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Do you know where your listings are advertised?

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Tue, 11 Aug 2009 23:15:19 -0500

I often check out several other non MLS websites for real estate properties, digging for investments for my clients. I have yet to find one I don't already know about. I often see the same ones over and over again, and that is what caught my eye.

Recently I found an associate's listing being marketed on craigslist by a different broker. Searching around some more revealed this broker was advertising and marketing many listings from other brokers that he did not have permission from.

A quick call to TREC (Texas Real Estate Commission) verified a broker cannot advertise the listings of another broker without an agreement, without permission, or without consent. Only the broker who obtained the Exclusive Right to Sell or Lease Agreement can market the property unless the owner gives another broker permission as well.

Yes I do want maximum exposure for my listings, and for another agent to bring me an ideal offer. However I did the listing presentation and earned the trust to market this listing. That means I am spending my time, energy, and money advertising for my client I earned the right to represent. And here comes along an unethical agent or broker who downloads the agent's information and photos off the MLS and markets the property as thier own listing.

Some people don't see this as a big deal. My clients may love the extra exposure. To a professional and ethical Realtor this is unacceptable to me or my company. We all follow a standard code of ethics when we recieve our license. I hold myself to a higher level of ethics, professionalism, and integrity that my clients respect and appreciate when they select me as thier representative.

So let me ask you a question: Would you prefer to be represented by someone with no ethics, no integrity, and no respect for industry professionalism on one of the largest financial investments you may make in your lifetime? Would you trust what they wrote on your contract if they violate licensing laws and steal listings from other agents?

In a tough market, some desperate agents will try anything to make a quick buck at the expense of others. Do you trust them to represent your best interests?

Do the right thing, work with the right agent. It's time to trust a professional who is accountable to a higher standard. Call Mike Wong for all your real estate needs in today's market.

Another SMALL DEAL = Another HUGE RETURN!

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Tue, 11 Aug 2009 22:32:53 -0500

Here we go again! I'll get straight to the deal instead of my philosophy because I know my investors are excited to read about this one.

We found a single family property priced at $64,000. Tax value is $109,000. So there is about $45,000 instant equity. The home needs a roof $5,000 and some sheetrock repair and paint $2,000. Property was negotiated down to $55,000. With repairs that puts the total investment to $62,000.

I cant believe this thing was sitting on the market for over 90 days! I kept second guessing this investment deal because of how long it sat on the market, but the numbers kept telling me it was a great deal.

The home is well maintained and upgraded. It's about 1700sf, and the previous owner installed gorgeous laminate wood floors, upgraded tiles, designer paint colors, and took great care of the interior of the home. We put a tenant in place immediately for $1150 per month.

Breaking down the deal:

$55,000 Cost of Property
$ 7,000 Cost of Repairs
----------
$62,000 Total Investment

$109,000 CAD Appraisal Value - $62,000 Investment = $47,000 Instant Equity

$47,000 Instant Equity = 75% Instant Gain. Wait, wait, wait. Say we can't immediately flip this property in today's current housing market because of the difficulty in lending. Since this price point is attactive to first time buyers lending could be a bigger issue.

So we are of course going to just rent it for 3 years until the housing market recovers to normal.
(3 Years = 36 Months)
36 Months x $1150 = $41,400 total gross rent collected

Simply put we spent $62,000 to make $41,400 in 3 years = 67% Return On Investment (ROI) on just the rent collected.

So looking forward 3 years to 2012 we predict the local housing market will be fully recovered and this home should sell for current tax value $109,000. However being the conservative I am, lets say it can only sell for $95,000 without factoring in any annual compounding appreciation to keep this simple and makes a measley $33,000.

$33,000 Sold Equity
$41,400 Gross Rent Collected
----------
$74,400 Gross Profit

Ladies and Gentlemen. We spent $62,000 and expect to made $74,400 in 3 years!
Check my math, that is 120% Return on Investment in 3 Years!

Here is my challenge. Im pegging this deal on my board in my office and charting it. In 3 years I will follow up with an updated article with the actual returns. Here is the beauty, this is just one investment.

I can't count how many stock tips and next big hit picks Im told about everyday. Just pick a handful of 5 of those stocks and track them for 3 years. Even more challenging pick only 1, track it for 3 years and hope for a 120% return. I picked only this 1 property. I'll report early if I can get 120% in just 2 years, but Im confident I can make more than that goal in 3 years.

How many investments have you made 3 years ago that are now double their value?

Real Estate Investing 101 Part 3

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Sun, 17 May 2009 22:39:57 -0500

In my last entry to this series I explained instant equity capture and appreciation based on an actual property available in Sugar Land. In this section I will discuss cash flow and demonstrate the complete profit potential on this property.

REVIEW

I hope you are taking notes and applying this information. "Guru's" and "experts" charge hundreds or thousands of dollars to tell you this information. Here it is for free. Real local properties, real local specialist, real local results.

In the last entry we calculated a $45,000 profit in 3 years on the property from appreciation alone. Let me show you the additional cash flow and true expected profits of the property.

WHAT IS CASH FLOW?

CASH FLOW is the net income generated from the rent collected after expenses. Expenses include the loan Principle, Interest, Taxes, and Insurance. To be profitable cash flow must exceed your expenses.

Back to our case study property. Calculating in rent, taxes, expenses, and a vacancy factor should net about $8,200 annually x 3 years = $24,600 in net rent collected. This is CASH FLOW which is Key #3.

