Monthly Archives: February 2020

Four Things To Be Considered Before Applying for A Bad Credit Home Loan!

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Category : Bad credit home loans

There are plenty of reasons why you might have a bad credit rating, missed payments, loan defaults and other money miscalculations can affect your credit report and your financial future. Even if you have never had a loan or credit card before you could end up with a poor credit rating because lenders can’t access any evidence to show that you could manage your borrowing successfully.

However, getting a Bad Credit Home Loan is still possible even with credit problems. If you have a poor credit score and looking for a bad credit home loans, here are top 4 things that you should consider before applying:

1. Choose Secured vs unsecured:
You have many decisions to make when shopping for a bad credit loan, and one of them is whether to obtain a secured or an unsecured loan. Secured loans require you to use an asset to secure the loan, whereas an unsecured loan is a money that you borrow without using collateral. You are advised to contact your local lenders and check which loan can work out for your needs.

2. Check The Interest Rates:
This is when home loans come into play. When it comes to home loan interest rates, the lower one is always better. It is essential to consider the interest rates at which these loans are offered, some lenders offer low and attractive interest rates while others have too high and unaffordable interest rates. Choose one of the most reliable lenders that can provide the loan at lower interest rate with fewer documentation works.

3. Repayment Duration:
This is the most important parameter that the lender will look into while deciding your home loan tenure. The older you are, lesser will be the home loan tenure and the younger you are longer will be your home loan tenure. If you take a home loan for a short period then your EMI will be high, and if your home loan tenure is long then your EMI will be low. So choose accordingly which is better for you.

4. Check Your Ability for Repayments:
If you will fail to keep up with your loan repayments, it could seriously affect your credit score. So check your ability to pay your loan repayments on time.

Conclusion:
There are many different loans for people with bad credit, so always do plenty of research before applying to make sure you have found the best loan to suit your needs. If you need more information about a bad credit loan, please feel free to contact Magna Capital Group, Inc. today at (310) 734 4044 or email at info@magnaloans.com.

Top 5 Best Ways To Finance Investment Properties!

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Category : Fix & Flip Loans , Hard Money Loans , Home Equity Loan

If you have a good deal to invest in real estate and looking for the best ways for financing, you are certainly at the right place. Financing investment property is about obtaining a property for short and long-term investment. It’s a good way to gain income. Investors would either acquire a property to have it leased to generate revenue or have it renovated and sell it at a higher price. Here are top 5 best options for you to finance your investment properties:

1. Traditional Bank Loans:
This is the first and most common method for financing investment properties, but you need to have a solid credit rating and be financially stable before trying to invest in properties. You can borrow money from banks, credit unions, home mortgage companies, and other financial institutions. Most of these lenders require a high credit score and a full documentation of your income and debts. You also need to pay out at least a 20% down payment. Because these complex loans requirement and a large down payment, real estate investors are less likely to default and tend to have a more secure financial standing.

2. Fix-and-Flip Loans:
A fix and flip loan is short-term loan secured by the property. Fix and flip loans work a little differently than conventional loans. It’s much easier to obtain in comparison to conventional loans. A fix and flip loan is suitable for financing investment properties if the purpose of your investment is renovating a real estate property and then putting the property for sale to earn profit. If you are sure you can turn a profits, a fix-and-flip loan is a great option for financing investment properties.

3. Home Equity Loans:
If you have significant equity in your existing property or primary residence, you can easily opt home equity loans. You can get as much as 80% of a home’s equity value in a loan to buy an investment property. The lender will give you the funds upfront, and they will be required to make a fixed payment each month. This method can be a more secure way for financing investment properties because you will have some collateral to back them up if your investment doesn’t work out.

4. Private Hard Money Loans:
This method for financing investment properties is commonly used when real estate investors believe they can raise the value of the investment property over a short period of time. Hard money lenders offer loans for flippers and real estate developers on slightly different terms than banks. They give cash for buying an investment property in exchange for a specific interest rate. These loans are the best choice for those people who don’t necessarily have great credit but require quick money to finance their investment properties.

5. Search For A Investment Partner:
If you want to invest in a real estate property, but the price range is outside of your budget, you might consider adding an equity partner to your team. Real estate partnership can be a win for both parties and is very beneficial to new real estate investors. You can use the partner’s cash for financing the entire property or use a partner to only fund the down payment. There are no set rules, but each deal requires its own examination of who makes the decisions, how profits will be split at the end, etc. However, partnerships can also cause more troubles than a single head, especially if each one of them is thinking in its own way and considering only its own gains. So make sure you do not do partnerships with just anyone who is not reliable.

