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If you haven’t heard about the changes to the Credit Card Industry, check out this Federal Reserve Board site, WOW!
Sit down, for these new Credit card rules click here only one page
Remember Our President, Barack Obama told the Card Companies last year to regulate themselves or he would and there seemed to be some animosity there?
I noticed this in a recent card statement. My rate had gone up from 4.9% to 17.9% (before the Feb 22 deadline). When I called they pleasantly agreed to go back to the 4.9% rate. When something doesn’t sound right you ask? I did -
Why wouldn’t anyone go back to the low rate?
The pleasant voice said, “….because then we’ll “FREEZE” your card.”
huh?
“You can’t use it until you pay off the current balance once we go to that old low rate.” Ugh, I’ve been hearing stories from my peers and on Yahoo like:
Credit card theft is down because lately when a thief actually steals your card the balance is so high they can’t put much on it.
Most IDentity theft is corporate like the inside job at LTX where an IT guy made off with millions of card users information.
But I forgot about the card thing. I did opt for the “FREEZE” then went to use another card until that balance is down, say next month.
However as a Mortgage guy Click here it occurred to me that not everyone has other cards, that this is just the first step, (cards can go to 27.9%). Ultimately this will wreak havoc with one of your Primary indexes that mortgage companies use to qualify you for the best rates the – DTI (Debt-to-Income ratio!
If you’re looking to refinance or get a Purchase mortgage check with your Mortgage Person before paying off debt or making large purchases. They can usually tell you what the impact will be, I can if you’re looking at mortgages in Massachusetts You can Click here
Good luck, Mike
PS You can try using cash for a while ($50 or $100 from your ATM). That thing you just have to have as an “impulsive buy” may not look so good if you’ve got to pay an additional 17.9 or 27.9%
Analyzing YOUR Market
By · CommentsWhen the shows come to town and the Pixie Dusters “teach” you strategies to make a quick $5,000./week in Real Estate, I resent the fact that they avoid the basics!
In my course “How to Become a Real Estate Investor in 12 Easy Lessons” you’ve got to MASTER an Area and the Values. Basic! If not, you miss the deal. Like the Prince in Cinderella! At least at first. Do you want to go through your whole area with that “Glass Slipper”, now knowing you had the opportunity of a lifetime right in front of you? I don’t think so. There’s no need to. Understand the Market and Values. You’ll know it when you see it and can act on it!
At our monthly meeting we analyzed Peabody, MA and found THE area that was moving. From the MLS I found in the last 30 days, 61 Single Family Listings. Average List Price $366,409. Average Sale Price $252,944. Average Market Time 89.16 days
I believe this data is misleading because it is a compilation I use of Active & Sold property which helps me with my Comparable sales. I also use the most recent 90 days.
But it did help me make a point of where to act.
Of the 9 actual sales 8 were in the $169k – $319 Bracket.
My point was that you would be prudent to buy/fix-up/sell in that price category once you knew the values! Especially since there’s almost no activity above that bracket. In addition to longer Market times and Carrying costs are higher.
Need a Partner to help with your Real Estate Investing? In this market a mistake, like overpaying, takes a long, long time to correct. I’m glad to work with you and Easily help you through “How to Become a Real Estate Investor in 12 Easy Lessons!” Mike@MassRealEstate.net
Marketing 101
By · CommentsI illustrated this at our last Main meeting.
Some of our MassRealEstate.net Members have asked me for a Marketing segment (I invite you to comment).
Here is an example of an Insurance Agent crying about slow/lost business that sent out 10,000 full size postcards (44cents each vs 31 for standard postcards). He only got 5 responses and no business. I should have walked (no run) away when his insurance quote for half my policies was $3,000 over the existing. And he wasn’t available to attend our meeting Tuesday because he was helping his wife pack for the trip to Florida the following Friday.
What am I saying?
Mistake #1 He spent 13 cents/each too much for oversized Postcards.
#2 One contact with 10,000 people is not nearly as effective as 2,000 people, 5 times each and you spread your costs out.
#3 As he presented me with his overpriced quote, he should have reviewed WHY it was higher than my existing policies and prices. Maybe I’m not covered for something important that he could have shown me. Maybe Apples for Apples he is lower? He’ll never know now!
#4 As Emeril Lagasse says “Life just doesn’t hand you things. You have to get out there and make things happen.” Want more business? Get out there and speak to people. Present at our meetings. “Why bother?” ain’t gonna help you!
Mike
My point with all these presenters is that they or others with important services we need are usually there anyway. That’s why our networking is so powerful and effective. See you there, Mike
Want a discount? 9.9%, 17.9% or even 27.9%?
By · CommentsAs a mortgage guy I receive a lot of requests from folks looking to qualify for a purchase money Mortgage or refinance an existing Mortgage to a lower rate.
However the two most common problems I’m encountering are:
1. Lowered value which prevents us from getting you the best rates. Mortgage should be less than 80% of the current value but recent declines in value are preventing this.
