Mass Real Estate.net

“I’ve got no credit and no money, Why should I see Robyn Tuesday July 27? I know she’s a success going from her deadend job to “Rehab Queen” again I’ve got no $ or credit.”

mike — Fri, 23 Jul 2010 14:59:48 +0000

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

mike — Sat, 17 Jul 2010 21:11:35 +0000

(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

Message that went out about Last evening Movers and Shakers

mike — Sat, 17 Jul 2010 15:31:26 +0000

Hey [First Name],

1. Good meeting last evening! I went through some of the problems End Buyers (Cs in the A to B to C transactions) are having and how to overcome them. Mainly get YOUR OWN self Approved to borrow, so you’ll see what your Cs are going through. You’ll see what the timeline is and with several of my guidelines you can eliminate more than half your prospects that you’re wasting time with. (Yes you’re wasting their time also, while getting their false Hope up).

Lev is transitioning back from a successful Brokerage career to Real Estate investing. That slice of the pie is not worth it when you can be THE man in the Arena and call the shots, take the risk and have the most profit when you are successful!

Henk has an interesting “rough diamond” on his hands that we figured out he can “cut & polish” with some risk to make it a great deal!

Art’s looking to refinance a high mortgage, saving monthly payments and then reinventing himself from Multis to Single families!

Joe found a great Commercial deal we’ll look at Tuesday!

Me? Watermelon is $3.99 at Shaws, Lobster is $4.99 at Market Basket, I’ll make sure I get the right cut of steak for my BBQ tomorrow (not the stew meat Allison accused me of buying). The water was about 55F (75F last night) this morning but the air temp is supposed to 95 so that will balance out.

I’m working on Facebook to get everyone I know on it with the help of Chris Mackiej who’ll be teaching us the subtleties Tuesday July 27 to open up for Robyn who promised to address our C buyer problems!

“.. Summer’s here and the time is right …” I’ve got faith you’re enjoying it because before you know it, we’ll be complaining about the Fall and it’s getting cold and blah blah blah
2. Financing rates are still low, Mike MHurney@moacc.com or my cell 781-405-1845

3. Robyn Thompson – the”Rehab Queen” at www.MassRealEstate.net at our monthly meeting presenting Learn How to Put $20,000. Cash in the Bank EACH Month!

Robyn Thompson July 27, 2010 6:30 pm At the SpringHill Suites Hotel, 43 Newbury Street, Peabody, MA 01960 978-535-5000 FREE to members, only $25 for guests. $99/year ($8.25/meeting) for membership! and an ALL-DAY Saturday August 7, 2010

_/_/_/_/_/_/_/_/_/_/_/_/
Mike Hurney, Director MREIA (NMLS #43341)
www.MassRealEstate.net
Massachusetts Real Estate Investors Association
PO Box 307
Marblehead, MA 01945
781-639-8616 office 781-405-1845 cell
MREIA@comcast.net or MHurney@moacc.com
_/_/_/_/_/_

More houses Robyn would never buy

mike — Fri, 16 Jul 2010 21:10:07 +0000

4. 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

Robyn’s “Never Buy” list. You can join us July 27, 2010!

mike — Tue, 06 Jul 2010 21:08:56 +0000

1. Never buy a house on a Busy Street because most first time buyers have pets or plan on having a family and they will not buy on a busy street. Inexperienced investors who can buy houses dirt cheap on a busy street think they are great buys but they are not. They are tough to rent and hard to sell.

2. Never buy a Tiny House that is less than 1000 square feet. Witha huge surplus of houses for sale right now, buyers have a ton of homes to pick from and they buy the bigger homes. Over 85% of the buying population wants at least three bedrooms.

3. Never buy a house with a Small Master Bedroom. I will never buy a home where the master bedroom is smaller than 12 x 12. Most first time buyers already own the bedroom furniture. The furniture stores push the king size bed, huge dresser, amour and two night stands for a low package price and that is what first time buyers purchase. If all these items won’t fit in the master bedroom of the house I am looking to buy then I won’t buy the house at any price. Many inexperienced investors struggle with this. I have made this mistake early in my real estate career and I got the privilege of making 14 monthly payments on a house tha I couldn’t rent or sell because the master bedroom was too small.

4. Never buy a house in a war zone. Nobody wants to rent or buy in a high crime area. Contractors don’t want to work there either.

Continued…

We welcome your comments? Mike

College Grad combines skills, finds fame and fortune! Only 20% of this years 1.65 million college grads have jobs!

mike — Sun, 27 Jun 2010 18:42:14 +0000

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?

mike — Wed, 16 Jun 2010 13:47:39 +0000

PS 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!

mike — Fri, 28 May 2010 14:54:58 +0000

Issue 11, Volume 21 / May 28, 2010

Housing Price Indices

Tim McLaughlin

Q: On the market monitor you send out each week, you have a bunch of different economic releases on there. Which release is most important from a housing perspective and can give us a sense of which direction the market is going? Thank you.

A: We give a full sense of all the critical releases each week, as they all may impact Fixed Income directly and Mortgage Rates indirectly. In regards to your question, the index that is probably most relevant to the housing sector is the Case-Shiller Index.

