Owner Financing, An Old Idea That Works in 2018

     Yesterday, we listed a lakefront lot near Hendersonville, NorthCarolina.  This five acre lot is a good buy at $99,900.  The trouble is getting financing.  Banks are not too keen on loaning money secured by vacant lots.

      The good news is that I asked the owner of this lot if she would finance it for a buyer.  She said,"Certainly".

     If you are a buyer, there is no better way to finance your real estate purchase than to have the seller hold the mortgage for you.

     Instead of going to the bank and giving them your life history and begging them to loan you the money, just make your offer on the $100,000 vacant lot.  Make your offer with you, the buyer, putting $25000 down and asking the seller to let you pay the $75,000 balance over a ten or fifteen or twenty year period of time.  Why would the seller say no to that?  The seller would probably want the buyer to pay interest and monthly payments. Of course!

Owner financing makes selling faster.  You will love the interest.  

Usually the only reason that the seller would say no to that is that is because they don't understand.  It is the listing agents job to explain it to the owner.  Most sellers that have sold a lot or a house and held a mortgage loved it.  That monthly check just keeps rolling in every month.  Usually their only regret is that they only own one mortgage.

     I have bought many houses with owner financing.  I have sold a few with seller financing.  It is a great way to buy or sell a house or a vacant lot.  Where else, in today's business climate, can the seller get a decent interest rate on his money? 

     One reason many sellers "think" holding a mortgage is not a good idea is they tell me things like, "I need the cash to buy an airplane or a truck or another property."  Can't you buy any of those things with the incoming payments?  Yes, you can.

     People tell me,"We want to invest that cash in the stock market or buy a mutual fund.".  Invest the $500 per month in the stock market or mutual fund.  That will work. Holding a mortgage is an investment, a good investment. 

     If you have a property for sale, offer to hold a mortgage.  Your property will sell faster and for more money.  You will feel like that interest is falling out of the sky.

     One of the first houses I ever sold with the owner holding a mortgage was for a seventy year old single man.  The price was about $90,000.  He owned it free and clear.  I was about thirty years old at the time.  As we chatted, he told me about his three financially irresponsible daughters.  I asked him how long did he think it would the three daughters to spend their inheritance.  I pointed out to him that if they inherited a mortgage, they would receive payments for years to come.  Leaving an heir a mortgage is a wonderful way to be remembered.

     If you have a house for sale near Hendersonville, North Carolina, call me at 828 755 6996.  I will help you get it sold.  If you have any questions, call me or leave a comment here at the end of this article.  I have a description of  owner financing on video. https://www.youtube.com/watch?  
v=Dbg8GFXH2To        Watch the video.  If you have questions, call me or leave a comment here.

Broker Post License Real Estate Course in Hendersonville, North Carolina

First Real Estate School at 404 S. Main Street in Hendersonville is teaching a thirty hour broker post license real estate class in Hendersonville starting on April 13, 2018. 

This class is required by the North Carolina Real Estate Commission www.ncrec.gov for all provisional real estate brokers in North Carolina.  This post license class is number 303. 

The good news is that this class is fun.  It is not like that boring real estate pre license class that you had to take to get your North Carolina real estate license.  We learn stuff that will make us better Realtors.  We learn things that will make us more money.  We learn things that will help us serve our customers better. 

What is more fun than a real estate class???

If you wonder if you need this class, contact the North Carolina Real Estate Commission at the above website .  You must take one post license real estate broker course before the first anniversary of receiving your initial real estate license.  www.firstrealestateschool.com

Do not confuse this class with continuing education.  This is not continuing education.  This is post license education. The tuition is $180.  We supply the book. 

If you live anywhere in western North Carolina, join us on April 13 at 8 A.M. for this class.  Call First Real Estate School at 828 440 1064 to enroll. 

Pass Fail Statistics for The North Carolina Real Estate Exam for January 2018

In January 2018, Five hundred and eighteen real estate license applicants attempted the North Carolina real estate exam.  Two hundred and fifty of these real estate test takers passed.  Two hundred and sixty eight of them will be paying $164 to the North Carolina Real Estate Commission to try again.  This is no easy test.  Last month's pass ratio was 48%. 