+ $120,000 investment purchase price
- $ 5,000 repairs and improvement
+ $ 25,000 instant equity capture
+ $ 23,000 appreciation over 3 years at 5% annually
+ $ 24,600 net rent collected over 3 years after expenses

$125,000 investment = $187,600 value in 3 years. Potential profit = $62,200
Profit of $62,200 on $125,000 in 3 years is a 50% return on the initial investment.

THE RESULT = 50% RETURN ON INITIAL INVESTMENT

What other investment in today's market will give you a 50% return on your initial investment in 3 years?

Ladies and gentleman, I learned how to invest in the stock market in 8th grade. I got started with actual saved money in high school. I've seen REITS (Real Estate Investment Trusts) create phenomenal returns and then collapse. I've seen the international markets and funds such as India and China return as much as 300%, then collapse with the world wide recession. I lost when the tech bubble busted, and I lost in our current recession just like everyone else including Donald Trump, Bill Gates, and Warren Buffet.

I get emails and stock tips everyday. Since I'm not running the stock company I can't analyze the deal and thier numbers and products from within. Do you trust anyone who claims they can predict when the economy will actually recover?

I am however running a real estate business with access to 100s of millions of dollars of properties to analyze. I'm an investor with a track record and have the tools to make money in this market when every other investment available out there right now is losing. Im quietly investing myself into real estate, and creating future millionaires. I've negotiated deals that created millionaires, and I plan to do more of those this year.

So ladies and gentlemen, if I check back with you in 3 years on May 17, 2012 will you have 50% more on your current investments?

Give me a call, it's time for a new strategy.

Listed for over 2 years by other agents. SOLD BY MIKE WONG IN 60 DAYS!

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Tue, 12 May 2009 22:47:13 -0500

Here it is! We finally closed a deal that has been in the works over the past couple of months on a spectacular property in the master planned community of Greatwood in Sugar Land, Texas. I'm so excited that I finally get to reveal what has been in the works now that its completed. I feel like Ive been keeping this huge secret until it was a done deal!

Residents have known this building as the Greatwood Sales Center. Agents have known this building for being for sale on the market for way too long. I knew this was the perfect building for my client, and I could negotiate a great deal on it. In today's market, selling requires an innovative strategy.

Coordinating and managing this complex commercial deal in today's financial environment was definitely a challenge. Completing a complex commercial deal in 60 days was very satisfying to say the least. I cant describe how rewarding it is to have coordinated this WIN - WIN transaction.

The WIN-WIN Transaction:

1) My client the buyer got the perfect building at a great price to fit his future needs.
2) The seller finally sold a property that has been on the market for years.
3) The seller's agent looks good for selling the property and bringing his client to the closing table.
4) As the buyer's agent, I got to demonstrate my complete skills and services to complete the transaction.
5) We sold a landmark property in one of the largest master planned communities in Sugar Land.

Real Estate Investing 101 Part 2

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Fri, 08 May 2009 00:04:14 -0500

This is the second entry of a series of articles I will be contributing to my blog to help educate the consumers and clients who contact me for my services. I will cover the basic steps to get started and help new investors with basic concepts on thier first deals to be successful.

In the first article I covered selecting a qualified Realtor and team to get started, and looking for instant equity in properties that are priced below market value.

KEY #2: APPRECIATION

One of the most basic and most attractive reasons to invest in real estate is the fact that it appreciates over time. Each market has a different rate of appreciation, and there are a variety of factors that will influence the rate of appreciation. There is a general consensus that real estate values double about every 20 years.

We can actually chart appreciation rates in neighborhoods and cities. In my market area I like to calculate the appreciation rate at a very conservative 4% per year. Actually most residential properties I analyze average about a 5% to 6% appreciation rate annually.

Unlike the stock market, we can predict the annual appreciation of a real estate investment. The stock market prediction is based on speculation and company results. Real estate is also some speculation, but in our market there is very little risk.

EQUITY CAPTURE + APPRECIATION =

Equity Capture + Appreciation = Just the Beginning! Combine both of these key qualifications we identify in investment properties and you have the formula for creating personal wealth and a sound investment. Do not consider properties that do not meet both of these criteria.

CASE STUDY SAMPLE IN SUGAR LAND

For example today I ran a search on the MLS for homes in my market area. I came across a property that is selling for $25,000 below market value. According to tax records and neighborhood trends I will calcuate in the average 5% appreciation rate in this neighborhood.

CALCULATING APPRECIATION

This home is listed for around $120,000, current market value is about $145,000 if it is in good condition. Looks like it needs new carpet, paint, and countertops to be in great condition. With the 5% appreciation rate with current market value calculates out to be $7,250 the first year of ownership resulting in an estimated market value of $152,250 after year 1.

If my investor leases the property for at least 3 years before selling it and allowing the market to recover, we can predict the 5% appreciation value the property at $167,855. So my investor sells for $165,000 after 3 years of ownership for an estimated profit of $45,000 from just the appreciation alone without factoring in the rent collected or improvements.

A $45,000 profit isn't bad, BUT I'M NOT FINISHED MAKING MONEY FROM THIS INVESTMENT YET!

In my next entry I will detail the numbers and analysis and show you the real profit potential of this investment with the #3 key. For now I need to get some rest, so I can be up bright and early to check out this case study property in the morning.

