Ricardo Bueno

REBarcamp Los Angeles Goes Live on April 2, 2009!

Ricardo Bueno (The Real Estate Tomato) — Fri, 20 Feb 2009 13:33:22 -0600

Ok, so Real Estate Barcamp Los Angeles goes live on Thursday, April 2nd! It's basically a one-day event on everything Social Media in Real Estate. People who've used social media successfully will be there and so will people who have no idea where to start. So whether you're a novice or fluent in web 2.0 speak and are in real estate (or even if you're any other solo-practitioner or small business), REBarcamp LA will be the place to be on April 2nd.

And hey, it's FREE!

But, because it's free I need your help. If you plan on making it out drop a comment or register at www.rebarcamp.com/losangeles. You'll get a few emails with important updates leading up to the event and some practical "how to's."

If you still have questions regarding Real Estate Barcamp Los Angeles, or any other questions on social media, drop a comment below. I'm listening. Oh, and in terms of location, we're looking at the Westin by LAX (it's still tentative for now, but we'll confirm in a week or two).

See you then!

THE QUESTION: "Why do you like blogging?"

Ricardo Bueno (The Real Estate Tomato) — Sat, 04 Oct 2008 14:14:11 -0500

The Answer: "Because it gets me clients. It gets me commission checks. What's not to like?" -- Jay Thompson, Thompson's Realty in Phoenix, Arizona

The truth is, when is comes to blogging and social media, the results are going to vary from user to user. But, I'll tell ya this much, the results are real, they are tangible! Just ask Jay Thompson, The Phoenix Real Estate Guy and otherwise known as "the man with a blogging problem;" he's built an entire business on it! Now fair warning, just because he did it doesn't mean it's going to be all 'easy cheesy' for everyone and anyone. It still takes: Hard Work, Consistency, and the ability to be Transparent (to be yourself).

Here's a quick chat with Jay himself...

Now, whether you're writing here on Active Rain or you've built your own outside blog, the important thing is that you're doing something to create a brand name for yourself! The great thing about Active Rain is that the immediate sense of community that is established will help you deal with the pressures of dishing out content. Jay says he "likes writing." But let's face it, many of us don't. In fact, when you first sit down and try to get down to it, you're scared of writing and putting your name out there...but then that's where the A|R community comes in. Active Rain and it's members do an excellent job of helping you cope with the anxieties of "putting yourself out there." They help you find your voice and grow your confidence. That's a good thing to have! Don't ya think?

So, how about it? How has blogging helped you? What are you having trouble with? What's not to like?

Best,

Ricardo Bueno

By the way, Join me at Ribeezie for an upcoming series on Social Media Starter Steps in Real Estate.

P.S. Jay Thompson, Kevin Boer and I were featured speakers at the National Association of Hispanic Real Estate Professionals 2008 National Marketing Convention & Expo. on a panel titled: Online Social Networking & Blogging for Business. A big THANK YOU to Brian Requarth of vivareal.us for having us and moderating the discussion. I hope you enjoy this quick video with Jay and that it serves as reinforcement for your efforts in engaging with social media. The link will take you to some of the flickr photos from the conference.

Why People Hate Their Mortgage

Ricardo Bueno (The Real Estate Tomato) — Wed, 13 Aug 2008 04:57:20 -0500

Do you know why most people hate their mortgage?

It's because they know that over the life of that 30-year loan, they will have spent more in interest than the house cost them in the first place!

So what's a soon-to-be homeowner and an existing homeowner to do?

A bigger down payment upon purchase is always an option,

So is making additional monthly principal payments...

and then there's a 3rd option for those who subscribe to the Missed Fortune philosophy of accumulating wealth,

Invest your otherwise additional monthly payments in an interest baring account whose rate-of-return is higher than the interest paid on your mortgage. Essentially, you accumulate enough assets to pay of your mortgage in fewer than 30, even 20 years... [give me a call or send me an e-mail, I can show you the math]

Now some will argue with what I'm about to say next (in fact quite a few of you might)... Ultimately, no one way is better than the other. What's really important is, which method brings you greater piece of mind?

Best,

Mortgage Planner

p: 323.572.8322

e: rbueno (at) worldwidecredit (dot) com

Author of www.industry-report.com

"Did you sign a Buyer's Brokerage Agreement?"