All of these test applicants have graduated from an approved real estate school in North Carolina.  Why is the pass ratio so low? 

When an applicant takes the North Carolina real estate exam, it is really two exams.  One hundred questions are what the North Carolina Real Estate Commission calls the national portion of the test.  An applicant has to get 72 of the 100 questions right to pass the national portion.  Forty questions are what the N.C.R.E.C. calls the North Carolina portion of the test.  An applicant has to get 29 of the 40 questions correct to pass both halves of the North Carolina real estate exam.  If an applicant fails either half of the exam, he can kiss $164 good bye. 

Last month, 178 test applicants took the comprehensive exam as a repeater.  Twenty six of those applicants passed.  That is a fifteen per cent success rate. 

Last month, fifty eight repeat test takers took the national portion of the North Carolina real estate exam for the second or third or fourth time.  Forty one passed.  That is a 71% pass rate. 

Last month, Three hundred and thirty one repeaters took the North Carolina only test.  One hundred ninety one passed.  That is a 56% pass rate. It cost $164 every time an applicant attempts the test. 

At $164 per opportunity, here is a  suggestion.   When you go to take the exam, leave a writing pad or recorder on the seat of your car.  If you show up back to your car with a failure notice in your hand, start writing down the questions that you did not know the answer to.  When you go back KNOW the answer to those questions.  If one of the questions was," How many members of the North Carolina Real Estate Commission must be real estate brokers?", do you think you may see that same question when you come back? Find out the answer before then. 

Pass the North Carolina real estate exam the first time.

In North Carolina, if you have a real estate license in another state, you can take the North Carolina portion only of the test.  Pass it.  You can get your North Carolina real estate license without going to real estate school.  Last month, the pass rate for this adventure was 23%.  If you want to know if you are ready, take my practice exam at www.ncreexam.com .   

Please do not underestimate this North Carolina real estate exam.  If you are soon taking this test, recognize that it is difficult.  Study!  Study!  Study!

Study your textbook.  Many students go take the $164 exam without reading the textbook.  That makes no sense.  Many students take the $164 exam even though they have not answered the questions at the end of the chapters in their textbooks.  Surprise!  Many of these students are paying $164 to try again. 

If you have watched my video about what is on the North Carolina real estate exam, https://www.youtube.com/watch?v=EZFPZGo_DJ4&t=119s ,   you know that the North Carolina real estate exam is fifteen per cent math.  Be certain that you can do any math that is on the exam.  There is no math on the exam that I don't have posted on You Tube.  https://www.youtube.com/watch?v=4HbEwoiVBMY&t=143s  Watch all of these videos if you are having trouble with the real estate math. 

Stay in touch with you classmates.  https://www.youtube.com/watch?v=4HbEwoiVBMY&t=143s  Talk to your classmates.  Call them and congratulate them on passing or invite them to your group study session if they did not pass.  Make passing the exam a group effort. 

Share the expense of some of the special training that you find on line.  Share any free stuff that you find online like my free practice test at http://rondclimer.blogspot.com/2015/04/real-estate-practice-exam-for-north.html 

If you are anywhere near Hendersonville, attend First Real Estate School www.firstrealestateschool.com  .  We are at 404 S. Main street.  Our phone is 828 440 1064. 

Pass Fail Ratio for The North Carolina Real Estate Exam for December, 2017

    The North Carolina Real Estate Commission released the December 2017 statistics for the North Carolina real estate exam today.

     Seven hundred forty seven real estate license applicants took the North Carolina real estate exam in December 2017.  Four hundred and fifty nine passed the comprehensive real estate exam.  That is a sixty one per cent pass rate.  That is the second best month in 2017.  The worst month in 2017 had a 52% pass rate.

     The North Carolina real estate exam is not easy.  It is not cheap either.  Those applicants that did not pass will be back at the test center paying $164 to take this exam again.  Let me explain how the North Carolina real estate exam works.

