One of the biggest casualties of the current tightening of mortgage guidelines has been Self-Employed Borrowers. This month, I've had two applications that I've had to turn down for lack of income even though each of these applicants was generating thousands of dollars in "revenue" each month. The reason the applications were turned down was because too much of their income was written off on their tax returns.
Even though the write-off's were a legitimate and legal way to reduce their tax liabilities, they also left too little bottom-line income to qualify for a mortgage loan. In the past, these applicants' loans would have been approved using one of the less-stringent loan programs. But today those "less-stringent" programs no longer exist - so these folks can't qualify for a mortgage anymore.
You may insert your own personal value judgment here about whether this is good or bad for our economy or the housing markets and whether it is fair or unfair. I mention it because it is a major change in lending and self-employed borrowers need to be aware that if they are trying to buy a home in the future, they will need to prove 2 years' worth of satisfactory "bottom-line" income to qualify.
But rumors circulating around right now also raise another concern for self-employed borrowers:
With the government buying up massive amounts of mortgage loans through Fannie Mae & Freddie Mac purchases - funded by the recent "Stimulus" packages - word is that the IRS (another arm of the government) is starting to compare the loan applicant information with tax return information. Until recently, Fannie & Freddie were not government-run organizations, but now that they ARE, will they be freely sharing data with the IRS?
"How can you afford to pay a mortgage payment that is higher than your income?"
Let's say your loan was purchased by Fannie Mae and your mortgage payment is $3,000 a month. What happens if the IRS cross-references your tax return info with your loan application info and discovers that, after all your write off's, you are claiming less than $3,000 a month in income? The logical question is then, "How can you afford to pay a mortgage payment that is higher than your income?" Will this trigger an Audit? Many insiders are suggesting that soon it will.
Is this a bad thing for the IRS to do? Probably not. This could be an effective way for them to root out tax cheats, under-the-table earners who aren't paying their fair share of taxes, and even possibly find terrorists and drug dealers. But it will also cause extra hardship on individuals who have lost their jobs or their businesses are down and they have been making their payments from savings.
In reality, if this policy does go into affect, it'll probably be like them red light runner ticket cameras: If you're not running red lights, you have nothing to worry about, but I can't help feeling like my privacy is being invaded every time I drive through those intersections.
Monday, Sept 7th, is your chance to hit the streets and join your fellow workers to demand a 58 hour work week! Labor Day is here again, so don't be afraid to rally for your rights!
The Toronto Typographical Union had been on strike since early March 1872. On April 14th a parade was organized to support the workers' fight for a 58 hour work week. 27 other unions showed up to support the Typographical Union's cause and a large - mostly peaceful - parade and rally ensued.
Canadian politician George Brown (who was also the editor of the Toronto Globe, whom the workers were striking against) ordered police in to break up the rally and 24 union leaders were arrested. But the strike continued and the situation was becoming increasingly tense. (Not to mention that the Toronto Globe newspaper was probably unreadable and full of typo's without the services of the Toronto Typographical Union workers.)
On September 3rd of that year, another rally was planned to protest the arrests of those 24 union leaders, and the result was a promise from Canadian Prime Minister John A. McDonald to repeal the current Canadian anti-union laws, leading eventually to workers having the right to a 58 hour work week! Woo Hoo! As annual rallies commemorating this first rally continued, the work week was further slashed to a standard 54 hour week.
American labor leaders followed the Canadian lead, and on Sept 5th, 1882, the first annual Labor Day parade was organized by the Knights of Labor in New York City. 12 years later, in 1894, US President Grover Cleveland signed Labor Day into law as an official National Holiday (Shortly before this, he had ordered the US Military to crush a railroad workers strike in Pullman, Illinois, resulting in 13 dead and 57 wounded strikers - so let's have a holiday!).
The purpose of Labor Day was outlined in that first proposal: A street parade to exhibit to the public "the strength and esprit de corps of the trade and labor organizations," followed by a festival for the workers and their families. And this became the pattern for future celebrations (speeches by politicians looking for votes were added later).
Today, most people simply view the day as the last vacation day of summer or the day to get a really good financing deal on a refrigerator, and have little understanding of the origin of the day. But before these rallies began, the typical work week consisted of 12 hour days, 7 days a week - 90 to 100 hours a week (Now only wives and mothers have to work that kind of inhumane schedule - right Honey?). Getting down to only a 58 hour work week - eventually leading to our standard 40 week - was a long and difficult process.
