Capital Gains Part One - 10/31/06 06:36 PM
I love math, i believe that math is your friend :-).Gainon an income-prducing property is calculated much like that for a personal residence , with the exception of any depreciation that has been claimed over the years must be subtracted from the adjusted cost basis. Basically, what this means is that the … (1 comments)
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1031 Exchange Part Two - 10/31/06 06:13 PM
Most real property qualifies as "like" property as long as it held as an investment. For a property ot be considered a investment property there are several parameters. It may be investment property (raw land) , property held for the production of income (apartment / commercial) or property used in a trade … (4 comments)
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1031 Exchange Part One - 10/31/06 05:46 PM
The 1031 exchange which also often called a "tax free" exchange is a method of deferring tax liabilty. It allows the investor to exchange a property for a "like" property and defer the gain (profit) until the property is sold. It is not really a tax free exchange though. THe taxes are … (2 comments)
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Conquer Procrastination - 10/30/06 05:40 PM
Procrastination haunts us all lets face it. WHen trying to manage your time effectively procrastination serves as this principles kryptonite. Many of us when it comes to having a specific deadline we think oh ill do it tommorow. This carries for several days and at the last minute we are running … (1 comments)
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Avoid Being a Perfectionist - 10/27/06 07:29 PM
With my new baby time management is even more important for me. I would love to spend all of my time with him but at the same i have to run my business. Lets face it nobody is perfect and everything we do during the day is not going to be … (8 comments)
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My son - 10/27/06 06:55 PM
Brian Brady was kind enough to write a blog about my absence due to the birth if my first child and i would like to thank him again. http://activerain.com/blogsview/16884/Eduardo-Rapido-Becomes-a I would also like to thank Scott Gormley Californias number one Active Rain broker http://activerain.com/lendingmagician for the kind email he sent me … (12 comments)
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Real Estate Investing - 10/21/06 09:26 PM
At the end of a busy working day or on the weekend cable tv has been bombarded with shows about flipping houses. There are at least four to five different shows in which everyday investors buy properties under market value fix them up then sell them for a profit. These tv … (0 comments)
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Inside Sales vs Outside Sales What Do You Prefer? II - 10/21/06 09:03 PM
Outside sales is the sales culture that i am work in. I am an independent contract for my company. There is a lot of freedom but nonethless production is what will keep food on the table month in and month out. As an outside salesperson you manage your own schedule. You … (3 comments)
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Inside Sales vs Outside Sales What Do You Prefer? I - 10/21/06 08:39 PM
In real estate there are two ways that you can work. No matter what people will consider real estate professionals to be salespeople. After all our goal is to sell people real estate or to sell them the benefits of financing. Sales can arise from a need. When people move they … (1 comments)
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Proration How does it work II - 10/20/06 08:46 PM
For prorating purposes, use 30 days for a month and 360 days in a year. The proration process:1 = Determine the number of days to be prorated2= Calculate the cost per day3= Mulitply the number of days by the cost per day4= Decide whether the item should be a credit or a debit … (1 comments)
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Proration What is it? I - 10/20/06 08:37 PM
It is current a buyers market prices in homes for sale have dipped a bit. Due to this i have come across alot of new home loans. For the most part people require 100 percent financing. With this the customer can be qualified for two mortgages 80 % first and 20 … (1 comments)
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The Art of Intelligent Neglect - 10/20/06 08:19 PM
Intelligent neglect is a time management practice that i use and is extremely effective. This practice is utilized when you eliminate tasks which do not have long-term consequences for you. On your to do list can you delegate or eliminate any of the items. You can number your to do list … (0 comments)
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Time - Share Properties - 10/19/06 11:22 PM
Time - shares can be a very profitable business. A time-share is a real estate development in which a buyer can purchase the exclusive right to occupy a unit for a specified period time each year. The time is usually in one week intervals and can be a fixed week or … (0 comments)
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Basic Financing Terminology - 10/19/06 11:05 PM
Customers when you sign your closing loan documents whether you are refinancing, closing on a new home purchase or getting a second , hard money or private mortgage it is importnat that you understand the terminology used. Sometimes us mortgage professionals tend to speak a certain lingo that as customers you … (4 comments)
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Eliminate the Urgent - 10/19/06 04:52 PM
From my experiences urgent tasks have short- term consequences while important tasks are those with long-term, goal-oriented implications. I suggest you work towards reducing the really urgent things you must do so you will have time for your important priorties. Highlighting or flagging these items on your to do list or … (0 comments)
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Mobile Home vs. Manufactured Home II - 10/18/06 09:21 PM
