Below you will find an excellent explanation of how to help your credit score. Brought to you by Christina Whipple of Keller Williams Realty in San Antonio, TX.
http://blog.christinawhipple.com/archives/18-Five-Common-Credit-Repair-Mistakes.html#trackbacks
Filed under Misc. Real Estate
If there is one thing that everyone needs to be aware of it is mortgage fraud. And the problem has been so prevalent in Kansas City that the FBI stated that we, yes we, were one of the worst cities in America for this kind of felony. If you have been watching the news recently you would have seen that even mayoral candidates and a sitting city councilwoman have been indicted on mortgage fraud counts.
The Kansas City Star http://www.kansascity.com/mld/kansascity/business/16503526.htm has a different story almost daily on different real estate fraud schemes that affect everyone in town through higher mortgage rates, taxes for law enforcement, etc. Fortunately through stories like these the problem is becoming more and more well known and real estate professionals are beginning to take action.
Some of the better known ways to commit mortgage fraud are;
Sadly, I could go on and on with different scenarios in which you can commit this crime. There is a perception that no one gets hurt. But with skyrocketing foreclosure rates which can lead to decreasing neighborhood values, I think you will see that it touches everyone.
And excellent blog read from a Michigan real estate agent can be found at http://activerain.com/blogsview/38652/UnMasking-the-Face-of showing how each and every one of us needs to be cognizant to this crime and do what we can to prevent it.
Your comments and opinions on this are welcome. Especially if you have war stories of your own. Maybe some time, with permission, I will share a few of the horror stories my clients have been through.
Filed under Kansas City Real Estate
Recently, like all of you, I have been struggling with focus when it comes to technology. I have changed my web host provider to the Keller Williams Realty system and I did this shortly after discontinuing this as my main real estate blog. My apologies.
To make a long story short, I am going to keep this blog chugging along. Sorry for any inconvenience.
I do want to make this blog more of a conversation, however. Nothing is more boring to me than hearing myself talk…er, type rather. Post a comment or question any time you like.
Filed under Uncategorized
An interesting article was brought to my attention. It was published in the Wall Street Journal on December 23, 2006 and it was speaking of the new rules of real estate investment. And as I understand it the article named Kansas City, and it’s surrounding suburbs, as a place where the savvy investor would want to put his money.
This is not news to me! Over the past 12 months I have helped a half dozen people from the California and Washington purchase homes here in the metro KC area for investment purposes. When they tell me the acceptable numbers for their home areas, I cringe. Why would you want to have to put down 50%, 60% or 70% just to cash flow on a conventional mortgage. And the “gimmick” mortgage options they describe to me get me to chuckling. Seriously, you could invest here with 15%-25% down, hire a property manager (so you don’t have to do anything!) and still break even…or better.
Housing here in Kansas City is fabulous. We have a very nice mix of affordable and middle class and darn right wealthy. Duplexes are an easy and affordable way to get started and yet there are plenty of “priced right” single family homes and apartment complexes you could venture in to should you desire to do so.
If you are from the Kansas City area (including Overland Park, Olathe, Lee’s Summit, Blue Springs…among others) wake up and smell the roses. Quit looking around and start acting. If you are from outside of Kansas or Missouri, I would love to tell you about my hometown and the returns that can be generated here.
Real estate investing can be fun and profitable. It can also be nerve racking and drudgery. Which would you like to chooose?
First, a personal note to all those I have done business with…THANK YOU. 2006 is ending and it has been my best sales year ever.
For those of you who follow this blog and wonder how a real estate agent can have his best year ever when the market is slowing, well, it’s just hard work. And proof that no matter what the economy or market is doing, if you work things will work out. They may not come easy, but God will provide.
SELLERS – INVESTMENT – Price your income properties appropriately and they will move. The “regular” buyers are sitting on the sidelines right now but investors are out sniffing around. And with so much inventory on the market they are buying the properties that make the most sense.
SELLERS – PERSONAL PROPERTY – Pricing is king! Inventories are up, buyers are down. That’s not the formula for a Seller’s market. Houses can and do still sell but you have to be prudent and listen to your professional. If your house isn’t moving it’s probably the price vs. condition. You can blame your REALTOR, the market, solar flares or whatever. But the price must match the market. If you must maximize your sales price, you may want to sit out this season and wait till things start to move a little better.
BUYERS – INVESTMENT – There are profitable properties out there. Email me your criteria and I’ll send you 3 or 4 that fit.
BUYERS – PERSONAL PROPERTY – While inventories are up and prices are softening your biggest advantage is that you can pick and choose. Bargain on a home and if they won’t move on price you can move on to the next home and see how motivated they are. Don’t let yourself fall in love with one particular property unless you are willing to pay whatever to get the deal done. So if you are buying your first home be real picky. But if you are buying your dream home you may have to pay.
I love this real estate business. It is so dynamic.
Filed under Uncategorized
Many of you have probably been sitting on the sidelines waiting until the market is right. Whether you are looking for investment property or your next home, now is the time. Selection is outstanding, Sellers are beginning to get the message and interest rates are still, from a historical perspective, remarkably low.
No, Sellers are not giving properties away. But there are bargains to be had. And let’s say you are thinking of moving up. If your current home is worth $200,000 and you discount it 5% to sell it quickly you will sell it at $190,000 and “lose” $10,000. (Actually you probably gained more than that over time, just some of your gains have been erased.) Now you can go look for your next home. Most people purchase at 150% above what they just sold at. So in your case you are going to look for a $300,000 home. In this market, to sell it, they will need to do what you did. Discount the house to some degree. At a 5% discount, You pick up the next house at $285,000. Or a $15,000 savings. Getting the picture?
I am not saying the market is so bad that you HAVE to discount to sell. There are, of course, other strategies. The point I am trying to make, however, is that if you are willing to give a little, you could get a little more back. Think it over.
Filed under Uncategorized
BBQ Capital | Kansas City Real Estate Investing 