I have been reading the Rich Dad series for quite a long time, so I thought I would show you what some of the available books are right now that you can buy in the series. With top CPA’s , property managers, it’s no wonder you have probably heard of the popular yellow, purple, and black books by Robert Kiyosaki. These books offer many great tips on investing, real estate investing, how to avoid pitfalls, and how best to spend your time investing. This book is big on comparing employees vs. self employed vs. investors. It will talk a little bit about tax deductions and many additional tips and tricks you can use in your real estate investing career.
I have also added some DVD’s for those who like to watch instead of read.


For those that like audio and CD instead of reading, I have listed those for you also.

It seems much of real estate investing seminars sell books, audio tapes, and some sell cd’s, but you rarely hear of real estate investing, money info, etc on mp3.  Sure there are plenty of MP3 sites for great songs, but not for training for real estate.  I went and looked for a few for you. How about a downloadable cd on subject to for 99 cents?  Not bad huh.

Loral Langemeier has a few mp3 available for real estate investing and business type of audio. I find this can be a pretty convenient way to learn and in a great format that doesn’t take up much space.  I hope to post more and bring you more future audio on this site.

How about Financial achievement and retirement.  I believe many more mp3 for real estate, money, investing and retirement will be added in the future, so please stay tuned to this blog for that.

Enjoy the mp3′s

Mortgage Rescue Plan Voted on by the House

Has everyone seen this new bill about to pass and article shown here:

http://money.cnn.com/2008/07/23/news/economy/housing_bill/index.htm?postversion=2008072318

Up to $300 billion in mortgages to back Fannie Mae and Freddie Mac.  They are saying senate approval is likely and that President Bush may sign it.  272-152 vote in favor.  Some don’t like the idea because they think it’s putting out a presedent of being able to have a blank check just to solve any problem. I suppose because in the end the tax payers pay for most things.  I am sure Fannie Mae and Freddie Mac could use some help right about now.

This article says  “More than 340,000 have had their homes repossessed by banks during the first six months of the year, up 136% from the same period in 2007. The number delinquent mortgage holders during the same period has risen to 1.4 million, up 56% from a year earlier.”

I am sure this measure came at a much needed time as we have watched Fannie Mae and Freddie Mac’s stocks take a very big dip just last week.   Fannie and Freddie guarantee the purchase and trade of mortgages and own or back $5.2 trillion in mortgages.  This bill would allow the Treasury over a period of the next 18 months to offer Fannie and Freddie an unlimited line of credit and authority to buy stock in the companies if necessary.

It would give states grants to buy foreclosure properties, there are a lot of great things in this article, please read it to find out more.

As closing nears this week for me, it’s time as the seller to prepare for the closing. I emailed over the authorization to release form for the title company so that they could call my 1st and 2nd lender to get the payoff figures available.  They also checked on any levied assessments or past due property taxes or prorated property tax amounts.  Also it’s good that all water bills be current for the new buyer, I mailed in my water bill to pay it in full.  The Listing agent, buyer’s agent, buyer, seller, loan officer will receive some type of letter from the title company about the upcoming closing.  The letter will mention the closing date as well as the address and location, and may even mention who the closer is.  The title company asks the buyer and seller to have their social security #, their driver’s license or picture ID, and where(addresses) they lived the last 10 years.

Schedule A portion of the title commitment lists the effective date, the policy for the new lender.  It mentions that I had fee simple estate as a single status owner.  If I was married I would have to have my spouse also sign the deed and paperwork when I sell. Schedule A also lists the legal description, as well as the address to the property.

Other sections require for the title insurance to take effect that 1st and 2nd mortgage must be satisfied and paid off in full.  Any other liens for the county and or name that have attached to the property would have to be paid off.  Warranty deed must be signed and passed from seller to buyer.  Association dues if their were any would have to be paid in full.  Sometimes additional things are added.

Let me give you an example of an exceptions part of the title commitment, which basically says what’s excluded from coverage.  An insurance company excluding something? NO.

The policy or policies to be issued will contain exceptions to the following unless the same are disposed of to the satisfaction of the Company.

