provided by the major banks. It is rather like a car lease: during the term the property belongs to bank, and at the end of the term, for a peppercorn payment, it will become the property of the client. During the term the property is not part of the client's estate, the benefit is that the property is not part of the client's tax liabilities. It is also not a mortgage and therefore not part of the client's affordability calculations to any other borrowing.
The leasing company (the bank) pays the IMT with the cost built into the client's monthly leasing payments. On sale of the property the lease can be offered to the new purchaser, subject to status and valuation. The equity in the property and profit still belong to the client and, subject to a minimal payment, the property can be sold. Leases are available up to 80% LTV over terms of up to 30 years. This is an interesting alternative to company ownership.

Stealing From the Dead and Mentally Challenged - Texas Land Swindler Convicted

Fraudsters have few boundaries. Their crimes hurt millions of Americans each year. Texas resident Norris Fisher now enters the Hall of Shame after forging deeds from the recently departed and the mentally challenged. His story is pulled from the court records of the U.S. District Court for the Northern District of Texas, Fort Worth Division.
Norris was convicted of federal mail fraud charges after being caught in a scheme that involved filing forged deeds to real estate. By forging the deeds, not only were the rightful owners of the real estate deprived of their property but the subsequent buyers who then purchased the stolen property were also deprived of their money.
According to a sealed complaint from the U.S. Postal Inspection Service, Norris is believed to have forged over 300 deeds, affidavits of heirship and other documents. His net haul? Police say in just 2 years, he falsely acquired over 100 properties in the Fort Worth area.
How did he accomplish this feat? Forged documents, forged notary seals and a newspaper.
According to sworn testimony from Postal Inspector Eric Bodak, the scheme began to unravel in late 2008 when John Special of Fort Worth found out his vacant lot had been sold to a woman in Los Angeles.
Police found that the transfer of the property had been done by a forged deed. Both Special's name and the notary's seal were forged.
Ultimately, investigators determined that forger would first use a phony deed to acquire control of the property and later sell the property for cash to an unsuspecting buyer. Anyone conducting a title search would believe that all paperwork was in order.
Fisher was located after postal inspectors traced the addresses to where the deeds were mailed.
To avoid detection, Fisher often forged deeds to vacant lots. To thwart investigators even more, he frequently targeted lots whose owners had just died. His depravity didn't end with defrauding the recently departed, however.
In one case, an alert caseworker at the Texas Department of Aging and Disability Services discovered that one of her clients, a 77-year-old ward of the state, had "sold" all 3 of her properties. Suspicious, the caseworker tracked down the alleged notary and discovered both the notary's signature and stamp were forged.
In July of 2009, police executed a search warrant at Fisher's home and found seven different notary stamps. Just prior to his arrest, an undercover agent first went to Fisher's home posing as a buyer and purchased one of the stolen lots. That conversation was taped for evidence purposes.
Faced with overwhelming evidence, Fisher ultimately pled guilty to 4 counts of federal mail fraud and conspiracy in October of this year. Although facing 20 years on each count, Fisher is likely to receive less at his sentencing hearing scheduled for early February 2011.

