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Private Money Lending Blog

Corey Curwick Dutton

By Corey Curwick | Mortgage Broker
or Lender in Salt Lake City, UT
  • Paying $1K per Month for a 1 Bed Apartment? Consider Buying

    Posted Under: Home Buying in Salt Lake City, Financing in Salt Lake City, Rentals in Salt Lake City  |  August 18, 2014 8:52 AM  |  50 views  |  2 comments

    Inspired by an infographic on Apartments.com, I was considering the cost of renting in some of the first and second tier markets across the U.S. versus buying. The article highlights what $1,000 per month in rent can get you in some of the top U.S. cities. The reality is, not very much. In fact, the article celebrates the fact that you can still get into a one-bedroom apartment in some of the top U.S. cities for a hair less than $1K.

                For those who need a 2 or 3 bedroom apartment however, it gets expensive quickly to live in these coveted locations. In this case, why not buy? With entry-level prices of townhomes and single-family homes in surrounding suburbs of the top U.S. cities hovering between $130K to $170K - Why not buy?

                Although most renters think they may not have the down payment required for a home loan, consider how much cash is required upfront in a renting scenario. If someone is paying around $2K per month in rent and then paying upfront move-in costs including the first month’s rent, last month’s rent, and a deposit, this could be equivalent to a down payment for a home loan. Curious to see what $1K in rent will get you in the top U.S. markets? Take a look at this interesting infographic on Apartments.com that displays the data they’ve collected on this topic: http://blog.apartments.com/location-location-location-apartmentscom-reveals-what-1000-a-month-will-rent?frontdoor=outbraintm

    If you are renting a two or three bedroom apartment in one of the top tier locations in the U.S., consider buying. With apartments seeing their lowest vacancy rates in over a decade, it’s not getting any cheaper to rent.

    Posted by Corey Curwick Dutton

     

  • Top 4 Mistakes Made By New Real Estate Rehabbers

    Posted Under: Financing in Salt Lake City, Rentals in Salt Lake City, Investment Properties in Salt Lake City  |  August 7, 2014 12:38 PM  |  94 views  |  No comments

    You’ve taken the crash course on real estate investing and now you’re convinced you can make millions in real estate. You’ve contacted an agent to get started finding properties and you are ready to go. But what are the three most common mistakes made by new real estate rehabbers?

    1.     Going at it alone: The most successful real estate rehabbers use a mentor to help them find and evaluate deals. Once you find a seemingly good deal, a real estate mentor is crucial in helping you make the deal a good deal. If you skip this step of using a mentor, this is probably a mistake.

    2.     Using only one realtor: Don’t sign a contract with a single realtor right away. Talk to multiple agents and tell them your unique goals. Test each of these agents out before signing a contract. One of the most common mistakes is locking in with only one agent that never sends you quality deals to look at.

    3.     First rehab is a gut rehab: Never take on a gut rehab on your first few deals. There is a big difference between a cosmetic rehab and a gut rehab. Until you are experienced doing several cosmetic rehabs first, don’t make the mistake of taking on a gut rehab.

    4.     Inadequate Financing: Don’t get started unless you know you’ll have funds to complete the rehab, cover carrying costs and interest payments. If you are trying to scrape it together, don’t do it.

    These are just a few of the most common mistakes made by new real estate rehabbers. What else would you add to the list?

    Posted by Corey Curwick Dutton 

  • Private Money Mortgages Help Borrowers with Bad Credit

    Posted Under: Home Buying in Salt Lake City, Financing in Salt Lake City, Investment Properties in Salt Lake City  |  May 14, 2014 9:35 AM  |  343 views  |  No comments

    There are few options for home loans for borrowers who have had bankruptcies, foreclosures, or short sales in recent years. You can’t get a payday loan on a house, and hard money loans are also not an option. And with the new ‘Qualified Mortgage’ rules that went into effect in January, even the most eligible borrowers can no longer qualify for home loans. For this reason many private money lenders have started offering an alternative for these types of borrowers in the form of a private money mortgage. Because these loans are not sold on the secondary market but rather are held by real estate lenders, they don’t fall under the same scrutiny that government backed loans do. For those borrowers with bad credit these types of loans allow them to purchase properties that they otherwise would not be able to qualify for.  Because private money mortgages are not a standard issue type of loan, most people don’t understand how they work. 

     Posted by Corey Curwick Dutton 

  • Kansas Man Faces Charges of Mortgage Fraud Conspiracy

    Posted Under: Financing in Salt Lake City  |  May 6, 2014 8:48 AM  |  290 views  |  No comments

    A Kansas man could face up to 120 years in prison, as told by MPAMag.com. Terrence Matthew Brown purchased 10 homes in Kansas City, all of which ended up in default. He also received over $200,000 in kickbacks as a result of the scheme. The jury came back with a guilty verdict for 5 counts of wire fraud and one count of conspiracy to commit wire fraud. The example made of this individual is just one of thousands of these types of crimes that were committed between 2005 to 2007. This means that thousands of people got away with the same type of crime! I hope these stories are shared more readily to educate people about what happened during those crazy years of free credit during 2005 to 2007, so that history will not repeat itself again. Please share this.