Manufactured Homes are built on a non removable steel chassis and transported to the building site on their own wheels. Here in calfornia and in other states (loans i have closed and have the appraisal) many manufactured homes are attached to a permanent foundation , and are considered real property. Once … (2 comments)
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Mobile Home vs. Manufactured Home I - 10/18/06 08:55 PM
A few months ago i finally came across a lender who does financing for mobile and manafactured homes in over 30 states. Prior to this banks simply wouldnt touch these. They are able to obtain financing for a purchase or refinancing their existing property. Not every real property out there is a SFR. … (3 comments)
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Do the Right Thing - 10/18/06 08:23 PM
As a mortgage professional deadlines are something we live and die by. Customers want efficient service. A loan whether its a refinance ,second mortgage. hard money /private, or for a new home should be funded in no more than 17 business days. Obviously problems come up during the process but those problems … (0 comments)
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Whats Your Prime Time? - 10/17/06 06:04 PM
Biologically we all have a prime time. THis is the time of day at which you are at your best. Do you consider yourself to be a morning person? night owl? or a late afternoon wizard? Knwoing when your best time is and palnningto use that time of day your priorities is effective … (4 comments)
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How Not To Advertise............... - 10/17/06 05:11 PM
REFINACE TODAY! $5,000 ONLINE SHOPPING SPREEON ALL CLOSED LOANS. GOOD CREDIT OR BAD CREDIT.ALL CREDIT IS CONSIDERED. I WILL DO WHATEVER IT TAKES TO GET THE LOAN APPROVED. 100% FINANCING AVAILABLE. PAY OPTION PLAN'S .CASH OUT YOUR EQUITY. STOP PAYING ALL THE INTEREST UP FRONT.IN THIS MARKETPLACE TODAYMOST CONSUMERS NEVER PAY … (1 comments)
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Flexibilty - 10/17/06 04:42 PM
In order to manage your time effectivley you have to be able to allow time for interruptions and distractions. When you expect to be interrupted , schedule routine tasks. Save and make larger blocks of time for your daily priorities. If an interruption occurs you have to refocus and select what is … (0 comments)
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Disclosures - 10/15/06 02:03 AM
I have great sucess with Out of state of customers who need mortgage refinancing or a new home loan thanks to the truth in lending act. Due to all of the fraud and unethical brokers out there customers are afraid to take charge of their financing. The truth in lending act … (6 comments)
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Foreclosure and Default - 10/15/06 01:39 AM
From my experience in mortgage lending my clients for the most part have a few bumps in their credit history but none have defaulted on a real estate mortgage. THey ask me what is the process when a loan goes into default. This process is known as a foreclosure which is … (3 comments)
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Whats a Interest Rate? - 10/15/06 01:22 AM
An interest rate is a percentage of a sum of money, charged for the use of that money on a yearly or monthly basis. THe interest charged on most real estate loans is paid only on the principal owed. The interest rate stated in the note is called the named or … (0 comments)
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ARM , how does it work part II - 10/12/06 10:13 PM
With a ARM its use can get a bit confusing because the payment is FIXED for a certain period of time. The borrowers payment doesnt change for a specified time period, this could six months to a year or more. THis is determined by what was the agreement between the lender … (0 comments)
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ARM , How does it work Part I - 10/12/06 09:55 PM
An ARM is acronym for a adjustable rate mortgage. This type of loan allows borrowers to qualify for larger loan amounts and at the same time allows the lenders to keep their investment return. An ARMs interest rate is to tie to a moveable economic index. The interest rate in the note varies … (3 comments)
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Time Management 4 - 10/12/06 09:28 PM
The fourth tip in more effective personal time management is that of using a to do list. I believe that a to do list containing things to be done the next day is very effective. You can combine it with a calendar or a schedule. I prefer to do a "running" to … (0 comments)
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Update : Notary from Hell - 10/11/06 09:57 PM
Late last month i wrote a blog about a really shady notary see below: http://activerain.com/blogsview/Notary-From-Hell?10685I called the NDSS (National Notary Signing Service) to complain about this person and they promptly took action. First off they refunded my aunt and uncle the $225.00 dollar signing fee. They also went after that notary which saved … (2 comments)
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Underwriters - 10/11/06 09:47 PM
As a real estate professional the underwriter is my best friend. He or she is the judge and jury when i submit my loan for approval. The underwriter in effect evaluates a borrowers risk factors before the lender will make or approve a loan. The lender determines the borrowers ability to … (0 comments)
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Time Management Part 3 - 10/11/06 08:57 PM
The third tip for more effective personal time management is Prioritization. Vilfredo Pareto the famous Italian economist created the 80/20 rule. 80 percent of the reward comes from 20 percent of the effort. The difficult task of prioritizing is to isolate and identify that 20 percent. Effort dictates everything you do. … (1 comments)
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Bogus advertising - 10/10/06 10:47 PM
Brian Brady wrote a a great blog talking about lenders who use bogus advertising....
