Have you ever gone to an event or party, expecting one thing, only to be completely surprised and changed by the unexpected? Well, that is what happended to me last week, and I thought it would make a good blog post.
During my weekly meeting at the Spring-Ford Rotary, a member of the Pottstown Rotary would come in, pitching for us member to come see Billy Staples, and hear his baseball stories. Now, I like baseball, but I am no die-hard fan. Of course, having the Philadephia Phillies win the 2008 World Series did make me more of a fan, but again, I am no die-hard. My client however is a coach for the Villanova University baseball team, so I thought, a signed book might not be a bad idea for a gift, right?
I was pretty set on trying to make it out so I could get this gift for my client. Part of me wanted to skip it as I wasn't feeling that great, but something kept tugging for me to go. As I finished dinner, I brought dinner to my wife who was sick with the flu. I decided to put our twin girls to bed, so I took them upstairs, looking at the clock and thinking I was running out of time to make it to Pottstown. Do I get two easy diapers to change? Of course not. Yuck. And my one daughter has really bad diaper rash, so out comes the pastey white Desitin, and I am trying like heck to get it on her, and of course I am getting it on my black pants. Now I am thinking there is no way I can go out in public looking like this. I washed my handes, rubbed the pants clean as best as I could and decided that late was better than never as I walked out the door.
I was lucky that I got up there in good time, and it worked out well, since as I walked in, dinner was almost over and Billy Staples was getting ready to speak. Mind you, I have NO idea who this guy is, what his book is about, or even what he looks like. Yet I am fortunate enough to be personally inroduced and seated at his table. I sit back and prepare to hear what I think are baseball stories. Was I in for a surprise.
Billy gets up, and he does start off with a few baseball stories. If you have ever heard him speak, you know he is very good at getting the audience's attention. Well. Billy starts to tell us why he wrote the book, and how he came to be a teacher in one of the worst projects near Allentown PA. For the next hour, I am blown away at hearing about where he teaches, and how he brings inspiration to kids who may not live to see their 30's due to drugs and violence.
From his website, let me use his words to describe what I found out that night:
"Bill Staples was born and raised in Phillipsburg, New Jersey, where he spent all available hours shooting hoops and listening to country and pop music. He spent three years at Phillipsburg Catholic High School, where he played varsity basketball and baseball and starred in a few school plays.
All through his childhood and teen years, Bill had the priviledge of spending time in the Phillies, Mets, and Yankees clubhouses. Among many other Major Leaguers, Bill got to meet Joe DiMaggio, Whitey Ford, Mickey Mantle, Yogi Berra, Pete Rose, Mike Schmidt, Willie Mays, and Tom Seaver, each of whom took the impressionable young man under his wing. These were experiences that never left Staples.
After his high school graduation, Bill spent two years at Northampton Community College and received his Associates Degree. During that time, he played varsity basketball and was heavily involved with the theater program. Bill also spent time in Los Angeles and New York pursuing an acting career. Along with other roles, Staples had a small part in the movie "Hairspray" starring Rikki Lake and played a news reporter in the movie "Gremlins 2". However, his favorite role was a younger version of Peter Falk's famous Lt. Columbo in a touring dinner theatre production.
Eventually Bill took a corporate sales position with AT&T Communications at the company's world headquarters in Basking Ridge, New Jersey. While this period was a financial success for Staples, his life changed forever shortly after he saw the movie "Dead Poets Society," Starring Robin Williams. Inspired to become a teacher and make a difference, whatever the financial sacrifice, Bill left the corporate world and enrolled at East Stroudsburg University. He graduated from ESU with a degree in education-secondary English-and the end of the following year, found himself teaching at Northeast Middle School in Bethlehem, Pennsylvania.
In many ways, Staples came into his own as a teacher. His goal was to use the various talents and contacts he had developed over the years to reach his students and make them really want to learn. Whether it was jumping on desks to underline a point, imitating TV and movie characters in class, or quietly showing up at every sporting event and dance recital his students were a part of, Bill immersed himself not just in teaching as a job, but in teaching as a mission.
In 1996, Staples introduced a new method to motivate his students. In return for perfect attendance, good grades, and outstanding behavior, Staples took his students to meet celebrities, including Michael Jordan, Derek Jeter, and Puff Daddy. The idea behind the trip wasn't simply to get an autograph. Instead, Staples required his students to ask the celebrities a question about their experiences growing up. The program was a hit, and not just because the kids enjoyed it. The celebrities enjoyed it too, and connections were being forged on a personal rather than a superficial level.