How to Buy a Property in Bulgaria

The Cost
Although the property prices in Bulgaria are quite low compared to the other European countries, there is still a wide variety of prices depending on the property type and location (as a rule the properties in Sofia and at the Black Sea are more expensive). The first thing you will need to figure out is how much you can afford to spend and thereafter to determine the price range for your purchase. Apart from the actual price of the property, there are a lot of other one-off costs you have to consider.
The expenditures
There are some differences in the property-buying process in Bulgaria from those in the UK. Below is the list of one-off costs which provides you with a rough estimate of the expenditures you will have to cover. It is advisable always to take all eventualities into account when making your estimates.
1. Deposit
Usually you are required to put down at least 10% of the price.
2. Solicitor
You will need to employ a local solicitor, who speaks English, for all the legal aspects of buying a property. Some charge a flat rate, others a percentage of the property price (usually 1%). We recommend to get some quotes before choosing one.
Solicitors in Bulgaria frequently represent both sides of a transaction, but are legally obliged to be diligent and fair.
3. Preliminary contract
Its cost is of around £100, with an extra £15 or so payable for a translation of the contract - remember that the English version is not legally binding.
4. Survey / Valuation Fee
5. Agency fees
Agency fees in Bulgaria are often split between buyer and seller; a typical fee might be 6% with buyer and seller each paying 3%. Sometimes the buyer is responsible for the whole fee; would-be buyers should clarify beforehand precisely what percentage of the value will be the fee and for what proportion of that fee he or she is liable. Occasionally - and this is most often the case with new-build properties - the fee is included in the purchase price; again, though, the buyer is advised to find out if this is the case and, if so, what proportion of the overall price pertains to the fee as it may affect the resale value of the property.
6. Stamp Duty
The government charges a tax based upon the property's purchase price. This is called country tax and it is the equivalent of the Stamp Duty in the United Kingdom. This is a maximum of 2% of purchase price charged at completion.
7. Notary Fee
The notary puts on public record that the title deed has been signed in their presence and understood by the parties concerned. The notary is further in charge of the submitting of the title deed with the other related documents of the transfer to the cadastral and the property register (land register).
The Notary will pay registration and state fees collected previously from the buyer.
Registration confirms you as the legal owner of the property and registers you at that address. The fee charged depends upon the price of the property (See Stamp Duty).
8. House-hunting Expenses
Property-hunting can be quite a costly business. Expenses include money for travel to Bulgaria, hotels and eating, and telephone calls.
9. Removal Fees (if not only a holiday home)
Doing the removal yourself is time-consuming and stressful. If you decide to employ a company, ask around for quotes first.
Find a Property in Bulgaria
After having calculated how much you can afford, you can start on the most exciting part of the property-buying process: selecting your future property.
But before you start spending your nights digging through piles of Bulgarian property web sites and looking at estate agents' brochures, it is advisable to sit down and think about what exactly you want. Property-hunting is exhausting and time-consuming, and you can save yourself a lot of work and energy by deciding on certain prerequisites before starting out on the actual property search.
Choosing the location and the neighbourhood
Make sure you select an area you feel comfortable in, and which suits your personal needs. If you are going to spend only your holidays in Bulgaria, then maybe you will prefer a property in a ski or sea resort. If your intention is to retire in Bulgaria, then a small village may be suitable for you. But it is a must to check the infrastructure in the region. The same is the situation if you are thinking of purchasing a property in Bulgaria for part-time retirement.
If you are a young, childless professional, you might want a lively pub scene in the area, whereas if you are an overworked parent of two children, a good school and a playground might be more important to you.
Anyway in Bulgaria there is a place for everybody - quiet lovely villages with animals and gardens, or undisturbed mountain villages, or lively cities, or luxury sea or spa resorts.
Here are the essential points to consider when choosing your future location and neighbourhood:
1. The Prices
Find out what area you can afford a decent property in by looking at the prices of properties sold recently in different locations.
2. Your feelings
Make sure you feel comfortable in that location.
3. Distance and transport
You can arrive in Bulgaria by plane, by car, by bus or by train. The major airports are in Sofia, Varna and Bourgas. From there you can take a bus or a taxi to your final destination. For more information you can see Arriving in Bulgaria. So when you choose your property's location consider how you would get to there and how long it would take you. The best possibility is that your future property is close to the major airport and the road infrastructure is in good condition.
4. Local Amenities
What you need depends on your lifestyle and preferences. Look out for shops, public transport, leisure' facilities like pubs and clubs, children's activities, parks etc.
5. Schools
If you have kids, find out what is the situation with the local schools.
6. Crime rate
Find out the crime rate in the region.
7. Condition of the region and neighbourhood
Keep in mind that the state of the houses in your neighbourhood influences the value of your own. The resort regions are likely to be more fancy than the ordinary villages.
8. Local Authority Services
