Glossary of Real Estate Terms

I need a definition for a word. (non-acronym)

Anyone know what "landlock" means?
Is this a situation when you don't have access to a property
and you need a right of way via someone else's property?

Hi sneely5101, lets you and I work together on keeping one another moving forward. I know that "procrastination devil". He's a tricky thing. But the good news is WE can beat him. On a more positive note, WE'VE already beat him! Any and every action we take towards our goal of success knock him down further and further, soon he will be no more than a bad memory and who wants to think about bad memories? Rina said it right, no one can do it for you. No one has to, you already have all you need, GOD and YOU! Suggestion; start out by making a list of professionals you will need to help along the way. You didn't mentioned that you had an problem talking to others so this should be a breeze. A sneely5101 lets stay in contact either by journal or private message. I'm looking for some one to lean on also, if nothing else we can keep on another motivated.
lbrown

That definition looks correct. You might want to try Googling it to see if there is any other application in RE. But that is what has always been my understanding of a landlocked piece of property. Sorry we haven't included definitions in here, but the list would probably be literally a mile long.
Actually I do think Anita started one somewhere in the forums. Try doing a search on "terms". if you find it, you could put a link in here, or I could add it to the bottom of the acronyms page.

Thanks,

Rina

Thanks alot for your help.

Happy Holidays!

glad to be of assistance.

Great stuff here guys....

Thanks

ECR = estimated cost to restore is an estimate of rehabiliation costs

Hi Anita,
My name is Quiana and I am new to all of this. I am scared to death about the whole thing, but I keep reading other people's stories, learning that they are no different from me and I get a little encouragement, but I am still scared of failure and making a fool of myself. Please keep in touch with me and let me know how you got started and how it all worked out for you. How long have you been in this? Give me some insight.

Quiana

AGI = Adjusted Gross Income

What is an REO Tape? Or... a wholesaler emailed me the other day and the title of the email was "Tape of homes". Does this have something to do with bank owned homes that are not yet listed on the MLS? Or maybe the bank has not yet released them to be sold? I'm just guessing here...but I've run across that term twice within a week.

What is an REO Tape? Or... a wholesaler emailed me the other day and the title of the email was "Tape of homes". Does this have something to do with bank owned homes that are not yet listed on the MLS? Or maybe the bank has not yet released them to be sold? I'm just guessing here...but I've run across that term twice within a week.

Sorry for double post....the website was being really slow.

I saw an ad on Craig's list yesterday again using that word Tape. He had some bulk REO's. So, I still don't know how the word "Tape" refers to Real Estate.

I met this guy who deals with disstress properties. He told me it was come first come, first served I did my reseach in the area when and took a look at some of the properties then I made my offer, but then he sends me an e-mail which i just got this morning, saying he needs to see proof of funds letter from my bank or lender and contact info to go with any written offers. At this point what do I do? Do I need to contact my buyer? If so do we need to make some kind of a contract since am the one who found the person selling and have already placed offers Or is it a loss for me at this point?

What is meant by the phrase, "Hard Money"? I am new to RE investing & am trying to learn all that I can- Paul

Hi,

Thanks to Rina and the other members who asked and contributed to this list! Being so new to real-estate, the acronyms are all new to us. This list is an invaluable too; we've printed it out to quickly refer to any time. Thanks for taking the time to create and maintain this - it's an invaluable reference tool!

--April

This is a big help! I keep coming across a different RE acronym everyday , it's great to have a place to go to look it up.

Rina,

Thanks Ever So Much.......I was beginning to need a 4" binder for all my notes on these acronyms LOL. Great Updates! Thanks for Your Patience

JJD

Great Success on Your Journey Always!

Do you think this is possible to work in Hawaii?

REE, THANKZ THIS IS GOOD....,

YOU DID THE HOME WORK FOR ALOT OF US LOL HAHA,

it took me right to it..

i just hope you know those terms yourselves cause i am uping the game, & its going down

(yes im black)

keep the spirit rita,
...never let the 'peanut gallery' get u down:)

i found i great agent and some great deals but the first thing they ask for when buying a r.e.o house is a financial statement. i walked the walk,talked the talk and faked it till where now i'm stuck. i dont want to lose my credibility or trust with these new contacts. any advice?

thanks for the info
regards
tom

Thats a whole lot to remember im gona have to make a list one day ill get them all, Thanks everyone.

Thank you Rina, the Glossary is a big help.

Thanks for the 'cheat sheet'. I've written the acronyms in my note book and can carry it everywhere I go and familiarize the terms

Thanks Rina and everybody for this glossary, BIG help!

I took the liberty of copying, formatting and converting it into a 2 page (double sided single sheet) 3 column glossary in a .pdf format file. Does anybody have a reliable place to host it?
Or maybe it can be held on the site somewhere?

Let me know.

Thanks.

Mark

UPDATE: File is attached in next post #151 (http://www.deangraziosi.com/node/3208?page=5#comment-132311)

Here's the link:

http://www.deangraziosi.com/ufiles/REglossary.pdf

Print it out for a handy reference.

Just got my book, really motivated,just have to get my bearings straight,thanks for the glossary. Need all the help I can get, Thanks

For all the apprentices (newbie is a bad word here!)

You may have found a definition for this term by now, but if not...

It is a way to value property by using the income and the cost. This is a quote from Google "Houses Under Fifty Thousand | No More Gross Rent Multipliers!" stating is has fallen out of favor in recent years.

"A gross rent multiplier is a crude way to put a value on a property. It is just too simplistic. Suppose two buildings each are selling for eight times their gross annual rent collections. One however, includes all utilities in the rent that tenants pay. That changes things, doesn't it? Of course, you could try to subtract out the utilities, to see what rents would be if they weren't included, and use that for the GRM. But that's not the only problem.

You have to constantly change the GRM expectations to reflect interest rates, because a property might be profitable at 12 times rent when interest rates are low, but a money loser at eight times rent if the financing is expensive. Also, there are just plain different expenses for different properties, whether higher maintenance costs, insurance premiums, or whatever. Gross rent doesn't say much about the factor that really makes a rental property valuable: the net income."

I hope that helps.

We are new to this exciting real estate venture too. But now is the time to go get the necessary knowledge and apply it to deals. Collect $$$ and just repeat!

A&S