Frank's Blog

The Keys and Tropical Storm Fay

Equity Options Corp. — Tue, 19 Aug 2008 10:38:25 -0500

Tropical Storm Fay has made its pass through the keys and left everything relatively unscathed. The most damage has come to the keys business owners due to the mandatory evacuation of tourist. The keys have had it good for a while now. We have not had a direct hit from a hurricane since 1999 when Hurricane Irene's eye passed over Key West at 8 A.M. and continued on towards Cape Sable where it hit the mainland and continued its path through south Florida.

In the last three years we have'nt had any bad storms at all. Since I have been living in the keys (1999) I have not had to deal with any damage from storms including Irene. The most damage I have had to incur was the water level rising after the storm and damaging what ever I had on the floor of my storage room downstairs. Fortunately my home is up on pilings and no where near the water. Many of my neighbors are not so fortunate. Their homes were built prior to the FEMA regulations which require homes to be built above the flood plain. Thank fully Fay has not brought any flooding.

Although preparing for a storm is a bit frustrating, I must say I would much rather be doing this with time to prepare than dealing with tornadoes or earthquakes not knowing when they will hit. It really is not that bad. I enjoy being outside under my home seeing the rath of mother nature whip the palm trees and the clouds fly by. Fay was a very light storm that actually cleaned up the trees and shrubs pretty good. I am sure we will have more storms to come and damage to deal with. However everything has a price and paradise is not free. Insure it right, be safe, protect the important items and have fun. What else can you do but this?

Oh! Be thankful you made it through in good health!

Key Largo Life!

Equity Options Corp. — Wed, 13 Aug 2008 14:46:25 -0500

Key Largo is a small town of about 20,000 year round residents which grows to 50,000 residents in the winter months. We are the first island after you leave the south end of mainland Florida. Also known as part of the Florida Keys and many times confused with Key West which is 100 miles further south. Key West and Key Largo are like night and day. We share the same county but that is where it ends. People visit Key Largo to go diving and fishing mostly.

What I love the most is the friendly people that live here. Everyone here has the same ideas about life. There is no speed or fast lane here; we all take it one day at a time, we value our friendships and enjoy the great weather.

I moved here for the water (Ocean) so I can fish and dive as much as I wanted to. I am on the water every weekend and sometimes during the week. There are many local bars that I visit on Wednesdays and Thursday by boat. I usually go to CJ's (Cactus Jacks) on Wednesday where Michele makes her home made casserole for the locals at a much reduced price. I usually walk over to the Big Chill which is our new superstar restaurant / bar that has an excellent outdoor sunset bar with a pool.

Then on weekends I either go fishing or visit the local beaches that can only be reached by boat. Usually meet a group of friends there and hangout. Because I live here many of my mainland friends like to come and visit. Usually about once a month I have visitors stay with me. One of my favorite things I love about living here is there are no lines anywhere and never any traffic. That in itself is priceless. I rarely deal with stress and when I feel a little coming on I go outside and realize how lucky I am to live here and it is gone.

We have all the comforts of a big town and none of the problems. If I want big malls and stores I can take a 40 minute ride and I have whatever I need. Where else can you have all this and 2 oceans within walking distance. My home is on the bayside (Gulf) and if I walk ¼ mile I am on the Atlantic. I have the Everglades within a 5 minute boat ride and John Pennekamp state park within a 5 minute drive. This is North America's only underwater park that has the largest living reef in the western hemisphere.

This is a special place. Key Largo is my home and I plan on keeping it that way. If you are interested in any local info, write or call me. I am always looking for new friends.

Recovery or results? which one is it going to be?

Equity Options Corp. — Tue, 12 Aug 2008 12:39:42 -0500

H.R. 3221 THE HOUSING AND ECONOMIC RECOVERY ACT OF 2008

We are official, this bill which hopes to start the recovery we are all hoping for has been passed on the senate floor by a vote of 72-13 on July 26, 2008 and signed by the president on July 30, 2008. What does this mean for our industry and our customers.
Here are the key elements to this bill.

        * $300 Billion in FHA Loans for Home Owners to Refinance
This will help an anticipated 400,000 people refinance problematic subprime loans by where lenders would have to agree to write down qualified mortgages to 85% of current appraised value and qualified borrowers would be able to obtain a new FHA 30 year fixed mortgage at 90% of appraised value. Sounds great however home owners would have to agree to share 50% of all future appreciation with the FHA. The loan limit for this program is $550,450 nationwide. This program goes into effect October 1, 2008.

