1031 MN

Renter Resources For Emergency Services That Might Help With Rent

In today’s economic environment, tenants are feeling the pain of a recession as well-or even more-than the rest of the population. This might mean their job loss or lesser wages. It is hard to pay the rent without an income. Therefore, as a landlord, your consider learning about and sharing resources with your tenants that provide emergency services in the Twin Cities. I have put together a few ideas on services/programs that might be able to help with food, utilities and even the rent. Besides the greater possibility and likelihood of getting your rent, you are being a friend and showing that you care. What goes around comes around.

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2012 is going to be a year of change in the residential market

My phone has been ringing off the hook with buyers and sellers getting ready to “get ready”. I hope it continues! Let me tell you that the sentiment may have turned. If I can help you, and you’ve been on the fence, the time is now. One of my resources that I follow is Alex Charfen from the CDPE Institute. Watch what he has to say about some MAJOR money entering into the residential marketplace:

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Kung Hei Fat Choy

Happy Chinese New Year-Officially on January 23rd. Some of my family members are from China. We often will celebrate Chinese New Year with a tremendous meal and good company. This is the year of the Dragon. 2012 is going to be an exciting year-count on it! I hope it is your best.

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In the middle of the Winter we all need some “Summer Madness”

I could listen to this song over and over. It has nothing to do with real estate or mortgage-but what the heck-it’s a great tune. Sit back and enjoy!

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Something to think about starting the New Year

This video was sent to me today. I wanted to share it because I believe it is powerful. The meaning is up for your interpretation, as is(are) the message(s). Best wishes for a wonderful 2012.

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Certificates Of Rent Paid – 2011

Don’t forget to give your tenants their CRP’s by the end of January 2012. If you are a tenant, don’t forget to ask. These are useful to a tenant that qualifies for a tax deduction.

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Happy Holidays from Minnesota-See the Flash Mob at Carlson School

This is simply awesome-watch and enjoy! May 2012 be your best year yet. I know it will be exciting!

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2012-will it be just another year or is it YOUR year of transition?

I recently gave a Toastmasters speech on this topic. Key to answering the question is whether or not you have written goals in mind regarding what you want or intend to accomplish. Unless there are specific goals that require you to plan and live with a purpose and focus, life will just happen. Either way is fine as long as you know what to expect. Many people are frustrated when they expect something different. Mastering time and focusing on goals may more create a more fulfilling life. Soon, I will begin my annual project of goal setting. I intend to plan my year with measurable goals. I find I’m much happier when I’m focused on where I’m going. As such, I just came across this PDF called The Tower. I thought it was interesting and wanted to share it here. It is a short e-book about a man who is achieving his goals and living the dream. He’s living life on his terms and creating a legacy. He became more focused after he analyzed a video game he was playing. It is a pretty interesting book. Maybe one of your goals involves real estate-buying a new home or investment property. If this is a goal of yours, I can help. Give me a call and let me help you figure out how we can make real estate goals become your reality in 2012.

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Short Sales Vs Foreclosures Vs Traditional sales

We need to understand that while the current economy is really a “Tale Of Two Cities” in that some people have no idea we are in a recession whereas others are in deep pain, the real estate market as a whole is being impacted by distressed properties. Based on the current backlog of homes, it may be this way for some time. That being said, why are short sales being embraced by everyone as the most economical way to move markets forward? When you look at a comparison of the loss incurred by the lender, you will see that losses are generally worse with a foreclosure. Larger losses via lower sales prices ultimately impacts everyone who is buying, selling or refinancing. I have a report and flyer I’d like to share. Both provide you with opinions and resources so you can draw your own conclusions. Solving the housing problem starts with understanding the problem as well as exploring viable solutions.

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Thanks To Veterans-We’re All Free

11-11-11 Veteran’s Day-We owe you guys/gals a lot. Thanks for your service & dedication!

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HUD Home Tips

Recently, a representative from Best Assets came to speak in Minnesota about how they are handling the disposition of HUD homes in conjunction with the asset managers, agents, and the website http://www.HUDHomeStore.com . The process of buying and selling a HUD home is very similar to that of “traditional transactions”, but there are some small differences and nuances. I have attached a sheet that covers some of items that you should be aware of.

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Minnesota HUD Homes

Most properties that become lender owned are generally available through our online MLS. HUD homes are listed in our online MLS as well. That being said, HUD maintains a site at http://www.HUDhomeStore.com that lists all their properties for all states and provides you a lot more information about specific homes. I would encourage you to go there and see what is available. As an agent, I am able to show and help you purchase a HUD home. Just let me know what you’d like to view. I can set up a specific search for you within our Online MLS and see that listings that meet your parameters are emailed to you daily. Attached you will see that process that occurs once you’ve purchased a HUD home. It will provide you with a flow chart so you know what happens. Did you know that HUD allows you to put $100 down on a full price purchase offer of a HUD home utilizing FHA financing? These terms and conditions are subject to change at any time. Keep up to date at http://www.HUDhomestore.com

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Expanded HARP Mortgage Refinance Option-Available Soon!

Today, the government expanded the HARP program and qualifications. Attached is the news release. Qualifying for a new loan to lower your rate may now be a possibility even if you are upside down-ie underwater on your loan. Terms/conditions always apply-see the release and call me if you think you fit the parameters. We can take it from there.

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National & Minnesota Foreclosure Trends

The market is still slow, but this is the opportunity for those who want to roll back the clock and purchase at price levels combined with interest rates that we haven’t seen in years. See the newsletter for more information. Also, I have MUCH more information to share. Simply give me a call or send me an email to get started. Let me show you how I can help.

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VA-Veteran Loans Funding Fee & FHA Maximum Mortgage Changes

Starting October 1st, 2011, the maximum FHA loan limit for single family loans is being lowered from $365K in the Twin Cities to $318,550. See the attached form. This is not a good thing, but reflects the reality of declining value of much of the real estate. Unfortunately, underwriting of all loans continues to tighten. On a positive note, the VA funding fee is being lowered. This would be due to less losses and a lesser need to collect as much insurance premium to protect against defaults. So, the question I have pondered is: Why are VA loans-typically financed at 100% loan to value-not experiencing the same loss ratios as other mortgage programs. VA 100% financing has been around forever. It works-and well. The problem of our mortgage crisis is not the loan to value or a required minimum down payment or tighter underwriting as some would have you believe. Imagine all the new homeowners if we actually took what we’ve learned from decades of underwriting VA loans and applied it to a new “stimulus mortgage program”. Instead, we are becoming a nation of renters. Somebody in congress needs to talk to the people who have their boots on the street for real solutions to our mortgage and real estate problems.

