Using the Benefits of Another’s Experience and Expertise – Online Business Manager
Starting a business of any kind, anywhere, can be very risky. Starting an online business can be even more risky considering that:1) the online business world is booming2) it is still a relatively new frontier and3) technologies change so quickly it is almost impossible to keep up.Having an online business manager can help fill in the gaps of your own knowledge, keep you headed in the right direction and, most importantly, keep you from having to learn every lesson the hard way.A manager does not have to be your very best friend, but you should be able to connect with him or her, especially in the very beginning- you will need to be able to feel like you can call them at any time with questions and concerns.Look for a manager who has similar tastes, styles and ideals as your own or you may clash repeatedly over the plans you have for your business. Remember, the final decisions are always your own, if you can’t get that concept, perhaps you are not ready to be a business owner. You will not always agree with your manager one hundred percent of the time. Take ideas and suggestions into consideration, but do not take them for law.Always look for a manager who has succeeded in a similar business, especially if your business is online. It is not enough to have business acumen when considering an online business; the game is far different online than it is in the traditional business world. You have to keep pace with the technology as it changes; you need to know how your market place is changing and what the predictions for the next big thing will be. Your methods and strategies will be very different online. Basic concepts may still be in place, but you will still be looking at some very different ways to get your concept brought to life.Managerial skills can be provided not only by someone who is successful in the business world, but familiar with the computer and technology world as well. It is better to consider having a online business manager who is familiar with both, especially considering that: - An old-school online business manager will not be of any help with the new online world, and - A computer and technology expert will not necessarily have any business skills.Finding an online business manager who is a perfect blend of both business skills and computer experience is important, but so is finding one with the right blend of drive and support. You do not want someone who is going to drag his feet or try to slow down and stall every idea. You also do not want someone who is going to try to push you into ideas that you think are too risky to be valuable. The running of your business, and the ultimate decisions that you make, should be yours alone- if you are finding that your online business manager is making far too many of the decisions without consulting you, it may be time to end that relationship and find a new online business manager.
Simple Facts For Online Business Success
Simple facts for online business success are very easy to understand, but for many it is hard to do. Here are some of the facts for building your online business and the simple fundamentals to help you find the success online you are looking for.The simple facts for online business success begin with the obvious…know what you are doing here. There has always been something to be said for education, training and mentoring and especially when it comes to online marketing. Learning how to brand yourself and your business online is a must as there is a learning curve to all of this. Whether you are part of a Network, Multilevel or even an Affiliate program on the Internet or, whether you have a traditional business, you need to understand how the search engines truly work and how to take advantage of that. Without this basic understanding and without the willingness to educate yourself, you could find yourself with the 90+ percent that fail with their business online.Once you have chosen to get through the learning curve with training and or, mentoring, the next simple fact for success will be your WILLINGNESS. For the entrepreneur looking to build a successful business on the Internet you will need the WILLINGNESS to do the work! Yes, WORK. For those of us who have found some or great success with online marketing, we understand that this has come with not only the online marketing training, but through the willingness to do the work each and every day that is involved. Your work ethic will determine the outcome of your online business.Many are looking for a way to build their business online and for the most part, make money online, the latter is the wrong frame of mind. TRAFFIC, traffic and more traffic is the mindset here. Making money online and building a successful business online will be through WORKING for the TRAFFIC you need. Take your business online serious and you will have a serious online business…or presence.The simple facts for online business success are easy t understand, yet most fail to implement. Solid work ethic and the knowledge base through online marketing training or mentoring to help you understand what you are exactly needing to do and the how to do it. Online business success will be determined by the depth of your basic understanding of how the search engines work and the effort put forth with that knowledge.
Financing Investment Properties – Good News For the Conventional Investors!
Fannie Mae is changing their rules regarding multiple mortgages to investors in order to help jump start the housing recovery. Their current policy of financing a maximum of four investment or second home properties has been changed to five to ten for properties purchased after March 1, 2009, whether or not Fannie Mae is the investor on the borrower’s other mortgages. The following are the new eligibility requirements:Eligibility Requirements
· Limit of five to ten financed properties per borrower, with underwriting requirements including a 720 minimum credit score and 70-75% maximum LTV/CLTV/HCLTV (depending on the transaction and the type of property involved).
· Applicable to whole loan purchases or mortgaged backed securities.
· Lenders must use a special code 150 when they are delivering loans to investors or to borrowers for second home properties.Reserves Requirements and Assignment of RentsThe following are the new Fannie Mae reserve requirements for loans on investment properties and second homes to borrowers with multiple financed properties:One to four financed properties (including the subject
property):· Two months of reserves on the subject property if it is a second home,
· Six months of reserves on the subject property if it is an investment property, and
· Two months of reserves on each other financed second home or investment property.Five to ten financed properties (including the subject
property):· Two months of reserves on the subject property if it is a second home,
· Six months of reserves on the subject property if it is an investment property, and
· Six months of reserves on each other financed second home or investment property.Investment property borrowers must now execute a Multi-state 1-4 Family Rider Assignment of Rents Form 3170 authorizing the assignment of rental revenues to the lender. Fannie Mae is deleting the requirement for rent loss insurance though. For more information, visit Fannie Mae’s website.Understanding How Investment Loans Differ from Typical Mortgage LoansInvestment loans differ from a typical mortgage loan on a primary residence. Since the money will be used for investment purposes, lenders usually require a larger down payment for one thing. The interest rate is usually higher as well. Investment loans are for shorter periods of time while the monthly payments are higher, but less money is paid in interest during the term of the loan.Requirements for Conventional Investment LoansLenders require a title policy be purchased, an inspection be conducted and an appraisal be done on the property to make sure the property appraises. Every conventional lender will review the borrower’s current debt to income ratio, past credit history and ability to repay the loan.Hard Money LendersInvestor funding through hard money lenders is an alternative to obtaining traditional conventional financing for many investors these days. Hard money loans can be used for not only acquiring property but rehabbing and resale of single family homes. Hard money lenders look at the asset more than the borrower’s credit history and income so it is easier to get financing.Hard money lenders are mostly other investors who have cash and are willing to loan to you as an investor. Finding them is not that difficult. The best way to find a hard money lender is to get a referral from another investor or friend or family member. In fact, you may already have a family member that is interested in loaning to you. There are many hard money lenders that advertise on the Internet as well.