The Accidental Investor Today's Real Estate Speculator. Are you a real estate speculator? Who are the majority of today's real estate speculators? How can you be an accidental investor/speculator? It may surprise you!
The last thing on your mind is investing in real estate. You've convinced yourself can't afford the house you bought four years ago. Or you've lost you job. Your youngest needs his tonsils out, your 16 year was just added to your car insurance, and your oldest needs a prom dress and starts collage in 7 months!
You don't want to invest in real estate! You want to divest! You want to sell your house! Now! To that end you called several local REALTORS® taking bids on listing your house. You listed with the one that said they could get you $235,000.00 and would only charge you 4.5% to do so! You really resented that arrogant agent with all those pretentious letters behind his name, who does he think he is? Suggesting your house is only worth $200,000.00 and demanding 6% for his services.
Well, it's now four months later. Your listing agent now has nine months experience and he proudly tells you about his latest two sales, omitting that they are his first two sales and neither has closed yet.
You're visiting with agent because he's got an offer from that guy who tried to list your house for $200,000.00. He explains that guy ask to present the offer himself, but that he wouldn't allow it. He had to protect you, from this low-ball offer, he was only showing it to you because it was the only offer you've received.
He says the offer is for only $195,000.00. He reminds you your house is worth $235,000.00. He tells you the guy sent over notes about several sales where the sellers got cheated selling houses like your's for under $200,000.00. He tells you he already turned the buyer down, but the agent insisted that according to state law he had to present the offer. Your agent explained the offer was insulting and he'd already written rejected across the acceptance/counter offer box and page 33! He ask you to initial it.
Offended at being offered only $195,000.00 you reject the offer! Or possibly counter at full list price.
You just became a real estate speculator!
Broke with your savings gone, hanging on by your fingertips you just invested in speculative real estate, advised by the least experience real estate agent you know!
Truly, when you reject an offer it's the same as buying your house today with the hope of selling it for a profit in the near future!
A more experienced agent would likely have put it to you just that way. Today's real estate speculator is more likely to speculating on his own home and more likely to lose money than at any time in our history. Like most losers the cause is two fold, personal ignorance and poor advice!
I'm not suggesting that all low offers be accepted, but all offers should be considered not rejected out of hand! When you reject an offer even a low one from a willing and capable buyer you are speculating. You become The Accidental Investor Today's Real Estate Speculator!
Can you afford short term investments? Have you ever heard an old saying about "a bird in hand being worth...?"
Aces And Eights Just A Friendly Game Of Cards Real estate is just like a friendly game of cards once there is money on the table!
I read a blog that confused buyer's and seller's civility and good manors with anti-adversarial negotiating. Nothing could be further from the truth! Buyers and Sellers and their fiduciary agents start out adversarial! The seller wants every possible dollar out of his home and the buyer wants the home for the lowest possible price! These diametrically opposed goals are the bases of conflict, they place the opponents in an adversarial relationship!
Adversarial doesn't necessarily mean combative!
A victim of to many TV episodes of "Law and Order" shows and a post Roddy "Can't we all just get along?" King legal farce the blogger purported that buying and selling real estate is not adversarial. Real estate is adversarial, like a friendly game of poker! Like poker we play with our friends and associate and win, lose, or draw we can have a good time if we remain polite, honest and on our best behavior while trying for all the money on the table for our fiduciary.
Convoking all fiduciary agents like it or not the object of the game is to win! Like cards mind your manners, stick to the truth, don't insult the opponent, compromise and give when you can, but keep in mind the goal is to win for yourself and your client! Understand! Your winning doesn't mean the other guy has to lose! Your opponent will fold and wait for the next hand if he doesn't see how your deal will let him win, at least better than the available alternatives!
When I opened my first two real estate firms after three years in real estate, I had the great pleasure and honor to share office space with my partner a lawyer and our landlord another attorney. I learned a lot, most importantly that good attorneys practice win-win, normally: WIN-win!
