A Funny Thing Happened on The Way to a Real Estate Deal...

Good Morning,

   Friday is upon us once again, and I hope that you've exceeded all of the goals you set this past week.

   They say that "Laughter is the Best Medicine", and I definitely agree with that. If you look at things with the proper perspective, you can always find some funny things, and Real Estate deals are no exception to this rule. In the spirit of the joy of an upcoming weekend, we're going to look at some funny stories from the Professional perspective (Realtors, Commercial Real Estate, Loans), and also from the home buyer's perspective.

   Jennifer De Vivo, a Realtor with Charles Rutenburg Realty, provides us with what she refers to as, "funny and awkward situations when showing homes.". One example was about a homeowner that was a single male, and in the home he was selling, he had a special room..."a room completely done with Wonder woman paraphernalia...(Figurines, curtains, bed sheets you name it)". De Vivo says that he was very proud and, "made sure to point out his vintage Wonder Woman boots and asked us if he wanted to twirl for us. All we could do was smile and kindly decline. In the end our clients were able to see past the superhero customization, put in an offer on the home and closed 45 days later."

   De Vivo points to another time when she was showing homes in a community with several elderly residents, and in one of the homes that appeared to be empty, they found a man sleeping so still that he appeared to be deceased, at which point, De Vivo and her buyer raced out of the house !

   "Four years ago I was taking a loan application for an unmarried couple that was purchasing their first home.", says Matt Perillie of TheRenovationLoanGuy.com. Perillie says that when he got to the point of the application where he asked if the husband pays child support, "the man says yes and she (the wife) gives him a long look and then proceeds to yell at him for about ten minutes asking how could he have a child and not tell her. It was a bit uncomfortable and the application ended right there."

   Changing gears, there are also funny stories that come from people looking for homes. Sarah Anderson of Millersville, MD describes one specific day where her and her husband visited, "half a dozen houses one Sunday morning, and returned" to an open house in the afternoon. As Anderson describes it, there were, "toddlers running around in bathing suits", which indicated that perhaps there was no open house. However, as she says, they went in. "Fortunately, the homeowner happened to be the agent, so he wasn't too terribly jangled by our random appearance", says Anderson, but it was still "pretty awkward" since he had an open house months ago...but certainly not that day.

   Another home buyer received the, "Bomb Shelter Option". Sherri Gomez said that when they were doing their final walk-through of the home, the owner was very evasive in terms of where he would let them walk in the backyard. Afterwards, Gomez asked the man what the metal sticking up out of the ground was, and he said, "That's your bomb shelter", and, "too bad - you signed the papers !". Gomez said that she sued him for the cost of filling it in and she won. She also found out that the development, "was built in the late 50's and that was an option when you bought the property. You could choose an above ground or underground bomb shelter.", and says that, "this has become a joke in our family whenever we look at houses!"

   Well, as the saying goes...all in a days work !

   Do you have any great stories to share. Please add them here, since we all could us a good laugh !

Have a Great Weekend, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

Two Personal Traits Place Real Estate Success Within Your Reach

Hi Folks,

   Happy Friday, and welcome to the weekend.

   It's been quite some time since we sprinkled a little bit of motivation on you, and it's sprinkling time !

   I have personally received a large amount of communication over the past 8 years of running Lease2Buy.com, and a fair amount of it has been requests for advice on "how to make it" in the Real Estate business. The correct answer is that there is no one true answer.

   Let me define that: Real Estate is broken down into so many small niches, that each one has it's own targets and methods. I don't want to get into each one of them, as that is outside the scope of this discussion, however, some examples are Real Estate Investing in Residential properties, Real Estate Investing in Commercial properties, Rent to Own, Short Sales, etc.

   Now, as each of these segments can have their very own set of procedures you need to follow in order to "make it", there are two major over-riding themes (great personal traits) that you can follow, which will carry you towards your goals, and let's take a look at them here:

1. Honesty - As it is no surprise, you will not get anywhere without the grace of the masses, and the best way to receive that is by telling the truth. As sad as it is, there are a lot of bad apples who will try to deceive others, but that provides only a short time gain for them. Those who are honest will be the recipients of word-of-mouth business referrals, as well as the power of good karma.

2. Do What You Say - If you promise to make a call, attend a meeting, send an E-mail, or anything else along those lines, make sure you do it! We are truly as good as our word. For example, say a given person tells you they will send you a proposal, and it never arrives. They apologize and say that they will E-mail it within 30 minutes. After one hour, you still have not received it. What will you think about that person? It should begin to raise red flags. Don't let this happen to you - perform what you promise !