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Using A Reverse Mortgage To Purchase

With some of the major lenders leaving the reverse mortgage business-possibly just on a temporary basis-you might find it more difficult to find a lender offering the program. At the same time, it is worth your time to look. If you are 62 years old and have approximately 50% equity in a home, you can obtain a reverse mortgage. You can use this loan for a purchase as well. So, if you put down 50% of the value of the home, you can obtain a reverse mortgage. Remember, the reverse mortgage doesn’t have a monthly payment associated with it. While you are still responsible for the taxes and insurance, you pay off your loan when you sell the home. The attached PDF will give you some examples of how much is required to buy a home using a reverse mortgage at various age groups. This is a unique opportunity for seniors to consider, especially if they are on a fixed income.

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An Economic Blog/Resource For You

I just found this blog at http://www.CalculatedRiskBlog.com It is a cool economic blog. Go there and read articles to see what is happening in the world. Then, go to the graphs gallery. Simply amazing. It is worth your time if you want a macro view of the world and environment in which we live today.

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What’s happening in the Twin Cities Real Estate market?

Are you wondering what’s happening out there? Well I have my “boots on the street”. Here is where I see it and where I see it going in the short term. Overall, sales are slow, but not dead. We are now in the fall market. In as early as 30 days, we could have snow on the ground. Then, you have Thanksgiving and all of the other holidays. Combine all these events and this tends to be the slowest time of the year. This means it will likely get slower over the next 90 days for traditional home sales. I’ll keep you posted about the Spring market when we get there. That being said, I am keeping very busy-thankfully!. Many of my transactions today are involving investors. The deals are just too good to pass up. I would be happy to show you what I mean and give you actual examples involving investor transactions I’ve been involved with. If you believe that values will increase in the future, now represents the best buying opportunity I have seen in my 26 years. Is it all uphill from here? Absolutely not! In fact, depending on the community and property type, it might get worse before it gets better. Yet, if you are a long term investor, purchasing for the long term, this is a golden opportunity. Interest rates are at 50 year lows, the banks will soon have to do something with their inventory of properties. Banks are actually accelerating their foreclosure procedures. This means more homes will be available for sale or even possibly for rent. The government is thinking about solutions-so we’ll have to stay tuned. Will they become landlords? Will they raise the LTV loan limits for underwater mortgage refinance opportunities and expand eligibility beyond Fannie and Freddie loans? Will there be write downs of principal and equity sharing going forward for existing underwater homeowners? These are all ideas being talked about. Stay tuned for more!!

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Amazing Video-Wouldn’t Believe It If I hadn’t Viewed The Video

Amazing message-mortal enemies can get along! What an example for the rest of us!

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Great Cartoon from 1948

Human beings are human beings. Only the names change. When we refuse to understand history, psychology, and human nature we end up repeating mistakes that could be avoided. Re-learning lessons is getting mighty expensive. Definitely worth watching.

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VA financing their foreclosed properties for Investors

This is pretty exciting.  It is a way that investors can buy VA foreclosed homes with VA loans.  I personally have not participated in this yet, but I wanted to make sure everyone knew that it was an option and might be available.  See the flyer for more info

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Foreclosed Homes Might Be Turned Into Rental Homes

Soon, the government will be announcing their plans for upwards of 250K homes that are owned by Fannie Mae, Freddie Mac, and HUD. It is possible that they are going to be turning them into a pool of rentals and sell them later as the market improves. How this will be managed or created is anyone’s guess. Watch the FHFA- Federal Housing Finance Agency for more information. On the one hand, it will allow for revenue to be generated from an asset that is vacant. It also allows for inventory control which might mitigate price declines. We’ll have to wait and see.

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Your Home May Be Your Castle But You May Owe The IRS Tax Upon Its Sale

If you have a gain from the sale of your main home, you may qualify to exclude all or part of that gain from your income. You are eligible to exclude the gain from income tax if you have owned and used the home as your “principal residence” for two out of the five years prior to the date of its sale. If you have a gain from the sale of this property, you can exclude from income in most cases up to $250,000 of the gain if unmarried, or $500,000 if married and filing a joint return.

You are not eligible for this exclusion if you already excluded the gain from the sale of another home during the two-year period prior to the sale of your principle residence. In other words, you can ordinarily exclude a gain only from the sale of your principle residence and not that from the sale of a second home. You must pay tax on the gain from selling any other home.

If you have two homes and live in both, your main home is ordinarily the one you live in most of the time. For taxpayers with multiple homes, the regulations list several factors relevant to determining which home is the principal residence. Among these are the amount of time used; place of employment; where other family members live; the address used for tax returns, driver’s license, car and voter registration, bills and correspondence; and the location of the taxpayer’s banks, religious organizations or recreational clubs.

This article and information was provided by a friend of mine, Steve Katkov. Steve Katkov is Senior Vice President and General Counsel for Commercial Partners Exchange Company (CPEC), a national qualified intermediary facilitating tax-deferred exchanges of both real and personal property pursuant to Section 1031 of the Internal Revenue Code. He has been involved in thousands of 1031 exchanges of real and personal property, including complex reverse and improvement exchanges. His client list includes Fortune 100® companies and some of the nation’s largest privately held corporations. Prior to joining CPEC, Steve served for more than six years as a Vice President/Regional Manager for First American Exchange Co. (a subsidiary of First American Title Ins. Co.).

Steve Katkov, SVP (612) 419-6118
Commercial Partners Exchange Co.
1300 U.S. Bank Plaza
220 South Sixth Street
Minneapolis, MN 55402

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Replacement Property in a 1031 Exchange: Be Careful About The Investment Options

Look at this new resource for due diligence!!

