This is a great article by Walter Wofford - expert Individual Retirement Account (IRA) investor. Read to gain some great insights on how to maximize your IRA's. Walter is creative and insightful with how he approaches building his retirement account.
Strategies for Tax Free IRA Investing
Friday, June 27, 2008
Wednesday, June 25, 2008
Foreclosure buyers - BEWARE
A young couple, with a small child, purchased a house that was a foreclosure recently. When they got the keys after closing escrow they went to view their new home, they found it completely flooded.
There are often problems buying foreclosure & bank owned properties, people who are in foreclosure are not happy campers, and can oftentimes destroy a property causing significant damage when the bank evicts them. The problem for the family who purchased this property is that it can be difficult to get out of these contracts after the fact. The banks are very savvy, and they modify the documents so that they protect themselves (the seller) by giving the buyer shorter periods to conduct the inspections, and having them sign off rights very quickly. If a buyer is uneducated - they can really get caught for a lot of $$$.
Always complete the inspections - surprises can be costly and stressful to navigate once the contract is closed. Additionally, it is important to understand foreclosures and REO's and how they work. It is best to have an experienced realtor to represent you if you are are not a seasoned buyer...
There are often problems buying foreclosure & bank owned properties, people who are in foreclosure are not happy campers, and can oftentimes destroy a property causing significant damage when the bank evicts them. The problem for the family who purchased this property is that it can be difficult to get out of these contracts after the fact. The banks are very savvy, and they modify the documents so that they protect themselves (the seller) by giving the buyer shorter periods to conduct the inspections, and having them sign off rights very quickly. If a buyer is uneducated - they can really get caught for a lot of $$$.
Always complete the inspections - surprises can be costly and stressful to navigate once the contract is closed. Additionally, it is important to understand foreclosures and REO's and how they work. It is best to have an experienced realtor to represent you if you are are not a seasoned buyer...
Thursday, June 19, 2008
Acres of Diamonds or A Perfect Storm?
We have included the PDF file from the presentation by John Citrigno as our speaker from the mid-Peninsula meeting recently. Click on the link to download.
Acres of Diamonds or A Perfect Storm?
Enjoy!
Acres of Diamonds or A Perfect Storm?
Enjoy!
Saturday, June 14, 2008
Auction Update - Bruce Norris latest comments...
Below is a communication from Bruce Norris and his updated thoughts on the auction market. I have had a similar experience with the auction companies also - we won two bids at two different auction companies just to be strung along for several weeks and finally have the offers rejected. It is also a challange to get your deposit check back from them at the appropriate time. They seem to be arrogant and less than communicative which is frustrating. This communication from Bruce is heartening - the deals are coming down the pike here, patience is the best strategy right now.
It is interesting because the banks are also getting more flexible and the wave of opportunities is moving toward the Bay Area, something that was confirmed by Sean O"Toole founder of Foreclosure Radar.com when he addressed our group recently. One of the things that we do well at the SJREI is provide the relevant facts and information so people can make educated decsions with regard to their investing.
There are a lot of investors hurting out there at the moment, and paying the price for purchasing properties for the wrong reasons or jumping on the real estate band wagon. I have heard all of the stories and some of them are heartrending - people who are retired going back to work because they blew their retirement funds on real estate at the top of the market and now have to let the property go back to the bank. If we can prevent any of these irrational purchases we are accomplishing our mission at the SJREI. Right now is a good time to become educated on the market so that you are poised for action when the right opportunity presents itself...
Bruce Norris Comments
"I just wanted to let you know of an important development. This is extremely important if you have won bids at a Hudson and Marshall auction this week or are planning on bidding at the auction this weekend.
We were the winning bidder at the Hudson and Marshall auction on seven houses. The auction company had countered our offer on five and rejected the other two. We refused their counter offer in each case and stuck with our original winning bid.
On one particular property in Riverside, Hudson and Marshall countered our winning bid of $112,000 at $139,500. We held firm at $112,000. Hudson and Marshall got back to us today and accepted our original winning bid! We also know this has happened to a few other investors that we spoke with today.
This makes me very happy, not just because of the profitable deal but it signals the capitulation of the lenders. The auction produced multiple 60% deals. I think that trend will continue. The fact that the lenders are learning they better take the final bid is very exciting. FINALLY!!!
I wanted to let you know this information in case you are attending the auction this weekend. From what we've heard of the many days of the auction so far, the audiences have shrunk and the majority of the bids are lower then they have been in the past.
