Comments for first tuesday journal online http://firsttuesdayjournal.com Thu, 02 Feb 2012 22:46:58 +0000 hourly 1 http://wordpress.org/?v=3.3.1 Comment on The revocable title holding trust by EManuel Alvarez-Sandoval http://firsttuesdayjournal.com/the-revocable-title-holding-trust/comment-page-1/#comment-105988 EManuel Alvarez-Sandoval Thu, 02 Feb 2012 22:46:58 +0000 http://blog.firsttuesdayjournal.com/?p=50#comment-105988 Does it mean that the owner of a property can avoid losing the personal tax benefits from the real estate by not appointing a trustee? Is it possible? Does it mean that the owner of a property can avoid losing the personal tax benefits from the real estate by not appointing a trustee? Is it possible?

]]> Comment on Anti-flipping waiver reincarnated by Eric http://firsttuesdayjournal.com/anti-flipping-waiver-reincarnated/comment-page-1/#comment-105981 Eric Thu, 02 Feb 2012 19:46:44 +0000 http://firsttuesdayjournal.com/?p=11645#comment-105981 This author dumps all manner of buyers into the same bucket, speculators, flippers and renovators. Let’s define these. A speculator buys something, adds no value and tries to resell it for more. A flipper ads value to the property, as does a renovator, they are one in the same as far as I am concerned. I buy property that can’t be financed, fix it up and then resell it. That’s a renovator by your definition, but when I tell people what I do they say “Oh, so you’re a flipper.” I am buying properties that can’t be financed, that buyers do not want because of the damage that has been done to them by the owner that lost the house, or neglected it or died in it, etc. I then clean up the property. I get permits for code violations, illegal additions etc and bring the property back to life. I deserve to make a profit and to get FHA financing on the house. It does not take three months to do this. I can spend $40,000 to $75,0000 on a house in 4 weeks. Without the 90 day flip rule wavier I have to wait till the 91st day to accept an offer. This makes this business less appealing to me. Then the bad houses will sit longer and good buyers will not have this quality house available to them. I have cleaned up the “worse house” on the block countless times. The neighbors come over, the city inspectors, even cops and thank me for cleaning up the house. Yet your article stays I’m a speculator, that I add no value and don’t deserve to have FHA financing available to my sales. I think you don’t know anything about real estate and shouldn’t be writing for a real estate website and the editors at First Tuesday should know better. The “flipper” has a place in this market and any market and does a necessary job that adds value to the community. The FHA flip rule shouldn’t and need not exist if good underwriting is done on a loan, either the house is worth the price that the buyer is paying or it isn’t. If it is, FHA should finance it, if it isn’t they shouldn’t. The prior purchase price or who is selling it or how long they owned it should have no bearing on the loan. Frankly it’s discriminatory, either the house has the value and should be approved for financing or it doesn’t. This author dumps all manner of buyers into the same bucket, speculators, flippers and renovators. Let’s define these. A speculator buys something, adds no value and tries to resell it for more. A flipper ads value to the property, as does a renovator, they are one in the same as far as I am concerned. I buy property that can’t be financed, fix it up and then resell it. That’s a renovator by your definition, but when I tell people what I do they say “Oh, so you’re a flipper.”

I am buying properties that can’t be financed, that buyers do not want because of the damage that has been done to them by the owner that lost the house, or neglected it or died in it, etc. I then clean up the property. I get permits for code violations, illegal additions etc and bring the property back to life.

I deserve to make a profit and to get FHA financing on the house. It does not take three months to do this. I can spend $40,000 to $75,0000 on a house in 4 weeks.

Without the 90 day flip rule wavier I have to wait till the 91st day to accept an offer. This makes this business less appealing to me. Then the bad houses will sit longer and good buyers will not have this quality house available to them.

I have cleaned up the “worse house” on the block countless times. The neighbors come over, the city inspectors, even cops and thank me for cleaning up the house. Yet your article stays I’m a speculator, that I add no value and don’t deserve to have FHA financing available to my sales.

