5163 BROKEN OAK DR. 38127 $27,000 CASH PRICE
3BR. 1BA. RENT $600-$650 TAXES $540 COMPS/APPRAISAL $47,800-$62,000
REPAIR ESTIMATE $5,000
3032 COLEMAN 38122 $13,900 CASH PRICE
3BR. 1BA. RENT $650-$675 TAXES $579 COMPS/APPRAISAL $28,600-$30,000
REPAIR ESTIMATE $6,755
3327 MACON RD. 38122 $20,900 CASH PRICE
5BR. 2BA. RENT $700-$725 TAXES $815 COMPS/APPRAISAL $44,900-$45,000
REPAIR ESTIMATE $3,400
747 CELLA ST. 38114 $17,870 CASH PRICE
3BR. 1BA. RENT $550-$650 TAXES $671 COMPS/APPRAISAL $33,600-$33,900
REPAIR ESTIMATE $7,000
857 POPE ST. 38112 $21,400 CASH PRICE
2BR. 1BA RENT $500-$525 TAXES $461 COMPS/APPRAISAL $23,400-$53,000
REPAIR ESTIMATE $1,600
2678 FIZER RD. 38114 $18,900 CASH PRICE
2BR. 1BA. RENT $650-$675 TAXES $952 COMPS/APPRAISAL
$52,000-$52,500
REPAIR ESTIMATE $7,800
3113 GIVEN AVE 38112 $16,900 CASH PRICE
2BR. 1BA. RENT $525-$575 TAXES $448 COMPS/APPRAISAL
$24,600-$63,000
REPAIR ESTIMATE $7,200
2BR. 1BA. RENT $600-$625 TAXES $651 COMPS/APPRAISAL $55,000
REPAIR ESTIMATE $11,000
2198 HILLSIDE AVE. 38127 $12,000 CASH PRICE
3Br. 1 Ba. RENT $550-$650 TAXES $516 COMPS/APPRAISAL $78,000-$80,000
REPAIR ESTIMATE $ 9,185.
5 EAST ARMSTRONG RD. 38109 $11,900 CASH PRICE
3Br. 1Ba. RENT $350-$450 TAXES $759 COMPS/APPRAISAL $62,000
REPAIR ESTIMATE
VACANT PROPERTY INSURANCE $450 EVERY 6 MONTHS. 3 MONTHS FULLY EARNED
CALL NOW TO MAKE THESE YOURS....
Fernando Young
Hartford Investment Group
424-259-3733
socalhartfordinvgrp@gmail.com
Tuesday, December 28, 2010
9 Unit Cash Flow in Memphis Tenn
Sq Footage 6144
Bedrooms 2
Bathrooms 1 Partial
Floors
Parking 6
Lot Size 13285 Sq. Feet
HOA/Maint
Market value $360,000
Purchase price $270,000
Loan amount $202,500
Down payment $67,500
Built in equity $90,000
Rental Income $3,000
Vacancy (8%) $240
Property Management $221
Property Taxes $159
Insurance $167
Repairs $420
Net Monthly Income $1,793
Net Annual Income $21,518
Annual Debt Service (13,790)
Cash flow after debt service 7,728
Tax benefits 2,356
Cash Flow ROI w/ 20 % down 14.94%
Total Increase in Wealth 111,518
Return on Investment
41.30%
Fernando Young
Hartford Investment Group
424-259-3733
socalhartfordinvgrp@gmail.com
Bedrooms 2
Bathrooms 1 Partial
Floors
Parking 6
Lot Size 13285 Sq. Feet
HOA/Maint
Market value $360,000
Purchase price $270,000
Loan amount $202,500
Down payment $67,500
Built in equity $90,000
Rental Income $3,000
Vacancy (8%) $240
Property Management $221
Property Taxes $159
Insurance $167
Repairs $420
Net Monthly Income $1,793
Net Annual Income $21,518
Annual Debt Service (13,790)
Cash flow after debt service 7,728
Tax benefits 2,356
Cash Flow ROI w/ 20 % down 14.94%
Total Increase in Wealth 111,518
Return on Investment
41.30%
Fernando Young
Hartford Investment Group
424-259-3733
socalhartfordinvgrp@gmail.com
Memphis Turn Key, Easy and Simple Cash Flow, Equity.
Only $31,900
3 bedroom, 1 bath, approximately1200 sq. ft.
This home is brick with hard wood floors and it has a 1 car carport with a fenced in back yard.
Rent Range-$695-$750
Renovations Needed-$8500
Tax Assessed Value-$60,800
Zillow Value, Zestimate-$54,500
Disclosure: Appraised values reflect the date of this posting. Due to continually changing market conditions, appraised values may change slightly based on the time of refinance, changing market conditions, and/or the individual appraiser performing
the analysis
Rent: $750.00
1475 Wanda
Memphis, Tennessee 38111
Type: Home Bedrooms: 3
Stories: 1 Bathrooms: 1
Square Feet: 1200 Garage Stalls: None
Year Built: 1954 Fireplaces: 0
Near School: Yes Near Transit: Yes
Estimated Repairs: 8500 After Repair Value: 55000
Fernando Young
Hartford Investment Group
424-259-3733
3 bedroom, 1 bath, approximately1200 sq. ft.
This home is brick with hard wood floors and it has a 1 car carport with a fenced in back yard.
Rent Range-$695-$750
Renovations Needed-$8500
Tax Assessed Value-$60,800
Zillow Value, Zestimate-$54,500
Disclosure: Appraised values reflect the date of this posting. Due to continually changing market conditions, appraised values may change slightly based on the time of refinance, changing market conditions, and/or the individual appraiser performing
the analysis
Rent: $750.00
1475 Wanda
Memphis, Tennessee 38111
Type: Home Bedrooms: 3
Stories: 1 Bathrooms: 1
Square Feet: 1200 Garage Stalls: None
Year Built: 1954 Fireplaces: 0
Near School: Yes Near Transit: Yes
Estimated Repairs: 8500 After Repair Value: 55000
Fernando Young
Hartford Investment Group
424-259-3733
Saturday, December 25, 2010
Weekend Gifts for you.,F.reeee Merry Christmas
OK, Happy X-Mas Eve, We here want to wish you and yours Happy Holidays.
So we will be sending out a ton of free gifts.Gift from Larry Goins, Freedom Software, Lora Langmier just to name a few.
So be on the look out over the next few days, FELL FREE to forward to a friend or business associates.
FIRST GIFTS FROM THE HARTFORD
Do you think you might need a Property Analyzer?
Well check this out.
http://budurl.com/propertyanalyzer
How about a free LLC?
http://budurl.com/LLCfreeCorp
Want to write offers FASTER ?
http://budurl.com/cntractcrusherfree
SPECIAL OFFER
http://budurl.com/PMOD
Get that money, do some deals, and be VERY Merry
this holiday season!
Fernando Young
Hartford Investment Group
424-259-3733
socalhartfordinvgrp@gmail.com
So we will be sending out a ton of free gifts.Gift from Larry Goins, Freedom Software, Lora Langmier just to name a few.
So be on the look out over the next few days, FELL FREE to forward to a friend or business associates.
FIRST GIFTS FROM THE HARTFORD
Do you think you might need a Property Analyzer?
Well check this out.
http://budurl.com/propertyanalyzer
How about a free LLC?
http://budurl.com/LLCfreeCorp
Want to write offers FASTER ?
http://budurl.com/cntractcrusherfree
SPECIAL OFFER
http://budurl.com/PMOD
Get that money, do some deals, and be VERY Merry
this holiday season!
Fernando Young
Hartford Investment Group
424-259-3733
socalhartfordinvgrp@gmail.com
Friday, December 24, 2010
Wacky Tax Deduction
Hello, found this very interesting.Great info for us as Buisness Owners/ Real Estate Investors
by Cindy Perman, CNBC.com Staff Writer
Thursday, December 23, 2010
Some tax deductions are obvious — like business trips and charitable donations. But there are some things you wouldn't believe that you can deduct!
As long as you can prove that the item is "ordinary and necessary" for the production of income, it qualifies, explains Bob Meighan, vice president at Intuit (NasdaqGS: INTU - News), the maker of TurboTax tax software.
The problem is, most people are so exhausted by the whole tax process that by the time they get to the deduction portion of the program they're just like, "Eh, forget it. I'll just take the standard deduction."
"I think a fair number of people are losing money because who wants to go to all that trouble to make tax season even more excruciating than it already is?" said Pete Sepp, executive vice president of the National Taxpayers Union.
"The trick with a lot of the wackier tax deductions, the strange ones, they have to exceed 2 percent of your adjusted gross income before you take them," he said.
If it's under 2 percent, you take the standard deduction, which is $5,700 for a single taxpayer and $11,400 for married taxpayers filing a joint return.
[See Filing Status Makes a Difference in Your Tax Bill]
For some, especially for homeowners with mortgages, the extra time it takes to itemize can actually save you a lot of money.
"If you own a home and pay a mortgage, it almost always makes sense to itemize," Sepp said.
He recommends perusing IRS publication 529 for a list of deductions that qualify under the 2 percent rule.
Hey! No groaning. This is money in the bank. And who said tax deductions aren't fun? Check out these 12 wacky tax deductions:
1. Drycleaning
If you go on a business trip, you can deduct the cost of drycleaning the clothes you wore. But Jerry Lynch, a certified financial planner and owner of JFL Consulting in Fairfield, NJ, cautions that you should do it the day you get back — and only the clothes you brought with you.
2. Chicken Wings
Lynch is a season-ticket holder for the New York Giants and will often invite clients or other business associates along for a tailgate before the game. He says you can deduct the cost of the tailgate as long as you talk about business — even if it's just, "How's business?" … "It's great, but I can always use more!"
This actually goes for any party you throw. So, while it's not good to be all business all the time, it's in your financial interest to bring it up at least once!
3. A Swimming Pool
The IRS lets you deduct anything that's a "necessary medical expense." After being told by his doctor that he needed to exercise more, one man put in a swimming pool and deducted it on his taxes! The IRS not only allowed him to deduct the cost of installing the pool but also everything for its upkeep such as the chemicals, heating, cleaning costs, etc., according to TurboTax.
4. A Cruise
C'mon, people, think outside the box! If you are going on a business trip, no one says you have to take the fastest method possible, Lynch explains. So, why not take a cruise from L.A. to that marketing convention in Honolulu? As long as it's transportation to a business-related meeting or event, you can write it off. Alohaaaaaaaa!
5. A Safari
Now that we've got both feet firmly planted outside the box, we're going on a safari! TurboTax recalls one couple who owned a dairy business and successfully wrote off an African Safari because many of the activities on the trip were focused on wild animals. Yes, Virginia, there are cows in Africa!
And if you're still dubious of the business expense, check out this account of one man who spent 15 years observing cows in Africa.
6. Lessons in Vail
So you need to take a training class for work. Well, guess what? No one said you had to take it locally. "I could take an educational seminar in Aspen, Vail or Hawaii," Lynch explained. The airfare, hotel, etc. — it would all be deductible "as long as I'm spending a portion of my time in that seminar," Lynch said.
7. A "Meeting" in Bermuda
Next stop … Bermuda! You already know that you can write off meetings, conventions and training. But Bermuda gets its own call out because "ANY business convention held in Bermuda can be written off without even showing there was a special reason to hold your business meeting in paradise," Lynch explains. But wait, don't answer yet. You also get the same perks in Barbados, Costa Rica, Dominica, the Dominican Republic, Grenada, Guyana, Honduras, Jamaica, Saint Lucia, Trinidad and Tobago, Canada, Mexico and all U.S. possessions, according to TurboTax.
But let the paradise lover beware: These rules don't always apply to places outside the U.S., so check with the IRS rules first.
Would you like a little umbrella for your drink?
8. Pet Food
Rats! No, seriously, rats are a very big, very deductible problem for some business owners. TurboTax recalls owners of a junkyard who became fed up with their snake and rat problem. So, they cleverly set out bowls of cat food to attract wild cats, who ate the pet food and chased it down with rats and snakes. Poof! No more varmint problem. "Because the wild cats made the business safer for customers, the pet food was deductible as a business expense," Meighan explained.
9. Clarinet Lessons
When kids learn an instrument, it's never pretty. Haven't you ever thought, wow, someone should compensate me for having to listen to this racket? Well, Dad, that person is the tax man! Parents can deduct children's music lessons and the cost of buying the instrument if there is some proven medical reason. In the case of the clarinet lessons, the IRS approved it on the grounds that orthodontists say clarinet playing can help with a child's overbite, according to TurboTax.
10. Babysitting Costs
Wouldn't it be great if someone split the babysitting bill with you? Ding! Enter the tax man. "Believe it or not, you can deduct the cost of a babysitter as a charitable deduction IF the mother of the child is leaving the house to do volunteer work for a charity. Which, of course, we all do on a daily basis!" Meighan quips.
11. Putting Your Adult Kids to Work
Finally! An excuse your kids can't argue with when you tell them to get a job. This one's tricky, so pay attention: If you own your own business and hire your kids who are over 18 to work for you, much of their income is either tax free or low tax, Lynch explains. The first $5,700 they earn is tax free and the next $8,300 is taxable at 10 percent, not the 30 percent or so that most of us pay. Plus, you can take a business tax deduction on the wages you pay them. Lynch, in turn, has his kids use the money he paid them toward their college education. "Your kids are ending up with your money anyway, who not save some of it?" he quipped.
12. Safety-Deposit Boxes
Wow, with all this money you're saving, you'll need someplace to put all your valuables. Guess what? Also tax deductible! Well, here's the catch: The cost of that safety-deposit box is deductible as long as it contains income-producing papers such as stock certificates, Sepp explains.
Be careful about getting too carried away with wacky tax deductions, Lynch cautions.
If the IRS thinks any of your items are questionable, they'll request additional clarification. If they're not satisfied, they reserve the right to reject your deduction, which would result in back taxes, interest and possible fines — not to mention the potential for an audit.
"My line with the IRS is that if I irritate my wife, I can always buy her flowers. Irritate the IRS, and you have an enemy for life!" Lynch quips.
Suddenly, reading IRS publication 529 doesn't sound so bad anymore!
[See Prepare and Penalty-Proof Your Tax Return]
by Cindy Perman, CNBC.com Staff Writer
Thursday, December 23, 2010
Some tax deductions are obvious — like business trips and charitable donations. But there are some things you wouldn't believe that you can deduct!
As long as you can prove that the item is "ordinary and necessary" for the production of income, it qualifies, explains Bob Meighan, vice president at Intuit (NasdaqGS: INTU - News), the maker of TurboTax tax software.
The problem is, most people are so exhausted by the whole tax process that by the time they get to the deduction portion of the program they're just like, "Eh, forget it. I'll just take the standard deduction."
"I think a fair number of people are losing money because who wants to go to all that trouble to make tax season even more excruciating than it already is?" said Pete Sepp, executive vice president of the National Taxpayers Union.
"The trick with a lot of the wackier tax deductions, the strange ones, they have to exceed 2 percent of your adjusted gross income before you take them," he said.
If it's under 2 percent, you take the standard deduction, which is $5,700 for a single taxpayer and $11,400 for married taxpayers filing a joint return.
[See Filing Status Makes a Difference in Your Tax Bill]
For some, especially for homeowners with mortgages, the extra time it takes to itemize can actually save you a lot of money.
"If you own a home and pay a mortgage, it almost always makes sense to itemize," Sepp said.
He recommends perusing IRS publication 529 for a list of deductions that qualify under the 2 percent rule.
Hey! No groaning. This is money in the bank. And who said tax deductions aren't fun? Check out these 12 wacky tax deductions:
1. Drycleaning
If you go on a business trip, you can deduct the cost of drycleaning the clothes you wore. But Jerry Lynch, a certified financial planner and owner of JFL Consulting in Fairfield, NJ, cautions that you should do it the day you get back — and only the clothes you brought with you.
2. Chicken Wings
Lynch is a season-ticket holder for the New York Giants and will often invite clients or other business associates along for a tailgate before the game. He says you can deduct the cost of the tailgate as long as you talk about business — even if it's just, "How's business?" … "It's great, but I can always use more!"
This actually goes for any party you throw. So, while it's not good to be all business all the time, it's in your financial interest to bring it up at least once!
3. A Swimming Pool
The IRS lets you deduct anything that's a "necessary medical expense." After being told by his doctor that he needed to exercise more, one man put in a swimming pool and deducted it on his taxes! The IRS not only allowed him to deduct the cost of installing the pool but also everything for its upkeep such as the chemicals, heating, cleaning costs, etc., according to TurboTax.
4. A Cruise
C'mon, people, think outside the box! If you are going on a business trip, no one says you have to take the fastest method possible, Lynch explains. So, why not take a cruise from L.A. to that marketing convention in Honolulu? As long as it's transportation to a business-related meeting or event, you can write it off. Alohaaaaaaaa!
5. A Safari
Now that we've got both feet firmly planted outside the box, we're going on a safari! TurboTax recalls one couple who owned a dairy business and successfully wrote off an African Safari because many of the activities on the trip were focused on wild animals. Yes, Virginia, there are cows in Africa!
And if you're still dubious of the business expense, check out this account of one man who spent 15 years observing cows in Africa.
6. Lessons in Vail
So you need to take a training class for work. Well, guess what? No one said you had to take it locally. "I could take an educational seminar in Aspen, Vail or Hawaii," Lynch explained. The airfare, hotel, etc. — it would all be deductible "as long as I'm spending a portion of my time in that seminar," Lynch said.
7. A "Meeting" in Bermuda
Next stop … Bermuda! You already know that you can write off meetings, conventions and training. But Bermuda gets its own call out because "ANY business convention held in Bermuda can be written off without even showing there was a special reason to hold your business meeting in paradise," Lynch explains. But wait, don't answer yet. You also get the same perks in Barbados, Costa Rica, Dominica, the Dominican Republic, Grenada, Guyana, Honduras, Jamaica, Saint Lucia, Trinidad and Tobago, Canada, Mexico and all U.S. possessions, according to TurboTax.
But let the paradise lover beware: These rules don't always apply to places outside the U.S., so check with the IRS rules first.
Would you like a little umbrella for your drink?