        *FHA Reform
This includes permanent loan limits at the greater of $271,050 or 115% of the local area median home price. It is capped at $625,500. The Downpayment will increase to 3.5% from the current 3%. This goes into effect immediately except for the loan limits. They will go into effect after the expiration of the Isonomic Stimulus limits on December 31, 2008. Also will prohibit seller funded downpayment assistance programs, it will continue to allow assistance from nonprofits funded by other sources such as churches, employers, or family members. This goes into effect on October 1, 2008

        *Home Buyer Tax Credit
This allows a tax credit for individuals buying their first home up to 10% of the purchase price not to exceed $7500 and may be subtracted from their federal income tax. They are required to pay the credit back over 15 years. The credit applies to homes purchased on or after
April 9, 2008 and on or before July 1, 2009. Basically this is an interest free loan.

        *4 Billion to buy and rehab foreclosed homes
This will provide funds for local communities to buy homes at a discount, rehab them to sell and use the profits for neighborhood development. This will help communities by keeping crime down and values up.

        *Property Tax Deductions
The bill creates a standard deduction for state and local real property tax deductions. Available for one year and it will begin in 2008 for non-itemizers. This primarily helps those who do not itemize mortgage interest due to not having a mortgage. It also closes a loophole for second home owners who treated the second home as a primary. The bill requires homeowners to pay taxes on gains from the sale of second home for the portion of time the home was not used as a principal residence. The good news is it does not go into effect until January 1, 2009.

There are many other provisions of this bill although these are the most important changes that will affect the majority of people. These changes are expected to slow the foreclosures and bring more buyers into the market. Although this may help this may not be the miracle we all expected we must continue to be optimistic. In the end this will pass and we will all have learned a good lesson. NOTHING LAST FOREVER!

SO WHAT IF IT IS SLOW!

Equity Options Corp. — Wed, 06 Aug 2008 11:17:41 -0500

By now everyone has experienced a slow down in the business to some extent. Yes the day we all dreaded is here. WE HAVE TO WORK FOR A LIVING AGAIN! For a while there we all had it easy. Customers lined up to do business with us and were happy to do so. Those days are gone and for good reason. Many that should not have been approved for a loan were approved thanks to all those sign and drive loans that were easily available. Although I am not making the income I did during those years I am happy to say that I am glad it is over.

America as a whole was on a feeding frenzy for houses cars and more and more junk that in the end means nothing. This will bring us back to what really matters and it is a long time coming. Time to spend with family, freinds and people you care about. A time to gather your thoughts and sharpen your skills to better help your customers. I have been able to spend more time with my family, time to read books that help me become a better person. I value my relationships much more and have time to expand on them. Before, all my thoughts and energy were focused on one goal, close loans and make money. I have always felt that everything happens for a reason and this is no different. Our country has become to hooked on material items and forgotten where we all came from. This country was built on hard work, family values and being good to your neighbor. So in the end this will help us all value a bit more the important things in life. Now is the time to stop and think what is important and what matters. Then work towards that and be glad that hopefully we have learned something from this. I did! SO WHAT IF IT IS SLOW! It is for the best!

Navy Graduation

Equity Options Corp. — Thu, 03 Apr 2008 20:13:12 -0500

My son david graduates from the United States Navy in Great Lakes Illinois. A previous graduate of Coral Shores High School in Plantation key who has made his family and his community extremely proud. After arriving in Chicago the day before the graduation we arrived ealry the following morning to see my son in uniform after not hearing or seeing him for over 2 months. We were the first to arrive at the very beginning of what would be a 12" day of snow storm. It was well worth it. What an impresive event to see 842 of our countries finest young people. When the event started they marched in from the snow storm and we were able to get our first glimpse of David. Here is his Division 118 and there is David behind the big guy on the right.

It is incredible what the Navy has done for my son. He is a completely different person. He has learned how important the words Honor, Commitment and Courage are. He has goals and tremendous respect for his peers. He is very proud to serve his country and will be doing so for the next six years. I congratulate my son and look foward to his achievements in the service of our country. THATS MY BOY! GO NAVY! GO DAVID!

Key Largo St. Patricks day parade

Equity Options Corp. — Sun, 16 Mar 2008 20:25:14 -0500

Saturday the 15th was the Key Largo St. Patricks day parade. Along with excellent weather and lots of great people the fun was on. The float I am on is a boat trailer converted to a deck trailer. The trailer belongs to video Dave and was decorated by our club Pirates On The Water. We spent Thursday afternoon putting it together and having a great time. It was a great success and it was attended by many families and lots of kids. I was pulling the float with my truck while it was full of Pirates throwing candy to the kids.