    When an applicants takes the North Carolina real estate exam the first time, there are 140 questions.  One hundred of the questions are in the "national"  portion of the test.  Forty of the questions are in the "North Carolina "  portion of the test.  The "national" portion of the exam is questions that are the same everywhere, like "What are the seven protected groups under the Fair Housing Act?".  A test applicant would need to get 71 of these questions correct.   Forty questions are on the "North Carolina "  portion of the test.  A test applicant would need to get 29 of these 40 questions correct to pass.  These are questions that are unique to North Carolina like, "How many members of the North Carolina Real Estate Commission must be a licensed real estate broker?".

The North Carolina real estate exam is not easy

      If a real estate exam applicant fails either one of these portions of the North Carolina real estate  exam, that applicant will be back at the test center paying $164 to try again.

     You may wonder how do the repeat test takers fare.  In December of 2017, forty three people took the "national"  portion for the second or third or fourth time.  Twenty eight license applicant passed.  That is a 65% pass rate.  Two hundred forty six applicants took the "North Carolina "   portion for the second, third or fifth time.  One hundred and thirty seven passed.  That is a 58% pass rate.

     Do not underestimate the North Carolina real estate exam.  

     If you are soon taking the North Carolina real estate exam, practice on my practice real estate  exam at www.ncreexam.com   I have a practice exam for the "national" portion.  I have a practice exam for the "North Carolina" portion also.  You can take them as many times as you like.  I explain the answers on video.

     If you are having any trouble with the real estate math that is on the North Carolina real estate test, I have a video posted on You Tube to help you.  https://www.youtube.com/watch?v=bMdJ-2iHepM&t=94s  In fact, I have fifteen videos on You Tube to help you understand the real estate math that is on the North Carolina real estate exam.  The test is fifteen per cent math.  It is hard to pass if you can not do the arithmetic.  Watching these videos is the easiest way to learn the math.  Share these videos with your classmates.  It is free.  It is easy.

     I have a free real estate practice exam at http://rondclimer.blogspot.com/2015/04/real-estate-practice-exam-for-north.html   Take this exam like an exam.  If you are not passing this, you certainly will not pass the North Carolina real estate exam.

     Study, study, overstudy.  Study like you want to make 100% on the North Carolina real estate exam.  Read some of my other articles here on this blog.  Leave a comment, especially if you have already taken the exam.  Let other readers know what the exam is like.

     If we can do anything to help you pass, we can be reached at www.firstrealestateschool.com

Help Passing The North Carolina Real Estate Exam In Asheville

     Is the North Carolina real estate exam hard?  The North Carolina real estate exam is 140 multiple choice questions.  One hundred of the questions are what the test makers call "general " questions.  Forty of the questions are "North Carolina" questions.  To pass, a real estate test applicant has to get 71 of the 100 "general" questions correct and 29 of the 40 "North Carolina"   questions correct.

     Last month, the pass rate for the exam was fifty nine per cent.  That means if 100 people took the exam, fifty nine passed.  Forty one exam applicants will be paying $164 to the North Carolina Real Estate Commission to try again.  I think it is important to pass the first time.

First Real Estate School in Hendersonville, North Carolina

     Does it matter what real estate school you attend?  It is the instructor that matters.  Some are good.  Some are not so good.  How can you know if an instructor does a good job?  Read the real estate instructor's reviews on Facebook and Google.  Watch the videos that the instructor has posted on You Tube.  https://www.youtube.com/watch?v=4HbEwoiVBMY&t=70s

     How long is the real estate broker's course in North Carolina?  The North Carolina Real Estate Commission requires the real estate broker's class to be seventy five hours long.  There is a lot of material to be learned.  You need to read the textbook.  You need to study outside the classroom.   You need to expose yourself to practice exams through out the course.  You need to get together with your class mates and study together. Here is a short example of why. http://rondclimer.blogspot.com/2017/12/what-about-those-trick-questions-on.html   Creating study groups is a wonderful helpful way to increase your learning effort.