The Bottom Line:
There are many different ways for financing investment properties, but you need to find the most suitable way to keep your investment property moving forward. Finding the right method of financing investment properties is key to your success, so make sure that it fits the type of program that you’re planning to invest in. For more information about financing investment properties, contact Magna Capital Group, Inc. today at (310) 734 4044 or email at info@magnaloans.com.

Benefits of Using A Property Management Company

Category : Property Management

One of the biggest benefits of using a property management firm is that the firm can handle all
tenant screening activities. Some landlords do not run credit or background checks because they
do not have the time or know where to get the reports. Renting to people without regard for their
criminal background and financial history is one sure way to end up with problem tenants.
Property management companies manage the entire screening process so that landlords get
tenants that pay on time and take better care of their units than those who were not screened.
Property management firms handle all of the legal aspects of dealing with tenants and
maintaining a property. Landlord-tenant laws vary by state and municipality, so it is important to
know how to handle problem tenants and other rental issues properly. Property managers handle
evictions, property inspections, lease negotiations, lease terminations, and the collection of rent
from tenants. They also make sure that each property is in compliance with all property codes
and safety laws. These services can help landlords avoid costly lawsuits and legal problems.
Landlords need to collect rent on time every month to ensure that property taxes and other
expenses are paid on time. On-time rent collection is also the only way for a landlord to generate
reliable income. Unfortunately, some landlords do not control the rent collection process as well
as they should. They listen to excuses from tenants and allow people to pay their rent late. In
some cases, tenants use bad checks to pay their rent and the landlord is stuck with bank fees
and other problems. Property managers control this entire process so that landlords do not have
to deal with tenants who do not want to pay their rent as agreed. A property manager will contact
a late-paying tenant until payment is received. If a tenant does not pay as agreed, a property
manager can start the illegal eviction process.
Lease enforcement is another unpleasant part of being a landlord. The terms of a lease protect
both the landlord and the tenant, but the landlord is the one who suffers if the tenant breaks his
or her end of the deal. Property managers will take care of lease enforcement and deal with
tenants who break the terms of their leases. If a tenant is not allowed to have pets and someone
reports that a pet is on the premises, the property manager will contact the tenant and demand
that the pet be removed within a specific timeframe. If the tenant puts holes in the wall or makes
other property modifications that were not discussed with the landlord, the property manager can
make sure the tenant pays for repairs.
Making a profit as a landlord comes down to collecting rent consistently and knowing how to
reduce the tax burden of owning a rental property. If a landlord does not claim the right number
of deductions, he or she could face stiff penalties from local, state, or federal tax agencies. Not
claiming the right number of deductions may also increase the amount of tax a landlord owes. A
property management company can help landlords determine which deductions to claim and
help them get organized each tax season. This can help landlords save time and money, and it
can also save them from having to pay fines and penalties for filing their taxes incorrectly.
Using a property management firm can help shorten vacancy cycles, which cost a landlord
money. Without a property management firm, it may take a landlord several months to prepare a
property for rent, determine how much rent to charge, and market the property to potential
tenants. Professional property managers can reduce the amount of time it takes to perform these
tasks. Once a tenant rents a property, a property management company can also improve tenant
retention. Once a landlord finds a good tenant, he or she wants to keep the tenant in the property

as long as possible. Property managers can help make this happen by making repairs quickly
and helping good tenants whenever they have a problem. This improves the chances of a good
tenant staying in the property.
Many of the benefits of using a property management company are related directly to saving
money. However, using a property management firm can also give landlords several personal
benefits. The less a landlord has to deal with problem tenants, the less stress he or she will
have. Using a property management company also reduces the amount of time a landlord must
spend making repairs, chasing down tenants for late rent payments, and enforcing the terms of a
lease. The most important personal benefit of using a property management company is that it
allows landlords greater freedom. Instead of being attached to one property, a landlord can buy
multiple properties in different locations and let the property management company take care of
each one.

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    Although Magna Enterprises, LLC and Magna Capital Group, Inc. are referred to throughout the text of this website as Magna Group of companies, they are not affiliates, parent or subsidiary companies as both companies are separate and distinct entities. Any questions or issues regarding this disclaimer should be addressed in writing c/o Shawn Molem.

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