As you prepare for your end of summer Labor Day celebration, remember how we got here. And if you are struggling to make ends meet these days, but are thinking it's not possible to work more than 40 hours a week - think again. It wasn't that long ago that 40 hours was less than half a work week. If you have success and financial security working 40 hours a week - count your blessings. If you aren't quite making it - consider rolling back the clock to 1872 and trying, for now, a 58 hour work week as a temporary solution to your money woes.
Need ideas on how to earn more money? Check out my website www.credittothewise.com. Although I'm early in my process, I've been searching out ideas on how to make more money at your current job, and how to earn extra money on the side and I've started posting these articles here. If you have ideas that you think I should share with others, please email add them to comments. I want to encourage people to work and fight themselves out of their tough times rather than waiting for bail-outs or government help, and many people I talk to just don't know how to start doing that.
I'm so excited about being asked to speak at this year's Washington Women Veterans Summit, being held Sept 12, 2009 at the Greater Tacoma Convention & Trade Center. This is a huge FREE all-day event offering workshops, networking, and hundreds of exhibitors offering services and information for Women Veterans.
When I first entered the mortgage business after a successful stint as a sales training manager under Sunny Kobe Cook of Sleep Country USA fame, I was very nervous about working in such a volatile industry and scared about whether or not I could attract enough clients on my own. Sunny had a way of making sure we always had a steady stream of customers to serve. Like her ads or hate her ads, people came in to buy her products.
"I was right to be nervous..."
Turns out I was right to be nervous about the mortgage biz. I would have months where I had too many customers to serve properly, followed by months where I couldn't find a customer to save my life. I would embark on month's long campaigns focusing on a certain type of borrower or lending program, start reaping the rewards from the effort, only to wake up one morning to news that guidelines had changed, programs or products had been eliminated, and I no longer had anything to offer these potential clients I had spent so much time and effort attracting.
"I've Learned So Much About Myself..."
This roller coaster ride was exciting and challenging, filled with extremes of exhilaration and frustration. I'd start each day believing I could do it and then face and almost constant bombardment of roadblocks and doubt. Yet I continued on because each client that I successfully helped brought joy and satisfaction and hope for tomorrow. Through it all, I've learned so much about myself, about risk vs. reward, about money, success, perseverance, and security.
As I've dealt with clients who are struggling - hit hard by the economy, being affected negatively by the changes in lending, living under the assumption that home values always go up, that jobs last forever, that disaster cannot happen to them, and that credit will always be available to those who need it - I've been working on solutions and strategies to help people succeed, regardless of outside forces. I'm driven by the desire to help my folks get from "Here" to "There", regardless of where their "Here" is right now.
"Help for those struggling with credit, debt, spending, earning..."
That is why I am so excited about being asked to present at this Summit. It has given me a deadline to gather and organize and compile these ideas I have. I've created a website where I've loaded a bunch of my articles http://www.credittothewise.com/ and set it up in such a way that I can continue to add to it. It'll offer help to those struggling with credit, debt, spending, earning - with specific ideas and strategies.
It shares creative ideas about home buying and selling strategies, how to manage your home's equity wisely and safely, and how to grow wealth. The "There" I'm shooting for, for all my clients and readers, is the "Peace of Mind" that can only come through "Financial Security". I'll create my Legacy by helping others create their own Legacies.
"Deadline Registration Sept 7th"
If you're a Women Veteran who wants to register for the Summit, here's the link: http://www.dva.wa.gov/women_vets.html. Deadline for registration is Sept 7th. Again, it's free, but you have to register! There should be well over 1,000 other attendees there too so don't be surprised to see old friends! And you'll come out of the day with loads of information and resources you didn't know before, better prepared to face an uncertain future.
As your First Time Homebuyers face the dreaded Nov 30th $8,000 First Time Homebuyer Tax Credit cut-off date, and they are frantically out there shopping for homes, many of the down payment assistance programs are running out of funds. You may have a preapproval letter in your hand from a lender, but if the source of down payment they were relying on isn't there anymore - you may be in for a rude surprise!
If your buyer is planning on using a DPA, it would be really smart to stay in contact with the lender to make sure that funding is still available. I do most of my business in and around Pierce & King Counties, so here is a quick update on what's happening in this area.