2. Debt is too high. Upcoming changes for Credit Card companies (February 22, 2010) have those companies instituting Higher Interest Rates and Lowered Limits NOW before the law is enacted. “My company lowered my limit to just above my balance and raised my rate to 27.9%. When I called them they offered to go back to the 5.9% but they would have to “freeze” the card until the balance was paid off!” I’ve heard this many times in the past month. The cure, Give yourself a discount. Try CASH. That tank of gas you paid $50 or $75. for is actually $63.95 or $95.93 (at 27.9%and that’s if you paid the card off in a year instead of carrying a balance year in and year out!
When you’re ready for a mortgage or refinance, we can check it out. You can send me an email Michael.Hurney@guaranteedrate.com or call my cell 781-405-1845
Joe’s the latest investor to take my course: “How to Become a Real Estate Investor in 12 Easy Lessons!”
and He’s using one of the lessons that’s a killer technique for convincing Sellers to “take back” a note on the property. Killer because it works just about every time. What Seller wouldn’t want more money than they’re asking for? How about you, Ever think you’ll have a Bank or Building named after you? Or make money like a Bank? When you learn to think like a Bank you have half a chance!
Good luck Investing! Mike
PS Interested in the course? It’s only $599. for non-members. $499 for current members of theMassRealEstate.net Association. Includes Personal coaching. First lesson is FREE to all. You can email me at Mike@MassRealEState.net “Become an Investor” in the Subject box and we’ll start together!
Hey Mike, I smelt gas…. (7:16 pm)
By · CommentsLandlord to Landlord
What do you do with that message? I called Tom the Plumber and asked him to come up the next day, I’d check it out myself and call him back.
Tom said: I don’t think so. There’s nothing that smells like gas that’s why they add that smell, so it won’t be mistaken. I’ll see you there in under an hour! If they smell it continuously have them call the gas company ASAP! If it’s just sporadic we can track it down, I’ll bring my sensor.
Tom met me there in under an hour. We went over the meters and pipes in the basement near where it would have drifted to the Lobby in question – Nada, Nunca! So I called my Tenant and asked him to come down and show us where it smelt. Then we showed him how we had gone over all the pipes and Tom had declared it safe. The caller then remembered there had been a small propane tank on the porch outside the first day they smelled it but not the second. A little weary I told him, Better to be safe than sorry. Call anytime.
By the way, know what happens when the Gas company does come out (24/7) for a gas smell? First they test all their pipes. They own the delivery lines to the meters, that’s the underground pipes from the main supply lines in the street that go into your basement and connect to the recording meters. You own the distribution network and appliances.
Simple – If they find a leak in their pipes they fix it right then. If they find a leak in your pipes, they shut off (lock out)the supply of gas, Red Tag it and you must have a licensed, insured gas fitter, fix the leaks, pressure test the network and have the City gas/plumbing inspector sign off on the work. The gas company then can be called/scheduled to unlock and turn the gas back on!
Big deal huh? We take it for granted but natural gas is dangerous and it does seem to have some regulations with our (and our Tenants) safety the main concern! Know anyone you can call 24/7 to help you out? Try Tom Hoyle 617-298-0231
Good luck investing! Mike
This month – January 26, 2010 6:30 pm Important meeting!
By · CommentsAfter checking to see if all the snow was removed from my Rentals yesterday, I went to see Joshua the Public Adjuster who’ll be speaking to us Tuesday January 26. Please don’t miss this important meeting.
North Shore’s #1 Public Adjuster! – You may have heard the stories about homeowners submitting valid insurance claims but after their deductible they’re only getting a few hundred dollars back. While other homeowners in the neighborhood have the same damage and get tons of money to spend from the same insurance carrier! What’s the difference? The latter homeowners used a Public Adjuster for their claim and the other homeowner did it themselves.
At this meeting you will get a complete understanding of how the system works and how the insurance industry can be forced to pay claims that you thought were impossible to get any money. In our next meeting we will have examples of two claims where they were re-opened using a public adjuster.
Your comments please, Mike
Advanced Investors last night in Cambridge ….
By · CommentsI spoke at an Advanced Real Estate Investors meeting last night in Cambridge. Rather than focusing on the current market and where to invest I wanted to cover where these Investors are right now and where they’d like to be in 12 months. Interesting folks we covered: How to find the “Loss Mitigation” department to make an offer? Where is the best 2-4 family around Cambridge for an Owner Occupied couple? Qualifying Foreign Nationals for a mortgage? How to use my HomeEquity for Investing?
Your thoughts in the Comments section below? Mike
Movers & Shakers 1/15/2010
By · CommentsLast Friday we had our Movers and Shakers: We were able to Analyze Natick for Xisian, pick out the price range and type of property that’s moving the best (the idea is, that’s our target). Next Sheila wanted to know how we work with contractors (Lesson 5 in my course – “How to Become a Real Estate Investor in 12 Easy Lessons”). We traded Social Networking tips with Zon and I’m sending a handout from a Public Relations seminar I recently attended. Finally Fundamental Realty became a member of our group and received the complimentary bonus book “Unofficial Guide to Flipping Houses.”
Please let me know your thoughts in the comments section below, Mike
You can join us for our next Movers and Shakers at Denny’s February 12, 2010! See you there, Mike