The Case-Shiller Index was developed in the 1980s by three economists: Allan Weiss, Karl Case and Robert Shiller, and is distributed by Standard & Poor’s. (I guess Dr Weiss was out of the room when they were deciding on a name.) The index includes foreclosures and is actually not one index, but a composite of 23 indices. The national home price index, which covers nine major census divisions, is calculated quarterly and published on the last Tuesday of February, May, August and November. The 10 city composite index covers Boston, Chicago, Denver, Las Vegas, Los Angeles, Miami, New York, San Diego, San Francisco and Washington, DC. The 20 city composite index includes all of the above cities plus Atlanta, Charlotte, Cleveland, Dallas, Detroit, Minneapolis, Phoenix, Portland (Oregon), Seattle and Tampa. There are twenty individual metro area indexes for each of the cities listed above. The indices, aside from the national index, are published on the last Tuesday of each month at 9AM EST. There is a two month lag time in the data that is reported, so the report issued in May only covers home sales through March. Each index measures changes in the prices of single family, detached residences using a “repeat sales method”, which compares the arm length sale prices of the same properties over time (so there is no new construction). So it is a lagging indicator, but gives a good sense of where home prices are heading, directionally, nationwide.

Probably the second most import index is Pending Home Sales, which is slated for release next Tuesday. That gives us, on a lagging sense, which direction home sales are headed and also what type of ramp up percentage we are seeing in the industry nationally. There is also a New Home Sales index, but because of the ratio between Existing and New Homes, and because New Homes sales is that much more muted in the Northeast percentage wise, Existing Home Sales is more traditionally the focus for us.

____________________________________________________________________________

The Week Ahead -> The “Keys”
- Employment data (500K Nonfarm???) drives week

*Date*	*Economic Release*	*Prediction*	*Last*
6/1	ISM Manufacturing	59.4	60.4
6/1	ISM Prices Paid	73.0	78.0
6/1	Construction Spending (MoM)	0.0%	0.2%
6/1	Dallas Fed Manufacturing	-	21.1%
6/1	ABC Consumer Confidence	-	-45
6/2	MBA Mortgage Applications	-	11.3%
6/2	Challenger Job Cuts (YoY)	-	-71.1%
*6/2*	*Pending Home Sales (MoM)*	*5.0%*	*5.3%*
*6/2*	*Pending Home Sales (YoY)*	-	*23.5%*
6/2	Domestic Vehicle Sales	8.90M	8.78M
6/2	Total Vehicle Sales	11.40M	11.21M
6/3	ADP Employment Change	60K	32K
6/3	Nonfarm Productivity	3.8%	3.6%
6/3	Unit Labor Cost	-1.8%	-1.6%
6/3	Initial Jobless Claims	-	460K
6/3	Continuing Claims	-	4607K
6/3	Factory Orders	1.3%	1.1%
6/3	ISM Non Manufacturing	55.9	55.4
*6/4*	*Nonfarm Payroll*	*500K*	*290K*
*6/4*	*Private Payroll*	*210K*	*231K*
6/4	Manufacturing Payroll	35K	44K
*6/4*	*Unemployment Rate*	*9.8%*	*9.9%*
6/4	Avg Hourly Earnings (MoM)	0.1%	0.0%
6/4	Avg Hourly Earnings (YoY)	-	1.6%
6/4	Avg Weekly Hours	34.1	34.1

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.
Mortgage Access Corp, Executive Offices, 225 Littleton Road, Morris Plains, NJ 07950. 1-877-556-3722. Licensed by the NJ Dept of Banking and Insurance. Licensed Mortgage Banker with the State Dept of Banking in NY and CT. Licensed by the Pennsylvania Department of Banking, Mortgage Lender 21042. Licensed Lender in AK, AR, DE, MD, D.C., GA, ME, MI, MN, WI, IA, IL, IN, LA, VT, OR, FL, WV, RI, KY, NC, ID, MS, NE, WY, OK,TN, WA. Licensed by the Virginia State Corporation Commission, License #ML105. Licensed Mortgage Lender in the Commonwealth of Massachusetts. License #ML1713, Certificate #43155. Certificate of Authority to transact business in CO, SC. Registered Mortgage Lender in TX. Licensed with the Financial Institutions Division in New Mexico, License # 01297. Licensed by the Department of Corporations under the California Residential Mortgage Lending Act. Licensed Mortgage Broker and Lender Ohio. Licensed Loan Broker and Lender Rhode Island. Kansas Licensed Mortgage Company, License #MC.0001229. Licensed by the New Hampshire Banking Department, License # 8714-MB. Mortgage Access Corp arranges loans with third-party providers. Equal Housing Lender.

203k = Purchase/Refinance with Rehab money!

mike — Tue, 04 May 2010 16:18:07 +0000

Here are some reasons.. besides the low down

payments (3.5%purchase and 2.25 on a refi )

1. The house has septic issues… you can correct that TITLE 5 issue.

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)

Why a 203K? Mike Hurney 781-405-1845 cell

If you Don’t ask, you Don’t get.

Survey results

mike — Thu, 29 Apr 2010 03:27:37 +0000

www.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