Ricardo Bueno (The Real Estate Tomato) — Wed, 11 Jun 2008 06:40:37 -0500

When you're a Real Estate Agent, you dream of having a Pre-Approved Borrower with a Buyer's Brokerage Agreement every time someone hops into that SUV. It'd be the perfect client every time!

But alas, you live in the "real world" where no one is approved for fear of running & ruining their credit report and no one wants to sign a Buyer's Brokerage Agreement; they're just not ready for that type of commitment. You know, they wanna test the water (so-to-speak) to see if there's anything out there to buy to begin with (something that's within their budget and appealing enough to call "home").

If you're a Real Estate Agent, where do you draw the line? When do you say, "no mas! I won't show you a home without a Buyer's Brokerage Agreement.

If you're the consumer, why won't you ante up? You can be honest...this blog has an "open door" policy.

READ ON

5 Elements of Your Credit Score

Ricardo Bueno (The Real Estate Tomato) — Wed, 11 Jun 2008 05:20:35 -0500

Did you know that you could increase your credit score by as much as 50 to 100 points in as little as 45 days? And here's the kicker, you can do it without using a formal credit repair service (Uh oh, now I'd on gone done it...here comes the onslought...).

So what's the big secret Ricardo? What's the catch?

No secret(s). No catch.

Most people who have credit issues are mis-informed is all. So here's a little Credit Education 101...

THE 5 ELEMENTS OF YOUR CREDIT SCORE

[Note: Click on the image to enlarge.]

Past Dues & Bankruptcies make up 35% of your credit score...

The Amount Owed on ALL Accounts (how much available credit there is) constitutes 30% of your credit score...

New Credit, New Accounts make up 10% of your credit score...

Credit History makes up 15% of your credit score... And,

Type of Credit Used (car loan vs. a credit card at Victoria's Secret) makes up the final 10%.

Being selective about the type of credit accounts you use can make the difference in ranking a higher credit score. Spreading your credit across various accounts is better than maxing out two credit cards.

Where most people plunder is in monitoring their credit scores to begin with. Think about it, when's the last time you checked your own credit score? "My credit is fine..." so you say. But when's the last time you checked it?

Any credit report can contain minor erros that can adversely affect your credit score between 5 to 100 points; enough to deny someone credit. If you don't monitor your credit it can take a credit bureau up to 20+ weeks to fix their own mistake. And that's if they fix it at all! Whereas if you find an error (such as a late payment or two), report a claim to fix it with appropriate evidence...they have to respond otherwise the late payment is coming off.

Not convinced you should monitor your credit just yet?

How about a payment of $388 more a month because you're shy a few points on your credit report? That's $4,656 a year. $139,680 over the life of the mortgage.

THE HIGHER YOUR CREDIT, THE BETTER YOUR INTEREST RATE!

Contact me if you'd like to register for a FREE Annual Credit Review.

A Real Estate Marriage

Ricardo Bueno (The Real Estate Tomato) — Sat, 07 Jun 2008 05:25:24 -0500

What does it take to get married? Well, it starts with a formal proposal.

With life in general, two people meet. Man loves woman. Woman loves man. Man buys a diamond ring (as is the formal custom), gets down on one knee and says “will you marry me?” Then he experiences a split millisecond of gut wrenching terror while he awaits a response; hopefully a yes!

In real estate, man AND woman (though sometimes alone and not together) look for a home. At first they go it alone (newspaper, weekend open houses, maybe craigslist?). One or two weeks in they make nice with an Agent. This Agent (out of the kindness of his or her heart) puts together a list of homes for sale and saddles them up in the SUV…and off they go…house hunting!

As they go through the list and the Agent expends gallons of gas at $4.43 a gallon (how nice of him or her) it’s either “love at first sight” or “honey, let’s get out of here” until…suddenly…man and woman (though sometimes alone and not together) find the one they LOVE.

They want to put in an offer. You know, ask: “will you marry me?” Well, as is the formal custom in today’s Real Estate Market, they need to be Pre-Approved (this is the real estate "diamond ring" equivalent). A seller won’t take you seriously without one. The answer to “will you accept my offer” is a resounding (and sometimes gut wrenching) “NO.”

On the advice of their REALTOR® they accept the offer for $5,000 - $10,000 less. Why? Because they proposed with a diamond ring. They were pre-approved. Pre-approval says, “I’m qualified to buy THIS house. I have the income, credit and down payment necessary. See...look... I told you so.” This escrow will close! The seller accepts.