Real Estate Investing 101 Part 1

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Sun, 03 May 2009 22:54:05 -0500

This is the first of a series of articles I will be contributing to my blog to help educate the consumers and clients who contact me for my services. I will cover the basic steps to get started and help new investors with basic concepts on thier first deals to be successful.

CHOOSING THE RIGHT TEAM TO WORK WITH IS THE FIRST VITAL STEP:

In my into to investing in real estate I went over how important it is to work with a professional such as myself. Make sure you choose a professional who understands your goals and how to get you there. Goals are important, as well as your risk tolerance, expectations, and experience. Real estate investing is not for everybody. You will not become a millionaire overnight, it will take some time.

Since this is Real Estate Investing 101, I will cover the most basic investing which is usually single family homes. If I continue to get positive response to these articles I hope to continue the series into advanced investing articles covering commercial real estate.

KEY #1: INSTANT EQUITY CAPTURE AND ANALYSIS

One of the first keys we look for in real estate investing is instant equity capture. In the current market and economy we know home prices are slightly lower. If you focus and wait patiently its possible to find a foreclosure for $20,000 to $40,000 under thier appraised value in our local market. Other markets can yield $50,000 to $120,000 under appraised values. That could be instant equity captured if the home is purchased below market value. If that is the case, you better be ready to jump because chances are other investors may have already zero'ed in on the same deal.

The key is understanding appraised value vs market value. Appraised value is the estimated value by the local taxing authority to determine the amount to tax the property. Market value is what the property can sell for in the current market. Market values are affected by many factors such as other foreclosures nearby. Researching an investment property requires researching the neighborhood and competing properties on the market.

Using experience and data provided a qualified Realtor can determine all this information with you. Investment Realtors also use special tools and sofware to further analyze the property and its potential. The analysis requires more steps than I will explain here. I want to keep it simple, and if I teach everyone my secrets and tools, I wouldnt be very useful.

Purchasing a property below market value is like traveling back in time and purchasing a real estate investment before it goes up in value. The fundamentals of our economy causes real estate to increase in value. Real estate prices will not stay down forever. The historic charts prove this. I have clients who can prove this because they became millionaires as a result of real estate investing.

THIS IS THE TIME OF OPPORTUNITY

What other investment opportunity in the world will allow you to go back in time and purchase something for a lower price that you know will go up? Do you ever daydream and wish you could take a few thousand dollars back in time to buy: Microsoft, IBM, Dell, Walmart, Coca Cola, Intel, and all the story stocks before they skyrocketed?

This is your opportunity to purchase homes for 1990s prices before the market rebounds. What just happened? The real estate market just traveled back in time and gave us the dream opportunity.

Does that put this opportunity into perspective for you?

Intro to Real Estate Investing

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Thu, 30 Apr 2009 22:18:18 -0500

Many people have been fortunate in real estate and moved on to become very successful, others have not done so well. We have all heard the fairy tale stories of millionaires created, we all have that one uncle that has been in the real estate game, we have all seen the late night infomercials claiming the rags to riches stories. If it were really that easy...

Just as easy as millionaires are made in the real estate market, life savings, fortunes, and investment empires can be lost as well. Someone who can understand the risks and how to avoid them can lead you through a potential mine field in real estate.

REITs (Real Estate investment Trusts) have lost hundreds of millions investing in real estate. Builders and developers have closed shop playing in the real estate game. Projects have stopped mid construction as loans have run out.

The difference in successful real estate investing is understanding the factors that
identify a good investment and having a qualified professional advising you. You need someone to guide you through the process to get you the deal. Then do you hold it as investment? Do you lease it? Do you flip it? When is the big payoff, in 6 months or in 6 years? Are you working with someone you trust to handle one of the largest investments in your lifetime? What is thier personal track record as an investor? It just so happens you are reading one of his articles at this moment.

One of the most critical steps to getting started on successfully investing in real estate is choosing the right professional to work with to evaluate your level as and investor, discuss your goals, and design a personal strategy to fit your needs.

It does not matter if you are a seasoned investor with a multi-million dollar portfolio or a first time buyer. If you are buying any kind of real estate, you are an investor. A home is one of the largest investments we make in our lifetime. Nobody likes to lose on thier investments.

We all know the current real estate market is down and there are many foreclosures. For my clients and myself, that means real estate buying opportunities and investments are out there ready to snap up and they are going fast. Some deals are done in minutes before they ever hit the open market. Some deals are done within hours after they do go onto the market. A fellow associate told me it was reported there will be up to 800,000 foreclosures expected before the end of the year.

Currently the affordability index of homes in Houston is at an all time high. Interest rates are at historic lows. There are tax credits, housing assitance, and incentives that can save you up to $18,000 off the price of a home. More foreclosures are expected to come onto the market. There are real estate auctions going on across the country. I'm skeptical about buying real estate for pennies on the dollar which is impossible in our local market.

I predict more great deals comming onto the market that will only last for a few hours. I predict as the economy drags on there will be more renters looking for housing to lease rather than to purchase. As mortgage requirements become harder to qualify for, there will be less buyers and more renters. The expected buffet of real estate bargain deals will draw investors out in masses in a feeding frenzy.

So what qualifies a real estate investment as a great deal? Every investment is a degree of speculation. Having the most current data, analysis tools, and resources a professional Realtor can provide is essential to developing the investments potential. Like I said fortunes are made, and fortunes are lost. What is your strategy?

In this series of articles I will go over the basic principles of real estate investing to get started.