1.       Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing in the public records or attaching subsequent to the Effective Date hereof but prior to the date the Proposed Insured acquires for value of record the estate or interest or mortgage thereon covered by this Commitment.

NOTE: Upon closing with X_ Title, Inc., Item 1 on Schedule B-II will be deleted. The Final Policy will extend coverage as to the gap between the Effective Date listed in Item 1 of Schedule A and the date of recording of the instruments creating the interest to be insured.

2.       Rights or claims of parties in possession not shown by the public records.

3.       Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title that would be disclosed by an accurate and complete land survey of the Land.

4.       Easements or claims of easements, which are not shown by the public records.

5.       Any lien or right to a lien for services, labor or material heretofore or hereafter furnished, imposed by law and not shown by the public records.

6.       Taxes or special assessments which are not shown as existing liens by the records.

7.       General and special taxes and assessments as hereafter listed, if any (all amounts shown being exclusive of interest, penalties and costs).

8.       No coverage is provided for municipal code compliance matters and fees including, but not limited to, utilities, water or sewer services, or fees for tree, weeds, grass, and snow or garbage removal, police boarding, vacant building registration and zoning.

9.       Taxes payable in the year 2008 in the amount of $X Total, unpaid plus penalty on unpaid 1^st half;  (27-119-22-43-0015)  Base Tax:  $X, Non-Homestead.
Note: 1st Half Taxes are payable on or before May 15th and 2nd Half Taxes are payable on or before October 15th.

10.   Levied special assessments are as follows:
 St/Ut/Delut…..$X balance…..$X certified to 2008 taxes.
There are no pending special assessments.

11.   Covenants, conditions, restrictions and provisions as set forth in Document Number 4752588.  (These restrictions contain no forfeiture provision.) (Omitting any covenants or restrictions, if any, based upon race, color, religion, sex, sexual orientation, familial status, marital status, disability, handicap, national origin, ancestry, or source of income, as set forth in applicable state or federal laws, except to the extent that said covenant or restriction is permitted by applicable law.)

12.   Drainage and utility easements over the subject property as shown on the recorded plat.

13.   Easements as to common areas.

If there are any questions regarding this Commitment, please contact —– at (555) 555-1212 or by email at test@x_title.com

This is just one thing that a seller reviews before getting to closing.

I will do future blog posts about title and paperwork for closing.

Insurance Claims Step by Step Process – Part 8

I got some money to my contractor today. We have the siding color picked out which is similar to what we had.  He got the permits pulled for the roof and the siding today.  He is going to start on the property tomorrow, and work on the siding, roofing, wraps, garage door, exterior window painting this week and should have most of it done by the weekend. He is hoping to finish by late Monday or Tuesday at which time he will fax the claims department to tell them that he is done so that they can mail out the remaining “depreciated” amount of what’s owed.

I have to really rush on it since we are trying to close by the end of the month, plus what I’d like to do is just finish it by the weekend and close the property and then wait for the remaining check to come by mail, but what will happen is I’ll get another check which will be made out to the lender, which I’d have to mail in and have endorsed by them, which they probably won’t endorse since I will have closed and paid off their loan, plus their would be a new buyer, so that would complicate things.  Plus the contractors are going to have to sign lien waivers, and even the subcontractors will need to sign lien waivers.  We have to think ahead on properties like this for the closing date.  I will update everyone as the process moves on.  I got my 2nd insurance check in to the lender yesterday by mail and hope to have that endorsed and back anytime.

Sept. 10th

Rather then start a new 9th post on the insurance claim I’ll just end with this. It’s been probably another 5 weeks after this last post at least. I had to receive up to 5 checks.  2 of the last 3 checks were smaller and I didn’t have the lender named on them, so that made it easier for depositing.  We are getting ready to close on Friday and I got all of the lien waivers from the contractor and I paid them in full.   It took a couple of adjusters, many months, 5 checks, and many many hours, but I finally got all new siding, all new roofing.  I could probably write a short e-book on the entire process, but all I can say is never give up.  Keep on the insurance company until it’s done. Take the time to coordinate everything.