I think you don’t know anything about real estate and shouldn’t be writing for a real estate website and the editors at First Tuesday should know better.

The “flipper” has a place in this market and any market and does a necessary job that adds value to the community. The FHA flip rule shouldn’t and need not exist if good underwriting is done on a loan, either the house is worth the price that the buyer is paying or it isn’t. If it is, FHA should finance it, if it isn’t they shouldn’t. The prior purchase price or who is selling it or how long they owned it should have no bearing on the loan. Frankly it’s discriminatory, either the house has the value and should be approved for financing or it doesn’t.

]]> Comment on California AG: “Happy holidays Frannie, you got a lawsuit” by Colleen Bigler http://firsttuesdayjournal.com/california-ag-%e2%80%9chappy-holidays-frannie-you-got-a-lawsuit%e2%80%9d/comment-page-1/#comment-105956 Colleen Bigler Wed, 01 Feb 2012 20:07:40 +0000 http://firsttuesdayjournal.com/?p=11651#comment-105956 Its is time for a State Bank. i think it's S. Dakota that has it's own State Bank. They were not involved in the debacle. I say keep the Fed's out of Calif. Colleen Bigler Loan-Solution.com Its is time for a State Bank. i think it’s S. Dakota that has it’s own State Bank. They were not involved in the debacle. I say keep the Fed’s out of Calif.

Colleen Bigler
Loan-Solution.com

]]> Comment on Anti-flipping waiver reincarnated by Colleen Bigler http://firsttuesdayjournal.com/anti-flipping-waiver-reincarnated/comment-page-1/#comment-105955 Colleen Bigler Wed, 01 Feb 2012 19:58:04 +0000 http://firsttuesdayjournal.com/?p=11645#comment-105955 FHA and Freddie Mac don't seem to be in agreement. As Freddie Mac is telling banks to use the Affidavit to stop sales of flips. See this article. "Freddie Mac Sound Investment...against itself" http://www.californiashortsalelawyer.com/2012/01/freddiebet/comment-page-1/#comment-235 Colleen Bigler 661-251-9075 Colleeen@loan-solution.com Loan-solution.com FHA and Freddie Mac don’t seem to be in agreement. As Freddie Mac is telling banks to use the Affidavit to stop sales of flips. See this article. “Freddie Mac Sound Investment…against itself”

http://www.californiashortsalelawyer.com/2012/01/freddiebet/comment-page-1/#comment-235
Colleen Bigler
661-251-9075
Colleeen@loan-solution.com
Loan-solution.com

]]> Comment on Form 426 – Modification of the note by Lily Wang http://firsttuesdayjournal.com/form-426-modification-of-the-note/comment-page-1/#comment-105950 Lily Wang Wed, 01 Feb 2012 01:26:37 +0000 http://blog.firsttuesdayjournal.com/?p=275#comment-105950 Hi there, I'm currently a trustor on the All Inclusive Note and deed of Trust as Trustor with my partner My partner will like to assign all his responsibility of the Note and deed of Trust to me, can you assist me with what type of form that I can use? Can I use Note & deed of Trust modification form to assign from 2 trustor to only 1 trustor ? Thanks Lily Hi there,
I’m currently a trustor on the All Inclusive Note and deed of Trust as Trustor with my partner
My partner will like to assign all his responsibility of the Note and deed of Trust to me, can you assist me with what type of form that I can use?
Can I use Note & deed of Trust modification form to assign from 2 trustor to only 1 trustor ?
Thanks