Pierce County Down Payment Assistance: This has been such a popular program that they have recently run out of money and suspended the program indefinitely. I've heard rumors that they may be getting more funding sometime in Sept, but that is only a rumor at this point.
City of Tacoma Down Payment Assistance: They are also running low on funding right now, so they have lowered the subsidy amount. Instead of getting 6% of the purchase price through them, you can only get a maximum of 3.5% of the purchase price.
House Key King County & House Key Seattle: Both of these programs have run out of funding and are no longer listed on the www.WSHFC.org website.
What's Left? Many of the House Key programs are still available. There is always the House Key Plus program (you can check the website for details on income limits per county). This program is available anywhere in Washington. So as long as your borrower's income does not exceed the county limit, they can buy a home with little or no cash to close.
The House Key Rural has been an excellent option for many borrowers. In Pierce County, eligible areas include anything outside the city limits of Tacoma and Puyallup. Check the income limits because they are a lot less than House Key Plus, but this program has a lower interest rate AND does not require a monthly payment, making it far more affordable than House Key Plus.
USDA Rural Housing is an option for properties farther out - but be aware that their turn times for file review is about a month right now (they review AFTER all the rest of the underwriting is done - making this about a 2 month closing situation). You do NOT need to be a first time homebuyer with this program, but if you're trying to close before the Nov 30th $8,000 FTHB IRS Tax Credit date - this may not be a good option right now as time is running short.
VA is still an awesome option - zero down programs, great rates, fast closings. If you have VA eligibility - you are in really good shape right now.
The purchase market is very active right now. I've been super busy all summer - thank you all very much for sending me your business. Our underwriting times are great right now too - we can close quickly - and rates are still terrific! Call me with your scenarios and I'll help you find the best options for you and your clients.
Is It A SMART Financial Move to Prepay Your Mortgage?
I often find myself in long conversations with my borrowers over the best way to pay off mortgages early. Do I recommend the "Bi-Weekly Payment" plan, the "Extra Payment Each Year" plan, or the "Pay A Little Extra Each Month" plan? Since it is assumed that paying off a mortgage early is a smart financial strategy, people are often surprised when I don't have a favorite strategy to recommend.
When I get this question, I try to shift the conversation away from "Which strategy is best?" and towards "Are you sure you want to pay off your mortgage early at all?" While I think it's admirable to get out of debt and stay out of debt, I don't believe "paying off your mortgage early" should be your number one financial priority.
"Paying off your mortgage early should NOT be your number one financial priority"
Instead, I believe you should use your financial resources to prepare for the future and all those mean, nasty twists and turns that life can throw at you. I'm not suggesting a gloom-n-doom approach to the future, but we just don't know what will happen, and paying off your mortgage early may NOT be the smartest financial strategy for you.
My advice is to focus first on building liquid assets (resources you could access with little difficulty to pay for stuff) vs. paper wealth (resources that cannot be accessed easily). Equity in your home falls under the "paper wealth" category because it is difficult to access in an emergency and you may not be able to access it at all when you really need it.
An example of what I'm talking about came across my desk recently. The applicant wanted to refinance his home to access some of his paper wealth. For several years, he had been paying extra on his mortgage and only owed about $70,000 on a home worth around $400,000. On paper, things looked good, but...
I'll leave the gory details of his set-backs out of my story, but when he came to me, his wife had left him and the divorce had drained his bank accounts, he had lost his ability to work due to an injury and lost his business, he was 6 months behind on his mortgage payments, and he was facing total financial collapse. He needed me to help him access some of his $330,000 in equity (paper wealth) to live on.
But because his credit scores were bad and his income was gone, he didn't qualify for a new loan. The bank who owned his mortgage - that same bank he had been paying extra to all those years - wouldn't help him. I'm sure the bank saw his home as a great foreclosure opportunity - all that "paper wealth" made his home an enticing target.
His only solution was to try to sell the home before it was foreclosed on in order to keep some of his "paper wealth", but since he had been so determined to keep his home - not wanting to uproot his children who's mother had just abandoned them - he failed to act quickly enough and now it was too late.
I wish I could tell you his story had a happy ending, but it didn't. What I can tell you is that if this man had had $330,000 of "liquid assets" instead of $330,000 of "paper wealth" - his story would have turned out much differently.