Act like a TV Criminal Laywer and you may find yourself holding Aces and Eights!
It's Veterans Day. Have you thanked a Veteran yet?
Least we forget Veterans didn't make war they fought them. Wars have political motives, some noble many less so. Veterans server out of love for there fellow man, nothing less and there is nothing more. No higher calling!
That the rights to Life, Liberty, and the Pursuit of Happiness may be self evident, but you have them because the Veterans love you, loved mankind so much that they fought and often died to win those rights for you!
There is no greater complement no greater honor than to have it said that you are always faithful!
Some of us were blessed we learned fidelity at home, from our Parents and Grand Parents. Some of us were honored we learned or expander our faith in the USMC, The United States Marine Corps. Semper Fidelis is a calling, a way of life, it's a religion unto itself. Semper Fidelis the tradition of the Marines is the highest and most difficult of life's callings, it demands self sacrifice, it requires putting what's right ahead of what's convenient or self serving. In the case of Marines it can mean putting what's right a head of your own life.
Happy Birthday Marine Corps! Semper Fidelis 234 Years Of Tradition 234 Years Of Service!
My feelings have been stated allot better than I ever could in the Hymn and Prayer below.
The Marines' Hymn From the halls of Montezuma, to the shores of Tripoli, We fight our country's battles in the air, on land and sea. First to fight for right and freedom, and to keep our honor clean; We are proud to claim the title of United States Marine.
Our Flag's unfurled to every breeze from dawn to setting sun. We have fought in every clime and place, where we could take a gun. In the snow of far off northern lands and in sunny tropic scenes, You will find us always on the job, the United States Marines.
Here's health to you and to our Corps, which we are proud to serve. In many a strife we've fought for life and never lost our nerve. If the Army and the Navy ever look on heaven's scenes, they will find the streets are guarded by United States Marines.
The Marines' Prayer Almighty Father, whose command is over all and whose love never fails, make me aware of Thy presence and obedient to Thy will. Keep me true to my best self, guarding me against dishonesty in purpose in deed and helping me to live so that I can face my fellow Marines, my loved ones and Thee without shame or fear. Protect my family. Give me the will to do the work of a Marine and to accept my share of responsibilities with vigor and enthusiasm. Grant me the courage to be proficient in my daily performance. Keep me loyal and faithful to my superiors and to the duties my country and the Marine Corps have entrusted to me. Make me considerate of those committed to my leadership. Help me to wear my uniform with dignity, and let it remind me daily of the traditions which I must uphold. If I am inclined to doubt; steady my faith; if I am tempted, make me strong to resist; if I should miss the mark, give me courage to try again. Guide me with the light of truth and grant me wisdom by which I may understand the answer to my prayer. Amen.
There are some important features to remember when looking into a FHA 203K Rehab loan. These are great loans for buyers looking to purchase a foreclosure or short sale or for the home owner who wants to update or remodel there house. Below are a few important things to remember:
FHA loans are for primary residences only- you cannot be an investor and try to get a FHA loan or a FHA 203K rehab loan. This is really important- I cannot tell you how many calls we get from investors looking to utilize this program and or skirt the system. FHA loans are for primary residences only!
2 types of FHA 203K loans- you can go with a Full K or the FHA 203K Streamline. I will explain these two loans in more detail in my next post. But for now just remember that you can only get up to $35,000 with the FHA 203K streamline and the repairs must be cosmetic in nature, nothing structural.
Single close loan- unlike traditional construction lending you only have one closing with the FHA 203K loan. No need for construction loans and then permanent financing with the FHA 203K rehab loan you get all of this in 1 single close solution
Up to 4 unit properties- you can use the 203K loan to finance properties from 1 to 4 units for both purchases and refinances.
Down payment as low as 3.5%- down payments are the same for a regular FHA program as they are or the 203K.
