Tag Archives: Banking

Author : Peter Kenny

For most working adults, the answer to that question is yes Having a bank account can be very useful as you go through life, and it can help you many ways, especially as you begin to build your credit history

Opening a bank account is relatively easy for most people You will need some documents when you go to open your account At a minimum you must provide proof of your age, address, and legal status This is true whether you open a bank account in person, on the phone, or on the Internet Legal documents can be a valid driver’s license, birth certificate, or state ID card You will also need a social security number in most cases

You should have these papers with you when you go to the bank to open the account Most banks can service you within thirty minutes or so If you are planning to open a joint account, both parties should be present, and both parties will need the same papers In other words, you both must provide the documents that you need

Before you go to the bank, you should decide what kind of account you want or need The most popular account and the most useful is a checking account This type of account allows you to deposit money and write checks Some banks offer interest-bearing checking accounts, which allow you to earn money on your deposit

Some banks will require a minimum deposit in order to open the account, others will not Some banks may charge a small fee to help cover the cost of your checking account, but other banks offer free checking Whenever possible, choose the free checking option

If you want to save money, a savings account may be the way to go These accounts allow you to deposit money and the money will earn some interest The longer it stays in the account the more interest it will earn You are allowed to withdraw this money if you need it, but it is always better to let it stay in place if possible

For those who have access to one, a credit union is another option Credit unions act a lot like banks and they have many of the same services that a bank has

If you wish, you can open an account with an online bank If you decide to do this, make sure that you check the bank out carefully before you send any money to them You want to visit the online area and read their policies carefully Of course, in order to get the most out of an online bank you will need an internet connection and computer

Many local banks also offer online banking and that is something many consumers find useful This allows you to do your banking without having to go to the bank in person Online banking allows you to make deposits and withdrawals and it allows you to keep up with your account on a daily basis It is simply a matter of logging into your account to view your current status Many people find online banking extremely useful

Peter Kenny is a writer for The Thrifty Scot, please visit us at Checking Account and Cheap Mortgage

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Author : Duncan Wierman

You’ve probably heard about real estate investment opportunities currently available in the US real estate market called “bulk REO” Before we go any further, let me explain what a REO property and a bulk REO property is for the sake of those readers who are not yet clear about what this term means

REO (Real Estate Owned) refers to properties which have gone through the foreclosure process and the bank now owns the house It used to be that these properties would almost always sell at auction, largely to investors eager for a great deal on an investment property However, the enormous number of foreclosures currently going on in the US means that many of these properties now go unsold and become the property of the bank or other lending institution

Many people are changing their strategy to investing Most savvy real estate investors, are changing from working the “pre-foreclosre” angle to buying direct from the bank’s REO departments They are putting together purchase deals for multiple REO properties in the million to five million dollar range

Maybe you’ve heard of people who talk about buying bulk REO properties in the hundred million and even billion dollar ranges I’ve come to learn that in most cases these people are blowing a lot of hot air Half a million to five million makes sense, but excuse me, a billion dollars? Think about it A billion dollars is a thousand million-dollar properties, or two-thousand half-million dollar properties What bank is going to have that many properties available to make a giant REO package like that?

Maybe these new “want-a-be” investors feel like they have to talk big numbers to be taken seriously I don’t know I have had people tell me that they a billion dollars instantly available in a bank account from a pool of investors That tips legitimate sellers off that these people probably don’t know what they’re doing

Do you have 1,000 million-dollar investors? If so, can I have their phone numbers? Honestly, if you could write a check for a billion dollars would you be spending your day combing through websites of unknown reliability wondering who you should make that check out to?

My point is this: if you’re serious about investing in multiple REO properties, there’s nothing wrong with being honest about how much you have to invest It is a lot more realistic to find ten investors that are in for $100,000 each, or even 100 investors that are in for $10,000 each, and there are enough low-priced foreclosure properties that a million could buy several of them at once in some markets

I’m not saying that high volume REO deals don’t go down I’m just saying that the scale is in the million dollar range rather than the billion dollar range These bulk REO packages usually consist of a dozen or fewer properties, and they’re not the norm The typical REO bulk packages consist of only two or three properties, and yes, they are done by ordinary investors like you and me

Getting involved in the bulk REO business is actually a pretty simple process It takes some legwork, but it’s eminently doable by a determined investor with some initiative

The first thing you do is get to know the higher ups in local banks These are the banks where the top brass are mostly local, and that have been banking in your area for awhile Don’t start with Bank of America, because the chances of your talking to the top REO department officials with only a million bucks in your pocket are pretty slim

Once you’ve got to know a handful of local bankers, mention that you invest in real estate and would really like to have a sit-down with the REO supervisor But don’t do this unless you have the cash available to close a deal fast