8. Pet Food
Rats! No, seriously, rats are a very big, very deductible problem for some business owners. TurboTax recalls owners of a junkyard who became fed up with their snake and rat problem. So, they cleverly set out bowls of cat food to attract wild cats, who ate the pet food and chased it down with rats and snakes. Poof! No more varmint problem. "Because the wild cats made the business safer for customers, the pet food was deductible as a business expense," Meighan explained.
9. Clarinet Lessons
When kids learn an instrument, it's never pretty. Haven't you ever thought, wow, someone should compensate me for having to listen to this racket? Well, Dad, that person is the tax man! Parents can deduct children's music lessons and the cost of buying the instrument if there is some proven medical reason. In the case of the clarinet lessons, the IRS approved it on the grounds that orthodontists say clarinet playing can help with a child's overbite, according to TurboTax.
10. Babysitting Costs
Wouldn't it be great if someone split the babysitting bill with you? Ding! Enter the tax man. "Believe it or not, you can deduct the cost of a babysitter as a charitable deduction IF the mother of the child is leaving the house to do volunteer work for a charity. Which, of course, we all do on a daily basis!" Meighan quips.
11. Putting Your Adult Kids to Work
Finally! An excuse your kids can't argue with when you tell them to get a job. This one's tricky, so pay attention: If you own your own business and hire your kids who are over 18 to work for you, much of their income is either tax free or low tax, Lynch explains. The first $5,700 they earn is tax free and the next $8,300 is taxable at 10 percent, not the 30 percent or so that most of us pay. Plus, you can take a business tax deduction on the wages you pay them. Lynch, in turn, has his kids use the money he paid them toward their college education. "Your kids are ending up with your money anyway, who not save some of it?" he quipped.
12. Safety-Deposit Boxes
Wow, with all this money you're saving, you'll need someplace to put all your valuables. Guess what? Also tax deductible! Well, here's the catch: The cost of that safety-deposit box is deductible as long as it contains income-producing papers such as stock certificates, Sepp explains.
Be careful about getting too carried away with wacky tax deductions, Lynch cautions.
If the IRS thinks any of your items are questionable, they'll request additional clarification. If they're not satisfied, they reserve the right to reject your deduction, which would result in back taxes, interest and possible fines — not to mention the potential for an audit.
"My line with the IRS is that if I irritate my wife, I can always buy her flowers. Irritate the IRS, and you have an enemy for life!" Lynch quips.
Suddenly, reading IRS publication 529 doesn't sound so bad anymore!
[See Prepare and Penalty-Proof Your Tax Return]
Monday, December 20, 2010
New Joint Venture program ROCKS!!!!!
Are You Tired Of The Stock or Investment Markets Ups and
Downs Along With Low Returns On Your Investments?
Do you currently have investment funds sitting in a savings account,
CD, IRA, Mutual Fund Annuity or other Investment Capital that are NOT
earning you at least a 5% Net Profit Return?
If your answer to either question is yes, don’t settle when you
could be earning well above average returns, safely and
securely by investing with us.
Start Earning 5% or More In Our Joint Venture Partnership Private Investor Program
Our Joint Venture program is a time tested way to take control and start earning back your hard earned money. While stock market and other investors are loosing, you can be earning steady, predictable, secure and hassle-free returns. Don’t leave your retirement up to the guesswork of others or to the mercy of an uncertain financial climate where institutions are paying record low returns on your money. Private money and Joint Venture investing in a proven alternative used by many wealthy people to earn higher returns even in uncertain economic times like today.
If you are looking for a hassle-free, safe, secure alternative to earn passive income, then this is it!
Fernando Young
Hartford Investment Group
818-934-0147
socalhartfordinvgrp@gmail.com
Downs Along With Low Returns On Your Investments?
Do you currently have investment funds sitting in a savings account,
CD, IRA, Mutual Fund Annuity or other Investment Capital that are NOT
earning you at least a 5% Net Profit Return?
If your answer to either question is yes, don’t settle when you
could be earning well above average returns, safely and
securely by investing with us.
Start Earning 5% or More In Our Joint Venture Partnership Private Investor Program
Our Joint Venture program is a time tested way to take control and start earning back your hard earned money. While stock market and other investors are loosing, you can be earning steady, predictable, secure and hassle-free returns. Don’t leave your retirement up to the guesswork of others or to the mercy of an uncertain financial climate where institutions are paying record low returns on your money. Private money and Joint Venture investing in a proven alternative used by many wealthy people to earn higher returns even in uncertain economic times like today.
If you are looking for a hassle-free, safe, secure alternative to earn passive income, then this is it!
Fernando Young
Hartford Investment Group
818-934-0147
socalhartfordinvgrp@gmail.com
Saturday, December 18, 2010
Cash Cow in Memphis,Fully Rented and Ready to go!!!!
4 BEAUTIFUL TOWNHOMES - GREAT CASH FLOWS!!
4 CONDO PACKAGE! All units are rented at $650 per month and are managed by our In-House property management company. Great investment! BUY ONE OR ALL! Great investment! Huge ROI!
Market value $ 260,000
Purchase price $ 234,000
Loan amount $175,500
Down payment $58,500
Built in equity $26,000
Central A/C
Central heat
Tile floor
Family room
Living room
Dining room
Refrigerator
Stove/Oven
Attic
Laundry area - inside
Fernando Young
Hartford Investment Group
818-934-0147
socalhartfordinvgrp@gmail.com
4 CONDO PACKAGE! All units are rented at $650 per month and are managed by our In-House property management company. Great investment! BUY ONE OR ALL! Great investment! Huge ROI!
Market value $ 260,000
Purchase price $ 234,000
Loan amount $175,500
Down payment $58,500
Built in equity $26,000
Central A/C
Central heat
Tile floor
Family room
Living room
Dining room
Refrigerator
Stove/Oven
Attic
Laundry area - inside
Fernando Young
Hartford Investment Group
818-934-0147
socalhartfordinvgrp@gmail.com
Headache FREE Investing, Does it exist? Memphis Turn-Key
How would you like a average of a 25% return on your investment.
These properties have great cash flow.. They range from $200-$300 a month..
We need $5,000. Down for each property.. We will finance for 2yrs. 0 Interest. The property management is 8% per month..
Property Management in place,
Tenants already in place,
They handle all the paperwork for you.
Now now hows that for ease.
Fernando Young
Hartford Investment Group
818-934-0147
socalhartfordinvgrp@gmail.com
These properties have great cash flow.. They range from $200-$300 a month..
We need $5,000. Down for each property.. We will finance for 2yrs. 0 Interest. The property management is 8% per month..
Property Management in place,
Tenants already in place,
They handle all the paperwork for you.
Now now hows that for ease.
Fernando Young
Hartford Investment Group
818-934-0147
socalhartfordinvgrp@gmail.com
Cashflow Fixer Units in Inglewood, MAKE OFFER!!!!!!
MUST SELL UNITS IN INGLEWOOD.
Yes now is the time to move on these Units
that need work. Cash Cow, decent working area
in the South Bay.Rehabbers this is perfect for you.
DONT LET THIS PAST YOU BUY.
Email or call to make these yours.
Fernando Young
Hartford Investment Group
424-259-3733
socalhartfordinvgrp@gmail.com
Yes now is the time to move on these Units
that need work. Cash Cow, decent working area
in the South Bay.Rehabbers this is perfect for you.
DONT LET THIS PAST YOU BUY.
Email or call to make these yours.
Fernando Young
Hartford Investment Group
424-259-3733
socalhartfordinvgrp@gmail.com
Friday, December 10, 2010
Interns Wanted....
Do you have a desire to do Real Estate but do not know what to do next?
We have more real estate leads and projects than I can handle with my current staff and I'd like to give someone an opportunity to learn by working for me. THIS IS NOT MENTORING. This is an unpaid, intern position. You will learn about the process by completing the tasks my team asks of you. This intern will work alongside my team on the projects and leads. Please send an email to socalhartfordinvgrp@gmail.com.Please put your name and Intern in the subject line.Also include 100 words or less about yourself, where you live, your real estate experience, your schedule and why you would like a chance to be an intern with us.
GOOD LUCK
We have more real estate leads and projects than I can handle with my current staff and I'd like to give someone an opportunity to learn by working for me. THIS IS NOT MENTORING. This is an unpaid, intern position. You will learn about the process by completing the tasks my team asks of you. This intern will work alongside my team on the projects and leads. Please send an email to socalhartfordinvgrp@gmail.com.Please put your name and Intern in the subject line.Also include 100 words or less about yourself, where you live, your real estate experience, your schedule and why you would like a chance to be an intern with us.
GOOD LUCK
Hey I got $750k for you to get some DEALS DONE!!!!
How would you like that to be said to you?
Well if you watch my buddies video and take action
on his deal, you can 100% have that happen.
http://budurl.com/PMOD
Money for deals can help BLOW up your business,
regardless of where you're at right now. I've seen
this in my own life and a lot of my friends. If
you want to be a successful investor, it's just
something you have to be good at.... no way to cut
this corner my friend.
Check out the video and grab the special offer
before he takes it down...... which I heard is
going to be real soon.
http://budurl.com/PMOD
Get that money, do some deals, and be VERY Merry
this holiday season!
Fernando
P.S. If you miss out and he up's the price or
takes it down altogether to be a part of a more
expensive program.... you'll be kicking yourself.
It's happened to me a bunch of times.
Well if you watch my buddies video and take action
on his deal, you can 100% have that happen.
http://budurl.com/PMOD
Money for deals can help BLOW up your business,
regardless of where you're at right now. I've seen
this in my own life and a lot of my friends. If
you want to be a successful investor, it's just
something you have to be good at.... no way to cut
this corner my friend.
Check out the video and grab the special offer
before he takes it down...... which I heard is
going to be real soon.
http://budurl.com/PMOD
Get that money, do some deals, and be VERY Merry
this holiday season!
Fernando
P.S. If you miss out and he up's the price or
takes it down altogether to be a part of a more
expensive program.... you'll be kicking yourself.
It's happened to me a bunch of times.
Friday, November 12, 2010
6 So Cal Wholesale Fixers, LA, Riverside,SD, Waiting for you.
Have some deals ready to go, Fixer in Canyon Country,
Riverside, San Diego, LA Central and LA East.
Let me know what your looking for, we have deals that well get rid of this
weekend.POF, LOI and Copy of $5,000 tells me your ready to make it happen.
" Together We Shine"
Fernando Young
Hartford Investment Group
888 317 4517 ext 1
5444 Crenshaw Blvd #101
Riverside, San Diego, LA Central and LA East.
Let me know what your looking for, we have deals that well get rid of this
weekend.POF, LOI and Copy of $5,000 tells me your ready to make it happen.
" Together We Shine"
Fernando Young
Hartford Investment Group
888 317 4517 ext 1
5444 Crenshaw Blvd #101
Thursday, November 11, 2010
I had a buyer flake. Need to sell ASAP! San Diego
3 bed 2 bath fixer in National City This property is a big 1662 sq ft 1 story property with a 2 car garage in a nice neighborhood. Good sized lot with a big back yard. The inside is dated but doesn't need any major layout changes. Roof and foundation in good shape. The property needs about $25,000-$30,000 in rehab. Needs flooring, interior/exterior paint, windows, bathrooms need upgrading, kitchen needs to be redone. Very bread & butter flip.
2321 E 16th St National City, CA 91950
PRICE: $183,000
ARV: $270,000-$275,000 remodeled
1,662 Sq ft - 3 bed / 2 bath
5500 sq ft Lot
Built 1975
single family
2 car garage
Rents ~$1500-1650
Rehab ~$25,000-$30,000
COMPS
SOLD
700 Salot St / 4 br & 3 ba / 1567 sq ft / $300,000 / Sold 9/13, Nice Remodel
731 K Ave / 3 br & 2 ba / 1876 sq ft / $285,000 / sold 7/22, Basic Remodel
1103 Olive St / 3 br & 2 ba / 1576 sq ft / $250,000 / Sold 10/5, Short Sale, Clean but dated
1215 Palmer / 4 br & 3 ba / 1644 sq ft / $250,000 / Sold 8/13,
2321 E 16th St National City, CA 91950
PRICE: $183,000
ARV: $270,000-$275,000 remodeled
1,662 Sq ft - 3 bed / 2 bath
5500 sq ft Lot
Built 1975
single family
2 car garage
Rents ~$1500-1650
Rehab ~$25,000-$30,000
COMPS
SOLD
700 Salot St / 4 br & 3 ba / 1567 sq ft / $300,000 / Sold 9/13, Nice Remodel
731 K Ave / 3 br & 2 ba / 1876 sq ft / $285,000 / sold 7/22, Basic Remodel
1103 Olive St / 3 br & 2 ba / 1576 sq ft / $250,000 / Sold 10/5, Short Sale, Clean but dated
1215 Palmer / 4 br & 3 ba / 1644 sq ft / $250,000 / Sold 8/13,
Wednesday, November 3, 2010
CB Richard Ellis reports robust third-quarter results
CB Richard Ellis reports robust third-quarter results
CB Richard Ellis Group Inc., the world's largest commercial real estate brokerage, Tuesday reported a strong third quarter propelled by increased property sales and leasing in the U.S. and abroad.
Although local commercial rents are still falling and property values remain uncertain, a growing number of transactions helped the Los Angeles company report a profit of $57 million, or 18 cents a share, compared with $12.4 million, or 4 cents, in the third quarter of 2009.
The company posted adjusted earnings of 20 cents a share after deducting select charges, ahead of Wall Street analysts' prediction of 17 cents.
Revenue increased 24% to $1.3 billion.
With liquidity finally returning to the investment market, the company’s commissions on property sales are picking up, Chief Executive Brett White said. Globally, property sales revenue jumped 63% in the third quarter compared with the depressed third quarter of 2009.
Revenue in the U.S., Canada and Latin America rose 26% to $812.3 million. That included a 69% increase in revenue from brokering property sales and a 36% jump in revenue from arranging leases.
Office rents and occupancy dipped in Southern California in the third quarter. Nationally, however, office and industrial occupancy rose in the third quarter for first time in three years, according to CB Richard Ellis.
The company “demonstrated solid revenue growth across all our business segments as well as strong operating leverage,” White said. “Business momentum remains positive heading into year-end, notwithstanding sluggish global economic activity.”
Shares of CB Richard Ellis rose 4 cents to $18.90 before its earnings were announced.
-- Roger Vincent
CB Richard Ellis Group Inc., the world's largest commercial real estate brokerage, Tuesday reported a strong third quarter propelled by increased property sales and leasing in the U.S. and abroad.
Although local commercial rents are still falling and property values remain uncertain, a growing number of transactions helped the Los Angeles company report a profit of $57 million, or 18 cents a share, compared with $12.4 million, or 4 cents, in the third quarter of 2009.
The company posted adjusted earnings of 20 cents a share after deducting select charges, ahead of Wall Street analysts' prediction of 17 cents.
Revenue increased 24% to $1.3 billion.
With liquidity finally returning to the investment market, the company’s commissions on property sales are picking up, Chief Executive Brett White said. Globally, property sales revenue jumped 63% in the third quarter compared with the depressed third quarter of 2009.
Revenue in the U.S., Canada and Latin America rose 26% to $812.3 million. That included a 69% increase in revenue from brokering property sales and a 36% jump in revenue from arranging leases.
Office rents and occupancy dipped in Southern California in the third quarter. Nationally, however, office and industrial occupancy rose in the third quarter for first time in three years, according to CB Richard Ellis.
The company “demonstrated solid revenue growth across all our business segments as well as strong operating leverage,” White said. “Business momentum remains positive heading into year-end, notwithstanding sluggish global economic activity.”
Shares of CB Richard Ellis rose 4 cents to $18.90 before its earnings were announced.
-- Roger Vincent
Wednesday, October 27, 2010
How to buy a foreclosure in a robo-signing world
By Les Christie, staff writer October 21, 2010: 8:39 AM ET
NEW YORK (CNNMoney.com) -- You want to buy a foreclosure? It has gotten a lot harder the past couple of weeks.
The fallout over "robo-signing" -- where bank executives sign off on foreclosure filings without reviewing the paperwork to make sure they're valid -- has led to a freeze on foreclosure sales, limiting the number of properties available.
In South Florida, for example, the inventory of repossessions -- also known as bank-owned properties -- for sale sank nearly 20% between late September and October 18, according to Peter Zalewski of Condo Vultures.
"The whole distressed property market is probably going quiet until the freeze ends," he said.
But, there are still bargains out there to be had for buyers who are willing to do some extra work.
"The safest and best way to buy is still when it's a bank-owned property," said Rick Sharga, a spokesman for RealtyTrac, the online marketer of foreclosure properties. "As long as there's a clear title and the buyer can get title insurance, it's a great time to buy."
In addition to bank-owned properties, there are two types of foreclosures you can buy: 1. pre-foreclosure; 2. sheriff's auction. All three are affected by concerns over the way foreclosures have been handled.
Pre-foreclosure: These homes are in the foreclosure process, but they have yet to be sent to auction. Owners are typically trying to unload them because they are "underwater," owing more on the homes than they are worth.
12 cities: Where to rent vs. where to buy
As a result, potential buyers must negotiate a deal with the lender as well as the owner. That makes buying complicated and slow. But, you have the advantage of being able to inspect the home before purchase -- which isn't the case at foreclosure auctions. Sharga warned, however, that prices are usually higher than at other stages of foreclosure.
Should you be afraid to buy? There are no special concerns over ownership rights of former owners. The sellers agree to the deal before it's a completed foreclosure, so buyers can purchase with confidence.
Sheriff's auction: These sales yield the lowest prices, but they are fraught with difficulties. Often the house is unavailable for inspection, leaving buyers with a long list of expensive repairs -- and much larger bill than they intended. This stage is usually best left to professionals, contractors and investors who regularly bid on these places and know what they're doing.
Should you be afraid to buy? The foreclosure freeze means that these sales are not taking place right now but the banks have already started to announce that they are planning to refile cleaned-up foreclosure affidavits and expect to resume auctions soon. Once they restart, the banks will have presumably cleaned up the paperwork, meaning these homes shouldn't have any paperwork problems.
