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Archive for the ‘multi family dwelling’ Category
Foreclosures to Persist
Foreclosures to persist
According to authors at the Federal Reserve Bank of Cleveland, the nation’s high foreclosure rate is likely to persist. The Fed article looks at the changes in foreclosure and unemployment rates across states, noting the differences in the timing of the movements. The conjecture that the high foreclosure rate will persist is based in part on the observation that states that experienced boom-bust housing cycles in the past (Texas, Oklahoma, Massachusetts and California) had elevated foreclosure starts for years after the peak in foreclosure starts and inventory. These previous boom-bust cycles “were small in comparison to the current cycle,” the article said. While the recession has left deep scars in the housing and labor markets — with the unemployment rate doubling and the foreclosure start rate roughly tripling — the timing of the movements differs over the cycle, according to the abstract, written by the vice president at the Federal Reserve Bank of Cleveland, and K.F., a research assistant.
In So-Cal every Wednesday morning there is a short sale workshop open to the public, allowing homeowners, agents, brokers or investors the opportunity to see and participate in how and why this has been changing communities across our nation. Join us this week or any week for a fulfilling chance at making a difference in the lives of others.
Pro’s & Con’s of Various Individual Investor Types
** When to seek outside investors to help fund your growing real estate portfolio so it’s only natural that we should also spend a little time talking about the pro’s and con’s of various investor types. Not every investor is created equal; the trick is to learn how to find the ones that bring the most value and the least constraints to the relationship. Here is a quick overview of the most commonly encountered types of outside investors and how each may play an important role depending upon your current needs.
1. High Net Worth, Experienced in Industry, Exceptional Contacts. This is the most desirable outside investor possible. Not only does this person have sufficient capital to invest but their industry and professional affiliations can open doors that would otherwise be ‘off limits’. Not only do you benefit from access to capital but even more importantly, learn from their experience and expertise while meeting the “right” people. However, preparation is essential and a wrong step could have dire consequences for years to come.
2. High Net Worth, Experienced in Industry, Related Contacts. This can be a win-win situation for those that are long on short sale or real estate experience but a bit short on cash; by teaming up with someone that has plenty of cash sitting idle you are able to provide the expertise required to put it to work. Often these persons have valuable contacts outside of real estate; for example, doctors, lawyers and other professionals. It may be necessary to provide extensive explanation and education prior to investing in order to put the person or group at ease.
3. High Net Worth, Experienced in Industry, High Contacts. Plain and simple, this is one of the most frequently encountered types of investors the novice short sale entrepreneur is likely to encounter; someone simply seeking a return on their money rather than watching it waste away in a bank account or the bond market. Although the money is often a welcome addition to your individual growth plans, it often comes with a rather steep price tag…a lot of oversight and explanation. Family member, retirees and small investment groups often fall into this category which can add even greater volatility to the equation.
If you know someone in danger of losing their home to foreclosure and need some professional assistance, do them a huge favor and give them my personal email::: 3feet2go@gmail.com I CAN HELP THEM!
BofA is Eqautor
BofA Agrees to Pay $108 Million to Overcharged Countrywide
Borrowers Representing one of the largest judgments imposed in a Federal Trade Commission (FTC) case, two Countrywide mortgage servicing companies, now part of Bank of America Home Loans, have been ordered to pay $108 million to settle charges that they collected excessive fees from cash-strapped borrowers who were struggling to keep their homes. In a statement released Monday, the FTC said the $108 million settlement will be used to reimburse overcharged homeowners whose loans were serviced by Countrywide before it was acquired by North Carolina-based Bank of America in July 2008. Bank of America said it agreed to the settlement “to avoid the expense and distraction associated with litigating the case.” According to the FTC, Countrywide used unlawful practices in Servicing homeowners’ mortgages.
The company allegedly charged excessive fees for default-related services, made claims about amounts owed by homeowners in bankruptcy that were false or couldn’t be backed up, and didn’t tell people going through bankruptcy when new fees or charges were being added to their loans. Going forward, borrowers in Chapter 13 bankruptcy must be sent a monthly notice with information about what amounts are owed – including any fees assessed during the prior month. Additionally, the defendants must implement a data integrity program to ensure the accuracy and completeness of the data they use to service loans in Chapter 13 bankruptcy.
Real Estate WIN-WIN
Demonstrate the ability to pay the loan and you are halfway toward becoming a commercial investor. Critical is an understanding of the major risks associated with commercial loans from the lenders perspective. Use this as a quick checklist when putting together an offer or evaluating your own potential.
