Hard Times In Real Estate Because of Government Regulations

I haven't been posting in a while, because my industry is stuck in the clutches of a menace: The government. There is no money to be made for most of us. The few that do have listings get them from the banks, and clear 1% to .5% of a profit after expenses generally. Business is slow, to say the least.
Here is a letter I recently sent to another Realtor who was seeking help with closing a deal. I was able to close mine because I am very good at what I do, am very proactive, have a great team of people helping me, and I got a little lucky. She will not be able to close the deal, the investors who are selling the home will lose money, and the banks will not profit. All of the parties agree to the terms and price. Everyone wants this deal to happen. This economic travesty is all because somebody in government decided that they new better than the people running their own businesses.
"Hi,
Here is the report you requested. I hope it helps. Unfortunately, the government has mandated that our markets continue to decline so long as there is a single distressed sale of a dilapidated home within 1 mile of the subject property. This only creates gridlock. And it destroys our means of making a living.
If you are tired of the government telling you, your clients, and the banks how to run their businesses I recommend this course of action:
1) Contact your representatives regarding repealing the Home Valuation Code of Conduct.
2) Vote Libertarian in all issues.
3) Recall/vote out anyone who creates new regulations and new taxes. "Progressive" policy is bad economic policy dressed up in new age, politically correct clothes. Democrats and Republicans are the same party on this issue.
The appraisers who your client pays for are now government employees, but your client still pays the bills. The appraisals you get are not an accurate representation of market value, and have no value to your clients. Why should your client be required to pay for this? Would you like to work for the government also? Enough is enough.
Best regards,
M. S. Gentile
Broker
(818) 726-5982
http://RealVana.com
http://BlackAndWhiteRealEstate.blogspot.com
Refer me to your family and friends.
I will provide your referrals with the same impeccable service that I give to you."
Whats next? The government is taking away a Realtor's choice of title and escrow companies, the very team of people we work so hard to put together that allows us to negotiate this turbulent market through a rewrite of another intrusive set of laws: the Real Estate Settlement and Procedures Act.
VOTE LIBERTARIAN before we reward our politicians again for acting in our worst interests. Repeal nearly everything possible. It will hurt, but it will also clean away the rotting flesh from the wounds our nation is suffering from.

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How To Turn $$$$ Fast In LA Real Estate

Hi Guys,
A quick idea for anyone looking to invest with cash. Consider this:
1) You can buy some fairly clean 2 bed, 1 bath single family homes in many areas of LA for $200,000.
2) You can sell a turn key 3 bed, 2 bath home in the exact same area for $350,000 to $400,000.
3) The difference between these two sales prices is a minimum of $150,000. It does not cost $150,000 to add a bed and a bath to a property and to clean up the place. Why not start buying up 2+1s and put them back on the market at 3+2s? I'm sure you can clear at least $25,000 if not much much more!
Food for thought for all of you who have the cash and have been holding on to it til now! Ask me to show you some good flipping opportunities!

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High End Mixed Use Developments Are The Future Of Los Angeles Real Estate

I am beginning a series of blogs about some of the new up and coming high end mixed use developments that are beginning to pepper the Los Angeles Real Estate market. The first of which is The Glen At Valley Glen, along Victory Blvd in between Coldwater Canyon and Woodman Ave. I am separating each blog so that the specifics are a self contained unit. Feel free to contact me with your own requests for profiling a future and/or current development. Or send me what info you have, and I will fill in the blanks! The Glen At Valley Glen Much of the info is specific to this development, but this is also a place to discuss general trends of mixed use developments.

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Cross Boarder Blogging Makes Good Pizza?

I am in the discovery phase of building a wood burning pizza oven at my home. I found a site that offers instructions on how to build them. After contacting the owner, he requested that I write an article for him. Check it out: How Eating Pizza With Your Friends... Can Sell Your Home Faster and For More Money?!!?
When the oven is done, we can eat some of the best pizzas around after we finish your transaction.