   Remember, Honesty + Performance = Integrity. Integrity will allow you to propel yourself forward toward a successful career in Real Estate, and in actuality, any business endeavor in which you are involved. I will gladly speak further about this in front of any group that you believe needs to have this further defined in relation to Real Estate and Business in General (See Our Public Speaking Section).

Keep your head up, your words true, and do what you say !

Have a Great Weekend, and Happy Rent-to-Owning !
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

UPDATED: Private Money...Any Available For Real Estate Deals?

Hi Folks,


   Happy Mid-Week to everyone, and welcome back.

   When we posted on the topic, "Best Markets For Commercial Real Estate Investing", we had a few requests to cover the topic of "Private Money", so as per your request, that is our topic for today!

   We spoke with 3 respected figures in the field to gauge their feeling on the topic. All 3 of them seem to agree that there is private money out there that is available for Real Estate deals, and we present their viewpoints below.

   Alfred Miller, President, Private Lending Solutions, LLC, states that, "Capital isn't scarce; vision is. There is tons of money available for real estate deals.", but says that he wants his, "money invested in solid deals (diamond in the rough)!" and the deals can be either residential or commercial.

   Vernon Martin, a commercial appraiser with American Property Research, who specializes in serving private lenders (96% of his work is for private lenders), says that, "There's no shortage of money waiting to be lent, but there also seems to be a shortage of credit-worthy deals.", which is similar to what Miller has said. "Most loan applications to private lenders are for refinancing deals which are already over leveraged, so there is no way the borrower can pay off existing debt at a safe loan-to-value ratio", says Martin.

   Martin also says that private lenders are, "very interested in financing REO purchases by new investors.", and provides an example, where last week, he worked "on a $35 million construction loan that is being purchased for only $5.2 million. The private lender feels safe in lending $2.8 million. The difference is that loans can be underwritten at today's market values without any disappointment to the borrowers.". Martin points out that some private lenders are looking overseas for deals in potentially "stronger markets" (i.e., "Canada, Australia, Fiji, Barbados, South Africa, Mexico, Costa Rica and Jamaica.")

   Dennis P. Fassett, a Real Estate Investor who interacts with many sources of private money, says that, "there's quite a bit of private money out there. But it's gotten more difficult to get to, despite what the late night gurus want people to believe.", which he attributes to, "the stock market crash and Bernie Madoff scandal". The impact of the crash and the scandal had a few ripple effect impacts on private lending, Fassett says, such as, "with people out of the market, there is a lot more money on the sidelines looking for a reasonable rate of return", and "the Bernie Madoff scandal has made a lot of people quite wary of where they invest their money.",and says that, it's ironic that the scandal has also helped make local real estate investing more attractive, because the investor can go drive by the asset that they either lent against or have an equity piece of."

   Fassett provides a hint into the mentality of the private investors. He finds that, "the private investors that I deal with are looking for a track record for one and a sense of stability by me as well. I'm fortunate that I have couple of dozen deals and now own or control 54 rental units in nice areas that are all doing well. I had one investor tell me that one of the reasons that he invests with me is because I have a whole lot to lose if I screw up in terms of reputation in the community.", and he continues to say that he's also finding that, "the direct approach to getting private money doesn't work anymore, as people are getting pitched to death about everything under the sun, so I have switched to an oblique approach that focuses on drawing people into being interested in my business to the point where they ask questions and close themselves."

   As the recession lingers on, Michael Stark, a licensed real estate broker in California, is clear about the future. "The greatest transfer of wealth since the Depression is underway.". Where this will ultimately channel the private funds is yet to be seen, however, we all hope and pray that it stokes our housing market and the economy. Comments are welcomed !

Have a Great Day, and Happy Rent-to-Owning !
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com





UPDATED: Top 5 Blog post for 2010 (For more information, CLICK HERE)

Best Markets For Commercial Real Estate Investing

Commercial Real Estate Investing

Hi Folks,

   Hope everyone made it through this week a few steps ahead of where you were on Monday.

   Since we always look at Real Estate and Rent to Own from the Residential angle, today we're going to take a look at Commercial Real Estate Investing, along with some information and some forecasts that could prove quite valuable for you.

   We spoke with two individuals that are quite well-versed in the Commercial Real Estate market, and we asked them about which markets are the best right now, and what the outlook is going forward.