1. Credit Risk. Perhaps the most common type of risk, this simply indicates the ability of the borrower to meet the contractual obligations as outlined in the loan documents…aka, the ability to pay. However, because you are dealing with commercial loans, the credit risk can be impacted by several items including competitive market factors (ie, the inability of the property to lease as expected, increased or decreased demand etc), interest rate sensitivity, rollover of leases (long term leases may be stable but are also more prone to declining values), changes in regulatory environment including zoning and tax laws.
2. Interest Rate Risk. The majority of commercial real estate is financed on a floating rate basis so interest rate risk is a very real threat depending upon the timing of cash flows, yield curves and other economic conditions that may adversely impact the economic climate.
3. Liquidity Risk. Banks must meet obligations the same way that private individuals are required to do so; loss of liquidity means the bank is unable to extend credit or must call loans in order to raise capital. For an investor, liquidity risk is typically isolated to the ability of the bank to loan money in the future should you require it in order to roll-over or refinance a loan.
4. Compliance Risk. Once the domain of elusive economic theory, compliance risk has risen to disproportionate levels thanks in large part to the current crisis as well as outside influences. Examples are broad but range from potential liability of bad debts during the mortgage boom to the current oil spill at BP; a bank may be held responsible for assets held as collateral. High risk assets will be assessed a premium.
Real estate investors seeking entry into the exciting world of commercial real estate should review each property from the perspective of the lender; examine risk levels and potential threats through the eyes of the bank in order to maximize your prospect for success.
well laid plans
Building a new home is a process that begins way before the concrete is poured. There are several important steps you must take to avoid costly mistakes during the construction process. Planning and preparation is absolutely essential to a successful DIY home building project. The end result could very well be the home of your dreams.
The first step is to plan your budget. Start thinking about how much you can afford to spend and how much building your new home is likely to cost. Most people end up taking out a construction loan and a mortgage at this point. In the very beginning of your planning you should find out what size loan you qualify for. Also, knowing the approximate building costs will make it easier for you to modify your building plans to meet your budget.
The next step is to choose your lot. Before you build your new home, it’s wise to take the time to consider the ground on which it will stand. If you carefully think about what you most desire before choosing a lot then chances are you will want to lay roots there for a long time. Some of the major things that you should take into consideration before selecting a lot include your lifestyle, surrounding sounds, surrounding sites, and quality of the soil. You will also need to investigate factors such as drainage, zoning and building codes in the region.
It is now time to hire your team of professionals. When looking for a builder to consult or hire, there are four basic requirements the builder should fulfill. The more time you put into carefully selecting your builder, the better your chances are for getting the house of your dreams. Putting in a little extra time to review four major areas of hiring a builder could save you hours of distraught in the future. The four areas include financial security, variety in floor plans, buying power, and a good warranty program.
Before you build you must have a house plan. It is common for people to use stock plans from a catalog because they are the most affordable. The builder or a home designer that you hire can then make minor modifications in room size, window style or other details accordingly to what suits you best. A custom-designed home, on the other hand, is created specifically to the needs of those living in the home. Custom plans are obviously much more expensive and usually require the assistance of a licensed architect.
Lastly, you will want to make sure to negotiate a contract thoroughly. It is crucial that a thorough contract be made between you and your contractor to establish two important things. It should first specify who is responsible for what and secondly, it should determine what to do in the event of a disagreement. Put simply, a construction contract is the document that ties all the project agreements together by listing them and by setting forth rules that apply to each: plans, specifications, payment schedule, written change orders, subcontracts, production schedule, etc.
Diy Short Sale Transaction’s
With defaults continuing to mount and declining property values still widespread, the industry is seeing an increase in short sales. Such transactions are expected to burgeon even further now that the federal government has implemented its Home Affordable Foreclosure Alternatives (HAFA) program. With the new policies and still-precarious market conditions, short sales are gaining in popularity among lenders and distressed homeowners alike, but as with any modus operandi that rapidly picks up steam, this proliferation can open the gate for fraudulent activity. Experts say one area of the short sale process particularly vulnerable to fraud is property valuation. Bank-owned fraud attributed directly to schemes involving short sales and REO inventories has increased by 40 percent over the past year and has more than doubled from two years ago, according to market data from the California-based risk mitigation firm Interthinx.
Will you know the first step in helping others out of a bad place, start today by investing in your community and earn a very large income, for doing just this. Today can be the start of a great opportunity, when you apply yourself in obtaining knowledge in DIY REO Short Sales!
1/2″ ply DIY
The average home will be sheathed with a 3 ply 1/2″ cdx plywood that can span 24″ centers for the roof rafters, 1/2″ plywood has been facilitated in home construction roofs for quite some time, and generally found the least expensive common sheeted material in your local lumber yards and home improvement stores. 