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What Buyers Need To Know About Buying Los Angeles Real Estate Today

From San Diego to Los Angeles, Real Estate is moving fast. All of the negative press has mislead buyers. They are very surprised to find out that purchasing a home in Los Angeles at what is now a fair price is harder than they expected.
Buyers need to be prepared to:
1) Write multiple offers
2) Be realistic about the price they can pay
3) Not hold out for the "perfect" home at the "perfect" price
4) Monitor the market with automatic email updates
5) Do not hesitate to write an offer
6) Make themselves available to sign and return paperwork promptly
7) Possibly write offers above the asking price
8) Meet the banks terms, "take it or leave it, no repairs, buyer beware"
The people who can get loans now-a-days expect to find the home they want, make an offer, and get it accepted. This is just not how it is happening! Because the buyers have heard so much negative things, they think that no one is buying. What is really happening is that some homes that are priced poorly sit on the market for months or even over a year. But the homes that are priced right get multiple offers, 10, 20, or 50 depending on the condition of the property and the asking price.
Much of the Los Angeles Real Estate market is priced to sell now. That means that within the first week, the home will be sold at or above asking price. Many, many people firmly believe that the market will start turning back up very soon. I am a believer! Are you?

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If You Pay a Mortgage That is Higher Than Your Current Rent, You Can SAVE Money

No one enjoys paying taxes. Some people may feel it is their duty as Americans to contribute to the wasteful, bloated system that we call government. If you let them, the IRS will take your money and redistribute it to someone else through a government contract, a government job, or an entitlement program. The only way someone can create wealth is by controlling when and how they pay taxes.

Many people are not clear on the tax rules that allow home owners to save money. So here is the first explanation of how owning Real Estate saves you money and creates wealth in a tax advantaged way.
How does the mortgage interest tax deduction work?
For each dollar you pay in interest on your home, you reduce your taxable income by that amount. That is it.
An simplified example: You make $100,000 per year. You pay $50,000 in mortgage interest. Your taxable income is reduced to $50,000.
Compared to renting: If your tax rate is 25%, and you still make $100,000 per year. If you were renting, no matter how much you pay for rent, you will owe $25,000 in taxes to the government. If you instead are paying a mortgage interest payment of $50,000 you would only owe the government $12,500 in taxes.
How do you pay more on your mortgage than you do in rent and save money? Say that you pay $1,000 per month in rent and your tax rate is still 25%. Your $1,000 rent is actually costing you $1,250 after taxes. You could pay this same amount in mortgage interest tax free. So if you instead pay mortgage interest of $1,100 per month, you are saving $150 each month AND you get to own your own home.
Look forward to the next simplified tax lesson on capital gains exclusions and like kind exchanges.
Disclaimer: I am not an accountant. Tax laws change all the time. This law has been in effect for a very long time, but could change or disappear at any time. This is meant only as an informative introduction and you should always follow the advice of a qualified tax accountant.

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If You Want To Buy Foreclosures, This Is What You Need To Know

We got a great response from the write up on short sales, so naturally we need to educate you about the other side of the same coin: Foreclosures
Foreclosures are homes that have been "repossessed" by the banks for nonpayment of a mortgage. They tend to sell at less than market price for multiple reasons.
Why foreclosures sell for less:
1) The property has not been properly cared for or even vandalized by the former owners
2) The property has been sitting, without care, for months
3) Vandals and thieves have stolen valuable parts of the home, like copper wiring and plumbing, or have graffiti on the home, vagrants have or do still occupy the home, used the toilets without water services to flush, etc
4) The property may have been a failed business such as a half way house, sober living home, child care, boiler room, etc and odd alterations have been done
5) Massive amounts of unpermitted, improperly completed, and/or unfinished construction has been done
6) The banks who now own the property do not understand the local market for the home, and the employees of the bank do not have a vested interest in getting top dollar for the home
7) The Real Estate agents who sell these homes are inundated with work, are underpaid by the banks, and do not have a vested interest in getting top dollar for the home
8) The banks demand very specific terms of sale, will completely rewrite your offer, will not do ANY repairs/credits after agreeing to an offer, and have a take it or leave it attitude
With that said, why would you want to buy a foreclosure? The bank is effectively paying you for the work, permit compliance, management, and maintenance that they are not willing to do.
The way that they pay you is through a reduced purchase price, which may result you actually having equity in the home after the pricing downturn is over.
While foreclosures are a good source of investments, even better deals can possibly be found in traditionally marketed homes. Some homeowners will price their homes for sale at foreclosure prices. BUT, these homes do not have all of the drawbacks that I listed above. So, you can buy a turn-key home (one that does not need any work to live in or rent out) for a foreclosure price.
Both of these types of homes are great buying opportunities. For the investor who is shy about making repairs and renovations, buying traditionally marketed homes can be a much easier undertaking.

