Attorney William Bronchick: William Bronchick Best-Selling Author

WilliamBronchick : Too many investors go to closing and sign documents without ever reading them, taking the word of the “professionals” involved in the closing. This is a huge mistake unless that professional is your lawyer, and he or she has read and understood the loan documents. Don’t presume that the lawyer you are paying represents you. Many banks have lawyers that represent them and charge that fee to the borrower. Mortgage brokers and lenders are not by their nature dishonest but there are enough shady characters that try to slip things by on borrowers. In some cases, it is a mistake by the lender or a miscommunication between the mortgage broker and the lender, both of which result in the borrower getting a different loan than what was promised. The most common things that are incorrect on a loan are: Prepayment Penalty The most common “hidden” clause is a prepayment penalty that the lender does not disclose or that was supposed to be omitted. The only wa...

William Bronchick : The land trust is a very powerful tool for the savvy real estate investor, and there are many reasons to use land trusts in Colorado. A Colorado land trust is a revocable, living trust used specifically for holding title to real estate. Each property is titled in a separate trust, affording maximum privacy and protection.  Also known as an “Illinois Land Trust”, the title-holding land trust is recognized by statute in Florida, Georgia, Hawaii, Illinois, Indiana, Montana, North Dakota, South Dakota, and Virginia. Colorado does not have a land trust statute, but since a land trust is a basic revocable, living trust, it would be recognized under common law trust principles. Here are seven good reasons to use a Colorado land trust for titling property to real estate. Privacy In today’s information age, anyone with an internet connection can look up your ownership of real estate. Privacy is extremely important to most people who don’t wan...

William Bronchick : Have you ever had a tenant leave in the middle of the night or the middle of an eviction? Did you ever wonder what to do when the tenant abandons the property? Basically, when a tenant abandons the property, you do not need to file an eviction or wait for the sheriff. You can change the locks. HOWEVER… If you are not certain whether the tenant has abandoned the property, you should not change the locks. If you have the keys and your lease allows it, you could enter the premises, but KNOCK FIRST. Whether or not the tenant has abandoned is often a judgment call, looking at a combination of factors, such as: ·          Did the neighbors see them move? ·          Are the utilities shut off? ·          Did the tenant put in a change of address at the post office? ·          Is there any si...

William Bronchick : No real estate course or seminar is a substitute for a good Colorado real estate attorney. Finding a good Colorado real estate attorney may be difficult since most attorneys are not themselves investors or familiar with creative transactions. Most attorneys will give you just enough advice to keep them from getting sued, but not enough advice to show you how to make more money out of a deal. A good   Colorado real estate attorney is one who advises you of the risks, suggest alternative ways of doing a transaction and charges a reasonable fee for doing so. A bad real estate attorney either says nothing, points out problems without offering solutions or systematically kill deals. This is why attorneys are frequently referred to as “deal killers”. Ask other investors in your area who they use as an attorney. Join a local real estate investors association and ask for referrals. Ask local real estate agents and title companies for referrals....

William Bronchick : People settle claims out of court all the time, and that is often the smart thing to do. But, most people forget the one simple step that is crucial to the process. This simple step, if omitted, can result in a future lawsuit against you, even if you allegedly settled the claim. Consider the act of settling with a tenant who his behind on his rent: you accept the keys, waive his back rent and he moves out quietly. But, the tenant can always come back and sue you years later regarding damage to his property because of a leaky pipe. There is a simple way to avoid this lawsuit from happening. Consider the times you may have accepted or given an earnest money deposit on a real estate contract. The closing never happened, and you either kept or forfeited the earnest money. Does this mean you can’t be sued in the future for breach of the contract? Don’t bet on it! Consider the times you may have settled a claim with your neighbor regarding any controversy ...

William Bronchick : You’ve seen the claims “Eliminate your mortgage!!” Can this really be true? Well, I’ve researched the law and here’s what I came up with. The Claim The claim they are making is that you can legally eliminate your mortgage based on a legal loophole that goes something like this… “If the lender who funded your loan used borrowed money to fund your loan, then the loan is not valid. And, since the loan is not valid, the security instrument is not valid either. All you do is simply march into court and ask a judge to void your mortgage lien, and you don’t have to pay it back.” Now, without going into the legal issues, a common sense approach would tell you that the entire premise of this argument is patently absurd. Think about it… most lenders use borrowed money to fund loans, that’s the nature of the business. So, if these promoters are correct, then millions of mortgages would be void. The entire economy would collapse. The...

" William Bronchick "  Any major endeavor worth doing right requires some sort of organized plan. Starting a business and getting it off on the right foot is no different. It’s amazing to me that most folks that are starting a business spend more time planning a 1-week vacation that they do laying out the steps of a business they intend to support them for many years into the future! In order to help you on your journey, we will explore 7 key ingredients that are essential in a complete real estate business plan. 1. How Much Are You Going to Invest Initially?   It’s important for business plan purposes to at least allocate an amount of money that you wish to invest at first. This can be cash on hand, savings, a line of credit, IRA money, partner’s money or other. It’s not important to have an exact amount, just a starting point. The amount can be changed as needed. 2. Entities and Principals I am always amazed in my roles as both an investor and business...