   Our first comments come from Shari Olefson, a Real Estate Lawyer, Author, and an expert panelist who frequently appears on CNBC, MSNBC, FOX, CNN, and CSPAN. Olefson says that the best Commercial Real Estate (CRE) markets, "mirror the best - or least worst - residential markets.", and that, "Folks perceive home wealth gains or losses as more permanent than stock markets gains or losses". Olefson says that home equity gains/losses are spread across all socio-economic groups, while only the top 1/3 of Americans hold most of the stock. "Why does this matter?"; Olefson said that, "since CRE values (occupancy and rates) depends on tenants or occupants generating income which oftentimes comes (from)  folks in or near that geographic location.", and that, "When those folks feel poor they don't spend"

   Olefson offers some tips for Investors with strong staying power, in that, "they may find the best deal in longer terms non cashing flowing asset purchases from lenders. For example defunct residential projects in Florida. And particularly where FDIC loss share agreements are involved.". She also says that, "For now acquiring banks are not selling notes on these deals as the guidelines for pricing notes from the FDIC are not clear.", and , "As a result these assets are having to go thru the entire foreclosure process. But once this kink is resolved those CRE note purchases may be good values. Knowing the terms of a banks loss share agreement is helpful as during the time immediately before those expire banks will be especially eager to try to deal."

   We also spoke with Denise Beeson, a Commercial loan officer with Bay Sierra Financial, Inc., who states that, "If you are a professional i.e. MD, dentist, podiatrist, or small business owner, etc. this is the ideal time to buy your building under the SBA 504 program (10%) down, or through a commercial loan (25-35% ) down with interest rates this low.". The reason, she says, is that, "Owner occupied buildings are very appealing to the professional or business owners who have paid rent/leased and the building owners are interested in selling."

   Beeson believes that the market will continue to be, "rather 'soft' in the next 2-3 years as buyers recoup from financial problems i.e. stock market decreases, vacancies, depressed real estate prices.", and that the economy has to stabilize before you will see any active purchasing.". Beeson does go on to say that, "the private money market is prospering since commercial investors always need money to buy or refi outside of the traditional banking avenues."

   Overall, it does truly seem a mirror image of the Residential situation, but usually lags behind the events in the Residential spectrum. If you have anything to add to this, such as promising CRE markets, or anything additional, please comment below.

Have a Great Weekend, and Happy Rent-to-Owning !
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

Setting Goals in Real Estate Investing

Good Morning,

   I hope you've had a great week, and I hope that you have met all of your goals.

   In mentioning the word, "Goals" during our speaking appearances, we always remind audiences how important it is to set goals in anything that you do, especially in Real Estate investing. There is an entire psychological aspect behind Real Estate investing (too deep to go over in this post), and you need to assess where you stand and if you can weather the housing market "storm" before you should even list your goals and action them. Perhaps this is too abstract for this post, but always remember, we are driven by both psychology, and then by our goals. To hear me discuss this in depth, book me for your next meeting.

   Next week, we have the September numbers coming out for New Residential Construction on Tuesday (Oct 19th), and the Loan Performance Housing Price Index for August on Thursday (Oct 21st). Let's see where things are headed and let's discuss.

CONTEST TIME !

For the first 10 people who place an Ad by 11:59 PM EST Sunday Night:

We will send you a free copy of "Secrets of Rent to Own", or "Will it Work In My Town?"...it's your choice!

Where Can You place Your Ad?

Looking for a Rent to Own Home? Place Your Ad Here
Selling a Rent to Own Home? Place Your Ad Here
Selling a Rent to Own Commercial Property? Place Your Ad Here
Offering a Home Service? Place Your Ad Here

Once You Place Your Ad:

Once you place your Ad, E-mail us from the address you used to place your Ad, and let us know whether you want a copy of "Secrets of Rent to Own", or "Will it Work In My Town?".
E-mail us HERE

Have a Great Weekend, and Happy Rent-to-Owning !



#realestate #realestateinvesting #housing #residential #renttoown
 

Our Radio Commercial on Rent to Own

Hi Folks,

   Labor Day Weekend is upon us, if you can believe it ! For those of you (like myself) that is feeling the brunt of Hurricane Earl, we ask that you please be safe and be careful.

   A short while back, We had a radio commercial that was created by the good folks at WBLI Radio in New York, and the commercial is attached to this Blog post as an audio (MP3) attachment. This goes hand-in-hand with part of our vision for the past 8 years - to have a Global Focus, while keeping an eye on the markets in our own backyard. Take this as part of some solid business advice.

   We have had a pretty nice reply to our Public Speaking Appearance offer thus far. Make sure that you book me, since the end of year tends to be quite busy for us. We'll talk Rent to Own, Real Estate, Business, and Motivational techniques, all live and direct to your audience. Learn more and reserve your preferred dates before too long at http://www.lease2buy.com/speak.php

Be Safe, Have a Great Weekend, and Happy Rent-to-Owning !