The Wall Street Fraud Watchdog at http://www.Wallstreetfraudwatchdog.com is urging investors to increase their due diligence for real estate investments in limited partnerships, general partnerships, tenant-in-common and similar opportunities, claiming that many such investments are scams. The organization stated today that “without question there are 1000′s, probably 10,000′s of US investors, who have a good portion, or all of their life savings stuck in a real estate limited partnership, business opportunity, or an investment opportunity, that will never produce a dime. In many cases the investor could lose all of their money…” Here is a link to their press release: http://www.wallstreetfraudwatchdog.com/pressrelease.htm

When considering replacement property opportunities, be careful to conduct thorough due diligence on the investment opportunity and most notably on the principles of the organization.

This article and information was provided by a friend of mine, Steve Katkov. Steve Katkov is Senior Vice President and General Counsel for Commercial Partners Exchange Company (CPEC), a national qualified intermediary facilitating tax-deferred exchanges of both real and personal property pursuant to Section 1031 of the Internal Revenue Code. He has been involved in thousands of 1031 exchanges of real and personal property, including complex reverse and improvement exchanges. His client list includes Fortune 100® companies and some of the nation’s largest privately held corporations. Prior to joining CPEC, Steve served for more than six years as a Vice President/Regional Manager for First American Exchange Co. (a subsidiary of First American Title Ins. Co.).

Steve Katkov, SVP (612) 419-6118
Commercial Partners Exchange Co.
1300 U.S. Bank Plaza
220 South Sixth Street
Minneapolis, MN 55402

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No Gain or Loss Needs to Be Recognized in Securities Loan Transaction for Short Sales

The Tax Court recently reiterated its position with respect to non-recognition of the loan of securities by one to another person, such as a broker or investor engaging in a short sale. The Tax Court rules that such a loan does not constitute a “sale” for which capital gains would otherwise be realized. The Court set forth the terms of the loan agreement that must be agreed to by the parties under Section 1058(b), including (1) the return to the owner of identical securities that were transferred to the borrower, (2) payments must be made to the owner of the shares equal to all interest, dividends and other distributions which the owner of the securities would otherwise be entitled to receive, if any, during the loan period, (3) the owner’s risk of loss or opportunity for gain remains the same, and (4) the agreement complies with all requirements under the Tax Regulations. See Henry Samueli et al v. C.I.R., 132 T.C. No. 4 (2011).

Under the proposed regulations, the payments compensating the owner of the securities for interest, dividends and any other distributions are treated as “a fee for the temporary use of property” and not as interest or dividend income, except for those instances where the borrower defaults under the loan agreement or fails to deliver any consideration to the lender of the securities. In these limited circumstances, gain or loss must be recognized by the lender at the time of the borrower’s default.

This article was written by a friend of mine, Steve Katkov. Steve Katkov is Senior Vice President and General Counsel for Commercial Partners Exchange Company (CPEC), a national qualified intermediary facilitating tax-deferred exchanges of both real and personal property pursuant to Section 1031 of the Internal Revenue Code. He has been involved in thousands of 1031 exchanges of real and personal property, including complex reverse and improvement exchanges. His client list includes Fortune 100® companies and some of the nation’s largest privately held corporations. Prior to joining CPEC, Steve served for more than six years as a Vice President/Regional Manager for First American Exchange Co. (a subsidiary of First American Title Ins. Co.).

Steve Katkov, SVP (612) 419-6118
Commercial Partners Exchange Co.
1300 U.S. Bank Plaza
220 South Sixth Street
Minneapolis, MN 55402

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Real Estate Investment Opportunities within the Twin Cities

To better serve the needs of real estate investors in Minneapolis & St Paul as well as surrounding areas within the Twin Cities, I have recently earned the Certified Investor Agent Specialist™ (CIAS) Designation. With the CIAS, I have the training, tools and calculations to effectively serve the five investor types: First-Time Investor, Move-Up Investor, Portfolio Investor, Performance Investor, and Rehab and Resell Investor.

Real estate represents a consistent and stable way to build wealth, brings liquidity to our housing market, and stimulates our local economy. In fact, in the past year, investment and second-home properties represented approximately 27% of all residential sales. It’s also worth noting that nationwide, 43% of real estate investors earned less than $75,000 per year.

Today, real estate is quite literally on sale! There is an unprecedented opportunity to build wealth through real estate, and I specialize in helping all investors achieve their goals.

Contact me today at 952-929-2577 to learn more about investing in real estate.

In my 26 years of real estate sales, I can tell you the values are extreme. Don’t let this opportunity pass you by. Now is the time to purchase real estate.

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Twin Cities Fence Requirements

Recently a client purchased a home and was contemplating installing a fence. They found this link. While it is an advertisement for a fence company, they have PDF’s of each cities respective fence codes http://www.tcfence.com/city-codes

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Minnesota Foreclosure Activity-monthly report from Realty Trac

The report provided shows statistics and information both nationally and locally here in Minnesota. I have access to additional information and reports that will help add clarity to the news stories you are hearing. Things are tough, but not the same everywhere. Call me for my detailed opinion on where we might be headed.

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Short Sales, Foreclosures, Bankruptcies, Judgements All in one Transaction

I just had a short sale blow up because of undisclosed tax liens and judgements. The title couldn’t be cleared and we ended up with a mess. Everyone involved has to dismantle and start over again. I couldn’t help but be disappointed. But, in today’s real estate world this is common. It is all about attitude. When life throws you lemons, learn to make lemonade. Yes, it is more complicated than that. Take a look at this video and share it with someone who may have had a set back. It is really powerful and inspirational

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First Time Buyer Down Payment Assistance-Now In Minnetonka

See the guidelines about this new program for Minnetonka. These programs exist in other communities as well. I will help you find programs-just like this-in other communities within the Twin Cities. NOW is the time to take advantage of these programs. If lack of a down payment has held you back, now is the time to take a look at these special programs. WelcometoMtkaguidelines.doc

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Search Twin Cities Foreclosures

Use this link to find foreclosed homes in the Twin Cities:

http://www.1031mn.com/search-foreclosures/

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How To Find Money To Buy A Home

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So You Think You Want To Fix & Flip Homes

Follow some of the tips in this video so you don’t get financially destroyed. It is harder than you think!

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Why Use A Realtor?

Today, more than ever, you don’t want to buy or sell a home on your own. You need an expert. Let my 25 years of experience help you make the right decision.

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Twin Cities Real Estate-Investment Property In Minneapolis St Paul

This is a recent power point I’ve just put together. It gives you some ideas and information before you begin investing in real estate.