0:00 /2:43Lavish gifts for robo-signers
Repossession: This occurs when the bank buys the property at a sheriff's auction, which usually happens when there are no other bidders. Homebuyers may not get the best bargains during this stage, but they can nearly always perform a thorough inspection before closing, minimizing costly surprises. Plus, the property normally comes with a clear title.
Should you be afraid to buy? The robo-signings have now muddied the issues of who actually owns the property, making these purchases more of a crap shoot. Buyers may be concerned that former owners could challenge the legality of the foreclosure process.
On the plus side, the banks often extend preferential financing terms to buyers and may have made some repairs before putting the property on the market.
Homes are still usually sold in "as is" condition. "That means the bank won't pay for cosmetic issues," said Adam Wiener, a spokesman for the Redfin, the online real estate marketer. "Although, they will often pay for some or all of repairs that are health and safety issues. That makes the home inspection even more critical."
Can you afford the yuppie dream house?
The freeze on foreclosure auctions means that new REOs are not hitting the market, shrinking REO inventory. Some lenders have even pulled repossessed homes from the market to double check their paperwork and make sure they have clear title before they sell them.
Once it opens up again and you've decided which type of home to buy, there are several common mistakes foreclosure buyers should take care to avoid. These include:
Getting caught up in a bidding frenzy: The banks often under-price repossessions, hoping to generate excitement, attract multiple bids and sell them quickly. The problem is, as in any auction-type sale, bidders get excited and pay too much.
"Remember," said Sharga, "there are 800,000 REOs in the banks' inventories. There'll be another home to bid on tomorrow."
Underestimating repair costs: Take full advantage of the home inspection and don't delude yourself about much the repairs will cost.
"Take along someone who can give you a good estimate of how much repair costs will come to," said Sharga.
Redfin coaches its agents to warn buyers to factor in a cushion of 10% to 20% of the purchase price to pay for unexpected repairs. "If you end up not using it, go on vacation after 6 months," Wiener said.
Not knowing what comparable properties cost: This is important in any market but especially in this endeavor. In high foreclosure areas, prices can be eroding very quickly. You want to have the latest homes sale prices on repossessed properties and try to keep your bid comparable or lower.
Buying in a neighborhood flooded with foreclosures: This is most important for people buying for the short-term. Any neighborhood saturated with REOs and foreclosures may be headed for further price falls. If you're planning to relocate within a few years or buying a bigger house, that could mean selling at a loss. A better bet, if you can find it, is to buy the only foreclosed home in an otherwise stable community. That's more likely to hold its value.
Not having financing in place: If you don't have a pre-approved mortgage, you're really not in the market. "You have to be able to move quickly," Sharga said.
Banks don't want to dilly-dally on sales; they're losing money every day that homes sit on the market. That means they'll often jump on the highest bid with the best financing already in place.
Having a loan beforehand carries another advantage: It tells you how much credit you have available. You won't spend time shopping for homes that are too expensive.
Remember that pre-approved financing is different from pre-qualified financing; it means the loan is ready to go. Pre-qualified is more like an opinion of a loan officer and there's still work to be done before final approval.
NEW YORK (CNNMoney.com) -- You want to buy a foreclosure? It has gotten a lot harder the past couple of weeks.
The fallout over "robo-signing" -- where bank executives sign off on foreclosure filings without reviewing the paperwork to make sure they're valid -- has led to a freeze on foreclosure sales, limiting the number of properties available.
In South Florida, for example, the inventory of repossessions -- also known as bank-owned properties -- for sale sank nearly 20% between late September and October 18, according to Peter Zalewski of Condo Vultures.
"The whole distressed property market is probably going quiet until the freeze ends," he said.
But, there are still bargains out there to be had for buyers who are willing to do some extra work.
"The safest and best way to buy is still when it's a bank-owned property," said Rick Sharga, a spokesman for RealtyTrac, the online marketer of foreclosure properties. "As long as there's a clear title and the buyer can get title insurance, it's a great time to buy."
In addition to bank-owned properties, there are two types of foreclosures you can buy: 1. pre-foreclosure; 2. sheriff's auction. All three are affected by concerns over the way foreclosures have been handled.
Pre-foreclosure: These homes are in the foreclosure process, but they have yet to be sent to auction. Owners are typically trying to unload them because they are "underwater," owing more on the homes than they are worth.
12 cities: Where to rent vs. where to buy
As a result, potential buyers must negotiate a deal with the lender as well as the owner. That makes buying complicated and slow. But, you have the advantage of being able to inspect the home before purchase -- which isn't the case at foreclosure auctions. Sharga warned, however, that prices are usually higher than at other stages of foreclosure.
Should you be afraid to buy? There are no special concerns over ownership rights of former owners. The sellers agree to the deal before it's a completed foreclosure, so buyers can purchase with confidence.
Sheriff's auction: These sales yield the lowest prices, but they are fraught with difficulties. Often the house is unavailable for inspection, leaving buyers with a long list of expensive repairs -- and much larger bill than they intended. This stage is usually best left to professionals, contractors and investors who regularly bid on these places and know what they're doing.
Should you be afraid to buy? The foreclosure freeze means that these sales are not taking place right now but the banks have already started to announce that they are planning to refile cleaned-up foreclosure affidavits and expect to resume auctions soon. Once they restart, the banks will have presumably cleaned up the paperwork, meaning these homes shouldn't have any paperwork problems.
0:00 /2:43Lavish gifts for robo-signers
Repossession: This occurs when the bank buys the property at a sheriff's auction, which usually happens when there are no other bidders. Homebuyers may not get the best bargains during this stage, but they can nearly always perform a thorough inspection before closing, minimizing costly surprises. Plus, the property normally comes with a clear title.
Should you be afraid to buy? The robo-signings have now muddied the issues of who actually owns the property, making these purchases more of a crap shoot. Buyers may be concerned that former owners could challenge the legality of the foreclosure process.
On the plus side, the banks often extend preferential financing terms to buyers and may have made some repairs before putting the property on the market.
Homes are still usually sold in "as is" condition. "That means the bank won't pay for cosmetic issues," said Adam Wiener, a spokesman for the Redfin, the online real estate marketer. "Although, they will often pay for some or all of repairs that are health and safety issues. That makes the home inspection even more critical."
Can you afford the yuppie dream house?
The freeze on foreclosure auctions means that new REOs are not hitting the market, shrinking REO inventory. Some lenders have even pulled repossessed homes from the market to double check their paperwork and make sure they have clear title before they sell them.
Once it opens up again and you've decided which type of home to buy, there are several common mistakes foreclosure buyers should take care to avoid. These include:
Getting caught up in a bidding frenzy: The banks often under-price repossessions, hoping to generate excitement, attract multiple bids and sell them quickly. The problem is, as in any auction-type sale, bidders get excited and pay too much.
"Remember," said Sharga, "there are 800,000 REOs in the banks' inventories. There'll be another home to bid on tomorrow."
Underestimating repair costs: Take full advantage of the home inspection and don't delude yourself about much the repairs will cost.
"Take along someone who can give you a good estimate of how much repair costs will come to," said Sharga.
Redfin coaches its agents to warn buyers to factor in a cushion of 10% to 20% of the purchase price to pay for unexpected repairs. "If you end up not using it, go on vacation after 6 months," Wiener said.
Not knowing what comparable properties cost: This is important in any market but especially in this endeavor. In high foreclosure areas, prices can be eroding very quickly. You want to have the latest homes sale prices on repossessed properties and try to keep your bid comparable or lower.
Buying in a neighborhood flooded with foreclosures: This is most important for people buying for the short-term. Any neighborhood saturated with REOs and foreclosures may be headed for further price falls. If you're planning to relocate within a few years or buying a bigger house, that could mean selling at a loss. A better bet, if you can find it, is to buy the only foreclosed home in an otherwise stable community. That's more likely to hold its value.
Not having financing in place: If you don't have a pre-approved mortgage, you're really not in the market. "You have to be able to move quickly," Sharga said.
Banks don't want to dilly-dally on sales; they're losing money every day that homes sit on the market. That means they'll often jump on the highest bid with the best financing already in place.
Having a loan beforehand carries another advantage: It tells you how much credit you have available. You won't spend time shopping for homes that are too expensive.
Remember that pre-approved financing is different from pre-qualified financing; it means the loan is ready to go. Pre-qualified is more like an opinion of a loan officer and there's still work to be done before final approval.
Illinois sheriff may halt evictions
By Charles Riley, staff reporter October 19, 2010: 12:52 PM ET
NEW YORK (CNNMoney.com) -- The sheriff of Cook County, Illinois says he will stop evicting residents from foreclosed properties unless he is assured that the foreclosures are legitimate.
Sheriff Thomas J. Dart mailed letters to Bank of America (BAC, Fortune 500), JP Morgan Chase (JPM, Fortune 500) and Ally Financial on Friday asking that they provide complete assurance that foreclosures were done properly and legally.
If Dart is not satisfied with their response, he will halt evictions starting Monday.
"I can't possibly be expected to evict people from their homes when the banks themselves can't say for sure everything was done properly," Dart said in a statement. "I need some kind of assurance that we aren't evicting families based on fraudulent behavior by the banks."
Each bank is conducting a review of documents, and all say they have found no improper foreclosures.
Dart previously halted foreclosures in the county, which includes the city of Chicago, in 2008, alleging that tenants were not being properly notified that the home they were living in was in foreclosure.
According to the sheriff's office, the county currently has 500 evictions ready to be served, while another 1,000 are being prepped.
Banks face huge hit
Foreclosures performed by Bank of America, JP Morgan Chase and Ally financial account for one third of foreclosures Dart isn't the only elected official to investigate the foreclosure document mess.
State attorneys general have stepped up pressure on banks in recent weeks after it was revealed that some bank employees had signed foreclosure affidavits without verifying that the documents were accurate, a process known as "robo-signing."
On Monday, Bank of America restarted the foreclosure process in the 23 states where a court must sign off on the proceedings. The company said the first of the new affidavits will be submitted by Oct. 25, and that it will continue its review in 27 other states.
Ally has previously announced that it was temporarily suspending evictions and post-foreclosure closings in the 23 states in which judges must sign off before someone loses their home. To top of page
NEW YORK (CNNMoney.com) -- The sheriff of Cook County, Illinois says he will stop evicting residents from foreclosed properties unless he is assured that the foreclosures are legitimate.
Sheriff Thomas J. Dart mailed letters to Bank of America (BAC, Fortune 500), JP Morgan Chase (JPM, Fortune 500) and Ally Financial on Friday asking that they provide complete assurance that foreclosures were done properly and legally.
If Dart is not satisfied with their response, he will halt evictions starting Monday.
"I can't possibly be expected to evict people from their homes when the banks themselves can't say for sure everything was done properly," Dart said in a statement. "I need some kind of assurance that we aren't evicting families based on fraudulent behavior by the banks."
Each bank is conducting a review of documents, and all say they have found no improper foreclosures.
Dart previously halted foreclosures in the county, which includes the city of Chicago, in 2008, alleging that tenants were not being properly notified that the home they were living in was in foreclosure.
According to the sheriff's office, the county currently has 500 evictions ready to be served, while another 1,000 are being prepped.
Banks face huge hit
Foreclosures performed by Bank of America, JP Morgan Chase and Ally financial account for one third of foreclosures Dart isn't the only elected official to investigate the foreclosure document mess.
State attorneys general have stepped up pressure on banks in recent weeks after it was revealed that some bank employees had signed foreclosure affidavits without verifying that the documents were accurate, a process known as "robo-signing."
On Monday, Bank of America restarted the foreclosure process in the 23 states where a court must sign off on the proceedings. The company said the first of the new affidavits will be submitted by Oct. 25, and that it will continue its review in 27 other states.
Ally has previously announced that it was temporarily suspending evictions and post-foreclosure closings in the 23 states in which judges must sign off before someone loses their home. To top of page
Thursday, October 21, 2010
Pasadena FIXER, Will sell FAST!!! Make your move.
2 Bed / 1 Bath/ Approx 932 sq feet/4400 SF Lot/ Built 1925
305 E. Penn in Pasadena
REO in highly desirable North West Pasadena Neighborhood. Just off 210 fwy close to shopping and Rose Bowl. 2 car garage, newer roof, fire place, and definitely the lowest priced house in the area. This area has a lot of rehab activity and houses sell quickly. (Check out the 2+1 that just sold for 625!) Fresh paint and new carpet. Full rehab will earn you a nice return!!!
PURCHASE PRICE – 272,900K
After Rehab Value – 427K
estimate repairs – 20k
Market rents – 1600-1800
CASH BUYERS ONLY!!!!! Hard Money is ok
MUST CLOSE BEFORE Nov 5th
Fernando Young
Hartford Investment Group
8.8.8.-317-4517x1
socalhartfordinvgrp@gmail.com
Sell your Property NOW!!!!
http://budurl.com/HartfordBuysProps
Join my Mailing List for Great R E Deals.
http://budurl.com/socalhartfordinvgrp
Follow us on Twitter,
http://twitter.com/HartfordInvGrp
305 E. Penn in Pasadena
REO in highly desirable North West Pasadena Neighborhood. Just off 210 fwy close to shopping and Rose Bowl. 2 car garage, newer roof, fire place, and definitely the lowest priced house in the area. This area has a lot of rehab activity and houses sell quickly. (Check out the 2+1 that just sold for 625!) Fresh paint and new carpet. Full rehab will earn you a nice return!!!
PURCHASE PRICE – 272,900K
After Rehab Value – 427K
estimate repairs – 20k
Market rents – 1600-1800
CASH BUYERS ONLY!!!!! Hard Money is ok
MUST CLOSE BEFORE Nov 5th
Fernando Young
Hartford Investment Group
8.8.8.-317-4517x1
socalhartfordinvgrp@gmail.com
Sell your Property NOW!!!!
http://budurl.com/HartfordBuysProps
Join my Mailing List for Great R E Deals.
http://budurl.com/socalhartfordinvgrp
Follow us on Twitter,
http://twitter.com/HartfordInvGrp
How to find PRIVATE MONEY :)
Here's your list of 36 active private lenders
http://budurl.com/PMOD
If you watch this video my buddy put up and keep
saying you can't find private lenders in your
area... I'd have to say you're a bit crazy ;-)
This guy found 36 active private lenders with
over $1.2mm in *available funds* in under 27
minutes through this freely available source he
shows you in this free video.
I wish I had known about this local private lender
source a long time ago.
Click the link below to watch the presentation
Or copy and paste it in the url box
http://budurl.com/PMOD
Enjoy :-)
Fernando Young
http://budurl.com/PMOD
If you watch this video my buddy put up and keep
saying you can't find private lenders in your
area... I'd have to say you're a bit crazy ;-)
This guy found 36 active private lenders with
over $1.2mm in *available funds* in under 27
minutes through this freely available source he
shows you in this free video.
I wish I had known about this local private lender
source a long time ago.
Click the link below to watch the presentation
Or copy and paste it in the url box
http://budurl.com/PMOD
Enjoy :-)
Fernando Young
INDIANAPOLIS CASH FLOW,READY TO GO!!!!!!
3818 Bolton, Indianapolis, IN, USA. - Property Details
Square Feet 1,040
Bed / Bath 3 / 1
Rents $779
Est. Market Value $70,000
Purchase Price $56,000
Loan Balance $42,000
Down Payment $14,000
Cash Flow Analysis
Gross Rents $779
Vacancy $62
Management $57
Property Taxes $100
Insurance $42
Repairs $50
Net Monthly Income $468
Net Yearly Income $5,612
Square Feet 1,040
Bed / Bath 3 / 1
Rents $779
Est. Market Value $70,000
Purchase Price $56,000
Loan Balance $42,000
Down Payment $14,000
Cash Flow Analysis
Gross Rents $779
Vacancy $62
Management $57
Property Taxes $100
Insurance $42
Repairs $50
Net Monthly Income $468
Net Yearly Income $5,612
Wednesday, October 20, 2010
How NOT To Negotiate an REO Property
How NOT To Negotiate an REO Property
by J Scott on October 20, 2010
This week, I’m going to depart from my usual attempt to be informative and insightful, and instead use this space to share an interesting email exchange I had with a particular non-professional REO listing agent (and yes, I ended up taking a very non-professional tact as well). Actually, I think this post will be informative and insightful, but only as an example of what you probably shouldn’t do as a listing agent or an investor/buyer.
To set the stage, we made an offer on an REO last week. Before submitting the offer, my wife (my agent) called the listing agent to verify that the property was still available. He told us that the property had received multiple offers and that we should submit our “highest and best” offer to the seller.
So we did. The property was listed at $35,000, and we offered $28,500, with $5000 in EM, no due diligence and a quick close.
A couple days later, we received the following response from the listing agent:
The seller has countered your counter offer. Here are the details:
Purchase Price: $35,000 (cash)
Earnest Money: $5,000(certified funds to [LISTING AGENT FIRM] – money orders not accepted)
Inspection Period: 10 days from seller’s verbal acknowledgement date.
Other: Deed Restriction – Buyer may not resell or refinance for greater than 120% of the purchase price within 3 months of purchase.
…
…
Please let me know what your buyer wishes to do.
Hmmm…we submitted our highest and best, and the seller came back with a full-priced counter-offer. Okay, the seller has every right to do that, but since I had already submitted my “highest and best,” I wasn’t going to change my offer.
My wife responded on my behalf (*our* behalf actually, as she is 50% owner of the company) with the following:
Thanks [LISTING AGENT NAME},
Buyer will keep his highest and best offer as it was originally submitted. Please note, this includes NO deed restriction, as seller has countered with…
Seemed like a reasonable response. We figured that we might as well mention no deed restriction now, so that we could potentially use that as a negotiating concession at some point in the future.
I fully expected the agent to come back with an indication that the seller had rejected our offer, which would have been fine — we would have waited for another price drop to resubmit.
But, instead, this is the response my wife received in return:
That is a non-negotiable item by the seller. Is buyer really thinking they can fix it and flip it at a value greater than 120% of their purchase price, within 3 months of sale. My bet would be no. The restriction is a small intrusion on the buyer’s rights. I see no good reason for their objection. If you hope that the seller will concede to your offer price, then you should be a bit more flexible towards other terms. Buyer has made no concessions to this point.
WOW! Never expected that!