As word of the program spread, the media picked up on it and did not let go. It started with feature articles in local newspapers. By 1998, Staples had been nominated for the Disney National Teacher of the Year Award. A second nomination followed in 1999. Then in October 2003, CNN did a five-part feature on Staples and the students whose lives he had helped turn around.
About the same time, Staples experienced probably the most memorable and influential meeting of his life. After a few intense hours with Jack Canfield, author of the Chicken Soup for the Soul book series, Staples was inspired to accomplish two additional goals.
First, he set out to help pay for the college education of any Bethlehem high school student serious about contributing to society and needing financial assistance. This was an ambitious goal, but as the philosopher Goethe once said, "Act boldly and mighty forces will come to your aid." Those mighty forces turned out to include local businesses and Staples' dear friend Linny Fowler. In 2004, CAPERS of the Lehigh Valley, Inc. was founded. In 2005, the United Way was so impressed, the organization decided to support CAPERS. To date, the organization has sent over 70 financially challenged students to college without a single dropout.
The second goal set in motion by the Canfield meeting may have been an even longer shot, but it too has come to frution. Last year, Health Communications, Inc., publisher of the Chicken Soup for the Soul series, published Bill's first book: Before the Glory. The book is a direct outgrowth of Staples' relationship with some of the legends of the national pastime and his many years of helping shape the lives of students positively. The book was released in June of 2007 and sold out of its first printing reaching as high as number 5 on the national sportsbook charts.
With the publication of Before the Glory, Staples has begun to spread his message on education to a national audience. But he remains as accessible as ever locally and hasn't let any of the success get to his head. In reflecting on the past several years, Bill sticks religiously to the same quote: "I had help.""
I came that night to hear baseball stories, and left with a totally different message! I was drawn that night to meet Billy because I needed a dose of inspiration! I highly recommend you pick up and read a copy of his book, as all the proceeds go to his charity work helping these kids. You can visit his website at www.BillyStaples.com.
Paoli, PA, March 25, 2009 - RE/MAX Main Line - Paoli is pleased to announce that REALTOR Christopher Benedict, also known as the "Big Guy," has received his real estate broker's license for the Commonwealth of Pennsylvania. He will continue to specialize in residential and investment property sales in the Montgomery and Chester Counties, while expanding his property management services into parts of Delaware County.
"I am excited that Christopher has taken this extra step to acquire additional knowledge to deliver positive results in today's challenging Philadelphia and suburban real estate market," said Stephanie Benedict, Chris' wife and business partner. "Chris is a positive, confident REALTOR who puts people before profits, and strives to offer the best services to his clients."
Thom Toole, Broker of Record, of RE/MAX Main Line Real Estate is thrilled to announce that Christopher Benedict has just received his Brokerage License. "Chris has been a leader in the office and affords all his clients professional service both in Real Estate Sales and Property Management."
"The whole point in obtaining my Brokers License was to be able to offer our clients the highest level of customer service with knowledge and experience," said Christopher Benedict. "We at www.AskTheBigGuy.com put an emphasis on growing and part of growing involves learning and continual education."
Benedict just successfully completed extensive training and licensing through several learning options, including Polley & Associates in Newtown Square, as well as taking several intensive online courses through CareerWeb.com. To complete the Broker Course, you must be a fulltime agent for a minimum of 3 years, have completed 40 plus transactions, as well as complete all required courses. To sit for the state exam, Benedict had to complete 240 hours in courses that includes training in real estate law, management and commercial brokerage.
RE/MAX International Inc. (www.REMAX.com) is one of world's largest residential real estate sales organizations, with over 100,000 agents in over 7000 offices. 2009 RE/MAX International Inc. RE/MAX Is A Registered Trademark Licensed To RE/MAX International Inc. An Equal Opportunity Company. Equal Housing Opportunity. Each RE/MAX Office is Independently Owned and Operated.
As the housing market cools, homeowners are looking to renters to fill their unsold homes. Many of these owners have little or no knowledge about being a landlord and the legal issues it entails. Philadelphia suburban REALTOR Christopher Benedict is seeking to help those dubbed, "accidental landlords" by offering free advice and tenant placement.
Paoli, PA (PRWEB) 5, March, 2009 - Rather than kick homeowners when they're down, RE/MAX Main Line REALTOR Christopher Benedict offers to aid the "accidental landlord". These are people who cannot sell their personal residences and are seeking to rent their vacant or unsold properties. Home owners can find more information or contact Mr. Benedict through his portal, http://www.ThisAgentWorks.com.