If you win, expect to get countered. If you get a counter, don't take the bait!" Bruce Norris
It is interesting because the banks are also getting more flexible and the wave of opportunities is moving toward the Bay Area, something that was confirmed by Sean O"Toole founder of Foreclosure Radar.com when he addressed our group recently. One of the things that we do well at the SJREI is provide the relevant facts and information so people can make educated decsions with regard to their investing.
There are a lot of investors hurting out there at the moment, and paying the price for purchasing properties for the wrong reasons or jumping on the real estate band wagon. I have heard all of the stories and some of them are heartrending - people who are retired going back to work because they blew their retirement funds on real estate at the top of the market and now have to let the property go back to the bank. If we can prevent any of these irrational purchases we are accomplishing our mission at the SJREI. Right now is a good time to become educated on the market so that you are poised for action when the right opportunity presents itself...
Bruce Norris Comments
"I just wanted to let you know of an important development. This is extremely important if you have won bids at a Hudson and Marshall auction this week or are planning on bidding at the auction this weekend.
We were the winning bidder at the Hudson and Marshall auction on seven houses. The auction company had countered our offer on five and rejected the other two. We refused their counter offer in each case and stuck with our original winning bid.
On one particular property in Riverside, Hudson and Marshall countered our winning bid of $112,000 at $139,500. We held firm at $112,000. Hudson and Marshall got back to us today and accepted our original winning bid! We also know this has happened to a few other investors that we spoke with today.
This makes me very happy, not just because of the profitable deal but it signals the capitulation of the lenders. The auction produced multiple 60% deals. I think that trend will continue. The fact that the lenders are learning they better take the final bid is very exciting. FINALLY!!!
I wanted to let you know this information in case you are attending the auction this weekend. From what we've heard of the many days of the auction so far, the audiences have shrunk and the majority of the bids are lower then they have been in the past.
If you win, expect to get countered. If you get a counter, don't take the bait!" Bruce Norris
Tuesday, June 10, 2008
Pitfalls that you need to be aware of in foreclosure market
We have included a copy of Tony Earle's newletter for you this posting which addresses in details the pitfalls that you need to be aware of as you navigate the foreclosure market. Click on the link below for details.
Potential Pitfalls of Purchasing Properties in Foreclosure
by Anthony F. Earle, Esq.*
Potential Pitfalls of Purchasing Properties in Foreclosure
by Anthony F. Earle, Esq.*
Friday, June 6, 2008
SJREI IS MOVING UP…
We have out-grown our current facility, and will be moving to a beautiful new facility, the Biltmore in Santa Clara, on July 10th. We will no longer include the dinner component at the meetings, but will gather for an optional dinner at the bar prior to the meetings, which are scheduled to start at 7pm sharp. The cost is $20 in advance, and $25 at the door.
Starting July 10, 2008, SJREI meetings will be relocated to:
Biltmore Hotel
2151 Laurelwood Rd
Santa Clara, CA 95054
408-988-411 (San Thomas & 101 freeway)
We will continue to have the networking component that our attendees have always enjoyed, Geraldine’s presentation, & real estate update, timely interviews etc, followed by an informative guest presentation.
Starting July 10, 2008, SJREI meetings will be relocated to:
Biltmore Hotel
2151 Laurelwood Rd
Santa Clara, CA 95054
408-988-411 (San Thomas & 101 freeway)
We will continue to have the networking component that our attendees have always enjoyed, Geraldine’s presentation, & real estate update, timely interviews etc, followed by an informative guest presentation.
Become a SJREI Member TODAY!
Whether you are just starting out in real estate investing, or are working on your hundredth deal, you need the latest information, the right "tools" for the job, and a support group of other people who share the same goals and are willing to help you reach YOUR goals. San Jose Real Estate Investor Association can help you learn more, make more, and have more fun doing it!
SJREI Premium Membership
- Connect and network with all level investors to share ideas, experiences and to do business with
- Easy registrations after you sign up for membership
- Free admissions to monthly meetings
- Special discounted pricing for workshops & events
- Access to Exclusive Articles & Audio Downloads, and conference calls
- Discounts provided by SJREI National REIA membership
SJREI Premium Membership---$198 per year
Mid-Peninsula Premium Membership---$198 per year
SJREI & Mid-Peninsula Premium Membership---$380 per year
Questions? Contact us at 408-264-3198
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