terms and info

Last time, we talked about repairs and knowledge of repairs, but this time, we will talk about knowledge only. If you are planning on making money in the real estate market, have you taken the time to learn as much as you possibly can about the industry? Whenever you start a new endeavour, you have to learn as much as you can about the subject(s) that you are interested in. Real estate is no exception! There is much to know! Let's talk about terminology. Look over the list below. How many of the terms do you actually understand? If you are unsure of 3 out of the 30, then do all that you can to learn more about those 3. If you have over 3 , then you need to learn more, so that you are not out-on-a-limb when you buy, or don't have the confidence to start the process at all! It is not necessary to buy an expensive course study to learn about this process! Just set your mind to learning more about this subject, and the knowledge will come. Knowledge builds confidence!

HUD1, 1031 Exchange, amortization schedule

seller's disclosure, agreement of sale, lease purchase

hard money, soft money, non-conforming

bank foreclosures, sheriff sale, mortgagee

seller-held second, short sale, title insurance

subordination, real property, prepayment penalty

acquisition costs, balloon, points

ARM, buydown, blanket

chain of title, lender, debt-to-income

HELOC, liens, truth-in-lending

This is just a partial list of terms that you should know about. Feel free to email me if you need more information. I will do my best to point you in the right direction.