A pre-qualification says nothing of your credit. You haven't jumped through the underwriting hoops. Sure a lender took a gander at your DTI, quoting you a possible rate and payment (to arrive at a price point you're comfortable with). But still, no: credit report, verification of income, etc. You’re proposing empty-handed. And that’s not very confidence inspiring to Mr. Motivated Seller. Is it?

My name is Ricardo Bueno. I’m a mortgage lender based out of Los Angeles, CA. If you need to get approved for your next Real Estate purchase you can reach me at (323) 810-2175 or via email at ricardo (at) ricardobueno (dot) com

Daily Mortgage Update: June 6, 2008

Ricardo Bueno (The Real Estate Tomato) — Fri, 06 Jun 2008 07:43:40 -0500

Note: this post is part of a continuing series that I host on my outside blog here. Feel free to visit and leave me your thoughts...

Jobless Claims came in yesterday lower than expected; this is typically bad for interest rates. Just have a look...today's 30-year fixed rate mortgage sits at 6.25% here in Los Angeles. That's up from 5.99% just about a week ago.

The rest of the news on tap for today is the Employment Situation. Typically, the lower the number here, the better your Los Angeles mortgage rates. See, non-farm payroll employment tracks the number of paid employees working both part-time and full-time. By tracking this jobs data investors are able to effectively gauge the level of "tightness" in the job market. And if it's evident that wage inflation is a threatening factor, mortgage rates will rise. But we want them to fall, so again, the lower the number the better your mortgage rate.

For now, let's lock-in your mortgage rates at application! And stay tuned for more info...

CURRENT MORTGAGE RATES:

Conforming Loan Amounts = Loan Amounts Below $417,000
($400,000 Loan Amount | 80% CLTV | 680+ FICO)

30-Year Fixed Rate Mortgage
6.25% (6.379 APR)

15-Year Fixed Rate Mortgage
5.75% (5.875 APR)

5/1 Adjustable Rate Mortgage
5.375% (5.498 APR)

7/1 Adjustable Rate Mortgage
5.625% (5.749 APR)

*Disclaimer: Equal opportunity lender. Interest rates are subject to change upon changing market conditions and are also subject to change upon borrower qualification. Contact me directly to verify pricing.

Contact me for pricing on Adjustable Rate Mortgages as well as for pricing on loan amounts above $650,000.

Lock/Float Recommendation: Lock-in your mortgage rate at application!

RELATED ARTICLES:

The Economics of Interest Rates & How They Work

Definition of Mortgage Rate-Locks

Mortgage Planner | (323) 810-2175

Read my blog: www.industry-report.com

We are only victims of our own thinking

Ricardo Bueno (The Real Estate Tomato) — Wed, 04 Jun 2008 03:42:34 -0500

Note: This is a repost of my article on my home blog here. I'm posting it here because I think it's a nice reminder to focus on everything that's good in our lives. In order to excel in what we do we need to be confident in ourselves and our abilities every day.

Ever heard the saying, you are what you eat? Well, the same applies to our way of thinking.

Have you ever realized that what you think and focus on manifests itself into your everyday being? If you focus on how down you're feeling because things (work, life, etc.) aren't so good you'll walk around with a slouch and frown on your face all day long. And nobody likes a sourpuss!

If on the other hand your start thinking of the positive and focusing on the good, you'll walk around with an extra pep in your step, a smile on your face and you'll draw brighter conversations towards you.

Barbara Berger says:

"Decide on the life you want, visualize it, affirm it, decree it, focus on it, believe in it, have faith in it, and you will find yourself living this life much more quickly than you ever dreamed possible...

When the realization dawns on you, and you stop laughing, you'll probably ask yourself why you spent so much of your life working so hard, struggling like mad against outside circumstances, when all you had to do was change your own thinking." [Source: "The Road to Power"]

And that's what people want (clients, friends and family)...to be around a more confident you!

Mortgage Planner | (323) 810-2175

Read my blog: www.industry-report.com

Gift Money As A Source of Down Payment On Your Los Angeles Real Estate Purchase

Ricardo Bueno (The Real Estate Tomato) — Wed, 21 May 2008 04:09:50 -0500

The fact is, it can be tough coming up with enough money for a down payment!

Say you needed 10%... 10% of $400,000 is a whopping $40,000!

