If you're a seasoned or aspiring real estate investor in the Minneapolis - St Paul Twin Cities metro area, Eastern MN or Western WI, you shouldn't miss the * Real Estate Investor Resources * section at www.MyNextNewHome.com.  You'll find valuable networking connections and market statistics to aid you with your investing.

Investment Property Search:
Quickly and easily search all available residential single-family and multi-family properties, and register to receive automatic email updates so you're the first to know when that perfect investment opportunity hits the market.  You'll also find links to search commercial listings and business opportunities courtesy of "LoopNet - Commercial Real Estate Search" and the "Commercial Investment Multiple Listing Service (CIMLS)"

Market Research from Minneapolis Association of REALTORS® (MAAR):
Read the Weekly Market Activity Report, and view the monthly updates for housing activity in over 205 cities in the metropolitan area at The 100+.  The Monthly Market Indicators provides a comprehensive and interactive look at the entire market in one location.  The Housing Supply Outlook offers a thorough and detailed look at the current supply of homes for sale and absorption rates by price range, property type and construction status. The Residential Real Estate Activity Report is a definitive annual housing market report featuring sales and price trends, historical data and commentary on the entire Twin Cities and the hundreds of communities within it.

Investor Networking Groups:
Make connections and build your investing team!  Get information on networking groups in the area, such as the Western WI Real Estate Exchangers, Minnesota Real Estate Investors Association (MNREIA), Minneapolis Real Estate Investors Association (Mpls REIA), and Twin Cities Real Estate Investors (TC-REI) Meet-Up.

At the Real Estate Investor Resources you'll also find Current Mortgage Rates and a Mortgage Calculator so you can determine the right time to invest.  All of this will give you the information to do the research and make informed decisions, putting you in the driver's seat for your investing.

Thinking about investing but not sure if NOW is the right time?  Read my blog article 8 Reasons to Invest in 2008.  If you're not sure where to begin, Contact Me and I can begin to guide you down the path towards building wealth for you and your family.

Your home is typically the largest single investment you will make in your lifetime, and selling it is an monumental decision with many implications for your family and your future.  It is important you find the right real estate professional to guide you through this complex process. 

The experiences of past clients can be a great indication of the kind of experience you will have when working with a professional to buy or sell a home.  Below you will find comments from my past clients, many of whom I have had the pleasure of working with for multiple transactions.  I hope this helps you in making your decision of who to choose as your guide though the sale or purchase of your next home.

Please take a moment to look at my Video Profile for a brief introduction to myself and my services, and visit my personal website www.MyNextNewHome.com to find out what your home is worth in today's shifting market and to search all homes available for sale in your area.

R. & B. - Happy Homeowners in Hudson

"We had our home buying experience with Chris Schulz and we'd do it again in a heartbeat!  He was punctual, prepared, knowledgeable, courteous, and very helpful in selecting our homes to visit. Chris always had our best interest in mind, which we always appreciate!   The whole purchasing process went smoothly while Chris contacted us frequently with updates.  I highly recommend Chris Schulz for any of your buying needs - his service and integrity are second to none!  Thanks again Chris!"

J. & K. - Sold High and Bought Low

"Chris marketed our property and got it sold within a matter of weeks! Amazing work, especially in today's ‘buyers' market.  He helped us find the best place to buy that has gotten us on track to start a new chapter in life.  Thank you so much!"

J.L. - Knows what she likes, and likes what she bought!

"Chris was great! He showed great patience with me and looked hard at the homes himself.  I believe he gave me honest opinions and insight.  I would look to Chris again if I was in the market again to buy or sell."

J.J. - Got it done.

"My house was on the market for 6 months and had not sold. Then I signed on with you and it sold quickly.  I can honestly say I would sign on with you again.  Good communication, and you explained everything thoroughly. You should open a branch office in La Crosse!"

K.W. - Finally able to move on...

"Chris came as a recommendation from a former real estate agent. I was never disappointed.  At first I was concerned because he was new, but his aggressive marketing techniques and attention to the real estate market demands in the area proved to be effective in selling my house over the others in the neighborhood that sat for years on the market.  A pleasant plus is Chris's demeanor.  You will find him courteous, respectful and caring about your needs. I was new to the home sale process and he kept me well informed."

Thanks for your interest in my real estate services, please contact me anytime if I can put my experience to work for you.

As many of our residents know, the current Hudson Library located in the city municipal building is woefully inadequate.  It's easy for everyone to agree upon that.  What is more controversial is exactly what we should do about it, and how much it should cost.

The search for a solution began with the possible purchase of a parcel of land near the corner of Carmichael and Vine St, and then construction of a new facility at that site.  Property acquisition, construction, and equipment purchase for a new facility was expected to cost approximately $12 milllion, and take up to five years to complete.  Although the site is close to the YMCA and is a high-traffic area easily accessed by the rest of the community, a costly land purchase combined with a costly new construction project left this option stalled and the search continued.