Free Quarterly Rent to Own Newsletter

Hi All,
Hope you had a great weekend !

We have a lot of ongoing projects this week, but we just finished our most recent one, which is a quarterly Rent to Own Newsletter.

Some more information below (This is our Press Release that just went out regarding the Newsletter):

********************
For Immediate Release:

HomeRun Homes
(631) 676-3609
(631) 574-2420
homebuyer@lease2buy.com
http://www.Lease2Buy.com

Free Quarterly Rent to Own Newsletter Offered by HomeRun Homes

Ronkonkoma, New York, May 3, 2010 - HomeRun Homes (www.Lease2Buy.com) is now offering a free Newsletter regarding Rent to Own Homes. This quarterly Ezine will cover the topics of Buying or Selling a Rent to Own Home, along with tips, hints, and other news and information from the Real Estate and Rental Home markets.


FHA Tax Credit Expiration and the Real Estate Market

With the expiration of the FHA Tax Credit on April 30th, Rent to Own will become an even more popular option for purchasing a home. Since the popularity of Rent to Own has increased dramatically over the past few years, HomeRun Homes has added new services to help those seeking these type of Creative Real Estate deals. This free Newsletter is one of a series of benefits that the company has offered, along with providing a place for Home Service providers and Commercial Real Estate owners to offer their services or their properties to the vast amount of visitors that the website attracts.


Accessing the Rent to Own Newsletter

HomeRun Homes suggests that both potential Buyers and Sellers should educate themselves on the Rent to Own/Lease Purchase/Lease Option market before pursuing it as an option to buy, and these interested parties can download their copy of the Rent to Own Newsletter at: http://www.lease2buy.com/rent_to_own_homes_mailer.php


For additional information on the topic, "Free Quarterly Rent to Own Newsletter Offered by HomeRun Homes", please visit www.Lease2Buy.com


ABOUT HOMERUN HOMES

HomeRun Homes is a Centralized Marketplace which helps people Find or Sell a Rent to Own Home, or offer Home Services nationwide and globally to the thriving Rent to Own market.

- END -
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OK, we have a lot of cool stuff coming up this week, so keep an eye here, and have a fantastic and productive week!

Happy Rent-to-Owning !

Special Offer, Social Media, Mobile, Home Prices...

Hi Everyone,
Happy Friday - we made it through another week!

It's been a busy week here, and we want to cover a few things, as well as announce a New SPECIAL OFFER, since the one from last week was a HUGE hit with everyone!

First off, some business:

We continued aggregating our site across the Social Media Aggregation sites to ensure our Blog reaches new visitors - in plain English - this means more and more visitors to your Ads - a very good thing !
Additionally, we continued developing StopForeclosureRenttoOwn.com, our newest venture, with the goal of reaching people in desperate need of housing!
Last but not least, we continued preparing our site for Mobile users - it's a huge project, since there are so many models of mobile devices, but very important!

Next - Upcoming Economic Events:

Tuesday 4/27 - S&P/Case-Shiller Home Price Index:
Per Standard and Poors Site:
"The S&P/Case-Shiller Home Price Indices measures the residential housing market, tracking changes in the value of the residential real estate market in 20 metropolitan regions across the United States."

Now - for the SPECIAL OFFER:

For Every Ad placed, whether it is a "Home Wanted", "Home Available", "Home Service", or "Commercial Property" Ad, you will receive a Free Copy of "SECRETS OF RENT TO OWN" (Click here for info on this book)

Now, normally, we only do this when you purchase an Ad of 3-Months or longer, however, just for today - that is until 12 Midnight EST today 4/23 - when you order ANY Ad (1 month and longer), you will receive a free copy of the Guide

Sounds Good?

OK, here's how this will work, step-by-step:

1. Place an Ad at one of these links (click on of the following links):
Looking for a Home? - "Home Wanted" Ad
Selling a Home? - "Home Available" Ad
Offering a Service? - "Home Service" Ad
Offering a Commercial Property? - "Commercial Property" Ad

2. Remember - the above pages will say you get the book for a 3-Month or longer Ad...This is a SPECIAL OFFER direct from management!

3. Once you have placed your order, send an E-mail to homebuyer@lease2buy.com with this subject:
"Ad Placed - Send me Secrets of Rent to Own"...we will verify, and then E-mail it to you immediately.

Remember - this is a SPECIAL OFFER to our members !

Thanks, have a great day, a great weekend, and Happy Rent-to-Owning !!