Calculation:
$400,000 Purchase Price x 10% = $40,000 (required down payment excluding closing costs)

You've only managed to save $25,000 but you're ready to own; you're paying too much on taxes every year so the mortgage write-off would serve you well and the monthly payments are affordable. What do you do?

Lucky for you your parents really want to help and they've agreed to give you the difference for the down payment and closing costs...this is called Gift Money!

HOW DOES IT WORK? WHAT DO I HAVE TO DO?

You have to provide your lender with a notarized letter (signed by each of the givers) stating that the dollar amount given to you was a gift. Pretty simple huh? And what's great about it is that the money doesn't need to be seasoned.

Also, there is no limit with respect to dollar amount on Gift Money that you can receive but there will be tax implications to the person gifting the money for amounts beyond the $12,000 annual exclusion (you have to file a gift tax for monies beyond $12,000).

*Disclaimer: I am not a licensed CPA so please consult with your local Tax Professional for more clarity on the tax implications of Gift Money.

For more questions on how you can use Gift Money for your down payment and how to appropriately structure your next purchase, you can contact me here or call me directly at (323) 810-2175.

Follow me on Twitter: RicardoBueno | Follow me on FaceBook | Visit my blog: www.industry-report.com | Join me on LinkedIn (ricardo@ricardobueno.com)

The Origin of Credit...

Ricardo Bueno (The Real Estate Tomato) — Fri, 16 May 2008 19:59:12 -0500

Did you know that Arthur Morris is the man responsible for creating the installment loan in (or around) 1910?

It was called the Morris Plan (clever name huh) and it was the first stab at making credit available to the average person despite heavy criticism that lending money to working class citizens had failure written all over it.

And yet the American economy today is built on credit!

Back then, the lending requirements were as follows:

Two co-signers in order to qualify
Loan term = 1 year
Payments were made in weekly and monthly installments

Boy how the rules have changed since then.

[When the Consumer Says] "I didn't know..."

Ricardo Bueno (The Real Estate Tomato) — Thu, 15 May 2008 02:12:32 -0500

I had a pre-payment penalty
I had an adjustable rate mortgage, (or worse yet)
I had a negative amortization (Neg. Am) loan
I had to pay my taxes separately. I thought they were included in my monthly payment (an impound account)
My closing costs were rolled into the new loan balance
I had the option for lender-paid mortgage insurance
I could Lock-In my rate during the application process
I could use Gift Money as a source for down-payment
I have three different credit scores (Equifax, Experian and Transunion)

[Note: what am I missing from the list? Care to add anything on the Real Estate Listing and Buying side?]

As a consumer, do you ever feel like you fall into one of these scenarios?

To be better prepared/more informed, all you have to do is pay attention to what you're committing to on paper and ask yourself whether it makes sense for you. This includes reading the fine print and asking questions where necessary. If you're not getting any answers, you're probably working with the wrong professional.

Why the rant?

Because the Federal Trade Commission conducted a study for the Federal Reserve wherein the following results were obtained:

"Of those surveyed, 25% could not identify the annual percentage rate of their mortgage, and 25% could not identify the amount of settlement charges. Half could not correctly identify the amount of the loan. Two-thirds were unaware of prepayment penalties that could be charged during refinancing. Three-quarters did not recognize that the loans included charges for optional credit insurance." [Source: Forbes.com]

Articles of Interest:

Daily Mortgage Rate Update: May 14, 2008

Understanding Mortgage Rate Locks

Fair Housing Education Day!

Ricardo Bueno (The Real Estate Tomato) — Mon, 21 Apr 2008 23:57:56 -0500

HUD celebrated their first ever "Fair Housing in America Day" on Wednesday, April 16th. Talk about it's never too early to start learning something new, this national education outreach program was designed to teach 4th through 6th grade students (including their teachers and parents) about the Fair Housing Act.

______________________________________

Now the more I think about this, I'm not so sure how I feel about it. On the one hand it's a pretty neat concept (the teachers and parents will be learning something too). On the other hand, I feel like we're spamming our 4th, 5th and 6th graders at too early an age.
What do you think?

______________________________________

From the press release:

'"The goal of ‘Fair Housing Education in America Day’ is to start the conversation about fair housing opportunities at a young age,' said Kim Kendrick, HUD’s Assistant Secretary for Fair Housing and Equal Opportunity. 'It’s critically important to teach future generations of renters and home buyers about their rights under the law.'"