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Learn More About 203K Loans For Home Fix Up Upon A Purchase As Well As Home Improvement

These guys do a pretty good job of explaining the process. Check it out. WE do have outlets for the 203K loans at this time-both streamline and FULL 203K loans. Call us today-952-285-4319 NMLS #373115 Venture Development http://www.VentureLoanApp.com

203k Home Improvement Loans Part 2 of 2

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Funny Video That Explains The Banking System & Our Economy Of Today

You will find it funny, you will find it sad, but you will find it very similar to where we are today. It is called the American Dream. It explains a lot. Watch it once, then watch it again. History repeats itself because we are such poor students of history.

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Insured Conventional Loan Vs FHA-Which Is Better

There are many factors that go into a loan decision-credit scores, down payment, debt ratios, etc. One big question is whether you should consider buying a home with an insured conventional loan using 5% down or applying for an FHA loan with 3.5% down. The information below might make that decision easier. In fact, if FHA continues to raise the cost of their monthly mortgage insurance-known as MIP-the decision may start to favor conventional loans with PMI-private mortgage insurance. Remember, everyone’s situation is different. This information just gives you one more way to look at financing your purchase.

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How Does RE/MAX Compare? Let’s look at 2011

The numbers are now out! RE/MAX is a top producing company. In many markets, RE/MAX is the leader-often head and shoulders above the competition. I have been with RE/MAX for 16 years. Prior to that, I was with another large company for 10 years. Before you select an agent, interview a RE/MAX agent. I think you will agree that there is a difference. If you’re in the Twin Cities Metro-consider my services.

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Twin Cities Market Report 2010

Have you ever wished you had all the metrics of the marketplace in once nice concise report? Well now you do. Our board of Realtors compiles an annual report showing comparative data. While each home is different, pricing trends are trends. The data since the end of 2010 going into 2011 has gotten worse. If you’d like me help you interpret the information as it might pertain to your home sale or potential home purchase, just let me know. Enjoy the report.

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Underwater Homeowner Refinance Programs Extended For 1 More Year

FHFA Extends Refinance Program By One Year

Washington, DC — Federal Housing Finance Agency Acting Director Edward J. DeMarco has announced an extension of the Home Affordable Refinance Program (HARP), a refinancing program administered by Fannie Mae and Freddie Mac, to June 30, 2012. The program was set to expire on June 30 of this year. In addition, Fannie Mae and Freddie Mac will make the following adjustments to their programs: Freddie Mac will exempt HARP loans from their recently announced price adjustments and Fannie Mae will conform their eligibility date to May 2009.

The program expands access to refinancing for qualified individuals and families whose homes have lost value. HARP has grown over the past year. In 2010, Fannie Mae and Freddie Mac purchased or guaranteed more than 6.8 million refinanced mortgages. Of this total, 621,803 were HARP refinances with LTVs between 80 percent and 125 percent. This is up from 190,180 in 2009, when HARP began.

For more information on Fannie Mae and Freddie Mac refinance activity, see FHFA’s Fourth Quarter 2010 Foreclosure Prevention & Refinance Report. Additionally, homeowners can visit www.MakingHomeAffordable.gov for more information on the program.

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The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks. These government-sponsored enterprises provide more than $5.9 trillion in funding for the U.S. mortgage markets and financial institutions.

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WHY Pick RE/MAX?

There are lots of reasons why you might choose to select one agent or company vs another. Unless you have a best friend or relative who you “have” to use, I would like to show you how I am different. I believe I have an excellent value proposition as to why you would select me as your agent and RE/MAX as your company. I would welcome the opportunity to meet with you and discuss how I can help you meet your housing goals-whether it be buying or selling. Interview a couple of agents, you will see there is a difference. You may wonder how does RE/MAX stack up within the Twin Cities. The attached PDF’s will give you some market share information as well as agent productivity-based on a 2010 compilation of the numbers. While these are just some of the metrics on which to base your decision, success does leave clues. How can I help you?

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Down Payment Assistance Synopsis

Where there is a will, there is a way. There are many many programs today that are city specific. So, the attached synopsis is a multi county foreclosure down payment assistance pool. Basically, there is money available for purchasers of distressed homes. If you want to buy a home and are flexible in which area you make your purchase, we can try to find you some programs.

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Gifts and Grants can be considered towards borrowers funds on certain 3% down conventional loans

Yes, you read that right. I just got an email today from a leading mortgage insurance company that is willing to underwrite this loan. You will need at 740 or better score. But, what an opportunity. In many ways, this is like FHA, but with a little higher credit threshold. The KEY difference, besides credit score, is the lack of an upfront MI (mortgage insurance) premium and as well as a smaller required monthly premium. This product could be a game changer for the MI company and conventional loans.

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Purchase 80/10/10 and 80/5/15 STILL exists

As of this post, the 80/10/10 and 80/5/15 can still be done. While underwriting has allowed it, it has been very difficult to find a second mortgage product that would write a 5 or 10% second mortgage. Well, after many phone calls, we have sourced two lenders who at this time are willing to offer the second mortgage. One is a bank and the other is a credit union. As with EVERY program, the rules can and do change at any given moment. The key to both product is extremely high credit scores and a file that utilizes conservative ratios. If you don’t have at least a 700 score, this might not be something you can utilize at this time. For the 80/10/10, you will need a 740 or better score.

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What Is Your Home Worth Today?

I found a cool resource at http://www.FHFA.gov. If you go there, in the middle of the page you will find something called the Home Price Calculator. You input your home purchase information in terms of State, quarter in which you purchased and the quarter in which you’d like to get the valuation. Next, you hit calculate, and it will show you a chart. While it isn’t specific to YOUR exact home, it does give trends for your area. If you want specific information-specific to your home-within the Twin Cities metro-give me a call and we can discuss your situation. I can then give you guidance on what the value might be.

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Did you know-Current & Future Housing Data

Watch this video-then call me to help you buy or sell a new home or investment property.

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8 Tips For Finding Your New Home

A solid game plan can help you narrow your homebuying search to find the best home for you.

House hunting is just like any other shopping expedition. If you identify exactly what you want and do some research, you’ll zoom in on the home you want at the best price. These eight tips will guide you through a smart homebuying process.