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What is a Short Sale and How Do You Profit From It?

I have had MANY people asking me, "What is a short sale?". To save everyone some time, here is a concise description of what a short sale is and what you need to know about them.
A short sale is ideally a "pre-foreclosure". This means that if the listing agent is educated, the property will be "distressed", the seller will have not been paying his mortgage, a Notice of Default has been filed on the property (NOD), and the seller should have a good reason why he has not been paying!
(on a side note, I have access you HUGE consistently updated lists of NODs, NOTs, and other preforeclosure info available, just ask)
Once the owner of the "distressed" property realizes that they may lose the property, they decide that they want to sell it before it goes to foreclosure.
The problems?
1: They owe more on the mortgage than the property is worth
2: Even a competitively priced property will not sell quickly in this market
The solutions?
1: Have a Realtor put the property up for sale at less than market value
2: Attract a large amount of attention and offers, usually above your very low asking price
3: Go to the bank whom you owe money to, show them the offers, and ask them to accept one and forgive the rest of the debt
The problems with the solutions?
1: Banks have a huge deluge of these types of offers coming in, and they may take months to respond to the offer, if they do at all
2: The seller gets to spend less time in control of the property in contrast to a foreclosure
An example:
You owe $100,000 on a home. In the recent downturn, the homes value slips to $50,000. You lose your job and cannot pay the mortgage. You call me and tell me your problem. I say, "I have the solution for you! Instead of letting the bank foreclose on you, let me sell your home first."
So we put the property on the market for $40,000. This is below market value, because we need to sell fast and you won't get any of the profit anyways. We show the home 30 times in 10 days, and get 10 offers. The highest offer is $45,000.
I submit a lower offer to the bank, one at the asking price of $40,000 because I don't want the bank to counter the $45,000 offer with a $50,000 price! The bank doesn't say anything to me, the listing agent. I call them, email them, hound them from all sides. Finally, 2 1/2 months later, the bank calls me and says they want to counter the $40,000 offer with $45,000.
I call the person who wrote the offer, but they already bought a house. So, I counter the $40,000 offer with $45,000. They decline because the price of the home has dipped to $40,000 during the time they were waiting, and we all just wasted 3 months of our lives trying to save the bank some money. By the way, the house gets foreclosed the next day.
How do you profit from it?
1: Write a full priced offer on every well priced short sale that you see.
2: Be patient
3: Do not become attached to the idea of owning ANY of these properties because the likelyhood that you will actually close escrow on one is exceedingly low
4: Be persistent by following up
5: Be patient
6: Submit piles of supporting documentation with your offer to verify your strength as a buyer such as your FICO score, proof of funds, preapproval letter, letters from relatives with back up funds, ect.
Realistically, short sales are not an easy way for anyone to make money. Not for the listing agent, not for the buyer, and certainly not for the seller. Everyone involved will feel short changed by the end of the transaction. You will have spent way too much of your own time looking at properties and writing offers by the time you close escrow.
In my own recent housing search, I wrote seven offers on short sales over six months ago. I still have not heard back on a single offer! In the end, all you are doing is saving the bank a couple of bucks which they apparently don't care enough about to respond promptly to your offers. Easier money is to be made with true foreclosures and traditionally marketed homes.

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Do You Want A Vacation Home In Baja?

OK, I know I said that I would be back to blogging. But an opportunity to drive down the Baja coast with two of my brothers appeared and I jumped on the bandwagon at the last minute. It was a great opportunity to see the development and progress that is going on south of the California boarder.
Image by jess hickman via Flickr
You can buy an entry level ocean front condo near Tijuana and/or Rosarito for about $150,000 with as little as 3% down payment. You will pay higher interest rates down south, so it is preferable to cash out a US property than to get a mortgage in Mexico.
Non citizens cannot technically own Mexican property. This requirement is circumvented by holding the property in a trust, with a Mexican bank or other trusted entity as the owner, with yourself as the beneficiary. Obtaining your Mexican citizenship can take a minimum of 5 years, but may be worth it for serious investors.
You probably do not want to buy a single family home unless you plan on living there or having it occupied full time. This is because the high crime rate and lack of law enforcement in most areas. You could put up a big gate, heavy locks, and bars on the windows. But this is really not necessary. You can buy 3,000 or 5,000 square foot penthouses that are larger than many single family homes anyways. And the view from the 10th or 15th floor is incredible! You can see for 20 or 40 miles down the coast from such a height.
With all that said, it is unlikely that you will want to live permanently in any city along the Baja peninsula, with the exception of Cabo San Lucas. Most condo associations are almost empty (maybe 10% occupied) at any one time.
Starting and maintaining a successful a business is fraught with problems, as corruption, reactionary and emotional government officials, crime lords, petty police, and any number of uneducated fools will get in your way.
My brother owns and operates Picante Blue Water Sports Fishing.
This is one of the most successful fishing boat sales and charter businesses in Baja. He is full of stories about the problems I listed above. It takes a special type of person to deal with these added problems of running a business.
Until the government stamps out the rampant corruption, makes education a top priority, enforces private property laws without prejudice, encourages foreign investment more fully, steps back from the socialist populist lawmaking, becomes concerned with the safety of its citizens and visitors, and generally gets its economic act together, Mexico will be relegated to be the location for second homes, vacation homes, or any other type of home where you don't want to live full time.