So if you are prepaying your mortgage now, but don't have enough liquid assets available to handle life's emergencies, please remember: You cannot go grocery shopping and tell the cashier,
"I don't have any money, but my mortgage is paid off."
Even on double coupon day, that won't buy you any fruits or veggies.
Ahhh... Summer in Puyallup - those 7 days every year where the temperature gets warm, the breeze dies down along with my lawn, and the locals begin to yearn for the 358 days of rain we usually get around here. Well you may have noticed, those 7 days are here. So what do you do with yourself to both beat and enjoy the heat? Try this...
The Puyallup Concerts in the Park series is underway, and this Thursday 7/30/09, I would like to invite you all to come out and enjoy some excellent musical entertainment. Pioneer Park (Downtown Puyallup, 324 S. Meridian - right across from the new City Hall building) just unveiled their new outdoor concert stage, and this Thursday evening from 6:30 - 7:15 it will feature:
Michele Leach & Kerry Yanasak - Piano Duo
Michele (my wife, by the way) and Kerry have been performing at the Puyallup Spring Fair for the past several years. Playing on two full size Concert Grand pianos, they'll perform an eclectic mix of pop, classical, ragtime, and easy listening standards - very unique and very enjoyable.
At 7:30 - 8:30, Darren Motamedy - a very well known, super-talented Jazz Saxophonist will perform. And rumor has it that in between the two shows the reigning Miss Washington will do a short piano performance too. (I hope she's really good because she'll be performing after Michele - my reigning Mrs. Universe - and that's a tough act to follow!)
So bring your lawn chairs or blanket, a cool drink and some sunscreen, and come enjoy some Downtown Puyallup culture and some great music. There is a Forza Coffee Bar adjacent to the park that makes some awesome frozen coffee drinks which is where I'll be getting my tall cool one to help beat the heat.
And if you want to try something different for dinner - try Lucky's Dog House Diner at 106 W. Main - a couple blocks from the Park. A full menu of amazing hot dog meals - I heartily recommend the Chicago Style Vienna Beef dog - great stuff! Grab a dog and window shop down Meridian Street's antique row as you head over to the Park.
(Note: There are typically 1,000 - 2,000 people at these things, so come early to grab a shady spot and a parking spot not too far away.)
Free entertainment and a fun night out. Hope to see you all there!
Vienna Beef Chicago Style Dog - photo: glen edelson
"Write another blog." The message popped up in my email yesterday, sent by a friend I've never met who lives in Newfoundland. We read each other's blogs here on Active Rain and often try to impress each other with our arcanely witty comments.
"Write another blog." Wow! Had it really been over a month since I've actually written anything to post or send to my client base? That's just not like me. I did take a week off for Disneyland - which was awesome as always - so the week before I left I was too busy to write anything because I was preparing to leave. Then when I got back, I needed to catch up on work, so again I was too busy to write.
And then I got called for Jury Duty, which I could get out of but I believe I should serve if I can, so I served and worked around that, and was too busy to write. And then the floodgates of Purchase Heaven opened up and as I try to take care of my mortgage clients, I'm too busy to write...
And in the midst of all that urgency, "Write another blog" pops up. I hope all my industry friends are enjoying the fruits of this frenzied buying season as buyers scramble to take advantage of the great interest rates, the fire sale prices on homes for sale, and the $8,000 First Time Homebuyer tax credit that expires in a few months.
I am loving being so busy. Each time a buyer selects me to do their financing, it feels so great! Just like the feeling you get during 4th grade recess when you get selected FIRST for a dodge ball team and you proudly leave the group standing along the wall and go join the captain who picked you. My buyer is the captain - and they picked me first! I love that! That feeling never gets old.
But where did all these buyers come from? Where did I get all this business that I'm having a hard time keeping up with? Did they randomly select me out of the phone book? I doubt it - I'm not even IN the phone book. And that's the message that I heard when I read, "Write another blog".
For the past couple of years, I have tried to write interesting, meaningful, personally-connecting blast emails and blogs on a very regular basis. I've written free reports that I make available to my clients and business partners on things like How To Fix Your Credit and How To Get Your Listings Noticed and How To Find Your Dream Home. I've sent out industry news and personal news. I've tried to entertain, educate, and enlighten. Tried to spread hope and knowledge and new ways of thinking...