1. Know thyself
Understand the type of home that suits your personality. Do you prefer a new or existing home? A ranch or a multistory home? If you’re leaning toward a fixer-upper, are you truly handy, or will you need to budget for contractors?

2. Research before you look
List the features you most want in a home and identify which are necessities and which are extras. Identify three to four neighborhoods you’d like to live in based on commute time, schools, recreation, crime, and price. Then hop onto REALTOR.com to get a feel for the homes available in your price range in your favorite neighborhoods. Use the results to prioritize your wants and needs so you can add in and weed out properties from the inventory you’d like to view.

3. Get your finances in order
Generally, lenders say you can afford a home priced two to three times your gross income. Create a budget so you know how much you’re comfortable spending each month on housing. Don’t wait until you’ve found a home and made an offer to investigate financing.

Gather your financial records and meet with a lender to get a prequalification letter spelling out how much you’re eligible to borrow. The lender won’t necessarily consider the extra fees you’ll pay when you purchase or your plans to begin a family or purchase a new car, so shop in a price range you’re comfortable with. Also, presenting an offer contingent on financing will make your bid less attractive to sellers.

4. Set a moving timeline
Do you have blemishes on your credit that will take time to clear up? If you already own, have you sold your current home? If not, you’ll need to factor in the time needed to sell. If you rent, when is your lease up? Do you expect interest rates to jump anytime soon? All these factors will affect your buying, closing, and moving timelines.

5. Think long term
Your future plans may dictate the type of home you’ll buy. Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in the home for five to 10 years? With a starter, you may need to adjust your expectations. If you plan to nest, be sure your priority list helps you identify a home you’ll still love years from now.

6. Work with a REALTOR®
Ask people you trust for referrals to a real estate professional they trust. Interview agents to determine which have expertise in the neighborhoods and type of homes you’re interested in. Because homebuying triggers many emotions, consider whether an agent’s style meshes with your personality.

Also ask if the agent specializes in buyer representation. Unlike listing agents, whose first duty is to the seller, buyers’ reps work only for you even though they’re typically paid by the seller. Finally, check whether agents are REALTORS®, which means they’re members of the NATIONAL ASSOCIATION OF REALTORS®. NAR has been a champion of homeownership rights for more than a century.

7. Be realistic
It’s OK to be picky about the home and neighborhood you want, but don’t be close-minded, unrealistic, or blinded by minor imperfections. If you insist on living in a cul-de-sac, you may miss out on great homes on streets that are just as quiet and secluded.

On the flip side, don’t be so swayed by a “wow” feature that you forget about other issues—like noise levels—that can have a big impact on your quality of life. Use your priority list to evaluate each property, remembering there’s no such thing as the perfect home.

8. Limit the opinions you solicit
It’s natural to seek reassurance when making a big financial decision. But you know that saying about too many cooks in the kitchen. If you need a second opinion, select one or two people. But remain true to your list of wants and needs so the final decision is based on criteria you’ve identified as important.

G.M. Filisko is an attorney and award-winning writer who has found happiness in a brownstone in a historic Chicago neighborhood. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

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4 Tips to Determine How Much Mortgage You Can Afford

By knowing how much mortgage you can handle, you can ensure that home ownership will fit in your budget.

Here are six surefire ways you can get your finances in order before you buy a home.

Homeownership should make you feel safe and secure, and that includes financially. Be sure you can afford your home by calculating how much of a mortgage you can safely fit into your budget.

Instead of just taking out the biggest mortgage a lender qualifies you to borrow, consider how much you want to pay each month for housing based on your financial and personal goals.

Think ahead to major life events and consider how those might influence your budget. Do you want to return to school for an advanced degree? Will a new child add day care to your monthly expenses? Does a relative plan to eventually live with you and contribute to the mortgage?

Still not sure how much you can afford? You can use the same formulas that most lenders use, or try another of these traditional methods for estimating the amount of mortgage you can afford.

1. The general rule of mortgage affordability
As a rule of thumb, you can typically afford a home priced two to three times your gross income. If you earn $100,000, you can typically afford a home between $200,000 and $300,000.

To understand how that rule applies to your particular financial situation, prepare a family budget and list all the costs of homeownership, like property taxes, insurance, maintenance, utilities, and community association fees, if applicable, as well as costs specific to your family, such as day care costs.

2. Factor in your downpayment
How much money do you have for a downpayment? The higher your downpayment, the lower your monthly payments will be. If you put down at least 20% of the home’s cost, you may not have to get private mortgage insurance, which costs hundreds each month. That leaves more money for your mortgage payment.
The lower your downpayment, the higher the loan amount you’ll need to qualify for and the higher your monthly mortgage payment.

3. Consider your overall debt
Lenders generally follow the 28/41 rule. Your monthly mortgage payments covering your home loan principal, interest, taxes, and insurance shouldn’t total more than 28% of your gross annual income. Your overall monthly payments for your mortgage plus all your other bills, like car loans, utilities, and credit cards, shouldn’t exceed 41% of your gross annual income.

Here’s how that works. If your gross annual income is $100,000, multiply by 28% and then divide by 12 months to arrive at a monthly mortgage payment of $2,333 or less. Next, check the total of all your monthly bills including your potential mortgage and make sure they don’t top 41%, or $3,416 in our example.

4. Use your rent as a mortgage guide
The tax benefits of homeownership generally allow you to afford a mortgage payment—including taxes and insurance—of about one-third more than your current rent payment without changing your lifestyle. So you can multiply your current rent by 1.33 to arrive at a rough estimate of a mortgage payment.

Here’s an example. If you currently pay $1,500 per month in rent, you should be able to comfortably afford a $2,000 monthly mortgage payment after factoring in the tax benefits of homeownership.

However, if you’re struggling to keep up with your rent, consider what amount would be comfortable and use that for the calcuation instead.

Also consider whether or not you’ll itemize your deductions. If you take the standard deduction, you can’t also deduct mortgage interest payments. Talking to a tax adviser, or using a tax software program to do a “what if” tax return, can help you see your tax situation more clearly.

G.M. Filisko is an attorney and award-winning writer who’s owned her own home for more than 20 years. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

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Two Special Twin Cities Home Buying Programs

One program is called FPP-Foreclosure Partnership Program, and the other is NSP2 Homebuyer Assistance Program.  Both programs offer incentive money for a purchase.  I can use these financing programs with one of our mortgage investors.  Consider checking them out to see if they’d work for you.