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Moving Takes Me Away From Blogging

I have not been posting because I just moved into my new 3 bed, 2 bath home in NoHo. Unpacking, setting up my office, and maintaining my duties for my clients has dominated my time. I will be posting again soon.
I plan to view 3 properties priced under $290,000 in Canoga Park tomorrow morning. Details will follow on these tear down opportunities ASAP. Until then, keep on looking for investment opportunities and send me any new ideas you have!

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If You Live in the UK, You Should Be Buying Real Estate In Los Angeles and California

For the past six months, investors from the UK have been contacting me about buying in Los Angeles. It makes sense: People from the UK can come to the states and double their money because of the extremely favorable exchange rates.

There are also cultural factors that contribute to the people in the UK understanding the benefits of owning Real Estate. If I lived on an island and was part of a culture with a long history, it would be very clear to me who the economic winners of the world are (hint: they all own real estate as their primary long term investment vehicle).

I have noticed that many of the people from the UK and other foreign countries have a lack of knowledge about the regulations and restrictions about who can own Real Estate in the USA. The answer: ANYONE can own Real Estate in the USA without restriction or applications or any other hindrance to the ownership and legal use of the property.

People who do not have a credit history in the USA will have to put a 30% down payment up to get a mortgage. But hey, when you are doubling your money that may as well be 15%! So for you investors with long term aspirations of owning many properties in the USA, start your credit history today! Talk to Katy Lin about credit, loans, and all the specifics at: (949) 981-2256

Take a look at my six month history for my web site, http://RealVana.com . The number of visits from the top ten countries are listed below. Traffic from the UK outnumbers the traffic from both the USA and Canada combined!

Country	Visits
UnitedKingdom	3437
United States	1332
Canada	1039
Australia	758
Germany	379
India	271
Mexico	251
Ireland	238
Spain	138
New Zealand	137

Also, we are always looking for more Realtors to join my site at RealVana.com . We are currently in the development stages, but would be happy to add your MLS listings to the site. If your territory is a different state than California, call me @ (818) 726-5982. The first to reserve a territory gets it locked in.

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Turnkey Duplex

11670 Erwin Street, North Hollywood, CA 91606

The Numbers:

-$45,000 down payment (asking $469,000 but should sell for as little as $450,000)
+ $9,000 credit back from purchase
- $3,650 for adding a feature, shade, and painting front patio
= $39,650 total cash outlay

+$2,900 current potential combined rent
-$1982.81 mortgage payment (10% down, interest only, owner occupied @ 5.875%)
= $917.19 profit per month without any work

This property does not have a private feature. It also has a small shared backyard, an unfinished front patio, and a dilapidated common wall. By adding a plug in spa, inexpensive landscaping in the back, and two $299.00 canopies, you will have added large amounts of value for both units in the form of a lush, private spa.

Painting the front patio will add to the curb appeal (the valuable first impression). You should be able to rent both units for $3,450 combined after making these small fixes.

The Final Numbers:

$3,550 combined rent
- 1982.81 mortgage payment
-$562.50 tax payment
= $1,004.69 Profit after all major expenses

This income property is quick, clean, and permitted!

Call me to view this property or similar properties at (818) 726-5982 OR email me at Realtor.MG@gmail.com

To get info on qualifying for a loan on this or other properties, call Katy at (949) 981-2256

To view more properties in any area, go to http://realvana.com to search for free, with no registration required.