And if this isn't education at an early-enough age, REALTOR® Sarah Bandy introduces us to the newest, hot young talent to hit Keller Williams!

Do you know why...

Ricardo Bueno (The Real Estate Tomato) — Tue, 15 Apr 2008 16:58:12 -0500

...April 15th is known as Tax Day?

Hurry up and file! The last thing you want to do is end up owing the government money; you'll incur some nice late fees (and nobody likes late fees)!

If you know you're going to be late to file your taxes today, you can and should file for an extension. One way is through the Form 4868...you'll get a 6-month extension with forms 1040, 1040A, or 1040 EZ.

Visit me at: www.industry-report.com

Disclaimer: I am not a licensed Tax Professional, please contact your CPA if you are going to be late on filing your taxes. Ask him/her about how to appropriately file for an extension.

Don't Ever Let Somebody Tell You, You Can't do Something!

Ricardo Bueno (The Real Estate Tomato) — Mon, 14 Apr 2008 16:44:49 -0500

[Here's a little Monday pick-me-up!]

"The Pursuit of Happyness" is one of my favorite movies. Simply put, it's the story of a struggling salesman (Chris Gardner) who fought against all odds (literally), to make something of himself.

The movie is definitely an A+ in my book...if you haven't seen it, pick it up. If you didn't like it, I'm sorry.

Anyhow, here's a message from the movie, the best message of all:

"Don't ever let somebody tell you, you can't do something!"

Some Friday Night Fun!

Ricardo Bueno (The Real Estate Tomato) — Sat, 12 Apr 2008 01:29:51 -0500

[Because it's not always just about Real Estate]

"Beatboxing is a form of vocal percussion connected with hip hop culture (it has been called the "fifth element" of hip hop) although it is not limited to hip hop music. It primarily involves the art of producing drum beats, rhythm, and musical sounds using one's mouth, lips, tongue, voice, and more." -- Wikipedia

Way back in High School, my basketball teammates used to beatbox in the van on our way to the game. It was a good way to pass the time...sometimes we were looking at a good 4 hour drive all the way to a game!

Did I ever beatbox? No way! But it was cool hearing them go at it.

Now I'm not into hip hop all that much and I don't understand hardcore beatboxing. But here's a great piece I came across by artist Bobby McFerrin. It's smooth, clean, and well...cool!

Follow me on Twitter: IndustryMinute | Follow me on FaceBook | Visit my blog: www.industry-report.com | Join me on LinkedIn (ricardo@ricardobueno.com)

Permission is a "Process" & a "Privilege"

Ricardo Bueno (The Real Estate Tomato) — Tue, 08 Apr 2008 23:14:35 -0500

It's been said and it's true,

"A marketer who has achieved intravenous permission from his customer is making the buying decisions on behalf of the consumer. The privilege is huge, but the downside is significant. If the marketer guesses wrong or, worse, abuses the permission, it will be canceled in a heartbeat." -- Seth Godin
Read: Marketing in 2008 with Seth Godin

As many of you know, permission is a process.

From schmoozing that prospect at the onset to sending him/her detailed market reports...follow up drip emails...follow up phone calls...meeting for coffee or lunch (on you)...to driving them around on weekends doing "show & tell" with the properties in the neighborhood!

All on your dollar and dime and all without a commitment to buy or sell. And if at the end they say "No thanks! Nevermind." The harder you try, the further you drive them away! At that point, "no" means "NO!"

But when you reach that point of trust, that moment where they confide in you whole-heartedly, permission's been given...permission has been earned. Maybe they read your blog and trusted your market reports? Maybe they liked your personality? Or maybe you just got lucky by following up and calling at the right moment?

What ever you did, you're doing it right. And if you're not, well...what can you do better?

Follow me on Twitter: IndustryMinute | Follow me on FaceBook | Visit my blog: www.industry-report.com | Join me on LinkedIn (ricardo@ricardobueno.com)

The Way I See It...

Ricardo Bueno (The Real Estate Tomato) — Mon, 07 Apr 2008 22:26:25 -0500

We have one of two choices when the going gets tough!

1. We can sit and complain about it all. Tell our friends and anyone willing to listen what the problem is.

or,

2. We can suck it up and deal with it. Really, just get it done!

Option (1) takes us no where! Ok, sure, someone might find our update on Twitter and send a resolution our way but the world isn't that perfect. Chances are your complaint is falling on deaf ears and at the end of the day it still needs to get done.