Comming Soon: Investor 101 articles for my blog readers

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Thu, 23 Apr 2009 17:22:33 -0500

I get calls weekly from investors who have either heard about me, been referred to me, or have read my blog and become curious about working with me to grow thier wealth in a stable investment rather than the volitile stock market right now.

I recently participated in an investor discussion panel with my peers this week and was pleased by the attendance and participation. One thing is for certain, investors need more information and training to make the right deals. Investors need a qualified Realtor to handle thier transactions and provide up to the minute data that is critical to making a wise investment.

In the next few days I will be contributing articles geared for new investors and my clients. I will include some case studies and samples of some deals I have done. I look forward to sharing some information to help people create wealth in this market of opportunity.

Houston Home Prices Fall for first time in 14 years!

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Thu, 23 Apr 2009 16:58:48 -0500

As reported in a recent article appearing in the Houston Chronicle, statistics show Houston home prices fall for the first time in 14 years. As well all know from the media coverage, home prices have been falling and collapsing in some markets nationally.

Looking at the data Houston is still one of the most stable markets in the country. Our prices and values have not collapsed like other cities. How much of a collapse did we experience? 2%, yes a whole 2% price drop since last year. Where were we last year on our median home prices? Up 1.5%!

The magic number put out by the Houston Chronicle is $72.71 as the median price per square foot in the area. However I would consult with your local Realtor to get the details about your specific neighborhood rather than a general average that encompasses an entire region.

The main factor affecting the median home price falling is the sale of foreclosures in the area. 1 in 4 homes sold in the Houston area was a foreclosure. Some are great investor bargains, others will take a while to appreciate.

How does this apply to you?

Well if you are a buyer as many of my clients are, this means the affordability of a home is at the best rate is has been in years. Combine that with historic low interest rates and the $8,000 tax credit for first time buyers, and potential builder incentives, you could be getting a great deal.

If you are an investor, stop watching those late night informercials and calling me. There are good deals out there and if you want one, you better have your checkbook ready when I call or you just missed it. Great deals pop up and are snapped up in hours. I'll post a few blog articles on investing and a recent deal I just did.

If you are a seller, do not be afraid to put your home on the market because you are afraid of a loss. Lets sit down and take a look at how your home has appreciated over the years and the current market trend in your neighborhood. Would you still sell your home for 2% less this year than you could in 2008?

Lets get real. The real estate market is slow for those who are afraid and scared. There are some of us out there making deals happen and taking advantage of this market. Dont believe the national media or some news anchor who lives in a 1,000 sf closet in New York to tell you about your home in Sugar Land. Call your local Realtor and specialist to find out your true home value and market news 713-935-5800.

RED DAY 5.14.2009 Comming to Galveston

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Thu, 23 Apr 2009 16:23:34 -0500

Attention all my fellow KW associates and community members. The first ever RED DAY is comming very soon on May 14, 2009. Every Keller Williams office in our region is coordinating volunteers for a large group effort in Galveston Texas. Be there in your RED DAY t-shirts and lets show the world the spirit of Keller Williams by helping our neighbors in Galveston.

1. Project: PAINTING THE TOWN, we will be assigned to properties for interior and exterior of homes and non profit locations all over the island.

2. Time: From 10 AM ~ 4 PM on May 14, 2009. We will meet at Galveston Market Center (1019 16th St., Galveston, TX 77550) at 10 in the morning. We will get our supplies and go to the assigned property for the work. We will finish around 4 PM and then go back to Galveston Market Center and there will be a big celebration.

3. The organization that we are working with is www.help4galveston.org Please check it out on line to get more information about the organization.

Adrian Garcia Harris County Sheriff Public Breakfast for China Town District

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Mon, 23 Mar 2009 21:59:53 -0500

When: MARCH 25, 2009

Time: 7:30 - 9:00 AM

Where: OCEAN PALACE
11215 Bellaire Blvd
Houston, TX 77072

The Board of Directors of the Greater Sharpstown and International Management Districts will host Harris County Sheriff Adrian Garcia for a public meeting to discuss safety and security in our community and the business district.

The public is invited to voice thier concerns and ideas to continue to make Houston safe and one of the best places to live, and our China Town one of the best places to visit.

Sugar Land Home Now Available for Lease

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Fri, 20 Mar 2009 19:09:59 -0500

Sugar Land home in Park Pointe off Highway 6 and Voss is now available for lease. Completely repainted, new carpet, and flooring, all appliances installed and ready for a tenant to move in today!

Spacious plan with lots of light. Great sized back yard. Convenient location surrounded by retail centers. Perfect place to grow into.

MIKE WONG | Keller Williams Realty Southwest | 713-935-5800

11803 PEDERNALES FALLS, Sugar Land, TX

Sugar Land home now ready for lease. Fresh paint, new carpet, and new appliances included! Ready to move in today! Alarm, Cable, and Dish installed!

4BR/2BA Single Family House

$1,495/month

Bedrooms	4
Bathrooms	2 full, 0 partial
Sq Footage	2,067
Parking	2 dedicated
Pet Policy	No pets
Deposit	$1,495

DESCRIPTION

New laminate floors in all living areas, new carpet, and fresh paint in all rooms. All appliances included: washer, dryer, refrigerator, and gas range.

Large back yard. Open and bright floor plan with high ceilings. Single story full brick home. Perfect for your family, and available today!