HennipenCounty-Non-forclosedHomes-overview

HennipenCounty-Nsp2-overview

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Rebuilding Credit To Get A Mortgage

Often, especially in this market due to the recession, we find potential home buyers who have had a life event or “bump in the road” that affects their ability to obtain a new loan. If you want to buy a home, you will have to have a certain number of reporting trade lines and for certain length of time. MOST mortgage programs require 3-5 trade lines and a minimum of two years of reporting. The other criteria is the actual credit score-which generally has to be 620, 640 or even 660 as it is all lender dependent. A manual underwriting where they use alternative credit such as rent payments, cell phone bill, utility bills, and the cable bill might be able to be used-but only with a few certain programs and lenders. So, the best bet is to re-establish credit as quickly as possible. HOW ABOUT NOW!! Don’t wait-it will only extend the time until you are going to be eligible. I have put together a list of resources that might be helpful. This list is only a starting place for your research. If you find another good resource please post it in the comments below so that the list can be expanded upon.

TOP IDEAS FOR CREDIT RE.doc

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Buying Rental Property In The Twin Cities

Have you ever wanted to own rental property, but were unsure where to start? I teach a class on the topic. I’ve decided to make the outline into a PPT. I cover the information in my class in much more depth and breadth, but this will give you a lot of useful information. If you are interested in discussing purchasing a rental property as an investment, just give me a call and we can set up a time to meet and review how I can help you become a “real estate mogul”.

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Mortgage Insurance May Still Be Deductible For Some Buyers

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Is There An Opportunity Right In Front Of YOU

I just watched an amazing video which I’ve posted below called the Money Tree. There are so many different interpretations. One that struck me was that people are oblivious to opportunity that is right in front of them. How many of us are looking for something that we already have or is within our reach? How many people are NOT buying real estate today when they could be looking at this as an incredible wealth building opportunity for what it is over the long term-assuming properties rise again in value? I was showing homes this past weekend. It was incredible to see townhomes in great communities selling for 40-60% less than they had sold for just as little as 5 years before. Luckily for my client, we are going to make an offer and ACT. Watch this video and don’t let the opportunities in your life pass you by. Don’t let life pass you by. Happy New Year and may 2011 be your best yet!

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December Is The Time To Reflect

Are each of us doing all we can to make the world a better place? Many of us have our favorite charity and organizations we support. RE/MAX is a very large sponsor of Children’s Miracle Network. Many people don’t realize how much has been given. Each time I sell a home, I automatically donate a portion of my commission to this organization. Other RE/MAX agents like myself contribute from their commission checks as well. Together, with RE/MAX we have collectively given over 100M. I would encourage everyone to consider finding an organization they believe in and make giving a part of their life. Just imagine what the world could look like?

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Getting Ready to Sell Your House

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HUD Has A YouTube Channel-Here Is There Vid On Buying A Home

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Google lets you create cool templated websites

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Can Home Ownership Contribute To Your Wealth?

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Minnesota Foreclosure And Distressed Home Fact Sheets PLUS Twin Cities First Time Buyer Special Programs

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Twin Cities Foreclosure Update

Here is our latest newsletter that has updates on foreclosures in the Twin Cities.

Also, watch the video below

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Minnesota First Time Home Buyer Tips

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Top Seven Tips For Home Buyers

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Data.gov – A Cool Site With Lots Of Great Info

http://www.Data.gov I just found this site and wanted to share it.  It has a ton of info and reports.  If you have a project or just an “inquiring mind”, this is sure to be a hit.  Check it out and get the data you need.

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Want to Be a Successful Real Estate Investor? What You Need to Do

By Amon Minor

Are you looking to make money through real estate investing? If you are, you are not alone. However, real estate investing is a tricky business. There are some real estate investors who are successful, while others are not. If you are interested in becoming a successful, profitable real estate investor, you will want to make sure that you know exactly what you are doing, when buying real estate investment properties. That is why it is advised that you do your on research or signup to take a real estate investment course or class.

When it comes to taking the time to thoroughly examine real estate investing, there are many hopeful real estate investors who wonder why they should bother. Many assume that buying real estate properties, fixing them up and then renting or selling them isn’t a complicated process, but there is more to being a real estate investor than just putting a purchase offer on a property and doing a few repairs. By taking the time to actually learn about real estate investing, you are more likely to become a successful real estate investor.

One of the reasons why research increases your chances of seeing success and profits is because there are many real estate investing tips out there, just waiting to be found and used. What many do not realize that is many real estate investing tips, which include both dos and don’ts, are composed by successful real estate investors; those who have seen profits themselves. Getting your information from a successful, proven real estate investor is your best chance of success. This is because the information or tips that they give you are relevant, as they have often tried them out first hand. For that reason, you may want to look for real estate books or real estate courses that are written or being hosted by successful real estate investors.

Some of the many tips covered in many real estate investing books and real estate investing courses include tips on buying the bests properties, as well as how to make those properties rentable or sellable. As a real estate investor, you have the decision to fix up a purchased property and then resell it or become a landlord. Many real estate courses and books cover both real estate investment approaches, as well as outline the chances of success with each. As a real estate investor, you are your own boss; therefore, you are able to make your own decision, as to what type of investing you would like to do, but seeing information on past investors and their success may give you good ideas; ideas that could help you become a successful real estate investor.

In short, if you are serious about becoming a real estate investor, you will want to take a real estate investment course or purchase a collection of your own real estate investing books. When it comes to becoming a successful real estate investor, research cannot be emphasized on enough.

Amon Minor is a writer for Fastcashinrealestateforeclosures . com where you can find accurate information about Real Estate Investor and other related information.

Article Source: http://EzineArticles.com/?expert=Amon_Minor
http://EzineArticles.com/?Want-to-Be-a-Successful-Real-Estate-Investor?–What-You-Need-to-Do&id=506852

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Investing In Real Estate Investors

By John Roush

With the never-ending changes in our Real Estate Markets real estate professionals are starting to pay attention to the sound of new commission streams of income. Some realtors have either shied away or ran-away from such terms as “Cap Rate,” & “Cash-on-Cash Returns.” Terms that only the ‘smart’ and ‘numbers-oriented people use to determine if a Real Estate purchase is a “Good Deal”, or not. A majority of the realtor brethren attended real estate school because they are excited and passionate about the promise of selling real estate and making a fantastic living. That being said “Times are a Changing.” Even if you live in a Hot Market where residential real estate sells in 2-3 days there is an old approach to real estate that is growing faster by the day…..Residential Real Estate Investors.