The listing agent — who we had never worked with in the past — apparently felt it was appropriate to lecture my wife and myself about how we should negotiate our offers, how we should run our business, how we should react to a particular contract restriction and how unrealistic it is that we might be able to rehab and resell a property in under 90 days (despite our doing it many times in the past). In addition, telling us that a particular term is non-negotiable (when we know it *IS* negotiable) doesn’t seem like the best representation of his client.
My wife was livid, as was I. We put together the following response:
First, I don’t know why you are taking such a tone in your response; it is uncalled for, unprofessional and unappreciated. It’s not your place to question my buyer’s ability, intentions or objections and if you’re going to take business negotiations personally, perhaps you’ve chosen the wrong profession.
Second, when you say that my buyer has made no concessions so far, keep in mind that it was your seller who cut off my buyer’s ability to negotiate by asking for highest and best. If your seller wanted to keep negotiations open and continue to expect concessions from my buyer, he shouldn’t have asked for highest and best as our first offer. My buyer is a professional investor and isn’t going to be swayed by emotion – when he was asked for highest and best, he factored in all the concessions he was willing to make into that offer. Your seller has every right to request highest and best if he wishes, but you and he shouldn’t be so surprised when a buyer is unwilling to increase their offer or make additional concessions after that point.
Third, while my buyer appreciates your investment advice, if you are so convinced that it would be impossible for him to rehab and resell in less than three months, perhaps you should just advise your client that this deed restriction is unnecessary. For reference, my buyer has purchased a dozen properties from this seller, and has negotiated out the deed restrictions on many occasions; so we’re quite certain this is negotiable if the asset manager chooses.
After going back and forth a few times, we decided it probably wasn’t appropriate to send that response…
So, instead, we sent this one, which was much more satisfying :) :
Thank you so much for your helpful response, particularly regarding the deed restriction! My buyer is relatively new to investing and has only rehabbed/resold 23 properties in the past two years, so he didn’t realize how difficult it might be to rehab and resell in less than 90 days (he’s only been able to accomplish that about a dozen times so far, and admits he may have just gotten lucky in those cases).
I’ve spoken to my buyer about your advice, and now that he realizes how difficult it would be to rehab and resell in the time frame he’s accustomed to, he re-analyzed the investment given the additional holding costs he faces and realized that he probably offered too much.
So, here is his revised offer:
- $23,000 Purchase Price
- $5,000 Earnest Money
- No Due Diligence
- 90 Day Deed Restriction In-Place
- Close as Soon as Seller Would Like
If your seller questions why we reduced our offer price, please let him/her know that it was based on your excellent feedback and advice to my buyer.
As you can expect, the response from the agent wasn’t pleasant and he actually tried to get us to retract the new offer (my guess is that if he had submitted it, he would have had to explain to the seller why our offer was lower, and that would have made him look bad). But, we had calmed down by that point, so we took the time to politely explain to him that his initial email giving his “advice” was inappropriate for someone representing the seller.
In the end, we ended up having a civil discussion with the agent, and ultimately we’re still on good enough terms that I don’t imagine it would hinder our working together in the future. In fact, in his last email, he said he was going to re-submit one of our bids again to the seller (no idea which one, though).
I’m sure there are those out there who will agree that this agent acted inappropriately. And I’m sure there will be those who agree that I acted just as inappropriately. Most will probably agree that we both acted inappropriately. So, post your comments…I’m curious what those here have to say!
by J Scott on October 20, 2010
This week, I’m going to depart from my usual attempt to be informative and insightful, and instead use this space to share an interesting email exchange I had with a particular non-professional REO listing agent (and yes, I ended up taking a very non-professional tact as well). Actually, I think this post will be informative and insightful, but only as an example of what you probably shouldn’t do as a listing agent or an investor/buyer.
To set the stage, we made an offer on an REO last week. Before submitting the offer, my wife (my agent) called the listing agent to verify that the property was still available. He told us that the property had received multiple offers and that we should submit our “highest and best” offer to the seller.
So we did. The property was listed at $35,000, and we offered $28,500, with $5000 in EM, no due diligence and a quick close.
A couple days later, we received the following response from the listing agent:
The seller has countered your counter offer. Here are the details:
Purchase Price: $35,000 (cash)
Earnest Money: $5,000(certified funds to [LISTING AGENT FIRM] – money orders not accepted)
Inspection Period: 10 days from seller’s verbal acknowledgement date.
Other: Deed Restriction – Buyer may not resell or refinance for greater than 120% of the purchase price within 3 months of purchase.
…
…
Please let me know what your buyer wishes to do.
Hmmm…we submitted our highest and best, and the seller came back with a full-priced counter-offer. Okay, the seller has every right to do that, but since I had already submitted my “highest and best,” I wasn’t going to change my offer.
My wife responded on my behalf (*our* behalf actually, as she is 50% owner of the company) with the following:
Thanks [LISTING AGENT NAME},
Buyer will keep his highest and best offer as it was originally submitted. Please note, this includes NO deed restriction, as seller has countered with…
Seemed like a reasonable response. We figured that we might as well mention no deed restriction now, so that we could potentially use that as a negotiating concession at some point in the future.
I fully expected the agent to come back with an indication that the seller had rejected our offer, which would have been fine — we would have waited for another price drop to resubmit.
But, instead, this is the response my wife received in return:
That is a non-negotiable item by the seller. Is buyer really thinking they can fix it and flip it at a value greater than 120% of their purchase price, within 3 months of sale. My bet would be no. The restriction is a small intrusion on the buyer’s rights. I see no good reason for their objection. If you hope that the seller will concede to your offer price, then you should be a bit more flexible towards other terms. Buyer has made no concessions to this point.
WOW! Never expected that!
The listing agent — who we had never worked with in the past — apparently felt it was appropriate to lecture my wife and myself about how we should negotiate our offers, how we should run our business, how we should react to a particular contract restriction and how unrealistic it is that we might be able to rehab and resell a property in under 90 days (despite our doing it many times in the past). In addition, telling us that a particular term is non-negotiable (when we know it *IS* negotiable) doesn’t seem like the best representation of his client.
My wife was livid, as was I. We put together the following response:
First, I don’t know why you are taking such a tone in your response; it is uncalled for, unprofessional and unappreciated. It’s not your place to question my buyer’s ability, intentions or objections and if you’re going to take business negotiations personally, perhaps you’ve chosen the wrong profession.
Second, when you say that my buyer has made no concessions so far, keep in mind that it was your seller who cut off my buyer’s ability to negotiate by asking for highest and best. If your seller wanted to keep negotiations open and continue to expect concessions from my buyer, he shouldn’t have asked for highest and best as our first offer. My buyer is a professional investor and isn’t going to be swayed by emotion – when he was asked for highest and best, he factored in all the concessions he was willing to make into that offer. Your seller has every right to request highest and best if he wishes, but you and he shouldn’t be so surprised when a buyer is unwilling to increase their offer or make additional concessions after that point.
Third, while my buyer appreciates your investment advice, if you are so convinced that it would be impossible for him to rehab and resell in less than three months, perhaps you should just advise your client that this deed restriction is unnecessary. For reference, my buyer has purchased a dozen properties from this seller, and has negotiated out the deed restrictions on many occasions; so we’re quite certain this is negotiable if the asset manager chooses.
After going back and forth a few times, we decided it probably wasn’t appropriate to send that response…
So, instead, we sent this one, which was much more satisfying :) :
Thank you so much for your helpful response, particularly regarding the deed restriction! My buyer is relatively new to investing and has only rehabbed/resold 23 properties in the past two years, so he didn’t realize how difficult it might be to rehab and resell in less than 90 days (he’s only been able to accomplish that about a dozen times so far, and admits he may have just gotten lucky in those cases).
I’ve spoken to my buyer about your advice, and now that he realizes how difficult it would be to rehab and resell in the time frame he’s accustomed to, he re-analyzed the investment given the additional holding costs he faces and realized that he probably offered too much.
So, here is his revised offer:
- $23,000 Purchase Price
- $5,000 Earnest Money
- No Due Diligence
- 90 Day Deed Restriction In-Place
- Close as Soon as Seller Would Like
If your seller questions why we reduced our offer price, please let him/her know that it was based on your excellent feedback and advice to my buyer.
As you can expect, the response from the agent wasn’t pleasant and he actually tried to get us to retract the new offer (my guess is that if he had submitted it, he would have had to explain to the seller why our offer was lower, and that would have made him look bad). But, we had calmed down by that point, so we took the time to politely explain to him that his initial email giving his “advice” was inappropriate for someone representing the seller.
In the end, we ended up having a civil discussion with the agent, and ultimately we’re still on good enough terms that I don’t imagine it would hinder our working together in the future. In fact, in his last email, he said he was going to re-submit one of our bids again to the seller (no idea which one, though).
I’m sure there are those out there who will agree that this agent acted inappropriately. And I’m sure there will be those who agree that I acted just as inappropriately. Most will probably agree that we both acted inappropriately. So, post your comments…I’m curious what those here have to say!
NY Fed, investors pressuring B. of A.
Big bank asked to repurchase billions of dollars in home loans
By Alistair Barr, MarketWatch
SAN FRANCISCO (MarketWatch) — Bank of America Corp. has been hounded for months by demands to repurchase billions of dollars in home loans backing mortgage securities. On Tuesday, the Federal Reserve Bank of New York emerged as one of the sources of this pressure.
The New York Fed is part of an investor group that owns more than 25% of the voting rights in over $47 billion of residential mortgage-backed securities issued by Countrywide Financial, the home loan giant that Bank of America /quotes/comstock/13*!bac/quotes/nls/bac (BAC 11.30, -0.50, -4.24%) acquired in 2008.
On Monday, the group wrote to Countrywide Home Loan Servicing and Bank of New York Mellon Corp. /quotes/comstock/13*!bk/quotes/nls/bk (BK 25.91, -0.08, -0.31%) , the trustee of the mortgage securities, saying they haven’t been serving the loans backing the securities properly.
Bank of America losses widen
The investors asked Bank of New York to demand the repurchase of loans that were originated “in violation of underwriting guidelines,” according to a statement Monday by Kathy Patrick of law firm Gibbs & Bruns, which is representing the group.
The seller of any “ineligible or predatory” mortgages should also pay the cost of modifying them for homeowners, or buy those loans back from the pools of collateral backing the securities, she added.
“Ours is a large, determined, and cohesive group of bondholders.” Patrick said. “We have a clearly defined strategy. We plan to vigorously pursue this initiative to enforce Holders’ rights.”
Bank of America shares fell 4.4% to close at $11.80. Earlier in the day, Bank of America reported a big quarterly net loss. See story on the lender's results.
For Bank of America, this is the latest source of pressure on the banking giant to repurchase loans backing mortgage securities.
Fannie Mae /quotes/comstock/11k!fnma (FNMA 0.41, -0.01, -2.17%) and Freddie Mac /quotes/comstock/11k!fmcc (FMCC 0.42, -.00, -0.07%) , the government-owned mortgage giants, are demanding that some home loans be bought back by originators.
Bond insurers MBIA Inc. /quotes/comstock/13*!mbi/quotes/nls/mbi (MBI 12.52, +0.38, +3.13%) and Ambac Financial /quotes/comstock/13*!abk/quotes/nls/abk (ABK 1.07, -0.07, -5.97%) are pursuing similar strategies. Read about this new problem for the largest U.S. banks.
If Bank of America is forced to buy back troubled loans from mortgage securities, it will have to pay 100 cents on the dollar. That could leave it with billions of dollars in losses.
AIG bail out
The New York Fed ended up owning Countrywide mortgage securities through the government bailout of insurer American International Group /quotes/comstock/13*!aig/quotes/nls/aig (AIG 41.33, +0.32, +0.78%) .
When AIG faced a cash crunch in 2008, the New York Fed set up a special purpose vehicle known as Maiden Lane II that bought residential mortgage-backed securities from AIG life insurance companies.
The New York Fed lent $19.5 billion to Maiden Lane II for the purchases in November 2008. At the end of June, this loan stood at $14.7 billion.
Other investors in the group including BlackRock Inc. /quotes/comstock/13*!blk/quotes/nls/blk (BLK 172.44, -2.19, -1.25%) , MetLife Inc. /quotes/comstock/13*!met/quotes/nls/met (MET 39.88, -0.05, -0.13%) and Pimco, the world’s largest bond fund manager owned by Germany’s Allianz /quotes/comstock/23z!alv (XE:ALV 88.90, +0.04, +0.05%) , according to Bloomberg News. Spokesman at those three companies declined to comment.
Bank of America’s exposure
Bank of America Chief Financial Officer Chuck Noski gave a detailed presentation on the company’s potential exposure to loan repurchases during a conference call with analysts on Tuesday.
Noski referred to the letter from the group of investors that includes the New York Fed.
“While we continue to review and assess the letter and have a number of questions about its content including whether these investors actually have standing to bring these claims, we continue to believe the servicer is in compliance with its servicing obligations,” Noski said, according to a transcript of the call.
The 115 mortgage-backed security deals mentioned in the letter have an original principal balance of $104 billion and a current balance of $46 billion, he noted.
”Overall, where we have concluded that a valid basis for repurchase does not exist, we think it is important for investors to know that we will vigorously contest such claims and defend the interest of Bank of America shareholders,” Noski added.
From 2004 to 2008, Bank of America and Countrywide sold $1.2 trillion of home loans to government mortgage agencies like Fannie and Freddie. Through September, the bank got about $14 billion of repurchase claims from that group of loans, Noski said.
Bank of America has resolved $11.4 billion of those claims and eaten net losses of roughly $2.5 billion in the process, the CFO reported.
Bank of America has reserved appropriately for any future repurchase claims from these mortgage agencies, he added.
Bank of America and Countrywide sold $160 billion of loans through mortgage-backed securities that were guaranteed by bond insurers. Through September, the bank got $4.8 billion of repurchase claims. The bank has bought back $550 million of these loans and $4.2 billion remains outstanding, Noski said.
Between 2004 and 2008, Bank of America and Countrywide sold roughly $750 billion of home loans in other deals that were bought by other investors and weren’t guaranteed by bond insurers. About 40% of these loans have been paid off so far.
Through September, Bank of America got about $3.9 billion of repurchase claims related to this group of loans. The company has resolved almost $2.9 billion of those claims, Noski said.
“Until we have a meaningful repurchase experience with these counterparties, we believe is it not possible to reasonably estimate this exposure,” Noski added.
Alistair Barr is a reporter for MarketWatch in San Francisco.
By Alistair Barr, MarketWatch
SAN FRANCISCO (MarketWatch) — Bank of America Corp. has been hounded for months by demands to repurchase billions of dollars in home loans backing mortgage securities. On Tuesday, the Federal Reserve Bank of New York emerged as one of the sources of this pressure.
The New York Fed is part of an investor group that owns more than 25% of the voting rights in over $47 billion of residential mortgage-backed securities issued by Countrywide Financial, the home loan giant that Bank of America /quotes/comstock/13*!bac/quotes/nls/bac (BAC 11.30, -0.50, -4.24%) acquired in 2008.
On Monday, the group wrote to Countrywide Home Loan Servicing and Bank of New York Mellon Corp. /quotes/comstock/13*!bk/quotes/nls/bk (BK 25.91, -0.08, -0.31%) , the trustee of the mortgage securities, saying they haven’t been serving the loans backing the securities properly.
Bank of America losses widen
The investors asked Bank of New York to demand the repurchase of loans that were originated “in violation of underwriting guidelines,” according to a statement Monday by Kathy Patrick of law firm Gibbs & Bruns, which is representing the group.
The seller of any “ineligible or predatory” mortgages should also pay the cost of modifying them for homeowners, or buy those loans back from the pools of collateral backing the securities, she added.
“Ours is a large, determined, and cohesive group of bondholders.” Patrick said. “We have a clearly defined strategy. We plan to vigorously pursue this initiative to enforce Holders’ rights.”
Bank of America shares fell 4.4% to close at $11.80. Earlier in the day, Bank of America reported a big quarterly net loss. See story on the lender's results.
For Bank of America, this is the latest source of pressure on the banking giant to repurchase loans backing mortgage securities.
Fannie Mae /quotes/comstock/11k!fnma (FNMA 0.41, -0.01, -2.17%) and Freddie Mac /quotes/comstock/11k!fmcc (FMCC 0.42, -.00, -0.07%) , the government-owned mortgage giants, are demanding that some home loans be bought back by originators.
Bond insurers MBIA Inc. /quotes/comstock/13*!mbi/quotes/nls/mbi (MBI 12.52, +0.38, +3.13%) and Ambac Financial /quotes/comstock/13*!abk/quotes/nls/abk (ABK 1.07, -0.07, -5.97%) are pursuing similar strategies. Read about this new problem for the largest U.S. banks.
If Bank of America is forced to buy back troubled loans from mortgage securities, it will have to pay 100 cents on the dollar. That could leave it with billions of dollars in losses.
AIG bail out
The New York Fed ended up owning Countrywide mortgage securities through the government bailout of insurer American International Group /quotes/comstock/13*!aig/quotes/nls/aig (AIG 41.33, +0.32, +0.78%) .
When AIG faced a cash crunch in 2008, the New York Fed set up a special purpose vehicle known as Maiden Lane II that bought residential mortgage-backed securities from AIG life insurance companies.
The New York Fed lent $19.5 billion to Maiden Lane II for the purchases in November 2008. At the end of June, this loan stood at $14.7 billion.
Other investors in the group including BlackRock Inc. /quotes/comstock/13*!blk/quotes/nls/blk (BLK 172.44, -2.19, -1.25%) , MetLife Inc. /quotes/comstock/13*!met/quotes/nls/met (MET 39.88, -0.05, -0.13%) and Pimco, the world’s largest bond fund manager owned by Germany’s Allianz /quotes/comstock/23z!alv (XE:ALV 88.90, +0.04, +0.05%) , according to Bloomberg News. Spokesman at those three companies declined to comment.
Bank of America’s exposure
Bank of America Chief Financial Officer Chuck Noski gave a detailed presentation on the company’s potential exposure to loan repurchases during a conference call with analysts on Tuesday.
Noski referred to the letter from the group of investors that includes the New York Fed.
