Added: Aug 31, 2008

From: TheNorrisGroup

Duration: 9:57

I Survived Real Estate 2008 continues with Part 6. Bruce Norris introducing Philip Tirone who is author of the 7 Steps to a 720 Credit Score and President of the Mortgage Equity Group. Philip brings to the table experience from the lending and consumer side of the equations. Philip talks about people still wanting stated income and how much harder consumers are have to work to get financing. Banks are going after co-borrowers more aggressively and doing much more background checking. Philip discusses the issue of consumers that owe much more on their home as a similar home in the same neighborhood because of the market at the desire to buy the new one and foreclosure on the current home. Philip says that lenders are catching on to this practice and has revised lending policy accordingly. As of August 1st, if a consumer wants to buy a home in the same neighborhood, it needs to make logical sense that the consumer needs the new home due to extra bedroom, more space, etc. And if the consumer has less than 30% equity, the consumer cannot accept rental income on previous home and must have 6 months reserves. Philip discusses the top three lending strategies for investors. Many investors that have purchased for cash want to refinance. The best financing is available within the first 60 days. If buying in an LLC, Philip says a single member LLC will get an investor a better rate. Philip also says to go to portfolio lenders for loans. They dont have the limitations that Fannie and Freddie currently have in place. For sellers, Philip discusses the natural inclination for sellers to drop price if a property is not selling. Instead of dropping price, Philip thinks sellers should consider buying down the buyers interest rate. This could save the consumer a great deal of money and also support prices in the area. Philip also addresses buyers that dont qualify because lack of down payment. If buyers dont have down payment, FHA allows gifts for down payments. Philip says that although there is a seasoning rule for FHA, investors should make sure all due diligence is done up front so at the 90 day mark the loan will fund quickly. Philip also says consumers and investors should manage their credit actively. 80% of people have an error on their credit report that could possibly hinder them from getting a loan. Philip says credit is really easy to manage and scores can swing 100 points. Using credit to your advantage isnt as hard as many people think. Platinum Sponsors: The San Diego Creative Investors Association (SDCIA): http://www.sdcia.com/ Investors Workshops: http://www.investorsworkshops.com/ Frye / Wiles: http://www.fryewiles.com/ Proxibid: http://www.proxibid.com/ White House Catering: http://www.whcatering.com/ MVT Productions: http://www.mvtproductions.tv/ Pechanga Resort and Casino: http://pechanga.com/ The Denver Nuggets: http://www.nba.com/nuggets/ The Chicago Bulls: http://www.nba.com/bulls/ The Cleveland Cavaliers: http://www.nba.com/cavaliers/ Gold Sponsors: 7 Steps to a 720 Credit Score and Philip X. Tirone- http://www.7stepsto720.com/ Chicago Title - https://www.ctic.com/ Elite Auctions - http://www.sellwithauction.com/ Foreclosure Trackers - http://www.foreclosuretrackers.com/ Investors Resource Center of America LA and Steve and Robyn Love - http://www.irca-losangeles.com/ Las Brisas Escrow - http://www.lasbrisasescrow.com/ National Club of Real Estate Investors and Sam Saddat - http://www.ncrei.com/ Northern California Real Estate Investors Association (Norcalreia) and David Granzella - http://www.norcalreia.com/ North San Diego Real Estate Investors and Linda Wessels - http://www.nsdrei.org/ RealtyTrac - http://www.realtytrac.com/ RE Ventures and Michael Pines - http://www.reventuresrealty.com/ Real Estate Investors Club of Los Angeles and Phyllis Rockower - http://www.realestateclubla.com/ Real Wealth Investor and Scott Whaley - http://www.realwealthinvestor.com/ Saddleback Valley Communities - http://svc4.com/ Silverstar Finance and Janet French - http://www.silverstarfinance.com/ Sunset Hills Memorial Park and Mortuary - http://www.sunsethills.cc/ The Mission Inn - http://www.missioninn.com/ The Mortgage Equity Group - http://themeg.net/ The Naked Real Estate Investor Club - Rosie Nieto - http://www.nakedrealestateinvestorsclub.com/ The Short Sale Processor and Nick Manfredi - http://www.theshortsaleprocessor.com/ Virtual Real Estate Tour and Layla Tusko - http://1wealthcreation.com/ Wholesale Capital Corporation - http://www.wccmtg.com/

Channel: People

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