Real Estate Investing In The New World

New blog

Sat, 05 Feb 2011 00:47:58 GMT

We are changing our website over to word press. This will no longer be active. To go to the new blog site, click here.

Trump is a smart guy

Fri, 04 Feb 2011 01:54:01 GMT

I have this quote from him hanging in my office. I try to get others to understand this philosophy but it usually falls on deaf ears,

Obsess About Solutions, Not Problems

“There's a lot to the credo that success breeds success. It puts you on a high that makes more success like a magnet. I'm a positive thinker who does frequent reality checks. Negatives turn into positives, problems can be solved, things can turn around. The image of success is important, but even more important is the ability to focus on solutions instead of on problems. That way, you'll never be thinking like a loser, and you probably won't look like one either.”

Bruce Norris' wife memorial

Thu, 03 Feb 2011 22:58:45 GMT

It was so touching. The whole family got up and spoke about how wonderful she was and recounted someof their best memories.

I told Bruce that i thought he was a lucky man to have so many years with such a wonderful person.

Is this true?

Wed, 02 Feb 2011 23:06:48 GMT

Beginning January 1, 2013, ObamaCare imposes a 3.8% Medicare tax on unearned income, including the sale of single family homes, townhouses, co-ops, condominiums, and even rental income.

Please comment and let us know.

Misleading housijng numbers

Thu, 27 Jan 2011 04:42:57 GMT

The famous Case-Schiller index of housing state paints a dismal picture. According to them we have hit a double dip.

I was listening to my friend Jim Kramer of mad money and he had a very interesting view.

It turns out that the Case-Shiller index only uses data from 20 cities. Almost like only using the Dow Jones Index as the only way to decipher stock trends.

Just like the Standard and Poor 500 Index is a more telling indicator, for stocks, the FHFA index is a more reliable housing index. According to them prices were unchanged from Nov To December and no double dip.

In addition, Kramer pointed out that the NAR shows prices up 12.3% in Dec– the 5th straight month increase. According to them, inventory was down4.2% and pending home sales were up 3.5 %.

Lastly the census bureau track s home data and they showed the average price up 12%.

Just as the stock market is usually a 6 month leading indicator of the economy, keep in mind that housing related stocks are going strong also.

So who should you listen to? If you only pay attention to headlines, you are going to be the last in line to see trends. Guess what– if you listened to the news media in 2005, you got clobbered.

The economy is rolling along and inflation is coming back and so are interest rates. BUY NOW!!!

Default notices drop

Wed, 26 Jan 2011 15:53:43 GMT

This is a lead story in the Times. Hello!!! Didn’t they just tell us that banks stopped issuing them last quarter because of legal concerns?

Another example of bad journalism.

Home prices drop in 9 cities.

Wed, 26 Jan 2011 15:49:03 GMT

According to Case Shiller.

The good news is that L.A. is not one of them.

California's coastal cities and the nation's capital were the only apparent bright spots in the report, with Los Angeles, San Diego, San Francisco and Washington showing year-over-year gains. But when measured month to month, the index declined for every city except San Diego, which inched up 0.1% in November from October.</span>

read the story

More foreclosures coming in Ca.

Tue, 25 Jan 2011 17:08:19 GMT

B of A had stopped giving nods because of robosigning even in Ca. Now they are resuming.

BRING THEM ON!!!

http://www.cnbc.com/id/41250862

9 items you should never deduct

Mon, 24 Jan 2011 04:07:17 GMT

These are not allowed so don't even try it.

http://www.walletpop.com/2011/01/18/nine-tax-deductions-you-shouldnt-even-think-about-claiming/

I learned more yesterday than in 10 years

Sun, 23 Jan 2011 16:33:15 GMT

We had don Bronchick– yes, another son– give a class on dealing with contractors. All i can say is WOW!!!!. As proud as i am of him– i did not know he had it in him– i got writer’s cramp from taking notes. You know me, i usually don't even stay in the room when the speakers talk. I have heard it all. But this time, i would not even take a potty break for fear of missing something.

In the past, i have avoided getting permits and hid from inspectors. Don changed my mind. From now on i will only use licensed contractors who pull permits.

If you are going to do any rehab either on your own house or an investment house, you MUST GET this course.

What you need to know about qualifying for a loan

Fri, 21 Jan 2011 04:13:41 GMT

Interesting article that you need to know about so you can pre-qaalify your buyers. Click here to read.

Nothing to do with real estate

Wed, 19 Jan 2011 20:02:43 GMT

but it’s a great tool. i keep a lot of folders on my desktop and can’t find some of them when i need too. So i used folder iconizer– a free tool that makes cute colors and shapes out of ordinary icons.

Another great tool is roboform which keeps track of my passwords.