As more properties remain unsold, owners are becoming landlords by accident, many of whom turn to property management companies or real estate agents, rather than deal with the headaches of being a landlord themselves. While agents can find the owners a tenant, once the lease is signed, the owners are often on their own. These newly minted landlords often have little or no knowledge about tenant-landlord law, fair housing issues, or local ordinances.
Most real estate brokerages charge a fee for tenant placement. Property management companies charge a tenant placement fee, and then take a portion of the rents as commission to manage the property for the owner. Neither of these options may be suitable to a distressed owner. That is why Mr. Benedict is offering to assist in tenant placement fee-free, so more owners can afford to take advantage of having their property properly managed. This is an ideal situation for owners on a tight budget who are dreading the thought of dealing with tenant issues.
For additional information on the news that is the subject of this release (or for a sample, copy or demo), contact Christopher Benedict or visit http://www.ThisAgentWorks.com.
About RE/MAX Main Line REALTOR Christopher Benedict: Christopher Benedict coined the brand, Ask The Big Guy in 2001. Something of a maverick on the ritzy Main Line, Christopher is developing a network of young, high-energy professionals who share his "Strength In Numbers" philosophy. Christopher Benedict specializes in working with investors, as well as continuing to provide real estate services for buyers and sellers on the Main Line and the greater Philadelphia region.
Contact: Christopher Benedict RE/MAX Main Line - Phoenixville, Paoli & West Chester 610-935-3200 http://www.AskTheBigGuy.com
I wasn't to surprised to see the following article in the The Philadelphia Business Journal. Titled, "Too hard to sell the house? More turning to renting." Due to an influx of just too many homes on the market, it is this Main Line real estate blogger's opinion that sellers are artificially deflating the market. Not surprising, when owners can't sell their homes, they are turning to renting instead. Many hungry agents, snapping at too little money, are turning their business to renting homes instead of selling them.
From the article: 'From Tredyffrin to Gladwyne, homeowners who have struggled to sell their properties are finding that renting is an alternative in this sluggish real estate market.
While it has been more common and relatively easy for Center City developers who constructed unsold condominiums to make the switch to rentals, the trend has stayed at bay in the single-family market. In the last few months,that's changing as "for sale" signs have been replaced by "for rent" at hundreds of single-family homes throughout the region. Chester County has 355 houses listed for rent and there are 533 in Montgomery County, according to the Multiple Listing Service. Delaware County has 232 listed.
The abundance of houses on the market for rent has created a new phenomenon in the housing market: Competition among homeowners who are trying to get their houses rented.
"There used to be so few homes for rent that you were lucky to find anything habitable," said Lavinia Smerconish, an agent with Prudential Fox & Roach. "Now people are seeing rental as an alternative to selling at a number that is under value for the house."'
The only surprise from the article I came away with is that it shocked me to hear a Main Line real estate agent say that to rent homes they are now staging. Staging a home is not cheap, and even if a home is renting for $10k a month, a $3000 - $5000 staging bill doesn't seem to appetizing to me. I would tell more homeowners, if you want you home to rent, listen to the market and adjust your price!
As a Main Line Realtor and Property Manager, one of the issues I also have with the current market is that I am concerned about so many "new" landlords. Being a rental property landlord is not easy. There are so many rules and laws to follow that homeowners could be breaking local ordinances and not ven know it. For example, one of them being a local rental permit. I know for a fact in Lower Merion township and Radnor township that they are cracking down on where students are renting. Many Realtors don't know about these student-rental restrictions and are not advising their clients properly. Long after the commission is paid and the tenants have moved in, it is the homeowner who may be stuck appeasing the township!
Words of wisdom: If you need to rent instead of sell, seek good advice from a property management company who will not only fill a rental, but manage it as well.
"Meet our new property management team - RE/MAX Main Line and the BENEDICTS. About the Benedicts: Both Penn State graduates, Christopher(pic below) and Stephanie Benedict currently manage a $20+ million dollar portfolio of properties ranging from single family homes, multi-unit investment, mixed commercial, as well as small apartments ranging from 6-20 units. A licensed Realtor and (soon to be in March 2009) Broker-Associate, Christopher currently works at RE/MAX Main Line as well as managing a private real estate investment firm, The Benedict Investment Group, LLC. Christopher and Stephanie both reside in Collegeville with their son and twin daughters."