“While we continue to review and assess the letter and have a number of questions about its content including whether these investors actually have standing to bring these claims, we continue to believe the servicer is in compliance with its servicing obligations,” Noski said, according to a transcript of the call.
The 115 mortgage-backed security deals mentioned in the letter have an original principal balance of $104 billion and a current balance of $46 billion, he noted.
”Overall, where we have concluded that a valid basis for repurchase does not exist, we think it is important for investors to know that we will vigorously contest such claims and defend the interest of Bank of America shareholders,” Noski added.
From 2004 to 2008, Bank of America and Countrywide sold $1.2 trillion of home loans to government mortgage agencies like Fannie and Freddie. Through September, the bank got about $14 billion of repurchase claims from that group of loans, Noski said.
Bank of America has resolved $11.4 billion of those claims and eaten net losses of roughly $2.5 billion in the process, the CFO reported.
Bank of America has reserved appropriately for any future repurchase claims from these mortgage agencies, he added.
Bank of America and Countrywide sold $160 billion of loans through mortgage-backed securities that were guaranteed by bond insurers. Through September, the bank got $4.8 billion of repurchase claims. The bank has bought back $550 million of these loans and $4.2 billion remains outstanding, Noski said.
Between 2004 and 2008, Bank of America and Countrywide sold roughly $750 billion of home loans in other deals that were bought by other investors and weren’t guaranteed by bond insurers. About 40% of these loans have been paid off so far.
Through September, Bank of America got about $3.9 billion of repurchase claims related to this group of loans. The company has resolved almost $2.9 billion of those claims, Noski said.
“Until we have a meaningful repurchase experience with these counterparties, we believe is it not possible to reasonably estimate this exposure,” Noski added.
Alistair Barr is a reporter for MarketWatch in San Francisco.
New York Has the Most Millionaires
by Robert Frank
Wednesday, August 4, 2010
Provided by THE WALL STREET JOURNAL.
New York's millionaire population has now surpassed the boom times of 2007.According to the new Metro Wealth Index, created by consulting firm Capgemini, the New York Metropolitan area had 650,000 high-net worth individuals, or people with $1 million or more in investible assets in 2009. That is 18.7% higher than in 2008.
Once again, the New York area topped the list of metro-area wealth centers. Its total was greater than the combined total of the next three runners up -- Los Angeles, Chicago, and Washington.
Of the top 10, Houston posted the the fastest growth, at 28.9%. But all enjoyed strong growth.
Here are the tallies of millionaires for the top 10, along with the percentage growth:
New York -- 667,200, +18.7%
Los Angeles -- 235,800, +13.3%
Chicago -- 198,100, +15.1%
Washington, D.C. -- 152,400 +19.3%
San Francisco -- 138,300 +14.5%
Philadelphia -- 104,100, +20.1%
Boston -- 102,300, + 14.4%
Detroit -- 89,100, +12.1%
Houston -- 88,200, +28.9%
San Jose -- 86,500, +24.5%
What are the takeaways?
First, that the U.S. taxpayers' bank bailouts certainly helped those on Wall Street (though why New York still has huge budget problems given the wealth surge in 2009 and much-publicized tax burden of the wealthy remains a mystery).
Second, that finance, technology, and oil remain the main sources of wealth in the U.S.
Third, while New York, D.C., Houston, and San Jose are now above 2007 levels, the rest are still below the 2007 heights.
Fourth, that 2010 may not be as rosy as 2009 when it comes to minting new millionaires or re-minting the old ones.
What patterns do you see in the numbers?
Wednesday, August 4, 2010
Provided by THE WALL STREET JOURNAL.
New York's millionaire population has now surpassed the boom times of 2007.According to the new Metro Wealth Index, created by consulting firm Capgemini, the New York Metropolitan area had 650,000 high-net worth individuals, or people with $1 million or more in investible assets in 2009. That is 18.7% higher than in 2008.
Once again, the New York area topped the list of metro-area wealth centers. Its total was greater than the combined total of the next three runners up -- Los Angeles, Chicago, and Washington.
Of the top 10, Houston posted the the fastest growth, at 28.9%. But all enjoyed strong growth.
Here are the tallies of millionaires for the top 10, along with the percentage growth:
New York -- 667,200, +18.7%
Los Angeles -- 235,800, +13.3%
Chicago -- 198,100, +15.1%
Washington, D.C. -- 152,400 +19.3%
San Francisco -- 138,300 +14.5%
Philadelphia -- 104,100, +20.1%
Boston -- 102,300, + 14.4%
Detroit -- 89,100, +12.1%
Houston -- 88,200, +28.9%
San Jose -- 86,500, +24.5%
What are the takeaways?
First, that the U.S. taxpayers' bank bailouts certainly helped those on Wall Street (though why New York still has huge budget problems given the wealth surge in 2009 and much-publicized tax burden of the wealthy remains a mystery).
Second, that finance, technology, and oil remain the main sources of wealth in the U.S.
Third, while New York, D.C., Houston, and San Jose are now above 2007 levels, the rest are still below the 2007 heights.
Fourth, that 2010 may not be as rosy as 2009 when it comes to minting new millionaires or re-minting the old ones.
What patterns do you see in the numbers?
The Rise and Fall of America
by Robert Kiyosaki
Monday, October 18, 201
Alexander Tytler (1747-1813) was a Scottish-born English lawyer and historian. Reportedly, Tytler was critical of democracies, pointing to the history of democracies such as Athens and its flaws, cycles, and
ultimate failures. Although the authenticity of his following quote is
often disputed, the words have eerie relevance today:
A democracy is always temporary in nature; it simply cannot exist as a permanent form of government.
A democracy will continue to exist up until the time voters discover they can vote themselves generous gifts from the public treasury. From that
moment on, the majority always votes for the candidates who promise the
most benefits from the public treasury, with the result that every
democracy will finally collapse due to loose fiscal policy, which is
always followed by dictatorship.
The average age of the world's greatest civilizations from the beginning of history has been about 200 years. During those 200 years, these nations always progressed through
the following sequence:
• From bondage to spiritual faith;
• From spiritual faith to great courage;
• From courage to liberty;
• From liberty to abundance;
• From abundance to complacency;
• From complacency to apathy;
• From apathy to dependence;
• From dependence back to bondage.
Tytler's Cycle and the U.S.
In looking at American history, we can see Tytler's sequence in action. In 1620, the Pilgrims sailed to America to escape the religious bondage
imposed by the Church of England. Their spiritual faith carried them to
the new world.
Because of their deep faith, the Pilgrims left England in spite of the high percentage of deaths incurred by earlier American settlements. For example, when Jamestown, Virginia, was founded
in 1607, 70 of the 108 settlers died in the first year. The following
winter only 60 of 500 new settlers lived. Between 1619 and 1622, the
Virginia Company sent 3,600 more settlers to the colony, and over those
three years 3,000 would die.
In 1776, the Declaration of Independence was signed. From spiritual faith the new Americans were garnering great courage. By crafting the Declaration of Independence,
the colonists knew they were essentially declaring war on the most
powerful country in the world -- England.
With the onset of the Revolutionary War, the colonists were moving from courage to liberty, following Tytler's sequence. By demanding their independence and being
willing to fight for it, a new democracy was born. This new democracy
grew rapidly for nearly 200 years.
Then, in 1933, the U.S. was thrown into the Great Depression and elected Franklin Delano Roosevelt as president. Facing total economic collapse, Roosevelt took the U.S.
dollar off the gold standard. At the same time, Germany, also in
financial crisis, elected Adolf Hitler as its leader. World War II soon
followed.
In 1944, with WWII coming to an end, the Bretton Woods Agreement was signed by the world powers and the U.S. dollar, once again backed by gold, became the reserve currency of the world.
After the war, America passed England, France, and Germany to become the new world power. Having entered the war late, the U.S. emerged as the
creditor nation to the world. Our factories weren't bombed and the world
owed us money. The U.S. grew rich financing the rebuilding of England,
France, Germany, Italy, and Japan. The American democracy was
transitioning from liberty to abundance -- maybe too much abundance.
In 1971 President Nixon violated the Bretton Woods Agreement by taking the U.S. dollar off the gold standard because America was spending more
than it was producing and the U.S. gold reserves were being depleted.
In 1972 Nixon visited China to open the door for trade. What followed was the biggest economic boom in history -- a boom fueled by the U.S.
borrowing money through the sale of bonds to China, one of the world's
poorest countries at that time. The sale of these bonds financed a
growing U.S. trade deficit. China produced low-cost goods, and we paid
for them with money borrowed from the Chinese workers.
American factory production, which had fueled the American boom after WWII, was "shipped" overseas along with high-paying American jobs. America was
shifting from abundance to complacency. Rather than produce, we borrowed
and printed money to maintain our standard of living.
In 1976 America celebrated its 200th anniversary as a democracy. Rather than produce, we kept borrowing to finance social-welfare programs. Over the
next three decades or so, America slid from complacency to apathy.
In 2007 the subprime crisis reared its ugly head. And by 2010, unemployment increased to double-digits, even as the rich got richer.
Once-affluent people walked away from homes they could no longer afford.
The U.S. moved from apathy to dependence.
Today we're dependent upon China to finance our debt as well as fill our stores with cheap products. At the same time, millions of Americans are becoming dependent
upon the government to take care of them. If Tytler is correct, the
American democracy is presently moving from dependence back to bondage.
Filling the Void
History reminds us that dictators and despots arise during times of severe economic crisis. Some of the more infamous despots are Hitler, Stalin,
Mao, and Napoleon. I find it interesting that the U.S. is now dependent
upon Chairman Mao's creation, the People's Republic of China, for the
things that we buy and the money that we borrow.
To me, this is spooky, foreboding, and ominous. While the Chinese people, as a rule, are good people, my business dealings with Communist Chinese officials
have left me disturbed and concerned about the rise of the Chinese
Empire. As you know, China doesn't plan on becoming a democracy. With
money, factories, a billion people to feed, and a massive military,
could they put the free world into bondage?
Although I don't like the way the Chinese do business, I continue to do business in China. I have to. They're the next world power. I cautiously believe that trade,
business, and understanding offer better options for world peace and
prosperity than isolationism.
Now the Western world must seek to grow stronger financially as China continues to gain power. To do this, our schools need to offer more sophisticated financial education to
children of all ages.
This is not the time to be complacent or apathetic. This is the time to think globally. Putting up trade barriers would be disastrous. Instead, it's time our schools train students to
be entrepreneurs who export to the world rather than employees looking
for jobs that are being exported to low-wage countries.
Monday, October 18, 201
Alexander Tytler (1747-1813) was a Scottish-born English lawyer and historian. Reportedly, Tytler was critical of democracies, pointing to the history of democracies such as Athens and its flaws, cycles, and
ultimate failures. Although the authenticity of his following quote is
often disputed, the words have eerie relevance today:
A democracy is always temporary in nature; it simply cannot exist as a permanent form of government.
A democracy will continue to exist up until the time voters discover they can vote themselves generous gifts from the public treasury. From that
moment on, the majority always votes for the candidates who promise the
most benefits from the public treasury, with the result that every
democracy will finally collapse due to loose fiscal policy, which is
always followed by dictatorship.
The average age of the world's greatest civilizations from the beginning of history has been about 200 years. During those 200 years, these nations always progressed through
the following sequence:
• From bondage to spiritual faith;
• From spiritual faith to great courage;
• From courage to liberty;
• From liberty to abundance;
• From abundance to complacency;
• From complacency to apathy;
• From apathy to dependence;
• From dependence back to bondage.
Tytler's Cycle and the U.S.
In looking at American history, we can see Tytler's sequence in action. In 1620, the Pilgrims sailed to America to escape the religious bondage
imposed by the Church of England. Their spiritual faith carried them to
the new world.
Because of their deep faith, the Pilgrims left England in spite of the high percentage of deaths incurred by earlier American settlements. For example, when Jamestown, Virginia, was founded
in 1607, 70 of the 108 settlers died in the first year. The following
winter only 60 of 500 new settlers lived. Between 1619 and 1622, the
Virginia Company sent 3,600 more settlers to the colony, and over those
three years 3,000 would die.
In 1776, the Declaration of Independence was signed. From spiritual faith the new Americans were garnering great courage. By crafting the Declaration of Independence,
the colonists knew they were essentially declaring war on the most
powerful country in the world -- England.
With the onset of the Revolutionary War, the colonists were moving from courage to liberty, following Tytler's sequence. By demanding their independence and being
willing to fight for it, a new democracy was born. This new democracy
grew rapidly for nearly 200 years.
Then, in 1933, the U.S. was thrown into the Great Depression and elected Franklin Delano Roosevelt as president. Facing total economic collapse, Roosevelt took the U.S.
dollar off the gold standard. At the same time, Germany, also in
financial crisis, elected Adolf Hitler as its leader. World War II soon
followed.
In 1944, with WWII coming to an end, the Bretton Woods Agreement was signed by the world powers and the U.S. dollar, once again backed by gold, became the reserve currency of the world.
After the war, America passed England, France, and Germany to become the new world power. Having entered the war late, the U.S. emerged as the
creditor nation to the world. Our factories weren't bombed and the world
owed us money. The U.S. grew rich financing the rebuilding of England,
France, Germany, Italy, and Japan. The American democracy was
transitioning from liberty to abundance -- maybe too much abundance.
In 1971 President Nixon violated the Bretton Woods Agreement by taking the U.S. dollar off the gold standard because America was spending more
than it was producing and the U.S. gold reserves were being depleted.
In 1972 Nixon visited China to open the door for trade. What followed was the biggest economic boom in history -- a boom fueled by the U.S.
borrowing money through the sale of bonds to China, one of the world's
poorest countries at that time. The sale of these bonds financed a
growing U.S. trade deficit. China produced low-cost goods, and we paid
for them with money borrowed from the Chinese workers.
American factory production, which had fueled the American boom after WWII, was "shipped" overseas along with high-paying American jobs. America was
shifting from abundance to complacency. Rather than produce, we borrowed
and printed money to maintain our standard of living.
In 1976 America celebrated its 200th anniversary as a democracy. Rather than produce, we kept borrowing to finance social-welfare programs. Over the
next three decades or so, America slid from complacency to apathy.
In 2007 the subprime crisis reared its ugly head. And by 2010, unemployment increased to double-digits, even as the rich got richer.
Once-affluent people walked away from homes they could no longer afford.
The U.S. moved from apathy to dependence.
Today we're dependent upon China to finance our debt as well as fill our stores with cheap products. At the same time, millions of Americans are becoming dependent
upon the government to take care of them. If Tytler is correct, the
American democracy is presently moving from dependence back to bondage.
Filling the Void
History reminds us that dictators and despots arise during times of severe economic crisis. Some of the more infamous despots are Hitler, Stalin,
Mao, and Napoleon. I find it interesting that the U.S. is now dependent
upon Chairman Mao's creation, the People's Republic of China, for the
things that we buy and the money that we borrow.
To me, this is spooky, foreboding, and ominous. While the Chinese people, as a rule, are good people, my business dealings with Communist Chinese officials
have left me disturbed and concerned about the rise of the Chinese
Empire. As you know, China doesn't plan on becoming a democracy. With
money, factories, a billion people to feed, and a massive military,
could they put the free world into bondage?
Although I don't like the way the Chinese do business, I continue to do business in China. I have to. They're the next world power. I cautiously believe that trade,
business, and understanding offer better options for world peace and
prosperity than isolationism.
Now the Western world must seek to grow stronger financially as China continues to gain power. To do this, our schools need to offer more sophisticated financial education to
children of all ages.
This is not the time to be complacent or apathetic. This is the time to think globally. Putting up trade barriers would be disastrous. Instead, it's time our schools train students to
be entrepreneurs who export to the world rather than employees looking
for jobs that are being exported to low-wage countries.
Tuesday, October 19, 2010
Loral Langemeier answers your questions on Tuesday webinar
Greetings
KEYS TO HANDLING YOUR DEBT.
A lot of people are struggling in
the current economy. They are saddled
with more commitments than they can
handle.
Loral Langemeier, America's Money Expert,
is hosting a live webinar on Tuesday,
October 19th.
There's no charge to attend and Loral
will be answering your questions.
Click Here For More Details:
http://budurl.com/liveoutloud
Loral wants to help you sort through
this issue and help you understand that
there is a light at the end of the tunnel.
She will guide you through the best
approaches to reducing this burden
and show you that you can eliminate
it in just 5 Steps.
This is timely information!
Register now to participate.
Tuesday, October 19, 2010
5pm Pacific / 8pm Eastern
Click Here to Sign Up for the Webinar:
http://budurl.com/liveoutloud
Don't forget to ask your question!
To your success,
[Fernando ]
PS. Are you struggling to become
independent? This is your opportunity
to get help.
Click Here to Ask Your Question Now:
http://budurl.com/liveoutloud
KEYS TO HANDLING YOUR DEBT.
A lot of people are struggling in
the current economy. They are saddled
with more commitments than they can
handle.
Loral Langemeier, America's Money Expert,
is hosting a live webinar on Tuesday,
October 19th.
There's no charge to attend and Loral
will be answering your questions.
Click Here For More Details:
http://budurl.com/liveoutloud
Loral wants to help you sort through
this issue and help you understand that
there is a light at the end of the tunnel.
She will guide you through the best
approaches to reducing this burden
and show you that you can eliminate
it in just 5 Steps.
This is timely information!
Register now to participate.
Tuesday, October 19, 2010
5pm Pacific / 8pm Eastern
Click Here to Sign Up for the Webinar:
http://budurl.com/liveoutloud
Don't forget to ask your question!
To your success,
[Fernando ]
PS. Are you struggling to become
independent? This is your opportunity
to get help.
Click Here to Ask Your Question Now:
http://budurl.com/liveoutloud
*Lux Boutique Blue Moon Hotel 22 Keys, Orchard St. NYC!!!*
Attention Hotel buyers. Here's a very nice one in a great neighborhood in NYC!
Excellent Investment Opportunity
Blue Moon Hotel
100 Orchard St, NY, NY
Cross Street: Orchard St.
22-Keys Luxury Boutique Hotel Excellent location!
Excellent condition!
Generates solid income!