     After you pass your real estate school exam at First Real Estate School www.firstrealestateschool.com , you have to pass a 140 question exam given by AMP, a testing service contracted by the North Carolina Real Estate Commission.  This is the exam with the 59% pass rate. http://rondclimer.blogspot.com/2017/12/pass-fail-statistics-for-north-carolina.html .

     Can I take the North Carolina real estate broker course online?  The North Carolina Real Estate Commission believes that real estate can not be learned on line.  You need to attend a brick and mortar real estate school with a live instructor licensed by the North Carolina Real Estate Commission.  If you disagree with that opinion, feel free to contact them at www.ncrec.gov .  I am certain they would love to hear from you.

     There are lots of study aids available online to help real estate students  pass their real estate course. Here is a word of caution.  If the "practice test" or "cram course" online is NOT from a North Carolina real estate school, be suspicious.   It likely has wrong information or useless information.  First Real Estate School in Hendersonville has a couple of practice exams that will help anyone that is soon taking the North Carolina real estate exam.  The free one is at http://rondclimer.blogspot.com/2015/04/real-estate-practice-exam-for-north.html   and the ten dollar one is at www.ncreexam.com   Check those out if you are soon taking the test.

     Is the math on the North Carolina real estate exam difficult?  Also posted online is my free You Tube real estate math videos to help anyone that is planning on passing the real estate test the first time.  The test is fifteen per cent math.  Many real estate instructors teach the math rather rapidly.  I have posted any math that you need to know on You Tube.  https://www.youtube.com/watch?v=bMdJ-2iHepM&t=80s   It is hard to pass the North Carolina real estate exam if you cannot do the math.  The cool thing about having it on You Tube is you don't have to raise your hand in class and ask questions.  Just hit rewind.  Any math that is on the exam, I have posted on You Tube.

     Can I earn an extraordinary income selling real estate?  The answer to that is a very loud YES!   The real estate industry is full of people that spent twenty years earning a mediocre income.  Then they went to real estate school, got their real estate license , doubled their income and never looked back. 

     Almost all real estate is sold on commission.  If you want to earn $50,000 per year, you can do that in real estate.  If you want to earn $250,000 per year, you can do that as well.  How hard you work depends on how hard you want to work.  It is not the same answer for everyone.  The opportunity is there for anyone.

     If First Real Estate School in Hendersonville can help you start a new career, contact us at 828 440 1064. 

Where Do You Go For Advice?

     Our modern technology is such a wonderful invention.  If you have a Facebook account, you can go to Facebook and ask advice from your peers.  This was not possible thirty years ago.  Ann Landers and Heloise were probably the closest thing we had back then.

     How do you decide from whom to seek advice?  If you want advice on how to be rich, you should ask a rich person.  If you want to be slim, you should ask a slim person. If you want to be debt free, you should ask a debt free person for advice.  If you want to earn $500,000 per year income, ask someone that is already earning that for advice.  That seems right to me.  Does that seem right to you?

I've got lots of good advice from old men with grey beards

     I saw a post on Facebook yesterday.  Someone asks,"Should I get GAP insurance?"  I would not know what GAP insurance was had I not learned from my students in a real estate post license class.  www.firstrealestateschool.com  I looked at the responses to this solicitation for advice.  Three people said,"yes" " absolutely"   "for sure" .

     I wonder if I posted a question on Facebook like, "Should I wear a mask while robbing a bank?", would my friends respond with yes absolutely and for sure?  Would one of my friends point out that I don't need a mask because robbing a bank is such a bad idea?

     As I saw this post, I felt the urge to to post a reply that you don't need GAP insurance.  You need a free and clear car.   https://en.wikipedia.org/wiki/GAP_insurance

     This article is about advice.  It is not about insurance.  Ask advice from people that have already arrived where you want to go.

     One way to get good advice is from books.  Many people that are successful in sales or losing weight or family relationships or getting rich will write a book.  They will tell you exactly how they did it.  If you need advice, read.