And this entertaining, educating, and enlightening has resulted in a booming business. So is it smart of me to suddenly stop writing now because I'm too busy? Ugh!!! My friend who I've never met from Newfoundland (I don't believe that's anywhere near Puyallup) caught me - nailed me - and gave me the best business advice possible: "Write another blog."
Thank you for the timely reminder my bald Canadian friend! And let us all remember to keep doing the important things even when the urgent things get in the way. Now all of you go
I was saddened to hear the news of David Carradine's passing this week. Most remembered for his role in the 1972 - 1975 TV series, "Kung Fu", Carradine's character "Caine" learned lessons of life and martial arts from monks at a Shoalin monastery where he went to live after his parents were killed.
Most memorable to me was the blind monk teacher with the whited-out eyes - Master Poe - who issued the challenge of "When you can take the pebble from my hand, it will be time for you to go". Master Poe put Caine through a series of challenges and situations, helping him "see" goodness and truth and discover wisdom, and getting him ready to face the challenging world that awaited him.
How's your challenging world look to you these days? Are you struggling to make good choices and find direction in a chaotic world around you? Maybe some of Master Poe's lessons can help you too?
1. "If a man dwells on the past, then he robs the present. But if a man ignores the past, he may rob the future. The seeds of our destiny are nurtured by the roots of our past." I often use lessons of history in my writings. But any lessons you find in history must be kept in the context of what was happening at the time and applied today based on the context of our current times.
2. "To not understand a man's purpose does not make him confused." I may present what I think is the perfect loan solution to a client and have it rejected. Does that mean the client is confused? Maybe, maybe not. Have I fully understood the clients purpose and underlying needs and wants? If I haven't, then that is NOT the client's fault - it is mine - and I must seek a better understanding to come up with a better solution.
3. "That which you do not know, the doing will quickly teach you." I've found in this business that experience is definitely the best teacher, and I've made mistakes along the way as I've learned to do new things. But it doesn't take too many mistakes before you quickly figure out what you're doing. People trust me with their largest financial transactions and I owe it to them to find the best solutions and answers without putting them at risk. But if I limit myself to doing only what I'm comfortable with, I will not grow and learn new solutions for future clients. Try new things - just make sure you're committed to doing whatever it takes to carry it through to the end.
4. "To feel shame for no cause is a waste. To fell shame for a cause is also a waste. For you must rather spend time correcting that for which you are ashamed." Mistakes will happen, but you cannot let mistakes paralyze you from continuing to try. Do the best you can, work with integrity and honor, and when mistakes happen - do everything you can to correct them - knowing that mistakes WILL happen and there is no shame in making them now and then.
5. "When I was a boy, I fell into a hole in the ground, and I was broken and I could not climb out. I might have died there. But a stranger came along and saved me. He said it was his obligation. That for help he once received, he must in return help 10 others. Each of whom must help 10 others. So that the good deeds would spread out like the ripples from a pebble in a pond. I was one of his 10. And you are one of mine. And now I pass this obligation on to you." Have you been helped by anyone in your life? Have you repaid that help by helping others? And why stop at 10?
6. "If while building a house, a carpenter strikes a nail and it proves faulty by bending... Does the carpenter lose faith in all nails and stop building the house?" Systems and people will let you down from time to time. Does that mean you quit trusting others and go through life bitter or searching for more perfection in your relationships? Do we focus on the one nail that bends? Or can we learn to focus on the other nails who did their job just like they should have?
7. "If you plant rice, rice will grow. If you plant fear, fear will grow." Go plant something! Plant the right seeds and the right crops will grow - you'll reap only what you sow.
8. "It is essential, always, to keep one's balance." Don't get too full of or down on yourself. Do the best you can, and the best you can do will be good enough.
9. "The purpose of discipline is to live more fully - not less." It's okay to fail and live in a world that allows failure. It is NOT okay to fail because you lacked the discipline and drive necessary to succeed.
10. "The bird sings in the forest. Does it seek to be admired for its song?" Do what's right because it is right - not because you think someone will notice.
$8,000 FTHB Tax Credit CAN Be Used For Down Payment
HUD just announced today that the $8,000 First Time Homebuyer Tax Credit can now be used for down payment. You'll probably see this all over the news this weekend - and it'll probably be announced incorrectly. So before you get your head filled with incorrect information and make decisions based on false hopes - I want to share with you a few clarifications that I'm seeing in the announcement right now.