Convenient location off Hwy 6 & Voss. Close to retail, restaurants, and stores.

FBISD Schools: Lakeview Elementary, Garcia Middle, Austin High School.

Alarm system, cable, and dish installed.

Contact Mike 713.935.5800 to view today!

1 year lease. Applicants subject to credit and background checks. No pets. No smoking.

see additional photos below

RENTAL FEATURES

Air conditioning	Central heat	Fireplace
High/Vaulted ceiling	Walk-in closet	Hardwood floor
Tile floor	Family room	Living room
Dining room	Dishwasher	Refrigerator
Stove/Oven	Microwave	Attic
Washer	Dryer	Laundry area - inside
Yard	Jacuzzi/Whirlpool	Cable-ready

COMMUNITY FEATURES

Clubhouse

Swimming pool(s)

Playground

LEASE TERMS

1 year lease. Applicants subject to credit and background checks. No pets, No smoking.

ADDITIONAL PHOTOS

Ready for move in!	Open, Bright, Spacious
Bright Kitchen+Appliances	Fresh Paint & New Carpet!
Bright Family Room	Washer+Dryer Included!

Contact info:

MIKE WONG

Keller Williams Realty Southwest

713-935-5800

Equal Opportunity Housing

Posted: Mar 16, 2009, 7:04pm PDT

Bellaire China Town Robbery Emails Not True

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Sun, 08 Mar 2009 13:43:11 -0500

A little over a week ago I began to rapidly recieve a disturbing email message that spread across the asian community like wild fire concerning multiple robberies in southwest Houston's "Asiatown". The details were alarming describing gangs of 6 to 15 gunmen targeting popular businesses and thier customers. According to the emails some police officers were overtaken and locked into rooms, reports of multiple businesses hit in a week, each following email containing more details and alarming stories.

By the time a string of the e-mails hit Houston City Hall the list of businesses had grown to 9 places reportedly robbed. Houston's China Town was gripped with fear and it was affecting business and normal activity in the area. The problem is there was no evidence of all the stories being true.

Police officer Lilly Yep, who works the Asiatown beat, says investigations of robberies cited in the e-mails proved the email reports "bogus." "From my knowledge, it's rumors," she said. "It's a case of someone sending 15 e-mails and then each of those people sending 15 more." Yep suggested the cyber gossip might be the work of disgruntled employees.

A manager of Tan Tan at Bellaire and Ranchester, one of the purportedly robbed restaurants, said the rumors caused thier business to drop by 20 percent.

Houston police said only three restaurant robberies were reported in the area in recent months. On Jan. 7, two men robbed Thuan Kieu Com Tam located at 10792 Bellaire, targeting seven customers. The pair struck again the next day at Tau Bay at 8282 Bellaire, but later were arrested. Another robbery occurred Jan. 23 at Le Viet, a west Houston Vietnamese restaurant about three miles from the Asian business district's heart. Two gunmen robbed about 12 customers of valuables while management huddled in a cooler calling police.

In response to the growing concern and anxiety in the area, the Houston Police Department is deploying thier specialized crime prevention task force to the area of Bellaire and Beltway 8. The Asian American Real Estate Association is participating with the Greater Sharpstown Management District, City Council Members, Houston Police Department, and Community Leaders to discuss the situation and how to assist the area.

Hello from Orlando, from the Keller Williams Family Reunion!

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Fri, 20 Feb 2009 19:58:17 -0600

Just wanted to say hello to my fellow agents at home and here with me in Orlando! I arrived in the beautiful city late this afternoon and I'm just settling into my hotel. Seems like it takes longer to unpack than it did to pack! Maybe because I'm in a strange room and don't know where I want to put my stuff.

So far so good. Ive got a nice comfy room to myself. Some of my fellow agents at the same hotel are complaining about cleanliness and accommodations here. For the same rate everything works for me. Of course being a germ-aphobe I went across the street for some disinfecting wipes. Next time Im packing my own, I bought a mini can of lysol for $6. As a matter of fact 4 bottles of soda, a snack pack of cookies, lysol, listerine, and soap costed $26! Maybe I need to open a convenience store across from a hotel district when I get home.

Im at the International Plaza Resort & Spa. Cleaned everything up according to some travel tips I read somewhere about the tv remote being the dirtiest thing in a hotel room. Also wiped down all handles and switches as advised and now I feel better.

Obviously my internet access is up and running fine. I ordered room service, the angus burger and a cheesecake for dessert. As expected its going to be hotel priced room service. Burger was ok, but they're better in Texas! The service here is excellent from the front desk, room service, and guest services. They have a really nice workout facility and the rooms are quiet and comfortable.

The rooms are not huge, but they are functional and more than enough for me alone. Ive got a pool view and there is plenty of room to walk around outside in the complex made up of several buildings. There are alot of places nearby to shop and dine, all within walking distance.

Before I knew it and settled into my room it was 8pm Orlando time and I was starving after just grabbing a quick snack for lunch before departing Houston. So I settled for room service rather than wandering around the hotel and getting more hungry.

Now that Im here Im working on a commercial deal that has been in the works for a month now and finally the ball is rolling. Its amazing how technology is today. I can be in a hotel in Orlando, FL and communicate with documents to negotiate and proceed on a real estate transaction in Sugar Land, TX.

Its also Murphy's Law of real estate, or it's at least always been my luck. As I was winding things down last week at the office to spend a week in Orlando, it was quiet before I left. On the plane my voicemail got 3 calls regarding commercial deals that have been waiting months for! I love it!

