Note Course Bonus: Little-Known Source Of Funds
Published: Tue, 06/10/08
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Hello again ,
Land is notoriously difficult to finance without seller
participation. Unless you have some connection
with agriculture you probably haven't heard of the Farm Credit
System. But you don't have to know a cow from a plow to
qualify for their loans.
If you buy real estate for investment or even just for your own
residence, you ought to know about this source of funds.
Cheers,
W. J. Mencarow
The Paper Source, Inc.
http://www.PaperSourceOnline.com
http://www.cashflows.org
My new blog, "Enough About You, Let's Talk About Me":
http://papersource.wordpress.com
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A SOURCE OF FUNDS YOU PROBABLY DON'T KNOW ABOUT
Land is notoriously difficult to finance without seller
participation. Unless you have some connection
with agriculture you probably haven't heard of the Farm Credit
System. But you don't have to know a cow from a plow to
qualify for their loans.
If you buy real estate, even if just for your own home,
you ought to know about this.
The Farm Credit System backs loans made by their
member co-ops. They raise capital through bonds; no tax
money or federal guarantees are involved. They loan
on rural property, construction and improvements.
"Rural" is property outside city limits. Their
current rate for an ARM is prime plus 65 basis points;
fixed-rate loans are higher. You can convert the ARM
to fixed rate anytime for $250.00.
They make construction loans on the same terms, or interest-only if
you want.
They require 15 percent down. Loans under $150,000 are low-doc.
Closing costs are 1 point plus appraisal fee.
You have to become a member of the Farm Credit System co-op, which
means you buy $1,000 of stock. Your dividend should effectively
reimburse you for half a point of the interest on your loan.
Unlike many other lenders, they don't care if you live on the
land or what you do with it. You can even subdivide it and sell
lots. If you subdivide they want you to pay off the portion of the
land you are going to develop; in other words, they don't want to
have a security interest in non-contiguous parcels.
You could buy land with a Farm Credit loan, subdivide it,
pay off the loan as you sell lots, making the rest of your
land free and clear, then create notes on the rest.
Enter "farm credit association" in an Internet search engine
to find your closest one.
******************************************************************
Speaking of real estate, I've been dealing with agents on and
off for over 20 years, hundreds of them by now, in both
Virginia and Texas. What a sorry collection of losers.
What an embarrassment they are to the professionals in
that business. Sure, I've found a few competent ones,
and a couple of real pros, but the vast majority are empty
suits (or dresses). They can't seem to handle the basics
of business.
Example: A friend of mine flew halfway across the country
to see a property. When he arrived for his appointment
the agent was nowhere to be found. He had to call her at home and
wake her up.
I can't tell you the number of times agents have told me they
don't show any listings but their own, or refused to present my
offer because it would "insult the seller." Have you ever been
told that by a real estate agent?
My good friend Pete Fortunato (the smartest man in the world
when it comes to making money with real estate:
www.peterfortunato.com) told me his reply to that:
Making an offer is not insulting the seller.
The people who insult the seller are the ones who look at the
property and don't make an offer. They are saying it's not
worth buying at any price.
When I was gainfully employed I found that it was easy
to stand out and be respected as a professional. Here's the
secret:
1) Show up on time and work through "closing time."
2) Ignore office politics and gossip.
3) Return calls.
4) Do what you say you will do.
It's amazing what simply following those 4 rules will do for
your career.
*****************************************************************
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