Building: 14,367 sf
Lot: 2,303 sf
Bldg: 26 x 88
Lot : 26 x 88
Stories: 8
Year Built: 1900
Exp: $267K approx NOI: $3.8MM approx Cap rate: 13% approx
1st Mortgage delivered free & clear
REDUCED!
Asking Price: $29MM (7.3 x NOI approx)
Please contact me when you are ready to make your offer. I will send you the NCND & Fee docs. Once you've done so, I will step aside and you may deal w/seller directly, as well as POF directly.
In order to get any financials this would be the following criteria.
1. LOI (Letter Of Intent) on Buyer's letter head with "WET" signature and
2. NCND signed with "WET" signature.
3. MFA to secure the commission to be paid. (for us)
*Commission is typically 3%
This is enough to get the owner of which ever property you are interested in on the line with your buyer.
Proof of Funds are "STRICTLY" between buyer and seller as I am not qualified to vette your buyer :-).
Full financials will be disclosed to BUYER ONLY. Please contact me with any questions...Thank you for your time.
Price reduced.
Make Offer
Fernando Young
Hartford Investment Group
8.8.8.-317-4517x1
socalhartfordinvgrp@gmail.com
Excellent Investment Opportunity
Blue Moon Hotel
100 Orchard St, NY, NY
Cross Street: Orchard St.
22-Keys Luxury Boutique Hotel Excellent location!
Excellent condition!
Generates solid income!
Building: 14,367 sf
Lot: 2,303 sf
Bldg: 26 x 88
Lot : 26 x 88
Stories: 8
Year Built: 1900
Exp: $267K approx NOI: $3.8MM approx Cap rate: 13% approx
1st Mortgage delivered free & clear
REDUCED!
Asking Price: $29MM (7.3 x NOI approx)
Please contact me when you are ready to make your offer. I will send you the NCND & Fee docs. Once you've done so, I will step aside and you may deal w/seller directly, as well as POF directly.
In order to get any financials this would be the following criteria.
1. LOI (Letter Of Intent) on Buyer's letter head with "WET" signature and
2. NCND signed with "WET" signature.
3. MFA to secure the commission to be paid. (for us)
*Commission is typically 3%
This is enough to get the owner of which ever property you are interested in on the line with your buyer.
Proof of Funds are "STRICTLY" between buyer and seller as I am not qualified to vette your buyer :-).
Full financials will be disclosed to BUYER ONLY. Please contact me with any questions...Thank you for your time.
Price reduced.
Make Offer
Fernando Young
Hartford Investment Group
8.8.8.-317-4517x1
socalhartfordinvgrp@gmail.com
TX distressed-$11K/door on purchase-Cash flow and Equity
he last time I had Units in TX - there were so many questions that it
sold before all could be answered. An LOI will certainly get you more
information, if needed.
Recent Capital Upgrades of Over $1,000,000
2 Story * 496 Units * 3 Pools * AmmenIties
Description:
• Recent renovations makes this an attractive investment property to buy and hold.
• This property is Cash Flowing and offers a great upside to increase revenue.
• The largest employer by sales are only 2 miles away from the apart complexes.
This property is being offered at a deeply discounted price ($12,867/unit) in comparison to its stabilized
value. The property is currently performing significantly below its comparable competition and a
new owner/management regime should have the ability to add value by bringing the property inline
within its submarket. The owner recently completed over $1,000,000 in capital upgrades to the
property including but not limited to all new exterior HardiPlank siding, re-striping of all parking lots,
resurfacing of 3 swimming pools, interior rehabs and balcony repair.
Its location is approximately 55 miles from a major city and accessible to a few
State Highways.
Real estate taxes based on 2009 tax assessed value of $6,778,170 and tax rate of 2.6432%
Building Size: 374,308 SF
Year Built: 1979
Lot Size: 24.02 AC
Units: 496
Price/Unit: $12,867.65
Property Type: Multifamily
Property Sub-type: Garden/Low-Rise
Property Use Type: Investment
Occupancy: 60%
CAP Rate: 12.72%
Building Class: B
Asking $6,500,000
This project needs quite a bit of work, so it is not for everyone.
However, price is very good., and potential is excellent*
I am direct to person who's got it optioned under contract.
Please be direct yourself - this will not work w/chains.
Original price: $6,500,000.
Our New price: $5,600,000.
CALL ME NOW , DONT WAIT OR HESITATE.
THIS WILL SELL FAST!!!!!!!!
Fernando Young
Hartford Investment Group
8.8.8.-317-4517x1
socalhartfordinvgrp@gmail.com
sold before all could be answered. An LOI will certainly get you more
information, if needed.
Recent Capital Upgrades of Over $1,000,000
2 Story * 496 Units * 3 Pools * AmmenIties
Description:
• Recent renovations makes this an attractive investment property to buy and hold.
• This property is Cash Flowing and offers a great upside to increase revenue.
• The largest employer by sales are only 2 miles away from the apart complexes.
This property is being offered at a deeply discounted price ($12,867/unit) in comparison to its stabilized
value. The property is currently performing significantly below its comparable competition and a
new owner/management regime should have the ability to add value by bringing the property inline
within its submarket. The owner recently completed over $1,000,000 in capital upgrades to the
property including but not limited to all new exterior HardiPlank siding, re-striping of all parking lots,
resurfacing of 3 swimming pools, interior rehabs and balcony repair.
Its location is approximately 55 miles from a major city and accessible to a few
State Highways.
Real estate taxes based on 2009 tax assessed value of $6,778,170 and tax rate of 2.6432%
Building Size: 374,308 SF
Year Built: 1979
Lot Size: 24.02 AC
Units: 496
Price/Unit: $12,867.65
Property Type: Multifamily
Property Sub-type: Garden/Low-Rise
Property Use Type: Investment
Occupancy: 60%
CAP Rate: 12.72%
Building Class: B
Asking $6,500,000
This project needs quite a bit of work, so it is not for everyone.
However, price is very good., and potential is excellent*
I am direct to person who's got it optioned under contract.
Please be direct yourself - this will not work w/chains.
Original price: $6,500,000.
Our New price: $5,600,000.
CALL ME NOW , DONT WAIT OR HESITATE.
THIS WILL SELL FAST!!!!!!!!
Fernando Young
Hartford Investment Group
8.8.8.-317-4517x1
socalhartfordinvgrp@gmail.com
Monday, October 18, 2010
Sun City investors in real-estate scheme told to get attorneys
by Lesley Wright - Oct. 5, 2010 09:58 AM
The Arizona Republic
Read more: http://www.azcentral.com/community/westvalley/articles/2010/10/05/20101005sun-city-investors-house-flipping-scheme.html#ixzz0m5O63QcRA U.S. bankruptcy trustee who is untangling a complex Sun City real-estate operation advised investors to get attorneys during a hearing this week.
Trustee Brian Mullen also told about 40 creditors who attended the Kenneth Plein bankruptcy hearing Monday that they would need to file their claims by Dec. 23.
More than 100 investors are involved in a house-flipping operation that Plein ran from his Tri-Star Realty office in Sun City for more than 20 years. He filed for bankruptcy on Aug. 6 with no notice to investors, who stand to lose close to $18 million.
Some investors, who loaned Plein up to $500,000 to flip houses, have discovered that the deeds of trust they hold on houses and commercial properties also list other investors.
The eventual release of property, especially those with multiple lien holders, could be affected by a number of factors.
"There are indications that this has some elements of a Ponzi scheme," Mullen said. "Some people may have been improperly paid."
Some deeds were not recorded with Maricopa County, which could make it difficult for deed holders to prove their cases.
Mullen said Monday that investors who recorded properties after Plein's bankruptcy case began, or even just before that, committed "a useless act." Those recordings will not be recognized.
Investors spent about an hour trying to get information about specific properties, although most of them will have to wait until the proceedings are farther along.
Investor Tim Millette asked Plein why he did not seek the help of the investors before allowing the operation to collapse into bankruptcy.
"I didn't know where to turn," Plein said.
He continued taking money from investors as late as June because he thought the market would rebound quickly, as it did after similar real-estate downturns in the 1980s and 1990s.
"I had enough reserves but the market continued to decline," Plein added.
Investors also wanted to know why Plein's son Douglas is not listed on the bankruptcy action, since he appeared to be running the business with his father.
Plein said his son was an employee, not an owner, and stopped working for Tri-Star Realty in 2008.
Jim Carroll, an attorney representing about 40 of the investors, said that he will conduct a separate deposition of Plein. He is working on another suit that will try to determine if assets were distributed to Plein family members before the bankruptcy.
"We know that assets were improperly diverted to the last minute," Carroll said. "We're going to object to discharge (of the bankruptcy) and intend to sue him and others, including title companies."
Investors said they were worried that the bankruptcy trustee is not paying taxes and homeowner association fees on the properties involved, leaving the possibility of hefty fines later.
Mullen said he cannot pay those fees until he gets permission from the court.
"That's why we are trying to go through this as quickly as possible," Mullen added. "It's going to be quite a while before anybody gets any money."
Mullen told investors that they should consider consulting attorneys to make sure they follow procedures properly.
"That claim form is very important," he said.
Read more: http://www.azcentral.com/community/westvalley/articles/2010/10/05/20101005sun-city-investors-house-flipping-scheme.html#ixzz0m5NwNJe3
The Arizona Republic
Read more: http://www.azcentral.com/community/westvalley/articles/2010/10/05/20101005sun-city-investors-house-flipping-scheme.html#ixzz0m5O63QcRA U.S. bankruptcy trustee who is untangling a complex Sun City real-estate operation advised investors to get attorneys during a hearing this week.
Trustee Brian Mullen also told about 40 creditors who attended the Kenneth Plein bankruptcy hearing Monday that they would need to file their claims by Dec. 23.
More than 100 investors are involved in a house-flipping operation that Plein ran from his Tri-Star Realty office in Sun City for more than 20 years. He filed for bankruptcy on Aug. 6 with no notice to investors, who stand to lose close to $18 million.
Some investors, who loaned Plein up to $500,000 to flip houses, have discovered that the deeds of trust they hold on houses and commercial properties also list other investors.
The eventual release of property, especially those with multiple lien holders, could be affected by a number of factors.
"There are indications that this has some elements of a Ponzi scheme," Mullen said. "Some people may have been improperly paid."
Some deeds were not recorded with Maricopa County, which could make it difficult for deed holders to prove their cases.
Mullen said Monday that investors who recorded properties after Plein's bankruptcy case began, or even just before that, committed "a useless act." Those recordings will not be recognized.
Investors spent about an hour trying to get information about specific properties, although most of them will have to wait until the proceedings are farther along.
Investor Tim Millette asked Plein why he did not seek the help of the investors before allowing the operation to collapse into bankruptcy.
"I didn't know where to turn," Plein said.
He continued taking money from investors as late as June because he thought the market would rebound quickly, as it did after similar real-estate downturns in the 1980s and 1990s.
"I had enough reserves but the market continued to decline," Plein added.
Investors also wanted to know why Plein's son Douglas is not listed on the bankruptcy action, since he appeared to be running the business with his father.
Plein said his son was an employee, not an owner, and stopped working for Tri-Star Realty in 2008.
Jim Carroll, an attorney representing about 40 of the investors, said that he will conduct a separate deposition of Plein. He is working on another suit that will try to determine if assets were distributed to Plein family members before the bankruptcy.
"We know that assets were improperly diverted to the last minute," Carroll said. "We're going to object to discharge (of the bankruptcy) and intend to sue him and others, including title companies."
Investors said they were worried that the bankruptcy trustee is not paying taxes and homeowner association fees on the properties involved, leaving the possibility of hefty fines later.
Mullen said he cannot pay those fees until he gets permission from the court.
"That's why we are trying to go through this as quickly as possible," Mullen added. "It's going to be quite a while before anybody gets any money."
Mullen told investors that they should consider consulting attorneys to make sure they follow procedures properly.
"That claim form is very important," he said.
Read more: http://www.azcentral.com/community/westvalley/articles/2010/10/05/20101005sun-city-investors-house-flipping-scheme.html#ixzz0m5NwNJe3
Friday, October 15, 2010
Social Media Marketing Made Simple.
Special Workshop Added:
Social Media Marketing Made Simple.
This exciting workshop covers Social Media strategies and best practices that will help you get the most out of your time, develop relationships, and grow your business.
In this 90-minute introductory session, we will cover:
•What social media marketing really is,
•Time management,
•Measuring the return of your activities, and
•How to incorporate it into your business life without losing productivity.
And, we'll talk about popular social media tools, including: Facebook, Twitter, and LinkedIn. We'll cover how they interact together, ways to leverage their strengths, and how you can evaluate the best use for your business or organization.
When:
Wednesday Oct 20
10:00pm - Noon
Where:
Los Angeles Chamber of Commerce [MAP]
350 S. Bixel St
Los Angeles, CA 90017-1418
Bank of America Rooms
Parking is $12
Cost:
Free
Our events fill quickly, please register. Space is limited.
Meet Kelly Flint:
Kelly is Constant Contact's local small business expert in the Los Angeles area. A knowledgeable marketing expert, Kelly has helped thousands of small businesses, associations, and nonprofits develop and implement effective online marketing strategies. A popular speaker and educator, Kelly gives small businesses and nonprofits the tools, techniques, and strategies they need to grow and expand their business and to maximize the power of relationship marketing.
Connect with Kelly:
Social Media Marketing Made Simple.
This exciting workshop covers Social Media strategies and best practices that will help you get the most out of your time, develop relationships, and grow your business.
In this 90-minute introductory session, we will cover:
•What social media marketing really is,
•Time management,
•Measuring the return of your activities, and
•How to incorporate it into your business life without losing productivity.
And, we'll talk about popular social media tools, including: Facebook, Twitter, and LinkedIn. We'll cover how they interact together, ways to leverage their strengths, and how you can evaluate the best use for your business or organization.
When:
Wednesday Oct 20
10:00pm - Noon
Where:
Los Angeles Chamber of Commerce [MAP]
350 S. Bixel St
Los Angeles, CA 90017-1418
Bank of America Rooms
Parking is $12
Cost:
Free
Our events fill quickly, please register. Space is limited.
Meet Kelly Flint:
Kelly is Constant Contact's local small business expert in the Los Angeles area. A knowledgeable marketing expert, Kelly has helped thousands of small businesses, associations, and nonprofits develop and implement effective online marketing strategies. A popular speaker and educator, Kelly gives small businesses and nonprofits the tools, techniques, and strategies they need to grow and expand their business and to maximize the power of relationship marketing.
Connect with Kelly:
Multi Unit near USC
*Today is Multi-Units Day. *Here's one In Los Angeles*
Prime location, close to USC. Already Cash-Flowing.
Good Price & Great Opportunity for Income property right here in LA!
*6- are occupied w/already $4075. in cash-flow, *2-are vacant.
Over $47.k NOI*
Please review the details given below - which are quite extensive*
*Please do some of your own due diligence up front to make sure this works for you.
Contact me to make your offer: *LOI signed & specific + POF + $10.K dep. w/copy of check. *please follow protocol*
You MUST be Direct. (Buyer or rep. - NO chains please!)
*Serious Buyers Only Please* (no tire kickers)
1951 W. Martin Luther King Jr. Blvd., Los Angeles,CA 90062
- REO FOR SALE
- Location 1951 W. Martin Luther King Jr. Blvd., 3992 &
3994 S. Wilton Place, Los Angeles, CA
- 1 x 2 bedroom, 1 bathroom
- 3 x 1 bedroom, 1 bathroom
- 4 x Singles, 1 bathroom
- Current Income $56,400.00 per year
- $555,000.00
This property is located on the corner of Martin Luther King Jr. Blvd. and Wilton Place in Los Angeles. The area around it is made up of a mixture of apartment units and single family homes. The property is an REO and is being sold in "AS IS" condition. There are several deferred maintenance items that will need to be corrected. Bank willing to make ready 1 vacant unit at $4k. Other unit is rent ready.
Price $ 555,000.00 firm
Address
(click for web-map) 1951 W. Martin Luther King Jr. Blvd., Los Angeles,CA 90062
Price / Unit 68,750.00
Cap Rate 10.3 %
Year Built 1923
Rent Schedule
1 bedroom, 1 bath $ 575.00
Single, 1 bath $ 500.00
Single, 1 bath $ 675.00
2 bedroom, 1 bath $ 850.00
1 bedroom, 1 bath $ 850.00
1 bedroom, 1 bath $ 625.00
Single, 1 bath $ 625.00 Vacant
Single, 1 bath $ 625.00 Vacant
Total: $5,650.00
Proforma
GSI $67,800
Less Vacancy &7%) $ 4,746
GOI $63,054
Less Expenses (25%) $15,763
NOI $47,291
----------------------------------
Fernando Young
Hartford Investment Group
8.8.8.-317-4517x1
socalhartfordinvgrp@gmail.com
Prime location, close to USC. Already Cash-Flowing.
Good Price & Great Opportunity for Income property right here in LA!
*6- are occupied w/already $4075. in cash-flow, *2-are vacant.
Over $47.k NOI*
Please review the details given below - which are quite extensive*
*Please do some of your own due diligence up front to make sure this works for you.
Contact me to make your offer: *LOI signed & specific + POF + $10.K dep. w/copy of check. *please follow protocol*
You MUST be Direct. (Buyer or rep. - NO chains please!)
*Serious Buyers Only Please* (no tire kickers)
1951 W. Martin Luther King Jr. Blvd., Los Angeles,CA 90062
- REO FOR SALE
- Location 1951 W. Martin Luther King Jr. Blvd., 3992 &
3994 S. Wilton Place, Los Angeles, CA
- 1 x 2 bedroom, 1 bathroom
- 3 x 1 bedroom, 1 bathroom
- 4 x Singles, 1 bathroom
- Current Income $56,400.00 per year
- $555,000.00
This property is located on the corner of Martin Luther King Jr. Blvd. and Wilton Place in Los Angeles. The area around it is made up of a mixture of apartment units and single family homes. The property is an REO and is being sold in "AS IS" condition. There are several deferred maintenance items that will need to be corrected. Bank willing to make ready 1 vacant unit at $4k. Other unit is rent ready.