This deft group of real estate investors is taking real estate and the real estate investment world into a new era! No longer accepting the crazy volatility of the Dow Jones and NASDAQ families. Unwilling to accept the investment practices of their fore-fathers these Investors throw caution to the wind for returns above the traditional 5-6% in their Roth or IRA accounts. These Investors are bold and oftentimes aggressive. Today’s Real Estate Investors are all about the fast fix-n-flip, high appreciation, and rock solid monthly cash-flows. Cutting their teeth on investment in their own home-towns is only the beginning as the Serious Investors turn to points outside their own back-yards to other regions that demonstrate greater promise and higher returns. You may say well how does this older adult view their investment opportunities? For starters the age of these stealth hunters ranges from 28 to 68. From “Rich Dad-Poor Dad” book series to Trumps magical presence on “The Apprentice,” the young real estate entrepreneurs are making their dreams happen to the tune of 3-5 acquisitions a year! Got your attention now? The typical Investor has good to great credit scores. Excellent cash reserves or hidden resources of partners with cash, and a willingness to make the deal happen at nearly any cost. The best kept secret of all is that these investing beasts travel in packs. Where you see one another is very close behind. In other words they know the people that you need to know to grow your investor database even larger. If the real estate professional does a good job the happy clients are likely to refer many of their fellow-investors. Not just investor clients but their regular every-day real estate business. Face it, if you can demonstrate to your clients how adept you are with their largest personal purchase of real estate, then wouldn’t you suppose they will be over their “trusted real estate advisors” opinion on buying a basic home, condo or beach house?

So what if you haven’t been focused in the real estate investment sector. And you are thinking this all sounds pretty good, let’s give it a try. First question to ask yourself is who have your clients been working with or exploring their options of real estate investing with over the past 3-4 months. Statistically 6 out of 10 clients have considered investing in real estate or have already begun doing so before their realtor even has a chance to blink an eye. Got your attention now? How about the fact that in less than one year I increased my annual commissions by 30% by just positioning myself within my primary data-base of clients. All I did was let them know that I was ready, willing and able to begin assisting them with their “Investment Realty” needs. What I learned during the first year was that if I could create an environment for my clients to learn more about real estate investing that they would thank me in a variety of ways….Most importantly they would call me before writing a contract and would make sure that I was involved in every contract that wanted to make a real estate purchase. Before long 30% went up to 45% and further. Even if you aren’t interested in expanding your client database, at least consider protecting the turf you have for so long spent tireless amounts of time and financial resources to maintain their allegiance. On the other hand if you are looking at your real estate career and are wondering how to reposition yourself for market growth certainly to go well into 2025, here are a few known facts about how real estate investors can improve your business.

1. Real Estate Investors are literally everywhere. Successfully tapping into your current database could increase your annual commissions by 20-30%.

2. Real Estate Investors will be loyal to the professional that helps fill the gap of their investment education. Workshops, mentoring groups, finding the “golden deals” in your market makes a huge impact!

3. Investing in Real Estate Investors doesn’t have to mean that you lose your “typical” residential realtor position. Being a real estate investment specialist means you are smarter than the average realtor in the market.

4. Mortgage professionals are struggling to provide real estate investors with property deals, so when you can place an investor into a good deal the referrals will begin to flow even more.

5. Real Estate Investors tend to be more conscientious about your personal time away. Investors also like to shop Monday-Friday for their deals before the “Weekend Warrior” investors get out into the competition. This translates into more normal hours and days of operation for you and your business.

6. Real Estate Investors buy-sell cycles are shorter than primary home purchasers resulting in more transactions in shorter time-frames.

If any of these points are encouraging you to seek new options in your business then make sure to sign up for the monthly “Grow your Real Estate Investment business” e-mail newsletter from http://www.InvestorLoft.com additionally, other excellent tools to improve and expand your real estate business can be explored at the InvestorLoft’s educational Shoppe.

By John E. Roush, Broker-Owner Atrium Real Estate Investments. John is a full-time real estate agent specializing in real estate investment and real estate investment education. To contact John send all correspondence to Johnr@investorloft.com

©2005 http://www.investorloft.com

Article Source: http://EzineArticles.com/?expert=John_Roush
http://EzineArticles.com/?Investing-In-Real-Estate-Investors&id=45945

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Check Out Energy Rebates

EnergyStar.gov –  Check Out Energy Rebates

This is a government site that offers lots of energy saving tips as well as explains what energy saving grants or credits might be available.

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Foreclosure Trends Newsletter

Here is the latest issue of my foreclosure trends newsletter.  As you can see, the trend is not our friend, in the sense that the housing market has not recovered.  Until jobs come back and people are employed and feel safe in their employment, they will tend to avoid making a committment.

ForeclosureTrends.pdf

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Twin Cities Foreclosure Trends-From our MLS & Realty Trac

Besides the board of realtor sites:  http://theThing.mplsrealtor.com and market data posted elsewhere at http://www.MplsRealtor.com I have a subscription to Realty Trac.  My subscription gives me additional data about foreclosures and trends within certain zip codes.  This is in addition to my daily subscription to Finance & Commerce (a business newspaper that prints all the foreclosure information as well as very timely articles regarding the business community).  If you are looking for someone who has experience and access to information about distressed sales, we need to be working together.  Whether buyer or seller-I can help you understand the market we are in and the options and opportunities available to you.  Give me call today.

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Real Estate Information

These are a couple of my newsletters that have a ton of valuable information. Go check them out.

Foreclosure Market Trends Newsletter
http://www.realtytrac.com/MarketTrends/NewsLetter.aspx?guid=131bd355-1b69-4bd1-99cd-2f0c9a936810

Real Estate Cyber Space Tips
http://www.REcyber.com/cybertips/r11627

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Rules and Requirements For 1031 Exchange

Rules and Requirements For 1031 ExchanBy William Jonas

Real property should go into rules and requirements needed for 1031 exchange IRS rules. A lot of people may have any question for in the sale of their real property and about 1031 exchange should consult a tax professional. For people who may not have heard about this 1031exchange, it was created during the year of 1990. The main purpose of having this 1031 exchange is to help real estate investors who are in a real estate business. They can benefit from their investment by re-investing their properties for exchange to their old properties.