Type of Loan: According to today's announcement, you can ONLY use this tax credit this way on an FHA loan. If you're NOT doing an FHA loan - you can't use the tax credit this way.
3.5% Required Down Payment: On FHA loans, the buyer is required to provide at least 3.5% of the purchase price as a down payment. (Watch out for the wrong info you'll be hearing about this part!) The announce states that you STILL need your own 3.5% down payment. You CANNOT use the $8,000 as part of that 3.5% down!
Seriously, that's what it says. You can use the $8,000 for a larger down payment, to pay closing costs, to buy-down your interest rate - but you CANNOT use it until you have your own 3.5% down.
Distribution Mechanism: This part isn't in the announcement, but each State gets to decide how they are going to handle the distribution of the funds at closing. What I understand (and I may be off here a bit) is that the Washington Association of Realtors in conjunction with the Washington State Housing Finance Commission is going to be in charge of handling this.
The $8,000 will be provided as a LOAN by WSHFC using a pool of money from W.A.R. at closing to qualified borrowers. You will sign a loan commitment with WSHFC, and your tax refund will go directly to them to pay off the loan. I'm sure I'll be hearing more about the "how's" and "where-for's" next week sometime.
5 Hour Homebuyer Class: Again, I may be off here, but I also heard that anyone using this credit for down payment will be REQUIRED to take the WSHFC first time homebuyer class. Call me and I'll give you details how to do this.
Other Forms of Down Payment Assistance: Many of my buyers are planning to use some of the other down payment assistance programs for their purchase. For you, the new announcement is really cool - because these other DPA's can be used for your FHA 3.5% down payment requirement - just like they could before. And now, you can add the $8,000 tax credit to that - giving you a bit more buying power.
The good news for those waiting for this to happen is, it looks like it happened finally! And as soon as all the details are ironed out and announced - I'll be happy to help you get through these transactions.
Harry was a candy maker. He had a little shop off Pacific Avenue in Downtown Tacoma where he offered a wide array of chocolates and taffies and hard-candy sugary sweets. Business was good for Harry and he enjoyed a loyal following and a fine reputation by offering excellent quality products, fair prices, and friendly service.
J.C. was a spice salesman. His job involved calling on restaurants and grocery stores to introduce them to exotic imported spices like cinnamon from Asia, cardamom from the tropics, and nutmeg from India. Business was good and he enjoyed offering his customers new ideas and solutions that they didn't know existed.
The year was 1908 when Harry and J.C. met in church one Sunday morning and almost immediately became friends. Over the next four years Harry continued to run his candy shop and J.C. continued to sell his spices, and both continued to enjoy business success. There was really no reason for either of them to change, but as their friendship deepened, they began to see possibilities in joining forces.
J.C. loved Harry's chocolates and was a frequent visitor to his shop. Harry was impressed with J.C.'s work ethic and his ability to provide his clients with timely service and innovative ideas. It was late 1911 when they began to seriously consider joining forces. The global economy was becoming chaotic and unstable as the world was heading towards a great war, and J.C. was constantly struggling with supply chain interruptions and wild pricing swings when he could get product for his clients.
So in 1912, he approached Harry with a partnership idea. Could Harry create a single, unique candy that J.C. could sell door to door? Like, maybe take one of Harry's most popular little candies and make it bigger to be sold as a stand-alone product? Inspired by the view of a majestic mountain out the window of the candy shop, Harry created the "Mt. Tacoma Bar", a big ugly blob of chocolate and nuts with a white creamy filling, and J.C. took it to the streets.
(In Sales, this is known as a U.S.P. - a Unique Selling Proposition)
As the build-up to America's entry into what would be later called "World War I" started filling Camp Lewis with thousand's of GI's training for oversees missions, J.C. would haul wagon after wagon of Harry's Mt. Tacoma Bars to Camp Lewis where he found an eager audience with a large appetite and disposable cash.
This was the beginning of the (Harry L.) Brown & (J.C.) Haley candy company legacy. Brown & Haley products today are sold in over 50 countries around the world. Most famous now for their pink-tinned (sorry, packed in bags isn't nearly as cool as the round pink tins) Almond Roca candies, my favorite product is still the original "Mountain Bar" - that ugly cream-filled chocolate nut-blob.
The lesson is: Harry made great candy. J.C. was a great salesman. Separately, they were both successful. But together, their partnership opened up the world to them. Just like your business having the right partnerships can mean the world to you too and help you create Your Legacy!