Price $ 555,000.00 firm
Address
(click for web-map) 1951 W. Martin Luther King Jr. Blvd., Los Angeles,CA 90062
Price / Unit 68,750.00
Cap Rate 10.3 %
Year Built 1923
Rent Schedule
1 bedroom, 1 bath $ 575.00
Single, 1 bath $ 500.00
Single, 1 bath $ 675.00
2 bedroom, 1 bath $ 850.00
1 bedroom, 1 bath $ 850.00
1 bedroom, 1 bath $ 625.00
Single, 1 bath $ 625.00 Vacant
Single, 1 bath $ 625.00 Vacant
Total: $5,650.00
Proforma
GSI $67,800
Less Vacancy &7%) $ 4,746
GOI $63,054
Less Expenses (25%) $15,763
NOI $47,291
----------------------------------
Fernando Young
Hartford Investment Group
8.8.8.-317-4517x1
socalhartfordinvgrp@gmail.com
Rehab in Santa Ana
This property is an REO under contract and won't last.
Property address: 1602 Tiffany Place, Santa Ana 92705
Description: 3 / 2, 1352 sq, 7677 lot size
Asking price is $421,000 (includes fee)
Resale value is $550,000 + more! see comps
Repair Costs approximately 20,000 (Most contractors will give you a discount on repair costs)
We encourage you to perform your due diligence and take your contractor with you when you are viewing all properties.
Comparables are as follows:
2801 Del Rey Drive, COE 9/14/10 $619,000, 1,665 sq,
12692 Red Hill Ave, COE 9/8/10 $950,000, No data
1551 Tiffany Pl, COE 9/3/10 $525,000, 1,290 sq, 7,344 Lot
Property address: 1602 Tiffany Place, Santa Ana 92705
Description: 3 / 2, 1352 sq, 7677 lot size
Asking price is $421,000 (includes fee)
Resale value is $550,000 + more! see comps
Repair Costs approximately 20,000 (Most contractors will give you a discount on repair costs)
We encourage you to perform your due diligence and take your contractor with you when you are viewing all properties.
Comparables are as follows:
2801 Del Rey Drive, COE 9/14/10 $619,000, 1,665 sq,
12692 Red Hill Ave, COE 9/8/10 $950,000, No data
1551 Tiffany Pl, COE 9/3/10 $525,000, 1,290 sq, 7,344 Lot
Evicted Family Breaks Into Their Former House
By Emily Peck
Karen Quincy Loberg for the Ventura County Star
Ms. Earle in her reclaimed home with two of her kids.
One of the long-shot outcomes of the current foreclosure mess could be a chaotic scenario in which people fight to get their foreclosed homes back.
Enter the Earl family in Simi Valley, Calif. Over the weekend, Jim and Danielle Earl reportedly took their nine children, ages 9-23, and a locksmith and broke into the six-bedroom house they used to call home. The move was recommended by their lawyer, according to a story on Aol’s HousingWatch.com.
Police officers were on hand when the Earls changed the locks Saturday but did not intervene, the Ventura County Star reports.
The Earls paid $500,000 for the house in 2001 and then refinanced to pull out cash. They fell behind on their mortgage and at the time of their eviction they owed about $880,000 on a no-interest mortgage.
Investors at Conejo Capital bought the house for $697,000 at a lender’s trustee sale and put $40,000 of work into a remodel, replacing carpeting and appliances, as well as upgrading the kitchen. They flipped it to new buyers for $800,000. Those buyers were supposed to move in this week; those plans are on hold.
The Earls claim that they were working with GRP Financial Services to catch up on payments, but discovered a $25,000 difference between what they believed they owed and what the bank said they owed. They then stopped making payments.
“This is only the beginning of this,” the Earls’ attorney, Michael Pines tells KABC News. “I chose this family because we needed to get back in before the investor and the real-estate broker defrauded a new family by having them move in, which would have created a bigger mess. (The Earls) have done absolutely nothing wrong.”
The Earls say it’s unclear who owns the loan. Foreclosure documents list GRP Financial Services. HousingWatch says that the original lender was Washington Mutual Bank which became JPMorgan Chase. The loan went to Bank of America on the same day that Chase sent the homeowners a notice of default. The Earls argue that Chase never properly assumed the loan and thus did not have the right to sell it off. And in turn, the investors, Conejo Capital Partners, did not properly purchase the property.
“They broke in and are proceeding to squat in there,” listing agent Chris Garvin of Troop Real Estate, tells HousingWatch. Mr. Garvin bought the home on the courthouse steps on behalf of Consejo.
The family’s attorney disputes that. “They may claim we’re violating the law,” he tells the Ventura newspaper. “We’re claiming they violated the law. Typically the authorities will say this is a civil dispute, but the question is, who owns the home? Because whoever doesn’t is trespassing.”
Karen Quincy Loberg for the Ventura County Star
Ms. Earle in her reclaimed home with two of her kids.
One of the long-shot outcomes of the current foreclosure mess could be a chaotic scenario in which people fight to get their foreclosed homes back.
Enter the Earl family in Simi Valley, Calif. Over the weekend, Jim and Danielle Earl reportedly took their nine children, ages 9-23, and a locksmith and broke into the six-bedroom house they used to call home. The move was recommended by their lawyer, according to a story on Aol’s HousingWatch.com.
Police officers were on hand when the Earls changed the locks Saturday but did not intervene, the Ventura County Star reports.
The Earls paid $500,000 for the house in 2001 and then refinanced to pull out cash. They fell behind on their mortgage and at the time of their eviction they owed about $880,000 on a no-interest mortgage.
Investors at Conejo Capital bought the house for $697,000 at a lender’s trustee sale and put $40,000 of work into a remodel, replacing carpeting and appliances, as well as upgrading the kitchen. They flipped it to new buyers for $800,000. Those buyers were supposed to move in this week; those plans are on hold.
The Earls claim that they were working with GRP Financial Services to catch up on payments, but discovered a $25,000 difference between what they believed they owed and what the bank said they owed. They then stopped making payments.
“This is only the beginning of this,” the Earls’ attorney, Michael Pines tells KABC News. “I chose this family because we needed to get back in before the investor and the real-estate broker defrauded a new family by having them move in, which would have created a bigger mess. (The Earls) have done absolutely nothing wrong.”
The Earls say it’s unclear who owns the loan. Foreclosure documents list GRP Financial Services. HousingWatch says that the original lender was Washington Mutual Bank which became JPMorgan Chase. The loan went to Bank of America on the same day that Chase sent the homeowners a notice of default. The Earls argue that Chase never properly assumed the loan and thus did not have the right to sell it off. And in turn, the investors, Conejo Capital Partners, did not properly purchase the property.
“They broke in and are proceeding to squat in there,” listing agent Chris Garvin of Troop Real Estate, tells HousingWatch. Mr. Garvin bought the home on the courthouse steps on behalf of Consejo.
The family’s attorney disputes that. “They may claim we’re violating the law,” he tells the Ventura newspaper. “We’re claiming they violated the law. Typically the authorities will say this is a civil dispute, but the question is, who owns the home? Because whoever doesn’t is trespassing.”
The Short Sale Alternative ,
Happy Friday to you.:)
Here is a good little article so we can stay in the know as Real Estate Investors.We need to always know how the market is acting and reacting.It will benefit you to stay INFORMED.In the So Cal market I am seeing some short sales getting approved pretty fast.Short Sales are great to work if you have patience.But for the amount of money you can make they are well woth it.
By SARAH MAX
When newlyweds Justin and Rebecca Rakitin starting shopping for their first home in the Fort Lauderdale, Fla., area last year they assumed the process would be quick and easy, with a $8,000 first-time buyer tax credit at their disposal and 'For Sale' signs littering every block.
In fact, most of the listings in the Rakitins' price range were either foreclosures or short sales, where sellers were asking for less than they owed on their mortgage. After seeing some "really nasty" foreclosures, says Ms. Rakitin, age 27, the couple decided to stick with short sales.
In November 2009 they found what they wanted–a three-bedroom, two-story townhome that sold for about $300,000 in 2007, listed for half the price. Worried that other buyers would pounce, they offered $165,000. The sellers quickly accepted.
Then the waiting game began.
Once relatively obscure transactions, short sales have become the norm in many hard-hit markets, representing roughly a third of properties for sale in Nevada, California and Florida, according to estimates from the National Association of Realtors. Though most buyers don't actively seek short sales, they're an opportunity to buy property that's generally in good shape and priced 10% to 20% below market value.
While foreclosed properties typically see bigger discounts, short sales have one distinct advantage: "They have the cooperation of the owner," says Lance Churchill, an attorney and president of Boise, Idaho-based Frontline Real Estate Education Group, which offers training to real-estate agents and investors, in Boise, Id. That's particularly germane now. In recent weeks, four major mortgage servicers have halted foreclosures, as questions over improper documentation have arisen. Sales of foreclosed property are also being put on hold and buyers are wary of getting into the market. (More: Evicted Family Breaks Into Their Former House)
Of course, short sales have problems of their own. Because a short sale results in a loss to the seller's lender, the deal can't go through without a blessing from the bank. Typically that doesn't happen until after an offer is made, says Rick Sharga, a senior vice president at RealtyTrac, which tracks foreclosure and home sales data and sells it to investors. "The bank may not even know that the seller is attempting to short sale the house," he says.
More on the Foreclosure Mess
* Evicted Family Breaks Into Their Former House
* 'Nail in the Coffin for Housing'
* Navigating the Foreclosure Freeze: A Buyer's Guide
* Probe Targets Foreclosure Paperwork
* J.P. Morgan Widens Mortgage Review
The government's new Home Affordable Foreclosure Alternative program promises to streamline the process with preapproved short sales. Still, it's not uncommon for buyers to spend three to six months, or longer, in real estate limbo. "As a buyer, you're stepping into quicksand," says Lawrence Duffin, a partner with Taza Systems, an online portal that banks, agents and investors use to track distressed property. For a short sale to make sense, he says, the house "has to be aggressively priced or exactly what the homeowner wants."
Last year, Nikolai and Jeanny Vinogradov set their sights on a luxury condo development in downtown Seattle when prices began falling within their reach. Mr. Vinogradov found a 900-square-foot one-bedroom that sold for $497,000 in March 2007 and was initially listed as a short sale at $430,000. In no rush to buy, the couple kept tabs on the listing–getting preapproved for a loan with 20% down in the meantime. When the price was reduced below $400,000 last September they offered $350,000 and then waited seven months for the seller's lender to sign off. "It was long and painful, but we were patient," says Mr. Vinogradov, an investment management associate. "In the end it worked out amazing for us."
Because there are any number of factors that can influence the timeline, "knowing the dynamics of the situation is key," says Kirk Russell, a broker with John L. Scott in Seattle. For example, things can get complicated when one bank services a loan and another one owns it, if mortgage insurance is part of the picture or if more than one lender has skin in the game. "Second liens are notorious for screwing up short sales," says Mr. Churchill.
Such was the case for Rakitins. While the seller's two lenders wrangled behind the scenes, the couple waited nearly a year, renting month to month. Just this month, the couple finally closed on their townhome–hours before the home buyer tax credit expired. "Our [agent] kept us on alert about what came in the market," says Ms. Rakitin, who works in public relations for the travel industry. "But they were all short sales and we didn't want to start the process over again."
Given all the nuances of these deals, buyers considering short sales should work with agents who have experience navigating this murky territory. If time is of essence, avoid short sales altogether or at least stick with listings whose prices have already been preapproved by the bank. "If you're fortunate to follow up on a deal that fell apart, you might be able to come in and close in 30 days," says Mr. Russell.
When making an offer, do your own homework. Just because a short sale is priced at a steep discount relative to where it last sold doesn't mean it's a great deal relative to the current market. Conversely, some agents will underprice a listing in the hopes of sparking a bidding war, says Mr. Sharga.
Of course, the highest bidder doesn't always win. "Banks want to see a clean offer with solid financing and no contingencies," says Mr. Churchill. Buyers who've been preapproved and bring hefty down payments to the table or can pay cash tend to get first consideration. And don't expect the bank to bend over backwards making repairs; most sales are as is.
After moving to Sante Fe from Colorado in 2008, Scott and Margaret Newman put an offer on a three-bedroom, two-bathroom short sale. "They acknowledged the offer and then it went dark," says Mr. Newman, a fixed-income portfolio manager, who after two months found another home and pulled out of the deal. "The whole process was so nontransparent; I don't think I'd go through that again."
Write to Sarah Max at Sarahvonmax@gmail.com
Here is a good little article so we can stay in the know as Real Estate Investors.We need to always know how the market is acting and reacting.It will benefit you to stay INFORMED.In the So Cal market I am seeing some short sales getting approved pretty fast.Short Sales are great to work if you have patience.But for the amount of money you can make they are well woth it.
By SARAH MAX
When newlyweds Justin and Rebecca Rakitin starting shopping for their first home in the Fort Lauderdale, Fla., area last year they assumed the process would be quick and easy, with a $8,000 first-time buyer tax credit at their disposal and 'For Sale' signs littering every block.
In fact, most of the listings in the Rakitins' price range were either foreclosures or short sales, where sellers were asking for less than they owed on their mortgage. After seeing some "really nasty" foreclosures, says Ms. Rakitin, age 27, the couple decided to stick with short sales.
In November 2009 they found what they wanted–a three-bedroom, two-story townhome that sold for about $300,000 in 2007, listed for half the price. Worried that other buyers would pounce, they offered $165,000. The sellers quickly accepted.
Then the waiting game began.
Once relatively obscure transactions, short sales have become the norm in many hard-hit markets, representing roughly a third of properties for sale in Nevada, California and Florida, according to estimates from the National Association of Realtors. Though most buyers don't actively seek short sales, they're an opportunity to buy property that's generally in good shape and priced 10% to 20% below market value.
While foreclosed properties typically see bigger discounts, short sales have one distinct advantage: "They have the cooperation of the owner," says Lance Churchill, an attorney and president of Boise, Idaho-based Frontline Real Estate Education Group, which offers training to real-estate agents and investors, in Boise, Id. That's particularly germane now. In recent weeks, four major mortgage servicers have halted foreclosures, as questions over improper documentation have arisen. Sales of foreclosed property are also being put on hold and buyers are wary of getting into the market. (More: Evicted Family Breaks Into Their Former House)
Of course, short sales have problems of their own. Because a short sale results in a loss to the seller's lender, the deal can't go through without a blessing from the bank. Typically that doesn't happen until after an offer is made, says Rick Sharga, a senior vice president at RealtyTrac, which tracks foreclosure and home sales data and sells it to investors. "The bank may not even know that the seller is attempting to short sale the house," he says.
More on the Foreclosure Mess
* Evicted Family Breaks Into Their Former House
* 'Nail in the Coffin for Housing'
* Navigating the Foreclosure Freeze: A Buyer's Guide
* Probe Targets Foreclosure Paperwork
* J.P. Morgan Widens Mortgage Review
The government's new Home Affordable Foreclosure Alternative program promises to streamline the process with preapproved short sales. Still, it's not uncommon for buyers to spend three to six months, or longer, in real estate limbo. "As a buyer, you're stepping into quicksand," says Lawrence Duffin, a partner with Taza Systems, an online portal that banks, agents and investors use to track distressed property. For a short sale to make sense, he says, the house "has to be aggressively priced or exactly what the homeowner wants."
Last year, Nikolai and Jeanny Vinogradov set their sights on a luxury condo development in downtown Seattle when prices began falling within their reach. Mr. Vinogradov found a 900-square-foot one-bedroom that sold for $497,000 in March 2007 and was initially listed as a short sale at $430,000. In no rush to buy, the couple kept tabs on the listing–getting preapproved for a loan with 20% down in the meantime. When the price was reduced below $400,000 last September they offered $350,000 and then waited seven months for the seller's lender to sign off. "It was long and painful, but we were patient," says Mr. Vinogradov, an investment management associate. "In the end it worked out amazing for us."
Because there are any number of factors that can influence the timeline, "knowing the dynamics of the situation is key," says Kirk Russell, a broker with John L. Scott in Seattle. For example, things can get complicated when one bank services a loan and another one owns it, if mortgage insurance is part of the picture or if more than one lender has skin in the game. "Second liens are notorious for screwing up short sales," says Mr. Churchill.
Such was the case for Rakitins. While the seller's two lenders wrangled behind the scenes, the couple waited nearly a year, renting month to month. Just this month, the couple finally closed on their townhome–hours before the home buyer tax credit expired. "Our [agent] kept us on alert about what came in the market," says Ms. Rakitin, who works in public relations for the travel industry. "But they were all short sales and we didn't want to start the process over again."
Given all the nuances of these deals, buyers considering short sales should work with agents who have experience navigating this murky territory. If time is of essence, avoid short sales altogether or at least stick with listings whose prices have already been preapproved by the bank. "If you're fortunate to follow up on a deal that fell apart, you might be able to come in and close in 30 days," says Mr. Russell.
When making an offer, do your own homework. Just because a short sale is priced at a steep discount relative to where it last sold doesn't mean it's a great deal relative to the current market. Conversely, some agents will underprice a listing in the hopes of sparking a bidding war, says Mr. Sharga.
Of course, the highest bidder doesn't always win. "Banks want to see a clean offer with solid financing and no contingencies," says Mr. Churchill. Buyers who've been preapproved and bring hefty down payments to the table or can pay cash tend to get first consideration. And don't expect the bank to bend over backwards making repairs; most sales are as is.
After moving to Sante Fe from Colorado in 2008, Scott and Margaret Newman put an offer on a three-bedroom, two-bathroom short sale. "They acknowledged the offer and then it went dark," says Mr. Newman, a fixed-income portfolio manager, who after two months found another home and pulled out of the deal. "The whole process was so nontransparent; I don't think I'd go through that again."
Write to Sarah Max at Sarahvonmax@gmail.com
Wholesaling Boot Camp, One Super day of info.
Here is the link to register.
http://www.eventbrite.com/event/954255203/WholesaleSeminarAffiliate...
Get the Tools to Succeed!
The 5-Easy Steps To Wholesaling
~ New One-Day Workshop ~
"Give Me One Day and I'll Show You What's Working In This Market and How You Can Profit Immediately in Real Estate!"
-Ginger Macias, Active Real Estate Investor
When you attend this one day seminar you'll discover secrets like ...