FHA 203K rehab loans are a great alternative to second mortgages, home equity lines and construction financing. Finding an FHA lender who specializes in 203K's is very important. You do not want to be dealing with someone who just started learning this program- you need a seasoned lender who underwrites these loans in house.
Feel free to call me with any questions or if you would like to see if an FHA 203K rehab loan is right for you and your family. You can reach me anytime at 609-217-9409 or via email at jonofrio@village-capital.com.
is the same as during the last crisis and the ones before it. Has the success of most of the last two decades blocked our collective memory of previous real estate and economic recessions?
I read a blog from a NY or NJ broker complaining that he knew 208 real estate offices that have recently closed, because of the bubble bursting. Well it sounds terrible, but is it? Brokerages like all small business' come and go routinely. Depending on the market area this may not have been unusual, he didn't say. It's very common for good to great salesmen to open their own office and fail simply because being the broker is different than being the salesman! Sales people, very good salesmen are often subject to the "Peter Principal" promotion until they reach their level of incompetence.
There is one basic key to success in a changing market, you need a few stupid agents!
People to dumb to know it can't be done!
People so stupid to realize that displaced homeowners and evicted tenants still have to live some where!
People so dumb that when told "It can't be done" they respond "why not?"
People so dumb they believe "There is always more than one way!"
People so dumb they believe they can do things you can't!
People so dumb they don't know when to quit.
People so dumb they don't understand failure!
People so dumb they succeed on tenacity and attitude when their smarter associate accept failure gracefully.
The UGG UGG Ugly Spamer! I think I like the The UGG UGG Ugly Spamer. Ugly has been ravaging older post, and I've enjoyed going back three years and reading some really great post that I either wrote or commented on.
The post we use to write and the resulting threads when AR was so much smaller, provided some incredible learning experiences! At the time when there were fewer of us, experts trended to interact more with each other.
This is not to complain about what we are doing these days Today we are probably more productive, but today concepts are presented on a more basic consumer oriented level and with more politics.
I like looking back! I also like the few extra points we get for reporting the The UGG UGG Ugly Spamer's spam.
Newbies, should pick an expert they like an explore there early blogs! There is a gold mine of knowledge buried in AR's archives free for the taking.
with regards to socializes Medicine requires "the willing suspension of disbelief" to believe that there can be any cost savings. But, Keeping An Open Mind, I listened as the Anti-American Socialist Party explained that much of the new cost was going to come from new taxes on "medical devices" and "selected private health insurance plans" I listened as they explained how we could tap into and tax the very cost we were trying to lower.
Keeping An Open Mind I applied "The Scientific Method" to analyze my initial conclusion, could this be any thing, but absurd?
"The Scientific Method"
1. Theorize.
2. Research.
3. Form a Hypothesis.
4. Test the Hypothesis.
5. Analyze your test.
6. Publish your findings!
1. Theorize. You can tap/tax things to power them. Thus we should be able as Obama has suggested tax the components of health care to lower the cost. Health care should be self sustaining.
2. Research. There is precedents in the third world for self-sustaining cultures. It worked for the Donner Party and those athletes that crashed in the Andes.
3. Form a Hypothesis. A well planed Society or machine should be capable of self-sustained production.
4. Test the Hypothesis. Can any thing be self-sustaining/self-powering? We can't test Obama care despite such system has ever been dismantled despite there failures. So we'll try an electrical system. Plugging a light into a power strip plugged in to the wall lights the light. If the power strip powers the light then plugging the strip into it self should power the power strip and the light.
5. Analyze your test. No matter how I tried the light wouldn't light! We can't tax a service to pay for that same service! To believe the socialist we must embrace "the willing suspension of disbelief" the system as proposed can not work! This must be why Congress and selected Unions are omitted from the system.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
Posted by 
We can't test Obama care despite such system has ever been dismantled despite there failures. So we'll try an electrical system. Plugging a light into a power strip plugged in to the wall lights the light. If the power strip powers the light then plugging the strip into it self should power the power strip and the light.
;)
;)
