Archive View (November 2009)

Engage Mine would not be much of a career if I didn’t engage in actual work. Like attorneys and doctors, I approach my profession as a practice and I strive to give every client my best effort. The nice thing about working is that it gives you experience. Every new task, project or client helps me to accomplish even better work. Learn I go out of my way to learn something new every day. While it's easy to think in terms of learning practical applications such as new skills or techniques, gathering industry information is important too. Keep up with your professional culture. Stay abreast more...

I’ve always been against shaking hands as it’s a great way to pass along millions of germs. The other offense is when people lick their fingers before turning pages--that’s a fingerprint full of germs just waiting for the next person who picks up the paper. In this day and age, people should think about that. It’s not only unnecessary, it’s unhealthy and disrespectful of other people. People are surprised when I shake their hands, and it’s only because it’s a custom (a bad one) that I do it, but I will always wash my hands afterwards. That’s not an offense to anyone more...

The thought of reading through a lengthy legislative act is painful to many of us; however, for a real estate investor, this is one that is a necessity.  Your State's Landlord and Tenant legislation is something investors must be familiar with and have on hand at all times. Why?  Because this legislation dictates how many properties one must own before coming under certain rules and regulations.  It talks about what happens when a lease expires and the landlord/tenant have a verbal agreement to extend.  It dictates the procedure for eviction and tenant personal belongings left behind.  It defines property abandonment and how more...

We should all get together and make a country in which everybody can eat turkey whenever he pleases.  --Harry S. Truman When the Thanksgiving season comes around, it makes me think about how we should always be in a season of thanksgiving. There’s always a reason to be grateful. We’ve had some challenges the past couple of years and we’ve seen some improvement, and things will continue to improve. There are silver linings to situations that may appear less than positive. The important thing is to approach each day with a sense of victory. Are you big enough for what the day will bring? When more...

What defines what the investor considers to be a "good deal"?  Well, that depends on the goals of the real estate investor.  In order to determine what a good deal is, you need to know your expenses, your plans and your time frame.  There is no magic formula.  Each real estate investor must create their own definition of a good deal. For a buy-and-sell investor, the "good deal" is defined by many things:  holding costs, length of time needed to renovate, cost of renovations, cost of contractors, cost of financing, anticipated market time, etc. For the buy-and-hold real estate investor, the "good deal" more...

The following question was submitted to "Ask Donald Trump" by a Trump University member. Question: Will the real estate market turn around? My Response: It will take awhile, it really took a hit, but it will turn around. Real estate is cyclical, as are many things, and it needs time to even out. There are still real estate investment opportunities out there. Related Posts My Biggest Accomplishment in Real Estate Investing Choosing the Right Real Estate Market Focus On The Opportunities Related Training: Learn How to Invest in Real Estate  Work with a real estate coach to find the right market more...

President Obama signed the Homebuyer Tax Credit this week.  This new tax credit extends and expands the credit set to expire on November 30th, 2009.  The new legislation is effective November 7, 2009 and expires April 30, 2010. Highlights are as follows: The first time homebuyer tax credit remains at: $8000.  First time buyer definition of eligibility:  must not have owned a principal residence for 3 years prior to purchase Repeat homeowner tax credit:  $6500 Current homeowner definition of eligibility:  Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years Binding contract rule:  purchaser will have more...

It seems like there is always some defective construction product in the news.  Years ago it was lead based paint and asbestos.  Back in the mid to late 90's, it was EIFS, fire retardant plywood and Polybutylene plumbing.  Now, it's defective drywall from China.  What should you do?  Run away like everyone else from these properties or embrace an opportunity for a possible real estate investment deal? The answer is......it depends. EIFS (Exterior Insulation and Finish System) is an exterior coating used extensively in the 1980's and 1990's.  The product offers a smooth, stucco-like finish (though it is NOT stucco) that was very popular more...

One way I stay on top of things is to realize there’s a flip side to everything. It keeps me circumspect in both good and bad times. This produces a learning curve, which is a smart way to look at problems or the curveballs that come your way. There are highs and lows in everyone’s life. Whether you’ve reached your goals or not, staying on top of things requires momentum on a daily basis. If you’re riding high or having tough times, it applies to both situations. It’s a sound base from which to operate. There is the saying “courage is grace more...

There are many guidelines in the condominium lending world and investors need to know how these changes will affect them.  Why?  Well, the default rate on condominiums has increased substantially as units have faced foreclosure and associations have gone bankrupt.  Now keep in mind, I'm talking about condominium OWNERSHIP here, not necessarily the structure.  Condominium is a form of property ownership and a condo development can be the traditional apartment style structure, single family homes, townhomes or another variety of build-out. The new guidelines apply to all loans sold on the secondary mortgage market and insured by Fannie Mae or Freddie Mac more...