The highlight of the parade was the Bubba Rogers dragster. What an impressive machine, loud and full of horsepower. These things are like rockets on wheels. I asked if I could drive but as I expected NO! was the answer. The parade lasted about 40 minutes and ended with lots of food and drinks. The day turned out to be perfect although by noon it was hot and muggy, time to head for the water. The greatest thing about Key Largo, if you want to jump in the water it is usually walking distance from anywhere.

Who is Video Dave you ask. Well I will tell you how he got his name. He is a fanatic about big screen TV. He has the largest screen in Monroe County. 13 Feet from corner to corner. He usually sets it up for club meetings and sporting events. The biggest one has been 35Ft diagonally. He is a great person and is full of laughs. VD how some of us call him was the fearless leader of our group of pirates on this day. I am sure we will have many more good times with Mr. VD. Another great Key Largo community event.

Finally the day ended out on the boat with some friends looking at the sun come down. Although this appears to be an incredible sunset, they are actually quite common. The day may have ended but the night was just beginning.

Do I qualify?

Equity Options Corp. — Tue, 04 Mar 2008 09:39:22 -0600

The real estate market is down and prices have never been better to buy than they are right now. I remember people telling me if prices came down and they could afford to buy a home they would jump on it. Well the time is here and opportunities for good deals abound. There are hurdles to jump such as qualifying for a loan. A year ago if you had a pulse there was a lender that would lend you 100% to buy your home. Today that has all changed and in the long run it is for the better. People that can show the ability to pay back the loan and can verify it are the ones that can benefit at this moment. If you can prove your income and have fairly decent credit you win! Not only will you buy at a good price but you will also benefit from great rates that sooner or later will begin to increase. There is an old saying "don't leave for tommorow what you can do today" and that has never been more true than right now. I don't remember when in my life the rates were down this low and there was so much inventory of property at such good prices. This will turn around and we do not want to be saying I could've, should've or would've but did'nt. If you want to find out how much you can qualify for go to my mortgage calculator and you will have the answers you need. Qualifying for a loan in these times of credit tightening is actually easier for those who can prove income and stay within the margins of affordability. Find the right house the right price and the right loan and you will be a happy camper. Good luck and have fun always.

Key Largo people

Equity Options Corp. — Mon, 03 Mar 2008 20:13:29 -0600

I would like to start by saying I love the Florida Keys. Since I was a kid my neighbor and friend in Miami use to take me down to Marathon Key to work in thier lobster business. I was fascinated with so much ocean and the seven mile bridge. Most of all I really liked the easy going lifestyle that everyone there enjoyed. Although everyone was working hard in the lobster business people were so friendly and happy all the time. These were the 70's and the keys were a much different place than they are today. However my friend now owns the family lobster business in the same location since then and the easy going lifestyle and happy people are still there. I have to believe it has to do with being so close to nature and the ocean. Since my childhood I dreamed of having a home and living in the keys. Living in Miami it was very easy to visit and I did lots of that. As a teen every girl I dated went with me to the keys. My wife liked it so much we were regulars throughout our dating period and in 1999 in one of those moments in life when you know it is something you have to do I told her I wanted to move to Key Largo and within 2 months we were living in Key Largo fullfilling one of my dreams. This is when I really got to know the keys. I did not know about the disease that goes with living in the keys and soon fell ill to it. It is called "keys disease" and basically what it is, is a chronic case of I don't want to do anything except fish, drink, eat and fish some more. Many people here not only catch but can't ever be cured from it. That is the carefree lifstyle that many people here enjoy. They come from everywhere but mostly the northern high stress, snow shoveling states and when they get here they just don't care about anything else other than just being here. The sunny skies, warm waters and shorts all day can make you feel right at home. There is so much to do here. Apart from every type of fishing it is one of the great diving spots in the world for both snorkeling and deep sea. Plenty of restaurants and lots of community events. After being raised in Miami and seeing the change to a major metropolitan city it is nice to have this gem of a town just one hour south. I moved away in 2005 for the sake of my children who were going to college in Miami and I did not want them to drive so far. Of course they say you should not follow your kids because they will move and that they did. My daughter is the only one left and she will be graduating this summer allowing us to return to our home in Key Largo and see our crazy keys friends that we miss so much. This time I will not get the disease that caught me by surprise in 99. I really like these folks, simple people with a simple plan. Be Happy!