Don't believe everything you read

Wed, 19 Jan 2011 19:01:32 GMT

I got an email saying that banks have to give you an answer to a short sale in 30 days. So i looked up the HAFA site and found this:

"Servicers that have executed a servicer participation agreement and related documents (SPA) must follow the guidance set forth in this Supplemental Directive. This guidance does not apply to first lien mortgage loans that are owned or guaranteed by Fannie Mae or Freddie Mac, or insured or guaranteed by a federal agency, such as the Federal Housing Administration, Veterans Administration or the Department of Agricultureâ™s Rural Housing Service."

it looks like most govt agencies are exempt from this. Am i reading this right?

I was right about Compton

Tue, 18 Jan 2011 16:22:58 GMT

People could not believe i was not afraid to invest there. I will invest anywhere i am not afraid t get out of my car in daylight. Compton has turned the corner with homicides and gang violence down.

click here to read the article

I am so sick of real estate internet only gurus

Mon, 17 Jan 2011 23:59:43 GMT

They send enticing emails about how to buy foreclosures in your underware and try to get you to fork out big bucks to learn how to do this.

I am in the trenches EVERY DAY and know what works and what does not.

Think you can just put a phrase in your contract that says, “Title to be decided before close”? Think again. I put it in and the listing agent says to take it out.

You can’t use hard money pof either. Looking for folks with lots of cash or some cash and the ability to qualify to be my partners. Got lots of ideas on how to make money but the banks are not making it easy.

New Hafa Agreement

Mon, 17 Jan 2011 21:18:51 GMT

I have been getting emails from folks saying that banks must now approve or reject short sales within 30 days. I read the new agreement and this is what it says:

“Servicers that have executed a servicer participation agreement and related documents (SPA) must follow the guidance set forth in this Supplemental Directive. This guidance does not apply to first lien mortgage loans that are owned or guaranteed by Fannie Mae or Freddie Mac, or insured or guaranteed by a federal agency, such as the Federal Housing Administration, Veterans Administration or the Department of Agriculture’s Rural Housing Service.”

Does anyone get this?

7 things that will cost more this year

Mon, 17 Jan 2011 17:55:32 GMT

One of these is food. Imagine that. Someone finally admits that grocery costs have gone through the roof.

http://www.walletpop.com/2011/01/07/seven-things-that-will-cost-more-in-2011-and-what-you-can-do-abo/?icid=main%7Chtmlws-sb-w%7Cdl3%7Csec1_lnk3%7C195654

Double digit rent hikes coming for apts

Fri, 14 Jan 2011 03:41:46 GMT

Because of the lack of multi-family buildings in the last few years, owners are about to get rewarded. Wow– low interest rates and high rents.

click here to read the article

I don't do gang areas

Fri, 14 Jan 2011 03:21:32 GMT

Even though i invest in areas some of you would freak out about, i do not go into areas where i am afraid to get out of my car IN THE DAYLIGHT. If every house has bars, that’s not good. If the house is next to a park, grocery store, liquor store, middle or high school- i pass.

So today i went to see a house that i got an offered accepted on. (yes i make offers sight unseen) Nice house except that next door is a HUGE housing project. I did not even go inside. I think the next time, i will check google before i go out.

I apologize

Thu, 13 Jan 2011 22:52:32 GMT

We are in the process of changing our website to wordpress and in the instruction they were showing me how to see who has commented on my blog. Oh, boy, there were so many comments that i never saw and never responded to.

I am going to change that so feel free to comment. (keep it clean) I welcome constructive criticism but not nasty comments. My assistant will delete them.

Why interest rates will rise

Thu, 13 Jan 2011 04:29:52 GMT

I have been saying this for a year and now i have some agreement.

click here to read the article.

Best mobile apps for business

Thu, 13 Jan 2011 00:08:19 GMT

For all you techies like me-check this out.

Short sale i am working on.

Wed, 12 Jan 2011 22:12:24 GMT

You have to hear this. B of A, after first rejecting my offer because the name on the contract was a little different than the pof (same account), now they send me this.

The valuation for the property at xxxxx is complete and we can move the short sale forward. At this stage, we will be obtaining internal pieces of information, such as the payoff amount, so that we can analyze the deal and determine the net proceeds for the investors. You may receive questions or counter offers directly from your Short Sale Specialist. The next status notification will be sent to you once the file is submitted to the investors for decisioning.

Please be assured that our goal is to negotiate a realistic offer that we feel investors will approve. All counter offers will prolong the process. Also, please be aware that the investors can make changes to the offer and additional stipulations prior to approving the deal.

*If possible, you should reply to this message through Bank of America Short Sale System Message Center so your reply is delivered correctly and tracked. To reply, log in to the Bank of America Short Sale System and go to the Messages section.

Got a short sale accepted

Wed, 12 Jan 2011 16:30:01 GMT

I like this deal because the lot is 13k sq ft and it is lar2. However, i just found out that it is tenant occupied. If this is a lease i don’t want it.

Bulldozing houses as a means to increase property values

Mon, 10 Jan 2011 16:44:04 GMT

It was done in Detroit and now this article suggests it be done in other cities to get rid of excess inventory. The banks have to cooperate, of course, and forgive the loans.

http://www.mortgagenewsdaily.com/01062011_knock_down_excess_inventory.asp