Your first REO purchase, and probably your second one too, should be a smaller portfolio of properties This deal would demonstrate to the bank that you are trustworthy and have the cash to close a purchase quickly Don’t screw this up, because if you get a deal accepted and something happens and you can’t close it, you can write off that bank for any future REO purchases

After you’ve closed a couple of REO sales, it’s time to broaden your horizons a little This is when you can start buying bigger “pools” of property at a time You have to time it right to get the best deal You know how people say that to get the best deal on a car you should go toward the end of the month when the sales people are all trying to meet their quotas? It’s similar with banks when a quarter is coming to an end

At the end of a quarter, banks report their earnings The top brass are thinking about what kind of bonus they’re going to get at the end of the year These people do not want under-performing assets (like foreclosure properties) on their books Knowing the quarterly reporting timeline, come to the bank officer you’re closest to about a month ahead of time and let him or her know that you would be willing to take several under-performing assets off their hands and would like to look at what they have

From there, it’s time to negotiate Don’t give them your best offer first You know how it is, you come at the deal from both ends until you reach a happy middle If you play your cards right, you’ll come away with several properties that you’ve bought at below market value The bank crosses a few under-performing assets off their books, and their quarterly reports suddenly look brighter

The key to doing this and doing it well is realizing that real estate investing is a business, and you should approach it as if you were a business: You, Inc Like with any other business investment, you want it to increase in value so that you can buy low and sell high You can’t look at it from the point of view of someone who’s “flipping real estate” (even if at some point you actually end up doing that) You have to come at it with a long-term perspective, and you have to know the market inside and out

If you approach bulk REO investing as a business you’ll realize that you have a lot to learn, and you’ll take the time to learn it Getting educated in bulk REO investing will put you miles ahead of the wanna-be’s who talk about billion dollar deals but never close them As they say in Texas, they’re all hock and no spit Applying solid business principles to bulk REO investing is the way to be successful at it

Duncan Wierman is the founding members of ‘Bank REO Property Deals. His company is connecting sellers of verifiable’ product with qualified buyers. If you are interested in learning more about Bulk REO investing, he created a insiders training guide to help you through the maze getting started, all the way through the closing process. http://www.BulkReoPropertyInvesting.com/

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Author : Stephen Bush

A growing number of business owners are seeking advice about how to reduce small business debt and commercial bank financing Because of serious deficiencies with commercial banking services for small business owners, a logical and prudent approach for business borrowers is to investigate the viable options for reducing their dependency on small business bank financing and commercial debt

In most cases, small business owners are not openly seeking a commercial lending struggle with their bank The increasing inability of banks and other business lenders to provide adequate amounts of business loans and working capital financing has produced this practical outcome It seems likely that most business owners have probably viewed their business banking relationships on a loyal and friendly basis over the years Massive changes are literally forcing small businesses to examine and revise their business financing strategies, much as seen with many other business practices

Evaluating whether there are realistic alternatives to replace their current bank financing and commercial debt would be one possible outcome for business borrowers Refinancing business debt with a new commercial lending source would be a normal and practical result For one example, exploring business financing options to obtain working capital financing elsewhere would be smart for a small business with a commercial line of credit that is about to be eliminated or reduced (as is now happening on a widespread basis)

It will be wise to explore small business finance alternatives even in situations where business owners are not being forced to acquire a new source for their commercial loans immediately Very little notice has been provided to impacted commercial borrowers in most recent examples of banks which have revoked existing small business loans

Small business owners analyzing whether it is feasible to permanently reduce commercial debt and small business bank financing is another effective business financing option A focus on reducing overall business debt rather than merely finding a new home for small business loans would be the result of commercial borrowers pursuing this approach This strategy permanently decreases interest expenses for the business when executed successfully It will probably also improve credit ratings for the business and the business owners, and this can improve interest rates on whatever amount of business financing might still be needed

The strategy of permanently reducing business debt is one which is likely to grow in popularity for commercial borrowers There is a noticeable trend among businesses as well as individuals to eliminate the services of companies which keep mistreating their customers As reflected in a review of a wide variety of publications, such mistreatment unfortunately appears to be common with small business lending providers Since this disturbing trend is especially evident among larger banks, one small business financing option that deserves to be thoroughly evaluated is whether it is feasible to simply find a better and friendlier (and more effective) commercial lender Certainly it seems that a worthy goal would be ensure that small businesses find a good (effective) bank to replace a bad (ineffective) bank to the extent that they find that they still need some bank financing

Stephen Bush has provided candid advice to business owners for more than 25 years and is a small business loans expert. AEX Commercial Financing Group supplies working capital financing and small business financing options

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