Option (2) on the other hand forces you to find a solution. And it's these moments of genius that resonate with those watching. We had a problem, we delegated our way through it, and we're a hero! You're the guy/gal that knows how to get things done!

So you might quote the lowest rates or having reduced listing fees, but if you can't get it done, who cares?

Follow me on Twitter: IndustryMinute | Follow me on FaceBook | Visit my blog: www.industry-report.com | Join me on LinkedIn (ricardo@ricardobueno.com)

Is it worth it?

Ricardo Bueno (The Real Estate Tomato) — Mon, 07 Apr 2008 04:08:17 -0500

Have you ever written a blog post and thought to yourself,

"Is it worth it? I mean...who's gonna read it?"

just before hitting the PUBLISH button?

Albert Einstein once said,

OK, so the picture is comedic, BUT...you should be inspired here!

The truth is, your blog at it's inception might not feel like the most popular piece of literature out there. But keep writing, keep sharing, keep telling those stories and sharing your "Einstein" moments...and sooner than you know, you'll have subscribers, you'll have followers, you'll have your own little community of readers!

At your next Broker Caravan of Monthly Sales Meeting, you'll be sticking your tongue out and thinking "Isn't it strange that I who have written only unpopular [blog posts] should be such a popular fellow?" You'll be telling fellow REALTOR®'s and Loan Officers to get writing. Actually, they'll be asking you how to get started!

Since I've started blogging, I've:

met new friends,

established new business contacts,
earned new clients, and, most importantly,
I've gained a wealth of knowledge while contributing some in return! Sometimes you learn more from blogging and reading than you do through anything else.

So, how long have you been writing your blog? Is it worth it?

Follow me on Twitter: IndustryMinute | Follow me on FaceBook | Visit my blog: www.industry-report.com

Alphonso Jackson (HUD Secretary) Will Be Announcing His Resignation Tomorrow!

Ricardo Bueno (The Real Estate Tomato) — Mon, 31 Mar 2008 00:09:42 -0500

Though specifics haven't been released, the rumors seem to be confirmed. I'm sure you'll hear more as the day progresses tomorrow.

The Wall Street Journal says:

"The news is a setback for the Bush administration and its efforts to combat the housing and mortgage mess. HUD, usually out of the spotlight, has been at the heart of the administration's attempts to ease problems for homeowners. Although Treasury Secretary Henry Paulson has taken the lead on many initiatives, Mr. Jackson has been a partner on many, including programs such as Hope Now, an administration-backed industry plan to loosen the terms on hundreds of thousands of subprime mortgages."

Though this is certainly news, it seems a bit of an understatement to say that this is a "setback for the Bush administration and its efforts to combat the housing and mortgage mess."

America's home owner has been looking for help for months and months on end! And what did they get? Nothing but smoke and mirrors. Though Jackson's departure seems sudden, I doubt it dismantled the administrations saving grace from our housing woes. He'll be replaced and America's home owner will have to keep truckin' onward!

Anyone care to share their thoughts?

Like this article? Follow me at The Industry Report or The Industry Minute

How & Why to use Twitter

Ricardo Bueno (The Real Estate Tomato) — Wed, 26 Mar 2008 06:07:04 -0500

Twitter...tweets...re-tweets...twits...twitter-ific...

What the heck does it all mean?

In a way, Twitter is micro-blogging. It's an extension of your online community... We use it to communicate with our fellow Twits (a.k.a. friends) like you would through instant messenger, we use it to update people (a 160 character news feed), and we use it to promote our blogs!

How do you do all that? Why should I use twitter? How could it help me promote my blog?

Chris Brogan wrote an excellent guest blog over at ProBlogger.com titled *drum-roll please* "How I Use Twitter to Promote My Blog"

Give it a read! Then read it again once more and start tweeting (a.k.a. posting updates/messages) and start promoting!

You can find me under the username: IndustryMinute

If you don't have a Twitter account, sign up! It's free! Then find and follow me :)

Visit www.industry-report.com

Don't you just LOVE Jim Cramer? (I'm being sarcastic)

Ricardo Bueno (The Real Estate Tomato) — Wed, 26 Mar 2008 04:10:47 -0500

And this coming from a guy who said, "Don't you dare buy a home right now, you'll lose money!" -- J.C.

It just goes to show that even the heavyweights get it wrong from time to time. But boy this one had to hurt!