Are you a commercial CADS manager?
Plywood is a manufactured wood, made by gluing together a number of thin veneers or plies of softwood or hardwood. A common reason for using plywood instead of plain wood is its resistance to cracking, shrinkage, twisting/warping, and its general high degree of strength. Also, plywood can be manufactured in sheets far wider than the trees from which it was made. It has replaced many dimensional lumber on construction applications for these reasons.
Another 1/2″ plywood product most generally used on panelized roof systems, or commercial construction roofs such as Wal-Marts or Home Depot roof structures, where 3-1/8″x 18″ sub laminate [glu-lams] beams spanning 20′ or so, between larger Glu-lams that can span 40′ or so. These mini lams are on an 8′ centers layout with 2x stiffeners, 24″ centers, fastened with hardware [stiffy hangers] and then sheathed with a 1/2″ struct one plywood sheet, this material is a 5 ply material that can span length wise over 2 foot centers with the ability to not flex much or give under normal live load weights. Plywood has certainly change building norms, and in some cases fire retardant when called for. Next time standing in line at your busy home improvement warehouse store, look up and you will see exactly what we are saying here….
GET on the DIY TRAIN!
Its time again to jump on the train, this train will give you the training required to succeed in helping others help you by obtaining the necessary TOOLS you”ll want to DIY your way to the top!
Wake up to new opportunity – this Saturday, April 24th, at 11am ET – with Independent Regional Associate Jason Andrus!
Growing up in Southeast Idaho, Jason A. worked hard for his family’s trucking company. He thanks his parents for instilling a strong work ethic in him, but the ups and downs of the family business left him craving the stability of a good job with excellent benefits. After climbing the seniority ladder for another company and landing his “dream job” that quickly turned into a nightmare, he sought a new path with real estate investing and stumbled across a great wealth building system that works. Utilizing their educational system, Jason and his wife, IRA Shelley A., completed their 10 year plan in only 1 year - owning 4 homes and 1 four-plex- and were able to fire their bosses! Not only have they grown a profitable investment portfolio, they’ve also earned a tremendous massive income by introducing others to the educational system!
This Saturday morning, invite your guests to sit back and relax as Jason reveals how you can too build a dual-income opportunity that could change your world, too!
Fire walls roof line
City, county and states vary with there code requirements for a justifiable answer to ” what is a fire wall”. And exacts are not always given. In a multi-family dwelling these codes will fluctuate as well, depending on what year they were constructed. Ultimately this system of constructing a building that has a definite form of separation is in fact where the fire wall(s) are located, between units of habitable space. Condo’s may have them and some apartment structures may have them as well. Most likely a true fire wall can be noticed from the street the building is on. And knowing how to spot them is the key to a successful venture into managing your CADS. ![attic firewall construction [condo]](http://www.my-diy-blog.com/wp-content/uploads/2010/04/thumbnail-2.jpg "attic firewall construction [condo]")
A one hour wall typically consists of a single layer of 5/8″ drywall [gypsum board] for meeting code requirements. If a building has an attached garage, the the inside of the parking garage area must comply with a minimal fire rating of drywall with any proper electrical components involved. A two hour fire wall may often require a double layer of 5/8″ drywall or sheetrock on the garage side to accomplish this rating. Drywall compressed gypsum is considered to be fire resistant and allows ample time for the UBC safety laws, to extinguish any flames before moving [burning] through to the next area, therefore lessening the damage, it can potentially cause. Are you a CADS manager?
Creative Wealth Strategies
Perhaps you are 1 in the mix of this poor economic downward spiral, finding yourself in the midst of the “what is it I’m doing about my families future”. We’ll your not alone out there because many of us have lost our security of full time employment as well as maybe our long term financial stability with all the cut backs involved today’s slowdown with world wide production. Pundants have put the spin on this over and over, and all indicators show through 2010 it will continue to lag. Sorry for the slap in the face by the hand of reality, get over it and off your asses folks, opportunities never fail to exist in any market!
Time is a wasting, so DIY your own way out and thrive. Getting an education about financial literacy isn’t having to spend the next 4 years at college. Investors know about OPM, and you do not have to be well off for being able to change your life. In fact you wont have to do any beer bongs either, what you will have to do is show up and be accountable, whether it’s installing a new front door for a rental property, or saving $2500 in income tax you are taking the first steps into the new rich’s lifestyle of “let’s reinvent our thoughts” and produce that dream today. I can attest to, remodeling a bathroom with marble floors. I can also show you how to purchase a multi-family dwelling with a IRA. Pull your heads out of the sand kids, lets help all that’s not afraid to succeed in this life!