* Overcoming your 'analysis paralysis'. We'll go over examples on how to properly evaluate if you have a good deal
* How to find motivated sellers--you'll even have some pre-seminar activities to show you how!
* How to win over sellers. We'll be calling sellers live and working deals together
* Remove all doubts on how to properly fill out contracts
* How to build your buyer list by leaps and bounds
* The Do's and Don'ts of wholesaling--tips to become an instant pro in the industry
* JUST ADDED!
o Internet Marketing for Real Estate
+ How to set up your domain to build your buyer list QUICK!
+ Tips and Tricks to get you started in one night!
This is what other people just like you are saying about my last wholesaling bootcamp:
"Excellent course with practical real world step-by-step to do's by a successful investor who does this business every day." -- Bill Lovig
"Amazing workshop, amazing lady. I learned so much!" --Adam Friedman
"Ginger's workshop enables you to get started as soon as you leave."
-- Jim Hickman
Register Link
http://www.eventbrite.com/event/954255203/WholesaleSeminarAffiliate...
Event Details:
When: Saturday November 6, 2010
Time: 8am to 5pm
Place: Orange County, CA
Each attendee will receive:
* Wholesaling Bootcamp .......................................................$899 Value
* The Wholesaling Training Manual ....................................$349 Value
o Includes 5 audios of the recorded boot camp
* BONUS
o Property Analysis Training Guide.................................$99 Value
o Virtual Assistant Training Guide.................................$199 Value
o Forms/Contracts.............................................................$199 Value
o A "Getting Started Checklist"......................................$29 Value
o Sample Marketing Pieces.............................................$49 Value
o Seller and Buyer Scripts...............................................$49 Value
o Excel Databases for Sellers, Buyers, Probate.........$49 Value
o New! Step-by-Step Guide on How to Set Up a Blog.....$97 Value
Total Value for Whole Package = $1,969.00
***EXTRA SPECIAL BONUS JUST ADDED***
For 30 days you'll be able to have your deals analyzed and you'll have access to my own CASH BUYER LIST!! You'll be able to jumpstart your business by leveraging my systems and effort.
You'll also be able to join the 2 teleconferences that is reserved for wholesaling bootcamp students only. Have your questions answered live on the call!
More Testimonials:
"Ginger is so open to helping others; offers so much of what she is using; talks about the current market environment" -- Selina Pierce
"Ginger is an excellent instructor, but not a professional speaker or talker. More importantly she is an in-the-trench investor, so she can give first hand, detailed, intimate, actionable techniques and knowledge. Ginger is the best!" -- Lin He
"I spent $3,000 on [another big guru course]. Doesn't even come close to what I learned and got from Ginger! -- David Gal
"Ginger is a very informative, dynamic speaker. I would recommend her to anyone who wants to learn about real estate." -- David McCracken
Here is the link to register NOW!!!
http://www.eventbrite.com/event/954255203/WholesaleSeminarAffiliate...
http://www.eventbrite.com/event/954255203/WholesaleSeminarAffiliate...
Get the Tools to Succeed!
The 5-Easy Steps To Wholesaling
~ New One-Day Workshop ~
"Give Me One Day and I'll Show You What's Working In This Market and How You Can Profit Immediately in Real Estate!"
-Ginger Macias, Active Real Estate Investor
When you attend this one day seminar you'll discover secrets like ...
* Overcoming your 'analysis paralysis'. We'll go over examples on how to properly evaluate if you have a good deal
* How to find motivated sellers--you'll even have some pre-seminar activities to show you how!
* How to win over sellers. We'll be calling sellers live and working deals together
* Remove all doubts on how to properly fill out contracts
* How to build your buyer list by leaps and bounds
* The Do's and Don'ts of wholesaling--tips to become an instant pro in the industry
* JUST ADDED!
o Internet Marketing for Real Estate
+ How to set up your domain to build your buyer list QUICK!
+ Tips and Tricks to get you started in one night!
This is what other people just like you are saying about my last wholesaling bootcamp:
"Excellent course with practical real world step-by-step to do's by a successful investor who does this business every day." -- Bill Lovig
"Amazing workshop, amazing lady. I learned so much!" --Adam Friedman
"Ginger's workshop enables you to get started as soon as you leave."
-- Jim Hickman
Register Link
http://www.eventbrite.com/event/954255203/WholesaleSeminarAffiliate...
Event Details:
When: Saturday November 6, 2010
Time: 8am to 5pm
Place: Orange County, CA
Each attendee will receive:
* Wholesaling Bootcamp .......................................................$899 Value
* The Wholesaling Training Manual ....................................$349 Value
o Includes 5 audios of the recorded boot camp
* BONUS
o Property Analysis Training Guide.................................$99 Value
o Virtual Assistant Training Guide.................................$199 Value
o Forms/Contracts.............................................................$199 Value
o A "Getting Started Checklist"......................................$29 Value
o Sample Marketing Pieces.............................................$49 Value
o Seller and Buyer Scripts...............................................$49 Value
o Excel Databases for Sellers, Buyers, Probate.........$49 Value
o New! Step-by-Step Guide on How to Set Up a Blog.....$97 Value
Total Value for Whole Package = $1,969.00
***EXTRA SPECIAL BONUS JUST ADDED***
For 30 days you'll be able to have your deals analyzed and you'll have access to my own CASH BUYER LIST!! You'll be able to jumpstart your business by leveraging my systems and effort.
You'll also be able to join the 2 teleconferences that is reserved for wholesaling bootcamp students only. Have your questions answered live on the call!
More Testimonials:
"Ginger is so open to helping others; offers so much of what she is using; talks about the current market environment" -- Selina Pierce
"Ginger is an excellent instructor, but not a professional speaker or talker. More importantly she is an in-the-trench investor, so she can give first hand, detailed, intimate, actionable techniques and knowledge. Ginger is the best!" -- Lin He
"I spent $3,000 on [another big guru course]. Doesn't even come close to what I learned and got from Ginger! -- David Gal
"Ginger is a very informative, dynamic speaker. I would recommend her to anyone who wants to learn about real estate." -- David McCracken
Here is the link to register NOW!!!
http://www.eventbrite.com/event/954255203/WholesaleSeminarAffiliate...
Monday, October 11, 2010
You are Invited to Network and Lounge on October 20th
Great networking event by Network after work.
Last time we went it was great, all types of
business represented.Bring your business cards and
a great networking attitude.
Time: October 20, 2010 from 6pm to 9pm
Location: Seven Bar
Street: 555 W 7th St
City/Town: Los Angeles
Website or Map: http://tinyurl.com/2blrud9
Event Type: networking, professionals
Organized By: Network after Work
Last time we went it was great, all types of
business represented.Bring your business cards and
a great networking attitude.
Time: October 20, 2010 from 6pm to 9pm
Location: Seven Bar
Street: 555 W 7th St
City/Town: Los Angeles
Website or Map: http://tinyurl.com/2blrud9
Event Type: networking, professionals
Organized By: Network after Work
Saturday, October 9, 2010
Spring Valley Rehab
Spring Valley ready to go.
3 bed 2 bath fixer in Spring Valley. This property is a 2080 sq ft 2 story home on a dead end, quiet street. If you improved the curb appeal this house would be a big seller. Already has a bunch of new windows and sliders. Lots of options on the layout of the downstairs with 3 BR all upstairs. Big backyard with privacy. HUGE 2 car garage with open area for workshop. The property needs about $30,000-$35,000 rehab. Needs flooring, interior/exterior paint, bathrooms need upgrading, kitchen needs to be redone. Needs new roof and some siding replaced.
512 Felicita Ave Spring Valley, CA 91977
PRICE: $225,750
ARV: $$325,000-$335,000 remodeled
2080 Sq ft - 3 bed/ 2 bath
4000 sq ft Lot
Built 1975
single family
2 car garage
Rents ~$1500-1650
Rehab ~$35,000
*Actual estimate depends on contractor and exit strategy used
Buyer is advised to get their own estimate.
Need quick close. Cash only. Reply to socalhartfordinvgrp@gmail.com if you are interested.
COMPS
CONTINGENT/PENDING
810 Saint George Pl / 4 br & 3 ba, 1900 sq ft / Approved at $325,000 / Short sale/dated
9734 Avenida Colino / 3 br & 3 ba, 1700 sq ft / Pending at $295,000 / Short sale/dated, much smaller
8644 Eileen St / 4 br & 3 ba, 1854 sq ft / Pending at $310,000 / Basic, clean remodel
654 Pecos St / 4 br & 3 ba, 1794 sq ft / Pending at $270,000 / Short sale/ugly, much smaller
SOLD
521 Parkbrook St / 3 br & 2 ba, 1820 sq ft / 31 DOM / $310,000 / remodel
2011 Hawkins Wy / 3 br & 2 ba / 1779 sq ft / 53 DOM / $316,000 / clean remodel
411 Phire Pl / 4 br & 3 ba / 1861 sq ft / $340,000 / remodel, Closed in May but only 1 street over
9018 Outinda St / 4 br/3 ba / 1861 sq ft / $348,000 / older comp but so close had to include it.
3 bed 2 bath fixer in Spring Valley. This property is a 2080 sq ft 2 story home on a dead end, quiet street. If you improved the curb appeal this house would be a big seller. Already has a bunch of new windows and sliders. Lots of options on the layout of the downstairs with 3 BR all upstairs. Big backyard with privacy. HUGE 2 car garage with open area for workshop. The property needs about $30,000-$35,000 rehab. Needs flooring, interior/exterior paint, bathrooms need upgrading, kitchen needs to be redone. Needs new roof and some siding replaced.
512 Felicita Ave Spring Valley, CA 91977
PRICE: $225,750
ARV: $$325,000-$335,000 remodeled
2080 Sq ft - 3 bed/ 2 bath
4000 sq ft Lot
Built 1975
single family
2 car garage
Rents ~$1500-1650
Rehab ~$35,000
*Actual estimate depends on contractor and exit strategy used
Buyer is advised to get their own estimate.
Need quick close. Cash only. Reply to socalhartfordinvgrp@gmail.com if you are interested.
COMPS
CONTINGENT/PENDING
810 Saint George Pl / 4 br & 3 ba, 1900 sq ft / Approved at $325,000 / Short sale/dated
9734 Avenida Colino / 3 br & 3 ba, 1700 sq ft / Pending at $295,000 / Short sale/dated, much smaller
8644 Eileen St / 4 br & 3 ba, 1854 sq ft / Pending at $310,000 / Basic, clean remodel
654 Pecos St / 4 br & 3 ba, 1794 sq ft / Pending at $270,000 / Short sale/ugly, much smaller
SOLD
521 Parkbrook St / 3 br & 2 ba, 1820 sq ft / 31 DOM / $310,000 / remodel
2011 Hawkins Wy / 3 br & 2 ba / 1779 sq ft / 53 DOM / $316,000 / clean remodel
411 Phire Pl / 4 br & 3 ba / 1861 sq ft / $340,000 / remodel, Closed in May but only 1 street over
9018 Outinda St / 4 br/3 ba / 1861 sq ft / $348,000 / older comp but so close had to include it.
O.C. INVESTOR'S DEAL, CAN YOU SAY LIGHT REHAB.
Lite Rehab in the O.C. The Address is 3115 Hartman in the city of Orange
3 bedroom 2 bathrooms / 1889 Living Sqft. on a 7000 Sqft Lot with a pool
Price $395,000
Finders Fee $10,000
Rehab cost $ 5,000
Retail $ 510,000-$530,000
3 bedroom 2 bathrooms / 1889 Living Sqft. on a 7000 Sqft Lot with a pool
Price $395,000
Finders Fee $10,000
Rehab cost $ 5,000
Retail $ 510,000-$530,000
Friday, October 8, 2010
Landlords Expected to Benefit from "Catch 22" for Renters;
The outlook for the multifamily sector is stabilizing, with vacancies that peaked in late
2009 continuing to decline as demand slowly grows and the new supply
pipeline all but shut off. That's the conclusion of a recent Fitch
Rating report, drawing extensively from CoStar Group data and presented
during a recent webinar on the varying degrees of recovery in U.S.
commercial and residential real estate sectors.
Private-sector job growth has led to positive net absorption for multifamily properties, with supply constrained markets such as
Washington, D.C./Northern Virginia, San Jose and Boston ranking among
the best in the country, while markets bombarded by the weak economy
and single-family housing collapse such as Florida, Las Vegas, Detroit,
Norfolk, and Memphis faring the worst, according to Adam Fox, senior
director, U.S. CMBS.
Citing statistics from CoStar subsidiary PPR, Fitch Managing Director Steven Marks said vacancy declined to 8.1% in the second
quarter from a historic high of 8.4% in fourth-quarter 2009. Vacancies
will continue to decline over the next year, fueled by job growth, new
household formation and limited supply driving renter demand in the
near term. That will result in rising rent revenue and net operating
income for apartment owners.
"The effects of a stabilizing economy combined with an advantageous supply-demand dynamic are expected to benefit multifamily
fundamentals," Marks said. "Over a longer time frame, favorable
demographics, relatively limited supply growth and tighter lending
conditions in the single-family housing market should support
fundamentals in the multifamily sector."
That said, "Ultimately, we believe a recovery will require job growth in order to be sustainable; but rents are rising in the
meantime."
Solid liquidity driven by access to both public market debt and equity and a continuing flow of mortgage debt capital from
government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac also
bolsters Fitch's view of the sector, Marks said.
Fitch expects a below-average construction pipeline to churn out little supply for the rest of 2010, and even less in 2011, for two main
reasons: most developers can't achieve economical pro forma returns on
projects, and developers are having ongoing difficulty obtaining
construction financing from traditional capital sources, namely banks,
Marks said.
Given the weak amount of new apartment space, even a modest improvement in job growth will strengthen demand and absorption, though
there will be a lag. The current improvement in demand has very little
to do with job growth and more to do with new households, with many
single people and young marrieds who were doubling or tripling up with
friends and family decoupling to enter the ranks of renters.
Single-family housing affordability has improved somewhat over the last few quarters, theoretically reducing demand for rentals on the
margins. However, given the amount of equity that home buyers need to
get a mortgage -- combined with tighter underwriting and limited
confidence that prices will stop falling anytime soon -- increased
affordability may not significantly impair apartment demand going
forward, Marks said.
In the 10 most expensive U.S. markets to buy a home, apartment owners generally have had above average pricing power over the past
three years, as indicated by stronger rent growth relative to the
national average, Marks said, pointing to CoStar data on historical and
forecasted changes in rentals rates.
More volatile markets like New York and the San Francisco Bay Area experienced weaker performance in 2009 compared to the broader market
due to severe job losses. Going forward, apartment landlords will not
be able to increase rents aggressively in several of these large
markets, and properties are expected to generate only slightly
above-average rent growth compared to the nation over next five years.
In contrast, landlords have had less pricing power in the 10 least affordable housing markets, with demographics and higher home ownership
rates working against apartment owners in such Midwest markets as
Indianapolis, Detroit, Cleveland, Cincinnati and Pittsburgh.
By R. Drummer
2009 continuing to decline as demand slowly grows and the new supply
pipeline all but shut off. That's the conclusion of a recent Fitch
Rating report, drawing extensively from CoStar Group data and presented
during a recent webinar on the varying degrees of recovery in U.S.
commercial and residential real estate sectors.
Private-sector job growth has led to positive net absorption for multifamily properties, with supply constrained markets such as
Washington, D.C./Northern Virginia, San Jose and Boston ranking among
the best in the country, while markets bombarded by the weak economy
and single-family housing collapse such as Florida, Las Vegas, Detroit,
Norfolk, and Memphis faring the worst, according to Adam Fox, senior
director, U.S. CMBS.
Citing statistics from CoStar subsidiary PPR, Fitch Managing Director Steven Marks said vacancy declined to 8.1% in the second
quarter from a historic high of 8.4% in fourth-quarter 2009. Vacancies
will continue to decline over the next year, fueled by job growth, new
household formation and limited supply driving renter demand in the
near term. That will result in rising rent revenue and net operating
income for apartment owners.
"The effects of a stabilizing economy combined with an advantageous supply-demand dynamic are expected to benefit multifamily
fundamentals," Marks said. "Over a longer time frame, favorable
demographics, relatively limited supply growth and tighter lending
conditions in the single-family housing market should support
fundamentals in the multifamily sector."
That said, "Ultimately, we believe a recovery will require job growth in order to be sustainable; but rents are rising in the
meantime."
Solid liquidity driven by access to both public market debt and equity and a continuing flow of mortgage debt capital from
government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac also
bolsters Fitch's view of the sector, Marks said.
Fitch expects a below-average construction pipeline to churn out little supply for the rest of 2010, and even less in 2011, for two main
reasons: most developers can't achieve economical pro forma returns on
projects, and developers are having ongoing difficulty obtaining
construction financing from traditional capital sources, namely banks,
Marks said.
Given the weak amount of new apartment space, even a modest improvement in job growth will strengthen demand and absorption, though
there will be a lag. The current improvement in demand has very little
to do with job growth and more to do with new households, with many
single people and young marrieds who were doubling or tripling up with
friends and family decoupling to enter the ranks of renters.
Single-family housing affordability has improved somewhat over the last few quarters, theoretically reducing demand for rentals on the
margins. However, given the amount of equity that home buyers need to
get a mortgage -- combined with tighter underwriting and limited
confidence that prices will stop falling anytime soon -- increased
affordability may not significantly impair apartment demand going
forward, Marks said.
In the 10 most expensive U.S. markets to buy a home, apartment owners generally have had above average pricing power over the past
three years, as indicated by stronger rent growth relative to the
national average, Marks said, pointing to CoStar data on historical and
forecasted changes in rentals rates.
More volatile markets like New York and the San Francisco Bay Area experienced weaker performance in 2009 compared to the broader market
due to severe job losses. Going forward, apartment landlords will not
be able to increase rents aggressively in several of these large
markets, and properties are expected to generate only slightly
above-average rent growth compared to the nation over next five years.
In contrast, landlords have had less pricing power in the 10 least affordable housing markets, with demographics and higher home ownership
rates working against apartment owners in such Midwest markets as
Indianapolis, Detroit, Cleveland, Cincinnati and Pittsburgh.
By R. Drummer
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