Lily

]]> Comment on Anti-flipping waiver reincarnated by george e mehlmauer http://firsttuesdayjournal.com/anti-flipping-waiver-reincarnated/comment-page-1/#comment-105948 george e mehlmauer Tue, 31 Jan 2012 21:23:49 +0000 http://firsttuesdayjournal.com/?p=11645#comment-105948 I have purchased 43 properties through the 46 years I have been in business during which in a down market during Carter's admin. I lost 8 and then the wife left, (no money, no honey), at present, there is no market, God help the idiot that pays a commission on purchase and pays a commission on a sale in this market it is a lose lose proposition. Have no fear there is no shortage of idiots, let them go their way and earn commissions off of them while they last, just disclose to them what you must. I have purchased 43 properties through the 46 years I have been in business during which in a down market during Carter’s admin. I lost 8 and then the wife left, (no money, no honey), at present, there is no market, God help the idiot that pays a commission on purchase and pays a commission on a sale in this market it is a lose lose proposition. Have no fear there is no shortage of idiots, let them go their way and earn commissions off of them while they last, just disclose to them what you must.

]]> Comment on Anti-flipping waiver reincarnated by Rafael Arevalo http://firsttuesdayjournal.com/anti-flipping-waiver-reincarnated/comment-page-1/#comment-105945 Rafael Arevalo Tue, 31 Jan 2012 18:19:23 +0000 http://firsttuesdayjournal.com/?p=11645#comment-105945 On FHA Loan - 80% LTV need a MI. or only least to 80% LTV ? Thank You On FHA Loan – 80% LTV need a MI. or only least to 80% LTV ?

Thank You

]]> Comment on Anti-flipping waiver reincarnated by D. Mathews http://firsttuesdayjournal.com/anti-flipping-waiver-reincarnated/comment-page-1/#comment-105944 D. Mathews Tue, 31 Jan 2012 17:56:49 +0000 http://firsttuesdayjournal.com/?p=11645#comment-105944 Most Prudent Investors in today's market, are looking for long term cash flow, although at times a flip may come into view that you can't resist. As an agent/Investor, I have yet to find a property that I would consider a profitable deal that matches my requirements. Most Prudent Investors in today’s market, are looking for long term cash flow, although at times a flip may come into view that you can’t resist. As an agent/Investor, I have yet to find a property that I would consider a profitable deal that matches my requirements.

]]> Comment on Real(i)ty Check: Real estate’s top influences of 2012 by John http://firsttuesdayjournal.com/reality-check-real-estate%e2%80%99s-top-influences-of-2012/comment-page-1/#comment-105941 John Tue, 31 Jan 2012 16:47:34 +0000 http://firsttuesdayjournal.com/?p=11505#comment-105941 I think the top influences for 2012 will be the same influences for perhaps the next decade. Employment, foreclosures/supply and demographics. On the supply side since the banks can keep garbage on their balance sheets marked at whatever value they choose there is no need for them to push all delinquent properties into foreclosure at once. Instead they've chosen the path of a steady stream of forecosures. This could continue for a decade at the current pace of sales. Demographics shows that over the next decade the boomers will hit retirement. Many of them will be downsizing or renting in retirement leading to more supply of homes. Demand will not pickup until employment picks up. I doubt we'll see actual improvements in employment numbers for several years. The Fed will not raise rates until the aforementioned influences are behind us. I see low rates for perhaps a decade. I think the top influences for 2012 will be the same influences for perhaps the next decade. Employment, foreclosures/supply and demographics. On the supply side since the banks can keep garbage on their balance sheets marked at whatever value they choose there is no need for them to push all delinquent properties into foreclosure at once. Instead they’ve chosen the path of a steady stream of forecosures. This could continue for a decade at the current pace of sales. Demographics shows that over the next decade the boomers will hit retirement. Many of them will be downsizing or renting in retirement leading to more supply of homes. Demand will not pickup until employment picks up. I doubt we’ll see actual improvements in employment numbers for several years. The Fed will not raise rates until the aforementioned influences are behind us. I see low rates for perhaps a decade.

]]> Comment on Inking the handshake: the significance of a written employment agreement by bruno rojas http://firsttuesdayjournal.com/inking-the-handshake-the-significance-of-a-written-employment-agreement/comment-page-1/#comment-105929 bruno rojas Tue, 31 Jan 2012 04:32:14 +0000 http://firsttuesdayjournal.com/?p=11445#comment-105929 good work good work

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