There is is ladies and gentlemen, just when you least expect it, deals start moving. What is better than accomplishing a deal 963 miles away! Now I'm getting back to work!

I'll keep updates here about Keller Williams Family Reunion 2009 from Orlando, FL. Im excited about KW Commercial Division Launch and courses!

Foreclosures affecting Houston home prices

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Tue, 17 Feb 2009 17:43:22 -0600

According to a report today in the Houston Chronicle the foreclosure market is driving down the Houston home prices over the past month. According to the Houston Association of Realtors: one in three homes sold last month had previously been in foreclosure. The increase of foreclosure inventory contributed to the 8.5 percent drop the median price of a single-family home.

HAR reports falling prices for the fourth straight month, the price fell to $127,850 in January compared to $139,720 a year earlier. Foreclosure sales made up 34 percent of all single-family home sales during the month, compared to 25 percent a year ago.

There were 44,178 properties for sale on the Multiple Listing Service at the end of the month. Demand for rental properties was up in January, too. As more Houstonians opted to rent, leases of single-family homes rose 4.8 percent and those of townhomes and condominiums were up 25.6 percent.

What does this mean to my clients and blog readers? Now is a great time to invest or purchase with home prices at the most affordable levels and interest rates lower than ever. President Barack Obama's $787 billion economic stimulus package would give eligible first-time home buyers an $8,000 tax credit that wouldn't have to be repaid unless the owner sells the home within three years.

My investors are buying foreclosures in Sugar Land that are absolute steals, and turning them into rental income property to take advantage of the current demand and prices. So they are purchasing homes below market value gaining instant equity, renting them out for income, and gaining equity appreciation. I'll follow up with another blog giving a typical scenario.

Lakefield Feb 2009 Market Report First Colony Sugar Land

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Mon, 16 Feb 2009 18:18:28 -0600

Mike's Neighorhood Market Report for Lakefield (February 2009)

Currently there are 9 homes on the market for February.
   3 available
   1 option pending
   1 pending sales
   4 rentals available

   1 rental represented by Mike Wong of Keller Williams

4 home in the neighborhood is currently available for rent. Average monthly rate is $1,265 for the neighborhood.

Listed price ranges from $135,000 up to $199,000 for current homes on the market.

Since Jan 1, 2008:
There have already been 10 homes sold in Lakefield.
Average square footage of sold properties is about 1823 sf.
Actual sold price ranges were from $109,000 up to $220,000
Average home sales price was $186,505

Here are the current available homes in Lakefield:

3 bedroom, 2 bathroom, 1990 square foot home. Listed at $135,000

3 bedroom, 2 bathroom, 1810 square foot home. Listed at $149,000

4 bedroom, 2.5 bathroom, 2161 square foot home. Listed at $184,900

3 bedroom, 2 bathroom, 1327 square foot home for lease at $1325
Fresh paint inside with new carpet and upgrades. Move in ready!

If you have any questions please feel free to call Mike at 713-935-5800 to schedule an appointment to view any of the available homes above.

Riverstone Brookside Inventory Homes by David Weekly

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Wed, 11 Feb 2009 16:49:25 -0600

Riverstone is a master planned community located in Missouri City. Riverstone is over 3,700 acres and is planned for 6,000 homes and 18,000 residents over the next eight years. The community is so large it covers two cities. Riverstone offers an architecturally diverse selection of homes priced from the $200s to over $1 million.

David Weekley is currently closing out thier 80' Brookside section and plan to move into thier new section within the next few weeks. The beautiful "Dell" model home facing the lake was sold months ago. Here is thier current close out inventory.

Right now there are incredible builder incentives available. Employee pricing, rebates, special financing. Also a new mortgage guarantee program if you lose your job your mortgage payments are guaranteed for up to 6 months!

"The Collette" by David Weekley in Brookside
4 bedroom, 3.5 bathrooms, 3 car garage, study, gameroom, media room. Beautiful master bathroom. Hardwood floors entry, study, dining room, family room, kitchen and breakfast area. Stained cabinets throughout. Upgraded granite counter tops. 4140 sq ft. Was $614,053 Closeout $515,700

"The Berkeley" by David Weekeley in Brookside
5 bedroom, 4.5 bathroom, 2 car garage, covered porch, private courtyard with fireplace. Hardwood floors in the entry, study, dining room, and family room. Upgraded tile in kitchen and breakfast area. Upgraded plumbing and lighting fixtures. 4156 sq ft. Was $630,330 Closeout $524,305

Returning to the Rain! Its great to be back!

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Tue, 10 Feb 2009 22:49:13 -0600

It has been a while since I've been active in here the Rain. I'm certainly glad to be back and returning to duty to provide my clients and consumers useful content and information about Sugar Land.

I haven't abandoned the industry that I love, I haven't been on a vacation. I haven't been under a rock. I have certainly been busy that ever taking care of my clients and thier real estate needs. Im not sure about the economic slow down locally. Im off to the busiest start ever for a new year.

Despite the national media news, real estate transactions continue to happen in Sugar Land and the Greater Houston area. In Sugar Land we are still averaging 50 homes sold per month according to the latest economic report for the area. Thats almost 2 homes sold per day. Leasing occupancy is at an all time high. Commercial real estate is still active in the area. (I will post the stats and data in a follow up blog).