Find out how often the waste is being collected, if the road infrastructure is regularly maintained, if the gardens and parks are kept in good condition etc.
Choose a Property
In addition to deciding what area you want to live in, you will have to make up your mind in regard to the characteristics of the property you intend to buy.
Below there is a list of property features you will have to consider:
1. Property type
Do you want a house or a flat? If you prefer a house, should it be detached, semi-detached or terraced?
Under the Bulgarian Act on Foreign Investments, foreigners are not allowed to own land but may own buildings. Foreigners wishing to own land can do it by setting up a Bulgarian company to hold the land. Bulgarian company incorporation costs less than £600. Bulgaria's ownership policy will be harmonized with the EU in the future, most probably in 2007.
2. Property Features
Determine what size the property should be (keep in mind that bigger home mean higher heating costs).
Decide on the number of bedrooms and bathrooms, the face of the building, whether you want a garden. If you are looking for apartment, have you any preferences for the floor number.
3. Old or new?
A new property will be more expensive to buy, but with an old property high expenses might incur for repairs and improvements. There are also many properties that are sold "off-plan", which may be pretty favourable for you.
4. Garage
If you intend to have a car in Bulgaria, check whether you have good parking facilities on the street or if there is a garage.
Bulgarian Property-Hunting Resources
After having decided on your priorities, you can start off looking for a property to buy. There are different resources for property listings.
1. Estate Agents
In Bulgaria the Estate Agents can advertise the properties and handle negotiations. Agents usually have a wide range of properties available and can offer detailed information.
Buying property in Bulgaria should only be undertaken with good professional advice. It is essential to use a reputable real estate agent - the boom in what is a largely unregulated market has led to a huge increase in the number of companies selling property, some of which may not have the experience or professional approach of longer established agencies. It is advisable to ask for references from previous customers, particularly other foreigners.
2. Private sale
Some property sellers prefer to handle their sale privately, by advertising locally. However a private sale may hardly be found. But the advantage of this kind of bargain is that there are not any estate agent fees to be paid and you might end up paying less.
You have to consider that a private seller might not deal with you in the same professional manner as an estate agent does. Especially when difficulties or delays arise, the situation can become a bit tense.
3. Online property listings
When you want to buy a property in Bulgaria and you want to get a quick impression of what's on the market, the online property listings are very convenient and helpful. It is usually possible to look for properties according to features, price range and location. Internet listings can be accessed via estate agents' home pages or independent property web sites.
You should keep in mind that a photo posted on the internet might not give you an adequate impression of the property, so it is better to remain skeptical until you have actually seen the property.
Arrange a viewing
If you have the chance you have to go and see the property with your own eyes. Check the property you view for:
- General Condition (fixtures and fittings, layout etc.)
- State of Repair (insulation, heating, plugs, plumbing etc.)
- Structural problems (dampness, cracks in walls or ceilings, crooked doors, damaged foundations etc.)
If you have no possibility to go to Bulgaria to view the property that interests you, you may require more pictures of certain features of the property. Also you may ask for the things that are not described in the advertisement as fixtures and fittings, insulation, heating, plugs, plumbing, etc.
Reservation
Once you have determined which property you wish to buy, you can reserve it either by phone, post or e-mail. You may be required to pay a reservation fee, which is refundable, and the property will be reserved for you for a certain period of time. If the property is sold via Estate Agent you have to call them to secure the deal.
Preliminary Contract and deposit
The next step will be the sign of the preliminary contact and the payment of the deposit. The deposit may vary from 10% to 20% of the purchase cost.
Survey and Valuation
You are basically conducting a mini-survey and valuation every time you view a property. It is also advisable to have a more in-depth inspection and valuation done in order to assess the property's condition and find out whether the house is actually worth its price.
The Conveyance
After your offer has been accepted, the conveyancing process starts. This includes all the legal and administrative issues that have to be addressed when a property is transferred from one owner to another.
The common practice is to hire a solicitor or a licensed conveyancer to deal with the legal aspects. Hiring a professional solicitor has become cheaper and his services are well worth the money.
What the conveyancing process involves
Before the exchange of contracts:

• Checking the "title deeds" of the property to find out whether it really belongs to the seller
• Establishing the property's legal boundaries
• Putting together a list of fixtures, fittings and contents to establish what is to be included in the sale
• Preparing a enquiry form for the vendor to find out about any material or structural defects they are aware of
• Surveying local authority plans for details on upcoming developments that could influence your property's value
• Negotiating with the seller any repairs or changes to the offer
• Advising you on the draft contract for sale prepared by the vendor's solicitor

Exchange of contracts:

• Arranging the date for the completion and the exchange of contracts
• Handing over the deposit

Completion:

• Handing over the keys and title deeds
• Paying stamp fees and notary fees