Author Archive
Actually Robyn answered this question for me last night. “…. those are exactly the folks that need to be at our event! I’ve got 4 ways they can capitalize on this economy with No Money or Credit. I’m looking forward to seeing you and your Association for this important workshop!” Robyn, short sales
L to L
Posted by: | Comments(Landlord to Landlord)
I just found a short article from my cousin Jeffrey Taylor on:
16 INEXPENSIVE PROPERTY UPGRADES/IMPROVEMENTS FOR THE NEW YEAR
I’m posting this because it’s my worst Landlord “sin”. I start advertising a unit as is when a Tenant moves out. Then very gradually make changes and upgrades. So the first folks that see it, usually are not interested. and I wouldn’t want anyone who would take an apartment in that shape anyway. Like the fable I’m then looking for the perfect Tenant (Cinderella) that got away! After two or three months when the apartment is finally in PERFECT shape (or almost Perfect shape but we had to cut the rent $50 to get someone in and promise to complete everything) I’ve upgraded just about everything: Fresh paint, new tile floors, grind and high gloss the poly floors, lights, switch plates, etc
What am I saying here? Print out 2 copies of the list below, write the monthly rent and the daily rent loss you have with that vacant unit. One copy in the apartment and one copy on your car’s sun visor. You should have no trouble completing ALL the necessary work a little quicker! Mike
1. New, inexpensive light fixtures. 2. Replace the outlet and switch covers. Possibly even buy new outlets/receptacles too, in order to make them look super spiffy. That’s another easy job that you can do yourself with very little electrical knowledge or skill. If you buy these, buy the box, it’s very cheap! 3. New toilet seat. 4. New shower curtain and hooks. 5. Caulk tub and around windows. 6. New handles on any cabinets are inexpensive. 7. Decorative hand/bath towels. 8. New toilet paper holder. 9. Mini blinds on the windows. 10. Paint front door and perhaps new door knob and brass kick plate which makes a good first impression. 11. Always helps to have freshly painted walls. 12. Have carpets cleaned. 13. Clean the home thoroughly or hire a professional. 14. New faucet fixtures. 15. New ceiling fans. 16. Add chair rail with a complimentary paint color. Good luck! and thanks to the St Louis Real Estate Association
We appreciate any tips you’d like to share here? Thanks, Mike
More houses Robyn would never buy
Posted by: | Comments4. continued – New to the area and not sure about crime rate? you can contact the police department and ask for the undercover detective assigned to that area. They’ll provide you with the details for your area.
5. Never buy a house that is mixed use or next to a commercial area. Mixed use requires a more substantial downpayment 25-30% for financing which eliminates the majority of buyers. Remember you want your property to appeal to the masses not the minority. Most first time buyers don’t want the noisy commercial businesses near their home. also stay away from properties near low income housing, high tension power lines, train tracks and sewer treatment plants.
6. Be careful if you are considering buying a property with no garage. I have purchased 276 houses in the past 12 years. I actually went back and looked at how long it took me to sell houses with garages vs no garages. My average holding time for homes without garages is 239 days. Yes that is correct it takes almost 4 months longer on average to sell a property without a garage.
7. Never buy a house where you can not correct functional obsolescence. Examples would be a house with low ceilings, narrow stair case, bad layout because the flow of the rooms is weird or tiny bathrooms or kitchens that can’t be expanded.
8. Never buy an entry level house in a flood zone because the insurance cost will be high. Most first time buyers are extremely sensitive to their monthly payments. The extra premium for flood insurance can make the monthly payment much higher than other houses in the same price range.
So what’s left to buy? you ask. As a seasoned investor in a depressed real estate market, I can tell you that I’m being more picky about what I buy than ever. I am only making offers on two out of ten deals that come across my desk because I want to sell at lightning speed. The fastest properties to sell are four bedroom + houses, with over 1500 square feet in great school districts with garages, formal dining rooms and big master bedrooms.
I look forward to giving you more information on the Selling process at this month’s meeting Tuesday, July 27, 2010 6:30 pm and our All-Day follow-up Saturday, August 7, 2010! Robyn Thompson
I attended an internet Social Marketing seminar this week where the speaker had a business finding jobs for college grads. Nice niche because of the 80% who do not have jobs yet! This reminded me of a story my father told me years ago. One of the first “quiz shows” on early TV was called “The $64,000. Question” much like “Who wants to be a Millionaire” today, it featured competition and rounds which brought you progressively closer to the Ultimate prize – $64,000.
It seems a young professional woman was watching “The $64,000 question”, felt she could compete and win the big prize. She went to the broadcast studio and asked to meet the Producers. After she explained her “Special” background, they chuckled to each other and tried to get a studio “hand” to show her out.
** Indignant she asked, Why not?**
Well, a producer told her, You say you’re a Psychologist, right?
** Yes, with credentials and a legitimate practice! She replied.**
Well, see that line over there? Those are the Shrinks auditioning for the show!
** That’s only about 5 people, I’m competitive?**
No, they go around the building and down the street, a couple of hundred. Good Luck honey, Shrinks, Sminks we got plenty!
** So what would I have to do to get noticed and on the show?**
Who knows, the public is fickle, I’m not sure this week, we just hope we hit it, then stick with it until ratings drop.