It was then discovered the the Nuclear Management Company (NMC) building at the corner of First St and Vine St was soon to be vacated and put up for sale.  This unique building is located in the heart of downtown, and overlooks one of Hudson finest assets, the riverfront. The flowing architecture and amazing views, plus the incorporation of many 'green' design and construction principles, make this building a highly attractive and desirable location.  No one doubts that it is a beautiful facility, but the question remains, what is the cost and can we afford it?

The current plan for acquisition, conversion and equipment at this site would cost an estimated $9.5 million, or $2.5 million less than a new facility.  The Hudson Area Library Foundation estimates that half this cost could be raised from private sources, such as individual philanthropists, organizations, foundations and corporations. This is the same model that was used when Stillwater build their new library.  As for the citizens and taxpayers footing the rest of the bill, this plan would add $24 per $100,000 of assessed property value to the taxes; $9 would go toward the purchase, $16 would go toward ongoing operating costs. The residents of the Town of Troy, which is not part of the municipalities operating the library, would pay approximately $6 per $100,000. 

Also for consideration is the opportunity cost of taking this building off the tax roll, and the cost of lost tax revenue over time. The NMC building has a tax assessed value of $3,559,100, generating $51,226 in yearly tax revenue (2007 tax report). To this I say that a library is one public service that supports education and growth of the community.  It attracts well-educated and ambitious citizens, and supports local programs of all kinds. The library carries these intangible benefits whose benefits far outweigh the loss of any tax revenue.

So the question stands - can we afford this? I'd argue we can't afford to miss this opportunity. Although there is a cost associated with this plan, it is the most affordable plan so far. Besides the cost, there isn't a better location for the new library. This is an investment opportunity of a lifetime; an investment in our community and our future. As the library association says, this plan is Attractive, Available, Accessible, and Affordable.  Vote for the Lakefront Library on April 1st, and vote for our future.

For more information about the proposed Hudson  Library plan, visit www.LakefrontLibrary.com.

SOLD! Townhome on Cedar Street, Baldwin WI

Larger than the Rest!  2BD, 1BA, One-Level Living, Huge Kitchen, Large Bedrooms, Lot's of Storage, All Appliances Included, Laundry Concealed Out-Of-Sight, Private Porch & Patio, Central-Air, Extra-Large Insulated Garage. Conveniently Located close to Grocery Store, Parks and Library. Only Minutes to I-94 for a Quick Commute.  See It Today & Move In Tomorrow!

For more information and a Virtual Tour visit the Featured Properties section at www.MyNextNewHome.com.

Meet the newest member of my team of real estate professionals... Sam, the Ivory Labrador Retriever, and he's here to help me sniff out the good deals! (ok, I know that's corny).

Sam the Ivory Lab

Sam is 11 weeks old here, and likes to chew on anything he can find (including my notebook computer as I am trying to type this article!)  Technically he's considered a 'yellow' lab, by the American Kennel Club (AKC), but other's refer to the breed as white or ivory, or as a snow lab.   

 
Sliding across the kitchen floor 

Sam is a clumsy 26 pounds as pictured here, and will grow to be 70-80 pounds (he has big ole' paws, he'll grow into them eventually).  Labs are an energetic breed, this little guy is no exception as he will hardly cooperate and sit still long enough to have his picture taken. Labs do best if they have room to run, but could work for you in a smaller home if exercised often.

 
Loves playing in the snow and (unfortunately) eating pine cones

"Once known as the "St John's Dogs," the Labrador Retriever is one of the most popular breeds in the United States. Originally from Newfoundland, Canada the Labrador was trained to jump overboard into the icy waters to haul fisherman's nets to shore. Specimens were brought to England in the 1800's by English ships coming from Labrador, where the dog's fine retrieving instincts were honed and developed. One of the best family dogs and canine companions because of their gentle, loving disposition, the highly trainable Labrador also excels in drug detection, as a guide for the blind, and service dog for the disabled. The breed is also an outstanding obedience and field trial competitor." (http://www.dogbreedinfo.com/labrador.htm)

Nap time after a long walk

Think a Labrador Retriever is right for you? Here's a good list of this breed's traits: Labrador Retrievers: What's Good About 'Em, What's Bad About 'Em.  You can also check out the info on the American Kennel Club site.

...And if you're interested in seeing Sam's latest 'good deals' visit my website www.MyNextNewHome.com and check out my featured properties for lots of pictures and virtual tours.  You can also search for all the properties available in your area, or request a free market analysis for your house and find out what your property is worth in today's market.