Maybe you'll enjoy this video clip too!

If you liked this article, consider subscribing to my blog at www.industry-report.com

PS. Brian Block, I didn't delete your comment. I had deleted this post and well, brought it back :(

More on the J.P. Morgan/Bear Stearns Deal

Ricardo Bueno (The Real Estate Tomato) — Mon, 24 Mar 2008 16:35:11 -0500

The financing terms for the purchase will look like this:

$29 Billion @ 2.5%
10-Year Adjustable Rate

Sweet deal huh? I'd certainly say so!

READ ON

[Source: CNBC]

Did you know...

Ricardo Bueno (The Real Estate Tomato) — Sun, 23 Mar 2008 15:23:34 -0500

...that Warren Buffett, in addition to being a stock genius, is also a bit of an actor?

Heck, maybe the news isn't so breaking. But it sure is interesting.

I was going to compile a list of top Warren books but it seems About.com already has the perfect list. My favorite picks are here:

CLICK THROUGH

Confidence

Ricardo Bueno (The Real Estate Tomato) — Fri, 21 Mar 2008 00:01:32 -0500

The wikipedia definition of having confidence is:

"the state of being certain that a chosen course of action is the best or most effective given the circumstances."

Confidence is showing:

It's the way you feel after a successful interview.

It's wearing high heels to work because they make you feel great. Or for men, it's wearing a strong suit and tie.

It's standing up during a meeting to speak your mind regardless of what anyone else thinks.

The opposite of confidence of course is fear or reluctance:

It's not knowing whether you're going to get that job you applied and interviewed for.

It's not knowing what shoes to wear in the morning or being embarrassed to wear that tie.

It's slumping down in the back of the room hoping you won't get called on for fear of the foolish remark you might make.

What does any of this have to do with Real Estate? EVERYTHING! I mean you are buying a house in the range of hundreds of thousands of dollars.

READ ON...

A Good Credit Report Will Help You Get Lower Interest Rate Loans!

Ricardo Bueno (The Real Estate Tomato) — Mon, 04 Feb 2008 20:05:08 -0600

The fact is, we all need money! We have:

car payments,

insurance payments,

mortgage payments,

and all of life's other expenses.

This means you'll work harder to cash a larger paycheck and it also means you might apply for a loan at some point to have cash available in case of emergencies.

Our recent onslaught of Fed Funds Rate cuts means lower interest rate credit cards and lower rate second mortgages (HELOCs). But you can also directly exercise a degree of control over the interest that you pay on your loans; be it the rate on your plastic or the rate on your mortgage.

An excellent Credit Score (or more specifically your FICO Score) translates into the best rates on every kind of loan; car loans, credit cards, home equity lines of credit, first lien mortgages, etc.

Now your FICO Score will range between 300 and 850. If your score is currently above 700, you have excellent credit. If it's slightly lower than 700 (between 680-699, it's still good credit but given our current market landscape, it's definitely time for a boost! Anything less than 680 is going to cost you an added premium to today's current mortgage market rate.

So do you know your FICO score? If you don't, you can get a FREE credit report from a series of different sources. For example,

www.annualcreditreport.com. Make sure you sign up for a tri-merged credit report. This will provide you with your FICO score from all (3) three credit reporting agencies.
Contact your current lender and request a FREE copy of your credit report. (They should have no problem providing this to your for free).
You can contact me here, type "free credit report" in the comments section, and I'll contact you for a FREE copy of your credit report.

When you register for a copy of your credit report, be sure to request reports from all three credit reporting agencies (Transunion, Equifax, and Experian). Not all information is reported the same to each credit reporting agency. As such, you will notice different FICO scores from each of the three credit bureaus.

If you notice any items inappropriately noted on your credit report, formally notify the respective credit bureau noting the discrepancy. At this point they'll have (30) thirty days to respond and verify the information otherwise it's coming off!

So check for mistakes. In fact, recent studies show that at least 79% of credit reports have errors noted on them which once again begs the question:

Do you know your credit score?

If you have any question regarding inaccuracies in your credit report, or if you have questions on how to improve your FICO score in general, ASK ME here or call me directly at (323) 810-2175.

Mortgage Planner

Direct: (323) 810-2175 | Fax: (323) 223-0302

Check Daily Mortgage Rates: www.industry-report.com

Apply Online: www.ricardobueno.com