** Thanks for your time.**
Wait lady, I’m thinking unusual would do it. Maybe if you knew boxing. How’s: The Psychologist of Pugilism? You know like most women don’t like boxing or know the fighters, referees or judges. If you were to study Boxing for the last ten years and know who all the fighters were, who won and the refs and judges that would be so unusual for a Professional, classy woman like you, then people might watch but it’s a lot of work and there’s huge pressure when we’re on live…..
Joyce studied that profession and results, tested well, got her shot on the show and she’s been famous ever since!
What am I saying here? Dr. Brothers was halfway there. You don’t necessarily have to go into a new profession to find work. You probably have great skills in your chosen career and the good life skills that got you here! Think of the advantage you have, bringing your powerful resources to bear on a new or changing industry? (Copyright Mike Hurney 2010 Can be used with permission)
You’re welcome to attend the next meeting of our Real Estate Investors Association www.MassRealEstate.net to learn of opportunities in this DRAMATICALLY changing field. In my few years in this business (since 1985) I’ve seen the most disruption and change in the past 12 months! Disruption and/or change = Opportunity! I look forward to seeing you soon, Mike Hurney Mike@MassRealEstate.net
Cashflow over 62?
Posted by: | CommentsPS Do you know anyone over 62 years old who has over 40% equity in their home that needs a monthly income stream for expenses? As in a Reverse Mortgage. There’s a very specific need for this, it’s not for everyone, with a ton of qualifications and REQUIRED consultant meetings. However I’m working on several right now and I’m happy to work with anyone you know who needs a Reverse Mortgage. MHurney@moacc.com
Mike Hurney 781-405-1845 cell
NMLS #43341
Mortgage Newsletter May 28, 2010 Check it out!
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At the date of this printing all information is deemed reliable but not guaranteed. This publication is a service to our clients and friends. It is designed only to give general information on the topics actually covered. It is not intended to replace tax, legal or financial advice, for which you are encouraged to seek a competent professional advisor.
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203k = Purchase/Refinance with Rehab money!
Posted by: | Commentspayments (3.5%purchase and 2.25 on a refi )
2. Your realtor is trying to market an “ugly duckling” that needs some Cosmetic TLC. 3. Its a bank foreclosure with eager buyers with minor items to “tweak”.
4. You have cash poor buyers who want to improve the house BEFORE they build equity.
5. The home is great but the borrower wants to fill in the pool!
6. Its a 1-4 family owner occupied and needs all new appliances…. roll them into the loan!
7. First time buyer who wants to do just cosmetic upgrades.
8. The borrower wants to add a second floor !
9. The homeowner wants to finish the basement and they have little equity line to tap!
10. Its time for the in law or au pair suite!
11. Its time to add or replace the deck, patio or porch!
12. Your borrower wants to repair the driveway or perhaps install a new one.
13. Your borrower wants to install AC or replace an existing HVAC system.
14. The applicant wants to install gutters, down spouts, new roof.
15. Replacement windows are needed and the borrowers do not want to tap their cash.
16. Its time to paint inside and out.
17. The basement needs waterproofing.
18. Borrower wants to add a pool or other luxury items!
(after the closing! Homestyle product only)
If you Don’t ask, you Don’t get.
Survey results
Posted by: | Commentswww.MassRealEstate.net
Massachusetts Real Estate Investors Association Survey
Please provide us with some feedback on our Speaker to be used for future meetings!
Date: 4/27/2010 Topic: Inspections, Tenant Prequalifications, Insurance, Rehab/Purchase Loans!
1a. The Speaker’s overall Presentation was? (circle one)
Average Good Exceptional
1 2 3 4 5 – 4.0
1b. Second Speaker – Average Good Exceptional
1 2 3 4 5 – 4.7
1c. Third Speaker – Average Good Exceptional
1 2 3 4 5 – 4.3
1d. Fourth Speaker – Average Good Exceptional
1 2 3 4 5 – 4.5
2. What level Real Estate Investor are you?
Beginner Intermediate Advanced Donald Trump
1 2 3 4 5 6 – 2.06
3. Did you learn as much tonight as you expected?
I already knew it all Interesting & informative I can now go do it!
1 2 3 4 5 6 – 4.4
4. Did the Speaker devote most of her/his time explaining their techniques?
Average Good 20% Exceptional 80%
1 2 3 4 5
5. Are you planning to purchase the Speaker’s course or services?
Maybe later Yes NOT APPLICABLE
6. Will you be attending the Speaker’s follow-up All-day class or BootCamp?
Maybe later Yes NOT APPLICABLE
What other topics are you interested in?
16 – Landlording (Finding tenants, Credit checks
12 – Steering clear of Housing Court, Eviction Attorneys)
110 – Foreclosures (Short Sales, Auctions, Forbearance, REOs)
13 – Marketing (for Sellers, Buyers, Investors),
15 – Flips, Buy-Fixup-Sell, Long term hold
18 – Beginning in the Real Estate Investor Business,
14 – Financing (A-borrowers, Subprime, Hard money, Private lenders
12 – 1031 Exchanges, Self Directed IRAs for Real Estate)
13 – Asset Protection Finding deals
17 – Contractors, (General, Roofing, Plumbing, Electrical, Carpentry, Concrete, Green) Developing a Team, Master-mind group.
Any other comments:
Thanks, Mike email Mike@MassRealEstate.net. Fax 781-639-8616