Nestled in one of the most sought after areas in Villanova, this "2005 Landscape Design Award" winning home will surround you with peace and tranquility. Soothe away your stresses as you walk amongst the kitchen garden, listen to the babbling fountain or enjoy bird watching in your "Backyard Wildlife Habitat" as certified by the National Wildlife Federation. Upon entering this home, your senses will be surrounded by luxury as you are taken in by the grand curved staircase in the oversized foyer. Built in 2000, this light-filled and elegant home has every creature comfort you can expect from a Main Line manor, including a sun room and library, fully finished basement, and sky-lit 3rd floor au pair suite complete with kitchenette. End your day with a soothing bath in the owner's retreat, complete with a master bedroom, multiple walk-in closets, vaulted ceiling master bathroom, sitting room and bonus exercise room. This Lower Merion Township home is just minutes to Gladwyne, the shops of Bryn Mawr or Wayne, the R5 trains, I-476 and I-76.
Christopher Benedict, Realtor RE/MAX Main Line Visit: http://www.askthebigguy.com/ 610-935-3200 (office) 484-433-3931 (direct cell)
A fantastic opportunity awaits the right buyer with an eye for all the potential this home has. This home is well maintained, with hardwood floors throughout, and not one but two fireplaces.
Close to shopping and transportation, this home is nestled amongst similar homes in a well kept neighborhood. Well manicured lawn with many mature plantings throughout the property, and many mature trees in the back yard.
This home has strong bones, an eight-year-old roof, and has been lovingly maintained for many years. Bring your decorating ideas, and see how much his home has to offer.
How would you like the opportunity to buy into an investment - one that is already up and running - where you could earn up to 16% on your money? Interested? Then please read on.
First, some background: 2008 marks the 11th anniversary of the year my wife Stephanie and I purchased and then "flipped" our first home - long before the era of the myriad "Get Rich Quick in Real Estate!" schemes found on all over television of late. As my 36th birthday fast approaches, I remain amazed by the many changes in the real estate market over the past decade.
Often, someone wearing a long face asks me, "So, how has the real estate market been for you?" I surprise him or her with my answer: "Not too bad, actually." Their surprise fades with the simplicity of my explanation: "Buyers who want to buy take action: they buy. And sellers who want to sell adjust their prices in reaction to market forces, and sell." (Of course, sellers who refuse to lower their asking price or upgrade their home to meet that price do, indeed, find the market bearish.) Simply put, the market works for me because I have adjusted to the realities of the current market.
One major adjustment I have made is a change to my business so as to meet the needs and demands of the new market. One of the steps I have taken is a move into property management of rentals in single-family, multi-family and lo-rise units. My work experience led me naturally in this direction: I have 10-plus years in the real estate business and as being a landlord; and in August 2008 I will receive my Pennsylvania real estate brokers' license, thus giving me the opportunity to catch and ride the new wave of exploding growth in residential property management.
Why the exponential growth in rentals? Because ever-tightening credit standards, (minimum scores of 720-plus for Fannie and Freddie, and 650-plus for the FHA) along with a glut of unsold inventory means more property owners must resort to renting out the homes they can't sell. Thus, more consumers have become (or will remain) tenants.
ALL OF THIS CONFUSION PRESENTS A PROFIT OPPORTUNITY! Most property-management companies will not work with small owners (those with fewer than 3-5 units or those with single-family properties). Yet these are the owners who have the greatest need for management help. Many small investors bought into flips they cannot unload, or bought expensive units at the top of the market that have turned from gems into white elephants. For most of these investors, being a landlord was never their desire or goal. However, the only choices they have are losing money on a vacant property, or renting and recouping some of their losses until the market strengthens. But they face this daunting task with little or no experience in property management (i.e., dealing with tenants).
And that is where my business - and your opportunity - come together.
Through RE/MAX Main Line, my wife Stephanie and I began assisting some of our investors who came to us seeking help in property management. Without aggressively pursuing these investors, we were able to grow our business in the first half of 2008 to almost $5,000,000 in investor assets, with gross rental-collections of some $200,000 annually. We are presently negotiating with a multi-unit investor who, if he comes aboard, will double our business to some $10,000,000 in asset management, and gross rental collections of $400,000 annually. As property managers, we take a percentage of those gross rental collections - money that comes in month after month as residual earnings. The question is how can you benefit from the net cash flow mentioned above?
We are seeking investors who would like a return of between 8% and 16% on their cash investment so we can grow our business to the next level. First-stage funding of $100,000 will enable us to grow the asset management to $25 million. Second stage funding of $250,000-to-$1million will allow us to truly grow and potentially acquire an existing property-management company and stake our claim in the Delaware valley market as a major player in the business.
For those investors who have larger sums to invest, we are prepared to offer premium returns on their investments. At present, from just the properties we are currently managing, the passive net cash flow could easily pay 16% on a $100,000 investment in interest-only payments.