Do you have good partnerships in your business? Do these partners add a new dimension to what you do? Do they allow you to reach business you couldn't reach otherwise?
If your current partners are just "along for the ride" and aren't adding value or expanding your opportunities, are they the best partners for you? Or have you stopped looking for better partners because you think, "Business is good and this is all there is for me".
Harry and J.C. could have felt that way too - and I would have had to live my life without Mountain Bars. And that is not the kind of life I want to live (Okay, a bit dramatic, even for me...)
"Need help with your First Time Homebuyers or credit-challenged clients? Direct them to the website: www.CreditToTheWise.com.
Filled with articles to help explain and take the mystery out of credit and the mortgage process, it offers real help and real answers."
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.
One of the biggest casualties of the current tightening of mortgage guidelines has been Self-Employed Borrowers. This month, I've had two applications that I've had to turn down for lack of income even though each of these applicants was generating thousands of dollars in "revenue" each month. The reason the applications were turned down was because too much of their income was written off on their tax returns.
Posted by 
Monday, Sept 7th, is your chance to hit the streets and join your fellow workers to demand a 58 hour work week! Labor Day is here again, so don't be afraid to rally for your rights!
American labor leaders followed the Canadian lead, and on Sept 5th, 1882, the first annual Labor Day parade was organized by the Knights of Labor in New York City. 12 years later, in 1894, US President Grover Cleveland signed Labor Day into law as an official National Holiday (Shortly before this, he had ordered the US Military to crush a railroad workers strike in Pullman, Illinois, resulting in 13 dead and 57 wounded strikers - so let's have a holiday!).
I often find myself in long conversations with my borrowers over the best way to pay off mortgages early. Do I recommend the "Bi-Weekly Payment" plan, the "Extra Payment Each Year" plan, or the "Pay A Little Extra Each Month" plan? Since it is assumed that paying off a mortgage early is a smart financial strategy, people are often surprised when I don't have a favorite strategy to recommend. 
But because his credit scores were bad and his income was gone, he didn't qualify for a new loan. The bank who owned his mortgage - that same bank he had been paying extra to all those years - wouldn't help him. I'm sure the bank saw his home as a great foreclosure opportunity - all that "paper wealth" made his home an enticing target.
And if you want to try something different for dinner - try Lucky's Dog House Diner at 106 W. Main - a couple blocks from the Park. A full menu of amazing hot dog meals - I heartily recommend the Chicago Style Vienna Beef dog - great stuff! Grab a dog and window shop down Meridian Street's antique row as you head over to the Park.
"Write another blog." The message popped up in my email yesterday, sent by a friend I've never met who lives in Newfoundland. We read each other's blogs here on Active Rain and often try to impress each other with our arcanely witty comments. 
And this entertaining, educating, and enlightening has resulted in a booming business. So is it smart of me to suddenly stop writing now because I'm too busy? Ugh!!! My friend who I've never met from Newfoundland (I don't believe that's anywhere near Puyallup) caught me - nailed me - and gave me the best business advice possible: "Write another blog." 
I was saddened to hear the news of David Carradine's passing this week. Most remembered for his role in the 1972 - 1975 TV series, "Kung Fu", Carradine's character "Caine" learned lessons of life and martial arts from monks at a Shoalin monastery where he went to live after his parents were killed.
4. "To feel shame for no cause is a waste. To fell shame for a cause is also a waste. For you must rather spend time correcting that for which you are ashamed." Mistakes will happen, but you cannot let mistakes paralyze you from continuing to try. Do the best you can, work with integrity and honor, and when mistakes happen - do everything you can to correct them - knowing that mistakes WILL happen and there is no shame in making them now and then.
Harry was a candy maker. He had a little shop off Pacific Avenue in Downtown Tacoma where he offered a wide array of chocolates and taffies and hard-candy sugary sweets. Business was good for Harry and he enjoyed a loyal following and a fine reputation by offering excellent quality products, fair prices, and friendly service.
This was the beginning of the (Harry L.) Brown & (J.C.) Haley candy company legacy. Brown & Haley products today are sold in over 50 countries around the world. Most famous now for their pink-tinned (sorry, packed in bags isn't nearly as cool as the round pink tins) Almond Roca candies, my favorite product is still the original "Mountain Bar" - that ugly cream-filled chocolate nut-blob. 
;)
;)