If you have a property that you would like me to feature here or if you currently own one that you think needs my advice on how to optimize its income potential, contact me here!

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THE Reasons Why You Should Buy California Real Estate Now (Part 1)

There is so much press out there talking about how the housing market is going to hell in a hand basket (I’m looking at you, socalbubble). Phrases like, “California Real Estate Market Continues to Crash” are being thrown around.

Image via WikipediaThat doesn’t even make sense! If you are going to call a pricing downturn a “crash” or a “popped bubble”, it should happen suddenly, right? This is simply not the case with our gradual, predictable, and cyclical Real Estate pricing adjustment that we are experiencing here in Southern California.

I contend that it is downright irresponsible for these authors and bloggers to try so hard to push this “bubble” concept on the public. The dotcom bubble was a true bubble, this is just predictability at its best. The people who stop listening to the nay sayers and start looking at the facts will profit.

Here is the stuff others aren’t telling you because it is fashionable to be negative and go along with the crowd. This is part 1 of a series without a defined ending. This is why you should be buying right now.

Foreclosures are an Opportunity, Not a Warning Sign

The vast majority of homes that are now facing foreclosure have been purchased within the last few years by speculative or uninformed buyers. This graph shows over 1,000 notices of default (NOD) that have been filed during the week of 10/22/2007 in Los Angeles County and the dates that the property was purchased.

As you can see, there is an obvious pattern here. There is a cluster of points at the end of 2004 all the way to the beginning of 2007. Each of these points is a piece of Real Estate that was purchased and now has a notice of default (NOD) filed against is by the lender on that property. All of these points represent a home that is behind on its payments to the bank.

These purchases were fueled by ever loosening lending standards from the banks and fraudulent activity from mortgage brokers.

Many borrowers got what I call “Frankenstein Loans”, because these loans should have never existed. Mortgage products like negative amortization loans allowed people who could not afford homes to buy despite the price barrier.

This is what allowed housing prices to extend past equilibrium into unsustainable territory. That was the time for you to sell, while money was cheap or free to borrow.

This is the situation that gives rise to opportunity. For those of us who didn’t ruin our credit, didn’t buy an overpriced piece of Real Estate, and saved up cash, now is the time for you to buy. Here is why:

This is a graph of those same notices of default (NOD), but now it displays the amount of money in default.

In fact, the vast majority of defaults are below $50,000! For this amount or less, you could gain ownership of one of these properties.

There is a vast body of writing on how to turn these “pre-foreclosures” to your advantage. I will not review them, but many of these systems work well. But be warned: Chasing foreclosures can be a full time job. Learning about them is another matter entirely.

For those of you who want to do the footwork, I will be posting free foreclosure and notice of default lists for download. Additionally, we will be releasing free software that will allow you to search and navigate through all of this information without downloading it.

Fortunately, there are many good deals available on foreclosed Real Estate available through traditionally marketed properties. These are called REOs. After a bank has foreclosed on a property, many times they will put that piece of Real Estate on the market with a Realtor. At least one lender I know reduces the price of the homes by 5% each month until it sells. It is a game of waiting and watching for the right deal.

Click Here to add your name to a list of interested buy-and-hold investors. Indicate where and how much you want to invest in your message.

Look for my next installment, part 2: The Real Estate Market Cycle and Irresistible Market Forces

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What am I doing?

I have been finding awesome investment opportunities for my investors for a long time and I come across so many properties that my investors and I cannot buy, fix, construct, rent, and manage them all.
When I talk to people about how easy it is to make these opportunities pay off, I realized that their interest level is very high and that they would love to know more. If these people could only feel as comfortable as me and my investors with doing what we do, there is nothing to stop them from taking advantage of these investment opportunities.
There are millions of books with principals, theories, general ideas about Real Estate investment. I couldn't find anything with real properties that are for sale now, illustrating how to turn these into money makers. This blog is for people who a want passive cash flow, financial leverage, and the tax advantages of owning Real Estate.
All these people need is a little knowledge and advice, confidence, and to see the numbers in black and white. That is what I am going to do! You will find bits of education, tips, and important notes in big type so that you can't miss them. You will see the important numbers in similar size.
Come back often, the first person to write a check and claim a property is the one who will get it. Let me know what you think with your comments, add your own tips and knowledge, and thanks for reading!

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