     Today, with modern technology, we have podcasts and Vblogs and countless articles like this one.  We have a plethora of mediums where people give free advice on how to do almost anything that you might want to do.

     Avail yourself to good advice.  Learn from those that have already traveled the path.  Experience is a great teacher.  The tuition is dreadfully high.  Reading what worked for others is such a better way to learn.  Watching a podcast is so much cheaper than experience.

     Most importantly, when you ask advice, determine if it is good advice or bad advice.  If it is good advice, take it.  Implement it.  Consider this.  If a 25 year old man sat down with a 65 year old and asked the 65 year old man, "How can I be financially secure when I am your age?" and the old man said, "Save 10% of your income, would that be good advice?  That may not be all the advice that the young man needs.  It is a good start.  Seek advice.  Evaluate advice.  Implement the good stuff. 

     Get some advice from someone that knows.  If you have any advice for me, leave a comment.

In Real Estate School, Which is Better? Overconfidence or Under Confidence

     Just before the end of my last real estate pre license class of 2017,  one of the students suggested that we have a pool.  All the students put ten dollars in a jar.  The high grade on the test for the class gets all the money.  Sounds like fun to me.

     Of the twenty six students in the class, only two other students wanted to participate.  The rest of the students did not want to put ten bucks in the jar.  None of the other students were planning on making 100% on their real estate class exam.  They are studying to BARELY pass.

     If you are soon taking the North Carolina real estate exam, pleeeeeesae study like you want to make 100% on the exam.  Study like you put ten dollars in the jar and there is six hundred dollars in the jar.  Study all the time.  Avail yourself to any and all study material that you can find.  Please please please do not underestimate this exam.  Last month the pass ratio was 59% .  That means that 41% of the real estate license applicants that took the test paid $164 to take it http://rondclimer.blogspot.com/2017/12/pass-fail-statistics-for-north-carolina.html   That is the usual pass rate.  This test is hard.  Study for this test like the minimum passing grade is 95%.  Study like your new career depends on your grade.  Study like it costs $164 to take it again.  It does!

Real Estate School in Hendersonville

again. 

     It tells you in the North Carolina Real Estate Commission publication, "Real Estate Licensing in North Carolina" what is on the test.  https://www.youtube.com/watch?v=EZFPZGo_DJ4  Study what is on the test.  Here is a link to my video describing this free booklet.  Read this booklet.  Read page 16 through 22 twice.  That is what is on the North Carolina real estate exam.

     It is no mystery what is on the test.  It tells you right in the booklet.  What is a mystery is why don't students study more.  Over study.  Study morning noon and night.

     Read appendix C in your textbook.  More students fail the North Carolina portion of the exam than the national portion.  That is because they don;t read "The Comments" .   Lots of questions come directly from "The Comments".  This is also a free download from the North Carolina Real Estate Commission's website www.ncrec.gov

     If you need help with any of the math that is on the North Carolina real estate exam, I have it all posted on You Tube. https://www.youtube.com/watch?v=4HbEwoiVBMY&t=538s  It is free.  It is easy.  You do not have to raise your hand and tell all your classmates that you don't understand.  Just watch it again.  Click "like" after you watch it.  Share it with your classmates.

     Share any information and help that you find on the internet with your classmates.  Get a contact list of your fellow students.  After you take the exam, let your students know how it was.  Remind them to bring I.D. to the exam site or they won't let you in.  Remind them NOT to bring a phone to the exam or they won't let you in.  Remind your classmates that it is cold in the exam room even in July.  Hang around with your classmates that are planning on making a 100%.  Get together and study.  Tell your classmates if you think the test in easier in Asheville.

     This test is not easy.  If you study, you will pass.  Have confidence in yourself.  If First Real Estate School in Hendersonville, North Carolina can do anything to help you pass, contact us at www.firstrealestateschool.com or 828 440 1064.  Watch our You Tube videos.  Read some of our other articles.  Leave a comment here.  Help your classmates pass the North Carolina real estate exam.  If you live near Hendersonville and you are looking for a great place to start your career, call me at 828 755 6996.