* * *  I am currently looking for a new moderator/organizer for this group due to time constraints on my schedule.  Please contact me at Chris@ChrisSchulz.com if you're interested in getting involved.  Thanks!  * * *

Are you interested in real estate investing but not sure where or how to begin? Perhaps you're a seasoned professional looking for local networking opportunities? Have a property to sell, or looking for an investment opportunity?

Join us at the NEW Saint Croix Valley Real Estate Investors (SCVREI) networking and meetup group and meet fellow Real Estate Buyers, Sellers, Lenders, Property Managers and Investors around western WI and eastern MN.

Come to share ideas and discuss properties on the market, contracts, mortgages, evaluating investment properties, and anything else about land and realty. Bring your business cards, brochures, and property information fliers to pass.

The meeting will begin with discussion and networking, and then we'll have a special guest presenter to talk to the group about investing techniques. We want to locate this meetup in Hudson so it is convenient to River Falls, Somerset, New Richmond, Stillwater, Woodbury and surrounding communities. Your comments and suggestions are welcomed and encouraged.

Visit www.SCVREI.com to see our schedule of events and to join in.

The first meeting will be Thursday, March 6th at 7:00pm in Hudson.  We'll announce the exact location as we get closer, it depends on how many people will be there, so please RSVP so we can get a head count.

Why should you invest in real estate, and why should you do it now?  Read my blog article 8 Reasons to Invest in Real Estate in 2008.  Take action!  Now is the time to begin...

Thanks for your interest!

"Why should I invest in real estate this year?"  Here's eight great reason to do it now...

#1. The Market is LOW!
Prices have been falling for the past year or so, and are down about 10% in some areas. In fact, this is the first time since the great depression when prices have decreased like they are now. Buy low, sell high.

#2. Foreclosures are on the rise.
Homeowners who are falling behind on mortgage payments and banks are foreclosing at an unprecedented rate.  The banks are then reselling these properties at a deep discount.

#3. As a buyer, you have options.
Listing inventory levels are very high, giving buyers more houses then ever to choose from.  Across the Twin Cities region, there are 10 houses on the market for every one buyer (MAAR Research).

#4. Interest rates are low.
Interest rates are near historic lows, making it more affordable to borrow money, leading to lower payments and allowing a buyer to qualify for a higher-value property.

#5. Mortgage brokers are working hard for your business.
There are fewer transactions taking place in the market, leaving smaller pieces of the pie for each mortgage broker. Competition between mortgage brokers is becoming tougher, resulting in the cream rising to the top, with the ones who were not taking the job seriously leaving the business.

#6. Real estate agents are working hard for your business.
Like mortgage brokers, with fewer transactions taking place in the market, real estate agents are competing more for the business that is out there. The agents who are surviving are the ones providing exceptional customer service to their clients, and the ones who are becoming creative and embracing the changing market.

#7. Many other investors are simply arm-chair investing.
There are lots of buyers out there right now; some can't pull the trigger, and some won't.  Many have to sell a current property before they can purchase another one.  Others are nervous about the market and are waiting until it turns around to buy something.  If you wait that long you'll miss the boat, the good deals are out there right now. Take action!

#8. Because you live in the USA.
The United States is one of the best countries in the world for buying and holding real estate.  Mortgage money is readily available to nearly anyone with ok credit and some kind of income, and property ownership rights are well established making real estate a secure investment.

So you decided you want to get started, but now where to begin?  Contact Me and I can begin to guide you down the path towards building wealth for you and your family.  You can also visit the Real Estate Investor Resources section at www.MyNextNewHome.com where you'll find valuable networking connections and market statistics to aid you with your investing.

"What does it mean when I read a sale is 'subject to bank approval'?" "What is a 'short sale', and how will it affect my home purchase?" "How soon can I close if I see the sale is 'subject to lender's approval of a short sale'?"

As you might know, a "short sale" is becoming more and more common and means the homeowners are selling the house for less than what they owe on it.  For example, a homeowner might owe the bank $200,000 on the house, but can only sell it for $180,000.  In this case, their bank has two options when they sell it for $180,000 - it can either force them to pay thedifference of $20,000, or the bank can just write it off as a business loss and the sellers are off the hook for the money.  The bank makes the decision on how much of the debt it will forgive, so it might say it will meet the homeowner half way and write off $10,000 and the homeowner will need to write a check to the bank for $10,000 when they sell.  Or, the bank may forgive the whole amount, it's up to them how low they will allow the sellers to go. 

The good news is that the banks really don't want the houses, so they want to do everything they can to help the seller get out of a bad situation.  This is becoming more true with the increasing amount of foreclosures and banks take back more and more houses.  The banks are really trying to cut their losses, so they are becoming more willing to approve a full short sale as long as the purchase price is reasonable and close to market value. I toured a home today where the bank had given the approval for a short sale as low as 10% below what the homeowner owed on it.