Although this process may seem like ordinary tax federal procedures, it is essential to your business for you to gain knowledge about exchange rules. Just like other business ventures, there are a lot of requirements for you to qualify in this 1031 exchange code.

A minimum of at least two properties should be involved within the transaction. You cannot use your own home to qualify for 1031 exchange code. You have to hire a personal real state lawyer to help you in fixing legal processes involving 1031 exchange. You may also choose to hire a qualified intermediary to ease the problem of getting 1031 exchange requirements.

You have to go after the 45 day rule. You only have 45 days from the actual date you “sell” your property to see the property that you want to “buy.” Keep in mind that rules are presented because you are responsible in doing an exchange and you are required to follow exchange rules. It is better if do not trade your property, pouch the money, and look for a new property. Take the 45 day rule to look for the right property for your exchange.

The 1031 exchange take the 180 day rule. You only have 180 days from the classification date up to the final closing date to be able to accomplish the whole exchange process. These dates cannot be stretched according to your needs. You must accomplish the deal within the time allotted by the IRS to take benefits out of complimentary tax treatment. If the 180th day is Sunday, you cannot get an extra day. It is exactly 180 days regardless of any day it might fall.

Look for a buyer for your property. The person that might purchase your property is not exchanging your property for their property. You are not forced to buy their property even though the 1031 exchange is referred to as an exchange deal. The exchange only happens through a QI holding then only exchanging the title of the property to all parties later.

It can be referred as a person who enters a contract along with you to transfer any asset that you give up to acquire the new property you choose to replace. This new property will replace your old property. The 1031 exchange can limit your right to borrow, pledge, and receive benefits or any property by the qualified intermediary. All this can greatly help you in engaging into this 1031 exchange. If you have a lot of assets it means more good investment for your business.

Author Bio: Written by William Jonas – Bristol 1031 Exchange Services, Inc. provides 1031 tax deferred solutions to real estate investors nationwide. Costa Mesa, CA 92626.

Article Source: http://EzineArticles.com/?expert=William_Jonas
http://EzineArticles.com/?Rules-and-Requirements-For-1031-Exchange&id=3292689

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Outstanding Video-An Inspiration To All-Be The Best You Can Be!

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Twin Cities Home buyer book

Thinking about buying a home but don’t know where to start? Why not start by reading the home buyer hand book that we have provided below. It is a great place to start to get the information you need. When you’re ready, we would love to help you find and finance a new home.

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Open Source Documents-Unbelievable Resources-Find YOUR topic of Interest

If you’ve never visited http://www.Archive.org, you are missing a wonderful site.  From this site, you will find many resources that are out of copyright and you can download and use them as you wish.  You will find all the classics and some fun things as well.  Just for fun, I have the download of a book called “Little Gardens” which is a book about setting up a garden on a city lot.  This is just one of the MANY fun things you’ll find.  You can download and watch old music, movies, and cartoons as well.  Plan to spend some time on the site should you decide to visit, as it is very cool.  Click here to download the book Little Gardens

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Sell Your Home Faster-Learn The Home Selling Secrets Of Successful Sellers

Here is a special report that outlines over 450 ideas on how to sell your home faster.  This report is just one of the many home buyer, home seller, and investor reports that I can make available to you.  Read this report and call me to arrange a time to see how I can help.  Download Now

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Extension And Expansion Of Home Buyer Credit-4/30/2010

A Big WOW!!  The credit has been expanded to include homeowners who have owned their home for the past 5 years. No longer do you need to be a first time buyer.  The dollar limit is $8000 for first time buyers and $6500 for move up buyers.  This GREAT news.  Combine this with 50 year lows in interest rates, and you’d be crazy not to consider making a move.  If you feel secure in your job, think hard about buying  home at this time.  We can help you make the right move. Visit this site-which is from the National Association Of Home Builders  http://www.federalhousingtaxcredit.com/faq2.php This site give you all the rules and regulations as they now apply.

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Why Foreclosure Is Often Preferred By The Loan Servicer Instead Of Offering A Loan Modification

Have you ever wondered why a foreclosure occurs when a better solution might have been a modification?  Would you like to read the facts and figures and see how mortgages are bundled, sold and serviced?  You will soon see it is isn’t pretty, we are in the midst of a crisis, and it is likely to get worse before it gets better.  That being said, you can probably guess why-it’s about the money.  It is a little more complex than that-the report is 60 pages-but is explains the incentive and disincentives that are at conflict within the mortgage market today.  Once you understand how all the pieces go together, you can see that something “different” needs to be done.  I am a strong free market believer, but in this case, the government needs to have a mandate and rule that is guided towards keeping people in their homes.  Left to current industry solutions, the mortgage mess will continue to play out and get worse.  If you click on the link below, you will find the free report from the National Consumer Law Center.

http://www.consumerlaw.org/issues/mortgage_servicing/content/Servicer-Report1009.pdf

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Home Buyer Tax Credit Information Update

It’s now official!! The tax credit has been extended and expanded. YOU NEED TO HURRY! You now have until the end of April 2010. The following summary of the credit is provided by the National Association Of Realtors. The following two documents cover the changes in the new law. Now get out there and buy a home!!

NAR FAQ: Homebuyer Tax Credit Changes
NAR Issue Brief: Homebuyer Tax Credit Changes

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Key Considerations of a 1031 Exchange

Don’t make mistakes when doing an exchange that would cause it to be disallowed by the IRS.  There ARE rules and requirements that need to be followed.  Working with experts-like First American-can help you get the guidance and access to the rules that you need to know and adhere to.  Tax deferral is just an exchange away.  Print out a copy of this PDF and follow the rules.   Click Here for the PDF

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Benefits of a 1031 Exchange

One of my exchange partners is First American. They have put together a great reference piece on the benefits of a 1031 exchange. You might want to print this PDF and share it with your accountant or legal advisor. If you need help with the real estate portion-just ask and I’d be happy to help represent you in your exchange. Click Here for the PDF

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