Federal Housing Administration has extended the time they will allow sellers who have owned for less than 90 days to re-sale a property. I'm assuming the same restrictions as before will exist (i.e. 20% max appreciation, full home inspection by lender, 2 appraisals etc., etc.) If you are interested in finding out more info on this topic please call me at 310 874-1278
http://www.latimes.com/business/realestate/la-fi-harney-20110116,0,6473194.story
This is good news for Real Estate Investors, First-Time Homebuyers and the Real Estate market in general. Which basically means this is good news for the overall economy.
"The basic difference between an ordinary man and a warrior is that a warrior takes everything as a challenge while an ordinary man takes everything either as a blessing or a curse" Don Juan, Tales of Power
I think to achieve your mission in any walk of life you have to look at your obstacles as a challenge and refuse to accept undesireable outcomes as inevitable fate. Its amazing how much control over your future you can create but it takes foresight, initiative and effort to create your own path.
I've read alot of books on investing on many different topics from oil, to stocks, to Real Estate.
Reminiscences of a Stock Operator - Edwin Lefevre
How to Make Money in Stocks - William J. O' Neil (founder of Investors Business Daily newspaper)
biographies and autobiographies on men like: Warren Buffet, Rockefeller, Carnegie, Bill Gates
Liars Poker - Michael Lewis
The Prize - Daniel Yergin
Rich Dad/Poor Dad - Robert Kiyasaki
and many more...
I've studied different industries and different investors who have made money in all sorts of economic times. 1 thing I noticed is that many of the people who have been most successful started doing something at a time when nobody else wanted to (for one reason or another, it was difficult,…
Prices are stabilizing, Bank owned inventory is going down, Short Sales are increasing which means long wait times, the fiasco in Europe is causing interest rates to drop to ridiculous levels, this will be the last hurrah for low interest rates, I think they will go up to the mid to high 5's and everyone will complain because they are too high which will slow down sales volumes and potentially have a downward effect on prices. The buyers that think they are going to wait to buy because prices are about to collapse won't get what they want, prices will yo-yo but obviously nothing like the drop we saw from 2005-2009. If you can't afford a house for sale in the Los Angeles Real Estate market you want to be in…
Whats the one good thing about dropping home values?
Getting your property taxes re-assessed.
Today, June 1st 2010 is the begginning of the period that the LA County Tax Assessor will begin to review appeal applications for decline in value. The Assessors office has automatically begun to proactively review values from January 1 to June 1, to see if you Los Angeles County property assesment has been reduced click here . If you disagree with the value, the last day to file for a formal assesment appeal is November 30th, 2010.
This process can be done online now and there is no charge to have your property reviewed for re-assessment.
The federal tax credit for home buyers is set to expire on April 30th 2010!!
Buyers and Sellers need to be in a purchase contract by this date and the transaction needs to close escrow by June 30th 2010 to qualify for this tax credit.
This a hard federal government deadline and it will _NOT_ be extended!!
Element Building Marina Del Rey Loft Auction Panoramic Views
Panoramic View from the balcony of Penthouse Unit 501
Northwest facing view from penthouse unit # 512
Southwest facing view from penthouse unit # 512
View North from 5th Floor
View of Common BBQ area from the 5th Floor
The turnout for this auction should be good, at my first info session 11/28/09 the classroom was only 30-40% full. When I went back 12/6/2009 the auction company had moved the class to a bigger unit and people were lined up out the door...
Auction is in 4 days, if you want to participate better register now!!
For information on how the auction is going to run see my previous post
Because Los Angeles has a Rent Stabilization Ordinance (RSO), raising rent can be tricky if you are not familiar with RSO’s regulations. It is important for Los Angeles real estate agents to understand the type of dwellings that are included in RSO, and the structures that are exempt from its statutes. In addition it is important to know under which circumstances a tenant can be legally evicted. When realtors understand the law, they can knowledgably advise their clients, the Los Angeles real estate investors.
The ordinance’s aim is to protect tenants from unscrupulous landlords who would unjustly raise rent while failing to maintain their properties. Further it seeks to protect occupants from owners who would use coercion and bullying to make their…
If you've found this blog post you are most likely already interested in the Element Lofts developed by the now bankrupt John Laing homes.
I spent all day saturday 11/28/09 with clients looking at all the different floorplans and learning about how the auction (run by IntelliMarket) is going to be run.
Intellimarket runs auctions unlike any other Real Estate Auction company. They run a simultaneous auction which means all properties are auctioned at the same time. The entire auction is put on a 4 minute timer, every time a new bid is received the auction clock re starts, the auction isn't over until the 4 minute clock expires with no one bidding. Auction Manager Collen Lakshin said Intellimarket anticipates the auction to last ~ 1.5-2 hours…