All this means for you is that it usually takes a little longer to negotiate the final sale price of the property because it takes a while for the bank to review the offer and approve or reject the offer price or terms.  Just keep in mind that the seller does not have the final say in your offer being accepted, rejected or countered.

Sometimes the bank who is selling the house will want you to qualify for financing through them, but you don't need to use them to finance your purchase.  If the bank requires you to qualify through them, they just want to know that you are a well-qualify buyer, but you should still have your choice of lenders to use in your purchase. 

On a side note, in the past if the bank approved a short sale and wrote off the difference as a loss without charging the homeowner for it, the IRS considered the forgiven debt to be income for the homeowner.  As in the example above, if the homeowners sold their house for $20,000 less than they owed the bank, the homeowner would owe taxes on that amount and would receive a large bill for the taxes. The IRS recently changed their rule on this as it was seen very unfair to a homeowner who was typically in dire straits to begin with. See my blog article "IRS Revision Bill HR3648"  to find out more about this change.

If you are facing foreclosure, the worst thing you can do is try to ignore it - you need to be proactive and take action and contact the appropriate professionals to help yourself and your family.  Foreclosure is a long and complicated process.  If you are facing foreclosure, read my blog article "Foreclosure Timeline" to find out how long you have to find help. If you are facing foreclosure, a short sale is one solution to the situation.  See my blog article "Falling Behind on Your Mortgage?" for other possible solutions to the foreclosure problem.

Visit my website www.MyNextNewHome.com for more information about my real estate services.

The 2008 Hudson Hot Air Affair was this weekend, if you've never been to Hudson for it you need to come check it out!  It's a weekend stuffed full of fun for everyone - candle light ski and hike, snow volleyball, arts and crafts fair, karaoke and dancing, and more!   The big events are the Friday night parade and fireworks, the Saturday morning balloon launch, and the Saturday night Moon Glow.

The Parade runs down 2nd Street, the main street through historic downtown Hudson. The balloon baskets and torches light up downtown, while participants throw candy and dance to music...

The crowd follows the parade down to Riverfront Park for a fireworks display, before taking in the evening activities and all the nightlife that downtown Hudson has to offer...

Saturday night the hot air balloons light up the night sky for the Moon Glow event, a serene and picturesque display of colorful balloons and red-hot flames set against the black night sky...

For more information about this annual family-friendly attraction, visit www.HudsonHotAirAffair.com. 

And if you are still travelling here from out-of-town for this event every year, don't you think it's about time you finally bought a new house here and called Hudson 'home'? If the time is right to make the move, don't hesitate to call me today to begin exploring all of the possibilities Hudson has to offer. And if the time isn't quite right, visit my website www.MyNextNewHome.com to start searching for homes around the area and for more local community info. Remember, I'm here to help.

"I just bought a new home in Wisconsin - do I need to file for 'homestead' tax status?"  "Why are property taxes higher in Wisconsin compared to Minnesota?"  "Are there tax advantages to buying a home in WI versus MN?"

WI and MN do their property taxes a little different...

Minnesota basically offers a discount on your taxes for the home you live in (your primary residence, or "homestead"), but they need to make their money somewhere, so to make up for this they increase the tax rate on non-homestead properties (like investment properties, lake homes, etc.)

Wisconsin, on the other hand, does not distinguish between the two types, and basically charges the same tax rate whether it's your primary residence or an investment property. 

WI does not have this "homestead" status, so basically all properties you look at in WI are considered "non-homestead" properties for tax purposes.  WI does offer a small tax credit if your primary residence is located within WI.  If you buy a primary residence in MN, you need to file paperwork with the county right after closing in order to claim the homestead status.

So if you're shopping for properties between the two states, it is typically advantageous from a tax standpoint to buy your primary residence in MN so you can claim the homestead status, and then buy a second-home in WI because WI doesn't increase the tax rate for second-homes. 

There are also local municipal taxes, special assessments and lottery credits that affect the final tax bill, so this doesn't hold true 100% of the time and you may see non-homestead MN properties with lower taxes, but it is very typical. 

The tax advantages are only one variable in a very large and complex equation.  I would never tell someone to buy a house simply because they can save a little money in taxes.  Buy it because you love it; buy it because it's the best decision for your family; buy it because it feels like 'home'. 

(And of course, my disclaimer: I'm a real estate professional, not a tax advisor; please consult with your preferred accountant or tax professional for the full tax implications before purchasing any real estate).

Please visit my website www.MyNextNewHome.com to search for properties in WI and MN, and register to save your search and receive automatic email updates to be the first to hear about a new listing or a price reduction!