    (Source: http://www.mpamag.com/mortgage/kansas-man-convicted-in-2-7-million-scam-18067.aspx )

    Posted by Corey Curwick Dutton

  • Realtor Website Hassles End with Web-Based Solution Placester

    Posted Under: Home Selling in Salt Lake City, Agent2Agent in Salt Lake City, Investment Properties in Salt Lake City  |  April 30, 2014 9:35 AM  |  420 views  |  No comments

    Think your business struggles with its website? Imagine being a realtor and dealing with a website which must “talk to” and integrate with the Multiple Listing Service (MLS). This is a website headache that most of us don’t even want to imagine as it’s ongoing maintenance and endless problems with SEO (search engine optimization). Realtors have long had headaches integrating their websites with the complicated network of MLSes in the U.S. and getting their SEO up to par at the same time. There is no standardized method for retrieving and updating property data between the over 900 MLSes in the U.S. But the number one complaint for realtors has been not having control over their websites. Depending on a third party developer who may not understand the complicated nature of MLS integration and SEO, can mean costly updates and ongoing website-related expenses for the realtor.  

                Matt Barba, a realtor himself, identified this problem for fellow realtors and in 2009 he solved it by launching Placester, a web-based solution for realtors. According to a Techcrunch article, “Placester’s solution is to offer realtors maintenance-free websites based on WordPress and optimized for SEO, which are also mobile and tablet-friendly. The sites include the set up, hosting and MLS fees. Placester also uses its own technology to retrieve and update the MLS data to keep the sites current.” This article on Techcrunch does not divulge any revenue numbers for the company, but it did say that the company is experiencing rapid growth. (Source: Techcrunch.com: http://techcrunch.com/2014/04/22/real-estate-marketing-platform-placester-scores-5-5m-series-a-plus-a-deal-with-hearst/)

     Posted by Corey Curwick Dutton

  • 3 Cheap and Fast Fix Up Ideas for Prepping Your Home for Sale

    Posted Under: Home Selling in Salt Lake City, Financing in Salt Lake City, Investment Properties in Salt Lake City  |  April 24, 2014 11:50 AM  |  420 views  |  No comments

    As they say, it’s the small details that matter, and to a potential homebuyer this may also be true. According to an April article on Propertywire.com, even the most outdated homes may not need costly renovations to prepare them for sale. What buyers really care about may surprise you. Here are 3 quick and inexpensive fix up ideas for any house you’re prepping for sale this year:

    1.     Fix up the Entryway: Zillow Agent Advisor Cyndi Lesinski says, “A clean entrance can go a long way, add fresh potted flowers to increase the life and energy of the entrance.” Another idea is to paint the front door. Popular colors are red, burgundy, cranberry, and black.

    2.     Stage Your house: According Mara Miller of Carrier and Company of NYC, “When staging, remove all personal belongings and avoid colors or furniture that are too style specific. Neutral colors and minimal furniture are best.”

    3.     Smaller, Less Expensive Updates: Chris Speicher of RE/MAX in Washington D.C. recommends updating light fixtures to something more stylish and modern, replace door handles, cabinet hardware, and perform minor updates to kitchen and bathroom such as paint, or new faucets. These items can go a long way.

     According to Zillow, doing a general decluttering of your home is the most crucial thing to help open up a space and also to help potential homebuyers see themselves in the home.

    (Source: Propertywire.com article: http://www.propertywire.com/news/north-america/us-real-estate-selling-201404159019.html

    Posted by Corey Curwick Dutton

  • Why You May Need a Private Money Loan This Year

    Posted Under: Financing in Salt Lake City, Rentals in Salt Lake City, Investment Properties in Salt Lake City  |  April 21, 2014 7:33 AM  |  396 views  |  No comments

    The private money lending industry includes all non-bank sources of financing such as hard money, bridge loans, and all types of private money loans. With credit still reserved for only the most qualified borrowers and properties, many potential borrowers will have to seek out new sources of financing this year. Below are just three reasons why you or your clients may need to look into private money loans this year:

    1.     Real estate investors are looking in diverse markets for properties.

    2.     New development or construction deals, distressed, vacant properties.

    3.     Increased competition for commercial loans through 2016 as CMBS loans mature.

    To read more detail on each of these 3 reasons, click on the following link and read this post on our main blog here. What other reasons would you add to this list? Banks will remain tight in 2014, so if you or your clients are seeking real estate financing this year, make a long list and get aggressive about your search.

    Posted by Corey Curwick Dutton

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