If these returns on investment have piqued your interest, and if you want to know more, please call me directly at 484-433-3931. Or you may visit our web site at www.AskTheBigGuy.com
"IN CONFUSION THERE IS PROFIT!" --Tony Curtis, Operation Petticoat
Single home with large rooms located on the edge of
the historical district and close to the growing
Phoenixville shopping area. Home
boasts a newly renovated kitchen and master bathroom as well as fully refinished
hardwood floors. Be a part of the
Phoenixville
renaissance!
Christopher Benedict,
Realtor RE/MAX Main Line
When you have real estate questions, www.AskTheBigGuy.com
Do you have an investment property that you would like to sell, but defer the capital gains taxes? If so, then you need to consider a 1031 exchange:
A 1031 exchange, otherwise known as a "tax deferred exchange" is a strategy and method for selling one investment property and then proceeding with an acquisition of another property, all of which must happen within a specific time frame as set by the rules of the Internal Revenue Service. It is because you will be "exchanging" and not simply buying and selling a real estate investment property that allows the taxpayer(s) to qualify for a deferred gain treatment. Sales of real estate are taxable with the IRS and 1031 exchanges are not.
NOTICE: Due to the fact that exchanging a property represents an IRS-recognized approach to the deferral of capital gain taxes, it is very important for you to understand the rules involved. It is within the Section 1031 of the Internal Revenue Code that you can find the appropriate tax code necessary for a successful exchange.
Why consider a 1031 Exchange?
If you are a real estate investor, or have real estate investment properties, you should consider an exchange when you expect to acquire a replacement "like kind" property subsequent to the sale of your existing investment property. A simple sale of the property would necessitate the payment of a capital gain tax to our friends at the IRS, which can range from 20% to 40% depending on the federal and state tax rates. By selling your property using a 1031 exchange, you are leveraging your purchaing power by keeping all of your funds intact.
To qualify as a 1031 exchange, you must adhere to these two rules:
The total purchase price of the replacement "like kind" property must be equal to, or greater than the total net sales price of the relinquished, real estate, property.
All the equity received from the sale, of the relinquished real estate property, must be used to acquire the replacement, "like kind" property.
Should either of these rules (above) be violated, then then a qualified tax attorney will have to help you determine the tax liability accrued to the person executing the Exchange. In any case which the replacement property purchase price is less, there will be a tax responsibility incurred. To the extent that not all equity is moved from the relinquished to the replacement property, there will be tax. This is not to say that the (1031) exchange will not qualify for these reasons. Keep in mind, partial exchanges do in fact, qualify for a partial tax-deferral treatment. This simply means that the amount, of the difference (if any), will be taxed as "non-like-kind" real estate property.
THE 1031 Exchange Rule
A property transaction can only qualify for a deferred tax exchange if it follows the 1031 exchange rule laid down in the US tax code and the treasury regulations.
The foundation of 1031 exchange rule by the IRS is that the properties involved in the transaction must be "Like Kind" and Both properties must be held for a productive purpose in business or trade, as an investment.
The 1031 exchange rule also lays down a guideline for the proceeds of the sale. The proceeds from the sale must go through the hands of a Qualified Intermediary and not through your hands or the hands of one of your agents or else all the proceeds will become taxable. The entire cash or monetary proceeds from the original sale has to be reinvested towards acquiring the new real estate property. Any cash proceeds retained from the sale are taxable.
The second fundamental rule is that the 1031 exchange requires that the replacement property must be subject to an equal or greater level of debt than the property sold or as a result the buyer will be forced to pay the tax on the amount of decrease. If not he/she will have to put in additional cash to offset the low debt amount on the newly acquired property.
1031 Exchange Rules and Timelines:
There are 2 timelines that anybody going for a 1031 property exchange:
The Identification Period: This is the crucial period during which the party selling a property must identify other replacement properties that he proposes or wishes to buy. It is not uncommon to select more than one property. This period is scheduled as exactly 45 days from the day of selling the relinquished property. This 45 days timeline must be followed under any and all circumstances and is not extendable in any way, even if the 45th day falls on a Saturday, Sunday or legal US holiday.
The Exchange Period: This is the period within which a person who has sold the relinquished property must receive the replacement property. It is referred to as the Exchange Period under 1031 exchange (IRS) rule. This period ends at exactly 180 days after the date on which the person transfers the property relinquished or the due date for the person's tax return for that taxable year in which the transfer of the relinquished property has occurred, whichever situation is earlier. Now according to the 1031 exchange (IRS) rule, the 180 day timeline has to be adhered to under all circumstances and is not extendable in any situation, even if the 180th day falls on a Saturday, Sunday or legal (US) holiday.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
;)
;)