http://activerain.com/blogsview/There-is-no-such-thing-as-the-best-or-lowest-rate?13545
I see this in the los angeles area everyday and it makes us the mortgage professionals who practice responsible advertising look very bad. The key with borrowers is find them the best possible loan program that fits … (3 comments)
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HELOC vs Home Equity Loan - 10/10/06 10:32 PM
Customers are bombarded every day by the media when it comes to secondary financing options. Sometimes a client will have an excellent fixed rate on their first that cant be topped by todays current rates so it would be of no benefit to refinance it, especially if their prepayment term has … (0 comments)
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Time Management Part Two - 10/10/06 10:19 PM
The second tip for effective time managment is goal setting. Goals give your life direction. This helps you decide exactly what you want to get done in a day. These goals have to be specific , realtistic and achievable. For example you can tell yourself today i will pass out at … (0 comments)
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Time Management Part One - 10/09/06 08:12 PM
As a real estate professional our professional lives are dependant on business days (Monday through Friday). Weekends are used time to spend time with the family and to purse new business/clients. During the normal workday it just seems like their isnt enough time to get everything done. I have followed a framework … (0 comments)
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Prepayment Penalty - California - 10/09/06 07:42 PM
When lenders make loans, they calculate their return over the term of the loan. If the loan is paid off early the lender in effect gets less interest than they expected so the return on investment is immediatley threatened. The borrower accounts for this risk by paying a penalty. In calfornia … (1 comments)
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Spanish Real Estate Terms 11 - 10/09/06 07:14 PM
uso no conforme = nonconforming use
usura = usury
utilidad = utility
valor de mercado = market value
valor economica = economic life
variacion = variance
vida economica = economic life
cesionario = assignee
certificado de valor razonable = certificate of reasonable value
en custodia de tercera perasona = escrow
extracto del juicio = abstract of … (0 comments)
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Spanish Real Estate Terms 10 - 10/07/06 03:16 PM
subarrendamiento = sublease
subrogacion = subrogation
seguro hipotecarion privado = private mortgage insurance (PMI)
seguro de titulo = title insurance
tasa de capitalizacion = capitalization rate
tasador = appriaser
tercero = third party
testador = testator
testatrix = tesatrix
testamento = will
titulo = title
transferidor = assignor
Here in california it is a buyers market and alot of these … (0 comments)
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Scams - 10/07/06 02:49 PM
Scammers and frauds have found themselves on active rain and will be contacting you very soon. I just recieved a contact on this site from a "miss lizzy" from the ivory coast in west africa. She is asking me to be a beneficiary for a lump sum of $10.2 million dollars … (3 comments)
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Spanish Real Estate Terms 9 - 10/07/06 02:34 PM
obosolescencia = obsolecence pie de tablero = board footprorratear = proraterebaja = discount / rebatereconocimiento = acknowledgmentredito = yieldreformas menor = underimprovementrelacion de la agencia = agency relationship relleno = backfill requerimiento judical= injunction rompe cuadras = blockbustingsub-division = subdivisionGood day to all :-)Go Dodgers!!!!!! We really need a miracle comeback.................. … (0 comments)
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What Referrals are in Eddys Opinion :-) - 10/04/06 09:04 PM
Real Estate professionals mostly think that referrals are a gesture from a customer / Real Estate colleague who is nice enough to give you the name of a family member or a friend who is a potential customer. I believe that this a gesture showing that the customer trusts you enough to provide … (6 comments)
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Spanish Forms.................... - 10/04/06 08:26 PM
You can access forms on the 1003 in spanish. Its a real easy and i would like to share this with all of you. To access the spanish forms : Access these forms from the Print or Print Preview menu on the File menu in a Prospect or Borrower file. The … (1 comments)
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Spanish Real Estate Terms 8 - 10/04/06 01:14 PM
mercado hipotecario primario = primary mortgage marketmercado hipotecario secundario = secondary mortgage marketnegligencia = negligencenota promisoria = promissory notenovacion = novation oferente = offeror opcion = option orientacion = orientation pago de globo = ballon paymentprestamo amortizado = amortized loan prestamo combinado = blanket loan … (2 comments)
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