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Monthly Archives: April 2017

Quickly Earn Extra Money

One of the easiest ways for you to make money is to sell something that you no longer need. Most of us have items lying around the home, in our garage or perhaps in our closets that we are not using any longer. Yard sales can be utilized to sell those items in a weekend and you will typically find that you are making anywhere from several hundred to a couple thousand dollars.

Of course, it is going to take some time for you to put those items together and then you will use a weekend actually having the yard sale. It can be quite rewarding, however, if it is done properly.

If a yard sale is not something that you want but you still have items that you would like to sell, you can do so on the Internet. Websites such as eBay and Craigslist can help you to sell those items and to make a tidy profit. Depending upon what you are selling and how long you plan on running the ad, it may take you anywhere from a few days to a week or longer to get the money that you need. You are also going to need to take the time to put those items online and that also involves a certain degree of technical knowledge. If you take your time and look at some of the tutorials that are available, you would be surprised with how easy it is to sell your items on the Internet.

Do you have any jewelry around your home that you would like to sell? You can sell Tiffany jewelry, sell diamond ring parts or even sell broken gold chains. The jewelry market is rather big today and the price of gold just continues to go higher. If you sell these items, you can expect to put some cash in your pocket almost immediately. The amount of money that you can make will vary from one place to another so it is a good idea for you to shop around a bit before you actually sell those items.

Hard Money Lenders

Hard money lenders help in rehabbing houses by allowing investors to buy and fix and flip a house with zero personal money. Here’s how this amazing system works:

For example, you are a rehabber and you found a house that is selling for $50,000. The fixer upper home needs around $10,000 in repairs to bring it to a good condition. You will need another $10,000 for closing costs and other expenses, including possible loan interest. That means you will need $70,000 to buy a house, repair it, and then sell it. That’s your total expenses.

Let’s say that the value of the property in good condition is $100,000. This value, also known as the after repair value (ARV), is where hard money lenders will base the amount they will lend you. Although rates vary across the country, the most usual percentages you’ll find are between 60% and 70%. If the lender agrees to lend you 70% of the ARV, that means you will get a $70,000 loan. That also means that you will be able to buy a house, repair it, and then sell it using hard money financing alone.

Simple logic will also tell us that you will earn $30,000 from a rehabbing project without having to spend a single dollar from your personal bank account. If you need to pay these lenders $5,000 or $6,000 as interest but will earn $30,000, will you still feel that you were taken advantage of?

Unlike hard money lenders, traditional lenders won’t give you $70,000 in this case. The highest amount you will get from is around $50,000 or the amount needed to buy a house in its current condition. If you tap traditional lenders, you will need to source another $20,000 from other sources just to proceed with a project. When you’re a rehabber, you just don’t have the time for that hassle. It will also be harder to secure loans from other banks if they knew that you have an outstanding loan with another lender.

Free Unclaimed Money

When an owner of property forgets or fails to claim forgotten assets over a specified number of years, the assets are put into something known as a period of dormancy in which the custody of these assets are then transferred to a trust waiting to be claimed by the rightful owner. The unclaimed property most often turns out to be in the form of money or property that is not claimed will be waiting to be claimed by the rightful beneficiary or next of kin.

There are even lawyers who actively seek out and search those entitled to large sums of unclaimed assets and missing money hoping to cash in on the action as a middle-man.

Unclaimed life insurance policies go unclaimed when heirs fail to notify insurance companies about a deceased relative. Therefor no legal assistance has been made to carry over any unclaimed money to the proper beneficiary.

You might be one of the many thousands of Americans entitled to collect unclaimed and missing money on behalf of deceased relatives who left without a legal document disposing of assets properly.

Throwing Your Money Away

If I had just sat down and thought it through for a few minutes I would have saved myself a large sum of money. Also, if my bank manager had my true interests at heart, he would have explained this simple principal to me. But if he were to do that, my gain would take from the banks profits.

The simple Maths. My Loan was costing me 9% and my savings earning me 3.2%. If I had simply put my $400 extra towards repaying the loan every month here is what would have happened.

I would have decreased the term of my loan substantially and as well as paying off the loan early I would have saved approximately $2,200 in interest repayments. If I had continued the saving scheme, I would have earned interest of $683. That means I would have been $1,520 ($2,200 – $680) better off if id concentrated on repaying the loan.

That’s $1,520 I wasted. As foolish as my mistake was, the sad fact is, a huge number of people are doing the exact same thing. People are putting money away for their future, kids education etc, while also repaying high interest loans, consumer debt and credit card debt.

I was fortunate in that my loan was only over five years, yet people go through most of their life saving this way. Over 20 years my loss would have compounded to 10’s of thousands.

Now I’m not saying by any means that banks and loans should be avoided. Even the mega rich get loans. The difference is, they can make the loans work to their advantage. The points I’m trying to bring across is that one should pay close attention to how they repay their loans.

Keep in mind that your bank will bring out new products every year, saving plans, pension schemes etc and their staff are often given huge commissions when they sell the products.