Builders are continuing construction. David Weekley is opening thier new sections in Riverstone, Missouri City. Telfair is still growing rapidly, and the luxury community Aliana is under way. Check back this week for those reports I plan to post here as well.

My investors are also keeping me busy by taking advantage of great opportunities in today's market. Right now there are some very attractive foreclosures comming onto the market. I'll start posting some of those deals, the latest news, and analysis of investments here soon.

Stay tuned folks, I'll be active again here providing more information like you have come to expect from the leading Active Rain Real Estate blog for Fort Bend County Texas.

Park Pointe in Sugar Land Monthly Market Report

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Tue, 10 Feb 2009 22:16:31 -0600

February 10, 2009

Mike's Neighorhood Market Report for Park Pointe (February 2009)

Currently there are 6 homes on the market for February.
   2 available
   2 option pending
   2 pending sales
   1 rentals available

   1 SOLD by Mike Wong of Keller Williams

1 home in the neighborhood is currently available for rent. Average monthly rate is $1,400 for the neighborhood.

Listed price ranges from $125,000 up to $189,000 for current homes on the market.

Since Jan 1, 2009:
There have already been 2 homes sold in Park Pointe.
Average square footage of sold properties is about 2506 sf.
Actual sold price ranges were from $125,000 up to $145,000
Average home sales price was $135,000

Here are the current available homes in Park Pointe:

3 bedroom, 2 bath, 1740 sq ft, 1 story home for sale

5 bedroom, 3.5 bathroom, 2 story home for sale

3 bedroom, 2 bathroom, 1 story home for lease

Of course if you have any question about any of the homes or would like a free consultation and market analysis of your home, contact Mike at 713.935.5800

2009 AAREA Spring Gala Asian American Real Estate Association Houston

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Thu, 22 Jan 2009 17:42:05 -0600

The Asian American Real Estate Association is hosting their 6th Annual Spring Gala for 2009 this year at Ocean Palace on Bellaire on Saturday January 31, 2009 from 6:30pm to Midnight.

Individual tickets and 10 seat tables are still for sale through any of the AAREA Board Members. Please feel welcome to contact Mike Wong 713.935.5800 for more information or sponsorship and advertising opportunities before its too late.

This has always been a great opportunity for agents, vendors, lenders, and all industry related professionals to come together to celebrate the Chinese New Year at a grand event. Of course I take this opportunity to invite my family and best clients to enjoy the evening at a table I have hosted for my guests.

Holiday Safety Shopping Tips

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Sat, 20 Dec 2008 19:04:53 -0600

Many of us are expecting to be out there shopping at the last minute during this busy holiday season. During the stress of finding parking, last minute gifts, sifting through what is left at the stores, and comming up with something for that someone who has everything, we forget about ourselves. Im not talking about that meal we sacrificed to continue shopping, or the nice gift for ourselves we sacrificed.

In all the holiday shopping madness, DO NOT FORGET ABOUT YOUR PERSONAL SAFETY! The holiday season is a time when busy people can become careless and vulnerable to theft and other holiday crime.

Here are a few prevention measures to help keep your holiday season joyous.

Shop during daylight hours whenever possible. If you must shop at night, go with a friend or family member.
Dress casually and comfortably.
Avoid wearing expensive jewelry or flashy items.
Do not carry a purse or wallet, if possible.
Always carry your Driver License or Identification Card along with necessary cash, checks and/or a credit card you expect to use.
Even though you are rushed and thinking about a thousand things, stay alert to your surroundings. Be alert when you are walking to and from the parking lot.
Avoid carrying large amounts of cash. Keep cash in seperate pockets so that you do not have to pull it all out at once in front of strangers.
Pay for purchases with a check or credit card when possible.
Keep cash in your front pocket. Keep your purses zipped.
Notify the credit card issuer immediately if your credit card is lost, stolen or misused.
Keep a record of all of your credit card numbers in a safe place at home.
Be extra careful if you do carry a wallet or purse. They are the prime targets of criminals in crowded shopping areas, transportation terminals, bus stops, on buses and other rapid transit.
Avoid overloading yourself with packages. It is important to have clear visibility and freedom of motion to avoid mishaps.
Beware of strangers approaching you for any reason. At this time of year, "con-artists" may try various methods of distracting you with the intention of taking your money or belongings.
Always park in well lit areas visible to others.
Do not leave shopping bags or valuables visible in your car, place them in the trunk.
If you have too many bags and have to take them to the car before you continue shopping for more, load them in the trunk and drive to a different parking lot. A thief will see you load your car and know you will be gone for a while as you return to shopping.
Always have your keys ready when walking to your car.
Take advantage of mall security, they will gladly escort you to your vehicle.
Try to combine or carry minimal bags, do not show off high value items or thier vendors bags as you are shopping such as jewelry or electronic purchases. That will identify you as a great target.
Be alert in the stores. There is still the potential for pick pockets and purse snatchers.
Never leave your purse unattended in the shopping cart! When I observe a lady leaving her purse in the cart and walking off more than 10 feet, I walk over and hand thier purse to them. Its amazing how angry they get that you are protecting them, yet how distraught they would get if it were stolen.

Finally everyone have a safe and happy holidays with your family. These were all the tips I could think of off the top of my head, and I hope that sharing them keeps your safe.

Some interesting facts to start a conversation

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Thu, 11 Dec 2008 21:14:43 -0600

Here are some interesting facts to break the ice, to fill in those awkward moments of silence, or to lighten up the conversation.

A million dolloars worth of $100 bills weighs 22 pounds or 10 kilos.

It takes 7 gallons of crude oil to produce a single car tire.

North Americans throw away 2.5 million plastic bottles every hour.

China has a population over a billion people, but only about 200 family names.

Your stomach has to produce a new layer of mucus every two weeks or it will digest itself.

According to the American Solar Society enough sunlight falls on the earth's surface each minute to meet the world energy demand for an entire year.

Right handed people live on average 9 years longer than left handed people do.

A diamond is the hardest natural material on earth, but if it is placed in an oven and the temperature is raised to about 763 degrees Celcius (1,405 degrees F) it will simply vanish without even leaving an ash, and only a little carbon dioxide will have been released.

Annual global spending on education is $80 billion.
While the top military spenders are:
United States $528.7 billion
United Kingdom $59.2 billion
France $53.1 billion
China $49.5 billion
Japan $43.7 billion

How Do People Spend Money During The Holidays?

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Thu, 11 Dec 2008 21:02:28 -0600

Here are some neat statistics provided by Lauren Krady.

Via Lauren Krady Lancaster PA Realtor:

In 2007 Holiday Retail Sales in the US totalled 474.5 Billion dollars! It will be interesting to see if that number is scaled back this year. Want to see where people spent some of that money?

$9.3 billion in jewelry store sales

$5.8 billion in stores on hobbies, toys, and games

$19.8 billion in computer and vido game, console, and accessory sales

$700 million in candle sales

$26.3 billion in gift cards

30-35 million Christmas trees are sold in the US every year
20 billion cards, letters, and packages are delivered by the US Postal Service betwen Thanksgiving and Christmas
275 million first class cards and letters were mailed on December 17, 2007, the busiest mailing day of the year
67 million turkeys are eaten at Thanksgiving and Christmas
131 million pounds of eggnog were sold during the 2006 holiday season

In November and December of 2007, consumers piled up an estimated $12.8 Billion in new debt, according to Cardtrak. (an organization that tracks credit card use) That is 16% of the total debt accumulated that year.

This info is courtesy of GOOD, a weekly series available at Starbucks. Starbucks partners with (RED) to generate money for the Global Fund to help eliminate AIDS in Africa. This cause is important to me and hits close to home, my husband and I adopted our daughter from Ethiopia in 2003. Visit joinred to learn more.

Consider giving a gift to someone around the world through Heifer International ; you can donate money to buy different animals for a family. I love this organization because they aren't just handing out food, they are helping people become self sufficient, it really changes their lives and helps improve communities.

In 2007 the average American planned to spend $800 on holiday related shopping and $100 on themselves. I bet that number will come down this year.

Enjoy the holidays with your friends and loved ones!

Investment Strategies in Today's Markets with Mike Wong

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Thu, 04 Dec 2008 18:29:19 -0600

Investment Strategies in Today's Market for First Time Investors

Thinking about investing in todays real estate market but not sure were or how to start? The first step is to select the services of a knowledgable Realtor with hands on experience in this niche and market. Right now the best opportunities out there. The availability of foreclosures and inventory homes are up, interest rates are at historic lows, and sellers are motivated. This is the time that seasoned investors accumulate wealth, when the market presents opportunities such as the conditions we are seeing in todays market.

Here is a sample deal I put together for one of my clients. We located an investment property perfect for a first time investor deal. 3 bedroom, 2 bathroom, 2 story for $44,000.

Sale Price $44.000
Down Payment $9,000 (a little over 20%)
Financed Loan Amount: $35,000
Loan Term: 30 years fixed
Rate: 5.7%
Estimated Monthly Mortgage Payments $200 (not including taxes and insurance)

The property required minimal rennovations or repairs. Simple needed fresh paint, landscaping, and carpet cleaning since it was acquired in great condition. Improvements were less than $400 total.

The property can now be leased out for $800 per month creating monthly cash flow for my investor while gaining equity and appreciation in the property which was sold well below its value. Based on rental income only there is a 8% CAP, without appreciation and equity factored in.

Sugar Land Town Center holiday tree lighting ceremony is Dec. 4

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Thu, 04 Dec 2008 11:07:47 -0600

Santa Claus and the Sugar Land Mayor James Thompson will officially light the Town Center Christmas tree to kick off the holiday season today from 5-8 pm tonight at Sugar Land Town Square. All activities are free, with the tree lighting tentatively set for 7:30 p.m.

The sixth annual Christmas Tree-Lighting event will include family festivities and a few surprises from Santa as he makes his grand entrance. Local businesses will offer children's activities, including face painting, free holiday photo stations and festive giveaways before the lighting ceremony.

Performers will include Sugar Land Super Star winner Melanie Finley, local church choirs and orchestras, and the Austin High School drum line. Stilt walkers and jugglers, sponsored by Sugar Creek Baptist Church, will add to the entertainment.

The highlight will be the arrival of Santa, who makes a point of arriving a different way each year. In the past, for example, he came in a gift box that was unwrapped and another year he arrived via a cable. Santa will be available for photos in Town Square beginning at 5 p.m.

To help Santa make his grand entrance and to avoid traffic congestion, a free shuttle service will run from Mercer Stadium, 16403 Lexington Blvd. and Austin Parkway, to Town Square.

Parking will also be available in the Texas and Lone Star garages in the Town Square.